SPARTA – First Tennessee Bank has made a deal to bolster its statewide market share with the purchase of 13 Bank of America branches – including one in Sparta. The deal is expected to close later this year.
First Tennessee Bank, considered the state’s largest bank with assets near $23.7 billion as of June 2013, says it will hire all current branch employees. Deposits at the Bank of America branch in Sparta, located at 469 W. Bockman Way, topped $45,884,000 as of June 2013, according to the FDIC. That’s the second lowest among banks, including Citizens Bank, US Bank, Bank of Putnam County and First National Bank of Tennessee, that operate in the city. An attempt to contact officials there were unsuccessful.
Other branches named in the deal are located in Waverly, Columbia, Lawrenceburg, Lewisburg, Rockwood, Greeneville, Kingston, Bristol, Johnson City and Kingsport. The deal also includes four remote ATMs.
The purchase, pending per regulatory approval, will add around $660 million total in deposits at a deposit premium of 3.32 percent, bank officials said.
First Tennessee Bank currently has three UC locations – all in Cookeville.
