SmartFinancial, Inc. and Capstone Bancshares, Inc. Shareholders Approve Merger-Related Proposals
September 19 2017 - 9:35AM
SmartFinancial, Inc., parent company of SmartBank
(“SmartFinancial”) (NASDAQ:SMBK), and Capstone Bancshares, Inc.,
parent company of Capstone Bank (“Capstone”), jointly announced
today that their respective shareholders have approved the
definitive merger agreement pursuant to which SmartFinancial will
acquire Capstone. At separate shareholder meetings held on
September 14th and September 15th, SmartFinancial and Capstone
shareholders, respectively, voted to approve the proposals
submitted to the shareholders related to the proposed merger of the
companies, previously announced in May of this year.
“The merger is moving along on pace, and receiving the necessary
shareholder approvals is a major step towards the closing of this
transaction,” said SmartFinancial, Inc. President & CEO, Billy
Carroll. “Capstone is a great community bank and we admire their
leadership and the culture they’ve created. Much like SmartBank,
the Tuscaloosa-based bank has a strong history of service to both
its clients and local communities, and we look forward to building
on that together.”
Pending the receipt of all required regulatory approvals and the
satisfaction of the other remaining closing conditions set forth in
the merger agreement, the companies expect to close the business
combination in the fourth quarter of this year. Upon the completion
of the transaction, the combined company is expected to have assets
in excess of $1.5 billion with a presence in Tennessee, Georgia,
Florida, and Alabama.
“SmartBank’s commitment to a culture of outstanding client
service and high expectations thrills us and we expect a very
smooth transition for our customers,” said Robert Kuhn, Capstone
Bank President & CEO. “Our similar beliefs and core
values align well which will greatly contribute to the success of
this integration.”
Capstone Bank customers can expect to receive communications
about how the transaction will affect them throughout the fourth
quarter of 2017 and the first quarter of 2018.
About SmartFinancial, Inc.
SmartFinancial, Inc., with assets of $1.0 billion, is a
publicly-traded bank holding company for SmartBank, based in
Knoxville, Tennessee. SmartBank is a full-service commercial
bank founded in 2007, with 14 branches and two loan production
offices spanning East Tennessee and the Florida Panhandle.
Recruiting the best people, delivering exceptional client service,
strategic branching and a disciplined approach to lending have
contributed to SmartBank’s success. More information about
SmartFinancial can be found on its website:
www.smartfinancialinc.com.
About Capstone Bancshares, Inc.
Capstone Bancshares, Inc. is the holding company for Capstone
Bank, an Alabama chartered bank headquartered in Tuscaloosa,
Alabama. The bank has offices in Tuscaloosa, Washington, Clark and
Baldwin counties. As of June 30, 2017, Capstone Bank had assets of
approximately $524 million, deposits of approximately $458 million
and loans of approximately $410 million.
Investor ContactsBilly CarrollPresident &
CEOSmartFinancial, Inc.Email: Billy.carroll@smartbank.comPhone:
865.868.0613
Frank HughesExecutive Vice PresidentInvestor
RelationsSmartFinancial, Inc.Email: Frank.hughes@smartbank.com
Phone: 423.385.3009
Robert KuhnPresident & CEO Capstone BankEmail:
Robert.kuhn@capstonebankal.com Phone: 205.469.2302
Media Contact SmartBankKelley FowlerSenior Vice
PresidentPublic Relations/MarketingSmartFinancial, Inc.Email:
Kelley.fowler@smartbank.comPhone: 865.868.0611
Forward Looking Statement Disclosure
This release contains forward-looking statements. SmartFinancial
cautions you that a number of important factors could cause actual
results to differ materially from those currently anticipated in
any forward-looking statement. Such factors include, but are not
limited to: the businesses of Capstone and SmartFinancial may not
be integrated successfully or such integration may take longer to
accomplish than expected; the expected cost savings and revenue
synergies from the merger may not be fully realized within the
expected timeframes or at all; disruption from the merger may make
it difficult to maintain relationships with clients or employees;
the required governmental approvals for the merger may not be
obtained on the proposed terms and schedules or at all; changes in
prevailing economic and political conditions, particularly in our
market areas, including the areas served by Capstone; credit risk
associated with our lending activities; changes in interest rates,
loan demand, real estate values, and competition; changes in
accounting principles, policies, and guidelines; changes in any
applicable law, rule, regulation, or practice with respect to tax
or legal issues; and other economic, competitive, governmental,
regulatory, and technological factors affecting our operations,
pricing, products, and services and other factors that may be
described in our Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q as filed with the
Securities and Exchange Commission from time to time. The
forward-looking statements are made as of the date of this release,
and, except as may be required by applicable law or regulation,
SmartFinancial assumes no obligation to update the forward-looking
statements or to update the reasons why actual results could differ
from those projected in the forward-looking statements.
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