CapStar Bank Completes Mergers with The First National Bank of Manchester and The Bank of Waynesboro
July 01 2020 - 8:30AM
CapStar Financial Holdings, Inc. (“CapStar”, the “Company”)
(NASDAQ: CSTR), the parent company of CapStar Bank, announced today
that it completed its acquisition of FCB Corporation (“FCB”),
including FCB’s two banking subsidiaries: The First National Bank
of Manchester (“FNBM”) and The Bank of Waynesboro (“BOW”). FCB adds
nine (9) branches in Cannon, Coffee, Lawrence, Rutherford and Wayne
counties in Middle Tennessee, and approximately $480 million in
assets as of March 31, 2020, to CapStar.
“We are pleased to welcome the employees, customers
and shareholders of FCB, The Bank of Waynesboro and The First
National Bank of Manchester as we expand CapStar’s community
banking mission and deepen our geographic footprint in Middle
Tennessee,” said Timothy K. Schools, CapStar President and CEO.
“The partnership follows our successful 2018 merger with Athens
Federal in East Tennessee, and establishes our presence in several
exciting new markets, including fast-growing Rutherford County
(Murfreesboro).”
The mergers join three dynamic Tennessee financial
institutions with common visions, compatible cultures and proven
credit risk management practices. With more than 200 combined years
of history, FNBM and BOW are established and highly profitable
community banks with sound deposit market share, excess liquidity
and capital to support growth. The combination will result in a
strong financial institution with an expanded product set,
attractive funding profile, and enhanced scale to drive efficiency,
diversify risk and increase shareholder value.
Keefe, Bruyette & Woods, Inc. served as
financial advisor and Wachtell, Lipton, Rosen, & Katz served as
legal advisor to CapStar. ProBank Austin served as financial
advisor and Butler Snow LLP served as legal advisor to FCB.
ABOUT CAPSTAR FINANCIAL HOLDINGS, INC.CapStar
Financial Holdings, Inc. is a bank holding company headquartered in
Nashville, Tennessee and operates primarily through its wholly
owned subsidiary, CapStar Bank, a Tennessee-chartered state bank.
CapStar Bank is a commercial bank that seeks to establish and
maintain comprehensive relationships with its clients by delivering
customized and creative banking solutions and superior client
service. As of March 31, 2020, on a consolidated basis, CapStar had
total assets of $2.07 billion, gross loans of $1.45 billion, total
deposits of $1.76 billion, and shareholders’ equity of $275.8
million. Visit www.capstarbank.com for more information.
FORWARD-LOOKING STATEMENTSAll statements, other
than statements of historical fact, included in this document are,
or could be, “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and are made in
reliance on the safe harbor protections provided thereunder.
Forward-looking statements generally can be identified by various
words such as “expects,” “intends,” “will,” “anticipates,”
“believes,” “confident,” “continue,” “propose,” “seeks,” “could,”
“may,” “should,” “estimates,” “forecasts,” “might,” “goals,”
“objectives,” “targets,” “planned,” “projects,” and similar
expressions. Forward-looking statements are subject to risks,
uncertainties and assumptions that are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence,
which could cause actual results to differ materially from
anticipated results. Such risks, uncertainties and assumptions,
include, among others, the timing and occurrence or non-occurrence
of events that may be subject to circumstances beyond our control;
general economic conditions and trends, either nationally or
locally; conditions in the securities markets; changes in interest
rates; changes in deposit flows, and in the demand for deposit,
loan, and investment products and other financial services; changes
in real estate values; changes in the quality or composition
of our loan or investment portfolios; changes in competitive
pressures among financial institutions or from non‐financial
institutions; the amount of costs, fees, expenses, and charges
related to the Company’s completed acquisitions and our ability to
realize anticipated revenue synergies and cost savings associated
therewith within expected time frames, if at all; changes in
management’s plans for the future; changes in legislation,
regulations, and policies; other competitive, economic, political,
and market factors affecting the Company’s business, operations,
pricing, products, and services; and a variety of other matters
which, by their nature, are subject to significant uncertainties
and/or are beyond our control. These forward-looking statements are
based on management’s current beliefs and assumptions and on
information currently available to management. Any forward-looking
statement made in this document speaks only as of the date on which
it is made. The Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise. The Company cautions
that these statements are subject to risks and uncertainties, many
of which are outside of the Company’s control and could cause
future events or results to be materially different from those
stated or implied in this document, or to not occur at all,
including among others, risk factors that are described in this
document and in the Company’s Annual Report on Form 10-K, Quarterly
Report on Form 10-Q, including the sections entitled “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” contained therein, and other filings
with the U.S. Securities and Exchange Commission.
For more information, contact:Tim SchoolsPresident
and Chief Executive Officer(615) 732-7449
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