July 01--TriSummit Bancorp Inc., which has banking operations in East Tennessee and southwest Virginia, announced Tuesday it had completed the acquisition of Community National Bank of the Lakeway Area.
The former CNLA branches -- two in Morristown and one in Jefferson City -- will be operated as branches of TriSummit Bank effective Tuesday.
As of March 31, CNLA had total assets of approximately $118 million, total loans of approximately $61 million and deposits of approximately $99 million.
Under terms of the purchase agreement, CNLA shareholders will receive $5.35 per share, in cash, for their shares of CNLA stock. Total compensation for CNLA shareholders is approximately $10.1 million, the release said.
TriSummit has two locations in Kingsport, one in Johnson City and one in Bristol, Va.
With the acquisitions, TriSummit will have approximately $231 million in loans and approximately $285 million in deposits in the TriCities and the Lakeway Area, the release said.
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