Citizens Bank of Lafayette to acquire American Bank & Trust

(Photo/AB&T website)

Combination will create $1.2 billion bank operating in Middle Tennessee. 

LAFAYETTE, LIVINGSTON – Citizens Bancorp Investment, Inc. (“Citizens”), the parent company of Citizens Bank of Lafayette (“Citizens Bank”), headquartered in Lafayette, and American Bancshares Corp. (“American”), the parent company of American Bank & Trust of the Cumberlands (“American Bank & Trust”), headquartered in Livingston, announced today the signing of a definitive agreement providing for the merger of American with and into Citizens. 

“We are excited to partner with Marty Maynord, Ryan Smith and the team at American Bank & Trust to help their clients grow their business and achieve their dreams through our greater resources. Our expanded lending capacity will be helpful to growing and thriving businesses that want to remain with a community bank for that high level of service,” said Pete Williston, chairman and chief executive officer of Citizens. “American is a highly-regarded institution that has been serving its communities for over 40 years. We are humbled to be chosen as their partner to serve their customers and communities.” 

Maynord, American’s chief executive officer, also commented on the announcement, stating, “We are pleased to partner with Citizens Bank. We have known them for some time and admire their 111-year commitment to serving Middle Tennessee. This combination will create the largest bank headquartered in the Upper Cumberland Region of Tennessee and will enhance the experience for our customers and communities in this challenging environment. We look forward to serving our clients even better as a combined institution.” 

Subsequent to the merger, American Bank & Trust will become a part of Citizens Bank. American Bank & Trust’s offices in Livingston and Cookeville will continue to operate under their current name for a period of time. On a pro forma basis, based on March 31, 2020 financial information, the combined company will have approximately $1.2 billion of total assets, $794 million in loans, $1.0 billion in deposits and 22 banking locations across Middle Tennessee. The combined organization would become the 15th largest bank based in Tennessee as ranked by total assets. This greater capacity will help many small businesses remain with a community bank—something most small businesses know is at the core of their continued success. 

Following the close of the transaction, Maynord will continue to serve as chief executive officer of American Bank & Trust until its merger with and into Citizens Bank, which is expected to occur in the second quarter of 2021. American President Smith will continue to serve as president of American Bank & Trust until the bank merger. Following the merger of American Bank & Trust and Citizens Bank, Maynord and Smith will each serve as executive vice-presidents of 

Citizens Bank. American’s clientele can know that they will be able to maintain their banking relationships while still benefiting from the new services and capacities.

“In times like this, every business owner and individual wants a bank with the resources and community commitment to be there when opportunities present themselves. Our new combined size of over $1.2 billion will allow us to bring even more services and lending capability to our borrowers. American Bank customers will benefit from the larger size while we maintain the commitment to continue the small bank feel that our customers tell us they value,” said Citizens President Tommy Anderton.

Smith added “We are very proud to partner with Citizens as their culture is very similar to our own. Furthermore, it gives our team greater lending capacity to meet the needs of our Overton and Putnam County communities. We believe this merger is an excellent fit for our customers, our team members, and the communities we serve because it affords our clients continued access to extraordinary service for which both organizations have been admired.” 

The boards of directors of Citizens and American have unanimously approved the transaction. The transaction remains subject to customary closing conditions, including receipt of regulatory approvals and approval by American shareholders. The closing of the transaction is expected to occur in the fourth quarter of 2020. 

Stephens Inc. acted as financial adviser to Citizens, and Butler Snow LLP acted as its legal adviser. Olsen Palmer LLC acted as financial adviser to American, and Bone McAllester Norton PLLC acted as its legal adviser. 

About Citizens Bancorp Investment, Inc. 

Citizens Bancorp Investment, Inc., is the bank holding company for Citizens Bank of Lafayette, a Tennessee state-chartered banking corporation founded in 1909 and headquartered in Lafayette, Tennessee. Citizens Bank of Lafayette currently operates 19 banking locations in 10 counties in Middle Tennessee. As of March 31, 2020, Citizens Bank of Lafayette reported $948 million in total assets. For additional information about Citizens, visit 

About American Bancshares Corp. 

American Bancshares Corp. is the holding company for American Bank & Trust of the Cumberlands, a community bank operating three full-service Tennessee banking locations in Overton and Putnam counties. American Bank & Trust of the Cumberlands had approximately $264 million in assets as of March 31, 2020. For additional information about American, visit 

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