Community Bank announces acquisition of Henderson’s West Tennessee Bank

Community Bank announced on Aug. 2 that it has entered into a definitive agreement to acquire the Henderson branch office of West Tennessee Bank, a Division of Decatur County Bank.
Community Bank has agreed to assume approximately $11.5 million in customer deposits and purchase approximately $3.9 million in loans and other assets associated with the Henderson branch.
Community Bank CEO Phillip Renfroe commented, “We are excited to add the Henderson branch and market to our company, an addition that we truly believe will benefit all stakeholders. Henderson and Chester County are so ideally situated to be an integral part of Community Bank that it is difficult to conceive a better suited combination. We look forward to many years of serving this new market just as we today serve Lexington and Jackson. We are fortunate to have the opportunity to build upon the great foundation West Tennessee Bank has worked diligently to establish.”
As part of the acquisition, it is anticipated that key branch employees will remain at the branch and become employees of Community Bank.
The definitive agreement has been unanimously approved by both banks’ boards of directors.
The transaction is expected to close in the fourth quarter of 2021, subject to the receipt of necessary regulatory approvals and the satisfaction of other customary closing conditions.
About Community Bank – Community Bank, Lexington, is a $195 million institution headquartered in Lexington. The bank operates two banking centers in Lexington and one in Jackson. The bank is a full-service commercial bank that offers a full complement of traditional deposit and lending products and services to businesses and consumers within its markets. For additional information, visit www.community-bank.net.