FirstBank, the wholly owned subsidiary of First South Bancorp, Inc., and third largest Tennessee-headquartered bank, announced Thursday it has received all necessary regulatory approvals to complete its acquisition of Northwest Georgia Bank in Ringgold. These approvals came from the Federal Deposit Insurance Corporation, the Tennessee Department of Financial Institutions and the Georgia Department of Banking and Finance.
Subject to the satisfaction of other customary closing conditions, the approvals clear the way for completion of the merger. FirstBank officials anticipate that will occur in September.
“Obtaining all required regulatory approvals is a major milestone towards completion of the merger,” said FirstBank President and Chief Executive Officer Chris Holmes. “Our banks’ histories and cultures are so closely aligned that we believe the integration of the two banks will be rewarding and we’re looking forward to continued success as we consummate the merger.”
FirstBank entered the Chattanooga market in 2008 when it opened a main office on Chestnut Street and a branch operation on Hamilton Place Boulevard. The pending acquisition of Northwest Georgia Bank will increase FirstBank’s assets to $2.8 billion, giving it four additional branches in Hamilton County and two additional branches in Catoosa County. It will also elevate FirstBank’s deposit market share from 22nd to 6th in the Chattanooga Metropolitan Statistical Area.