Cornerstone Bancshares, Inc., parent company of Cornerstone Community Bank, received official notification in a letter dated July 22, that the Board of Governors of the Federal Reserve System approved the application by Cornerstone to merge with SmartFinancial, Inc., parent company of SmartBank.
“Both Boards of Directors and our respective shareholders had already voted overwhelmingly in favor of the merger,” said SmartFinancial’s President and CEO Billy Carroll. “This federal approval gives us the green light to move full steam ahead in putting this partnership together.”
Upon completion of the proposed merger, which is expected to take place by Aug. 31, the combined holding company will have approximately $1 billion in total assets, with 12 branch locations in the East Tennessee and the Florida Panhandle markets. After the banks are subsequently merged, the combined bank is expected to become the twelfth largest bank chartered in Tennessee and will be operated under the SmartBank name.
“We believe the ‘Smart’ name really fits the dynamic vision and profile of where we’re going for the future,” said Cornerstone’s Chairman Miller Welborn. “With SmartBank’s strengths in technology and cutting edge banking solutions, combined with Cornerstone’s solid foundation in the innovation district of the Gig City, this brand really works.”