FNS Bancshares, Inc. Announces Acquisition Of Catoosa Bancshares, Inc.

Monday, July 2, 2018

FNS Bancshares, Inc., parent of FNB Bank, and Catoosa Bancshares, Inc., parent of Capital Bank, jointly announced today the signing of a definitive agreement pursuant to which Catoosa will merge with and into FNS in an all cash transaction. The acquisition has received approval from the board of directors of each company and is subject to regulatory approvals as well as other customary closing conditions.

Based upon financial data as of March 31, the combined company will have assets of $649 million, deposits of $575 million and gross loans of $460 million, and will operate 16 branches throughout northeast Alabama, northwest Georgia and in the Nashville and Chattanooga MSAs. The merger is expected to close in the fourth quarter of 2018.

Alan K. Gay, executive chairman of FNS commented, “We are excited about this opportunity to partner with Catoosa and expand our community bank footprint into higher growth markets that complement our existing franchise. Not only was this acquisition financially and strategically attractive, but having the commitment of Catoosa’s leadership to stay on with our company makes this deal all the more promising.”

Joseph M. “Joe” Haskins, chairman, president and CEO of Catoosa, will become the senior director of Market Development with the responsibility for identifying and developing opportunities throughout Chattanooga and northwest Georgia.

“I am thrilled for our team to be part of a larger community bank and for our customers to have a broader product set in addition to access to larger lending limits,” said Mr. Haskins. “FNS has a similar, family-led background as our bank, and that made me comfortable the partnership would succeed and excited to help the combined institution grow.”

“The northwest Georgia and Chattanooga communities have witnessed considerable growth, and we are very pleased to gain a strong presence in these markets. All of us here at FNS and FNB Bank are optimistic knowing that this was the right step for the future of our stockholders,” said Stephen M. “Steve” Rownd, president and chief executive officer of FNS. “I am familiar with these markets, and being able to expand into the area is a tremendous prospect for any bank.”

Keefe, Bruyette, & Woods, Inc. and Banks Street Partners, LLC served as financial advisors to FNS and Bryan Cave Leighton Paisner LLP served as FNS’ legal advisor. Olsen Palmer LLC served as financial advisor to Catoosa and Gearhiser, Peters, Elliott & Cannon, PLLC served as Catoosa’s legal advisor.




Rembrandt Conservator Works To Restore Historic TVA Mural

An art conservator who can count a  Rembrandt painting  among his many restoration projects is now working to save a mural at Norris Dam. The severely damaged artwork was discovered behind a dated gold-colored shag rug bolted to the powerhouse lobby wall during preparations for the plant’s 80 th  anniversary celebration in 2016. The mural—painted by TVA artist ... (click for more)

Tennessee Supreme Court Affirms Mother's Convictions For 1st-Degreee Murder And Aggravated Child Abuse Of Newborn Twins

In a unanimous opinion, the Tennessee Supreme Court affirmed the convictions of Lindsey Lowe for first-degree murder and aggravated child abuse, stemming from the deaths of her newborn twins caused by her smothering the infants shortly after birth.  Prior to trial, Ms. Lowe moved to suppress evidence obtained under a search warrant, based on the fact that one of the three ... (click for more)

Juvenile Girl Shot On Doolittle Street Early Sunday Morning

A juvenile girl was shot early Sunday morning on Doolittle Street. Chattanooga Police responded at approximately 12:55 a.m. on to a person shot on the 2500 block of Doolittle Street.   Police were able to make contact with the victim at a local hospital where she was suffering from a critical, but non-life threatening gunshot wound. The victim was transported to a ... (click for more)

A Jury For 2nd Time Convicts Randall Reed Of Murdering 70-Year-Old Woman In 2011

A jury for the second time has convicted Randall Reed of first-degree murder in the 2011 death of 70-year-old Jane Stokes in East Ridge. The verdict was returned in the courtroom of Judge Tom Greenholtz’s on Friday. The earlier verdict had been thrown out by an appeals court. Reed testified in his own behalf. The victim was murdered in her home during a robbery in 2011. ... (click for more)

Just Recuse Yourself

Pam Fleenor, have you ever heard the terms “conflict of interest” or “appearance of impropriety”? It’s a foregone conclusion that Robin Smith will be victorious in Chancellor Fleenor’s courtroom. Here’s another term you may want to re-examine, recuse yourself.   Rusty Munger (click for more)

Not My University: Why I’m Not Okay With Mike Pence Coming To Lee University - And Response (6)

As a student of Lee University, who is well-aware of the Lee administration’s more conservative stance in politics, I am upset about Mike Pence visiting the university and being welcomed on our campus. Although I respect that Pence is in a position of authority as our nation’s Vice President, and that he likewise deserves the right to hold his own opinions in regards to the issues ... (click for more)