BRIEF: TriSummit completes purchase of Community National Bank of Lakeway Area

Knoxville News-Sentinel (TN) |

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.

___

(c)2014 the Knoxville News-Sentinel (Knoxville, Tenn.)

Visit the Knoxville News-Sentinel (Knoxville, Tenn.) at www.knoxnews.com

Distributed by MCT Information Services

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
IRAVF Isra Vision Ag Ord 64.05 0.00 0.00 0

Comments

Emerging Growth

PixarBio Corp

PixarBio Corp is a specialty pharmaceutical/biotechnology company focused on pre-clinical and commercial development of novel neurological drug delivery systems for post-operative pain.

Private Markets

Almond Smart Home Router by Securifi

Securifi sells user friendly touch screen routers that also have support for IoT/home automation.Securifi’s Almond revolutionized wireless router setup with its easy to use Touchscreen Interface in 2012. Now our…

BioSculpture Technology, Inc.

BioSculpture Technology, Inc. (“BST”) is a commercial-stage medical device manufacturer of liposuction surgical instruments for surgeons. It offers the FDA-cleared Twin Cannula Assisted Liposuction ("TCAL") Airbrush Liposculptor II® controllers, Airbrush®…