Fintech: Southeast News

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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.

{mprestriction ids="1,4,9"}"We are proud to partner with Planters Bank and believe the merger is an excellent fit," remarked R. Kent Davis, President and CEO of First Capital. "Being part of a larger community bank that shares our same customer-first focus will allow us to better provide competitive products and services to our customers while remaining actively involved in our communities."

The acquisition, which is subject to customary closing conditions, including the approval of Germantown Capital Corporation, Inc. shareholders and the receipt of all necessary regulatory approvals, is expected to be completed in fourth quarter of 2021.

Janney Montgomery Scott LLC served as the financial advisor to Planters Holding Company and delivered a fairness opinion to the Planters Holding Company Board of Directors. Jones Walker, LLP served as the legal advisor to Planters Holding Company. Olsen Palmer LLC served as the financial advisor to First Capital and delivered a fairness opinion to the Germantown Capital Corporation, Inc. Board of Directors. K&L Gates LLP served as the legal advisor to First Capital.


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