Posted August 30, 2021
INDIANOLA, Miss., August 25, 2021--(BUSINESS WIRE)--Indianola, Mississippi based Planters Holding Company, the holding company of Planters Bank & Trust Company, together "Planters," and Germantown, Tennessee based Germantown Capital Corporation, Inc., the holding company of First Capital Bank, together "First Capital", jointly announced today that they have entered into a definitive agreement whereby Planters will acquire First Capital. First Capital Bank, a community bank headquartered in Germantown, Tennessee, had approximately $378 million in total assets as of June 30, 2021.
Upon consummation of the proposed transaction, Planters will enter Tennessee and enhance its existing presence within the Memphis MSA. On a pro forma basis, Planters will have 20 branches and total assets of approximately $1.7 billion, based on June 30, 2021 financial data.
"We are very excited to announce our partnership with First Capital, and we look forward to our combined companies continuing to build upon the great community bank franchise First Capital has established. We view Memphis as a vital growth market for our company, and First Capital’s commitment to serving its customers and the Memphis market makes them the perfect partner to expand our footprint in the area," explained Alan H. Hargett, CEO of Planters Bank & Trust Company.
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