New office will be located within two blocks of Tennessee Tech University
Wilson Bank & Trust (WBT) recently announced it would be expanding in the city of Cookeville in 2025. According to the banking giant, it has “entered into a purchase and assumption agreement to acquire an office from F&M Bank located at 900 North Washington Avenue in Cookeville.”
“This decision was made with careful consideration for the long-term benefit of its customers, shareholders, communities, and the employees,” according to WBT. “Under the terms of the agreement, WBT will acquire the physical location and related fixed assets, substantially all of the customer deposit accounts affiliated with the office, and most of the loan accounts associated with the office.’
The new office will be located within two blocks of Tennessee Tech University and “provide convenient access to students and faculty.” WBT says residents will also have easier access. The bank says the location and localized banking solutions reinforce its commitment to the community.
“Its expanded presence demonstrates their dedication to serving and growing alongside the people and businesses of Cookeville and Putnam County,” according to the bank. “We are excited for this new opportunity and look forward to continuing to serve Putnam County.”
Under the terms of the agreement, WBT will acquire the physical location and related fixed assets, substantially all the customer deposit accounts affiliated with the office, currently estimated at approximately $35 million, and most of the loan accounts associated with the office, according to a release. Upon completion of the proposed transaction, WBT will operate 31 offices across 10 Tennessee counties, including two offices in Cookeville, and will hold more than $4.5 billion in deposits.
“We are excited about this opportunity to expand our footprint in Cookeville and provide even greater accessibility to our customers across Putnam County,” said John McDearman, CEO of WBT. “This transaction allows us to deepen our commitment to a dynamic, growing market, complementing our existing office on Jefferson Avenue. We look forward to welcoming new customers and employees to the WBT family and to delivering our personalized approach to banking. With this new location, we are well-positioned to meet the needs of Cookeville’s community.”
F&M Bank CEO C. Dewayne Olive says the sale of the location is strategic.
“As part of F&M Bank’s strategic plan to sharpen our focus on core markets and strengthen our position, we have made the decision to sell our Cookeville branch. This transaction is a significant step in aligning our resources and investments where they can best support our long-term growth and serve our customers more effectively. We remain committed to delivering exceptional service and value to the communities that form the heart of our institution,” said C. DeWayne Olive, CEO of F&M Bank.
The proposed transaction is anticipated to close in the first half of 2025.
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