FirstBank Acquires Seven AmSouth Branches

November 2, 2006
by: 
Dwayne Page

FirstBank announced today (Wednesday) an agreement to acquire seven branch offices in Middle Tennessee from AmSouth Bank.

Included in the deal will be customer deposits of about $400 million. The 58 AmSouth employees at the branches will become FirstBank associates, officials said.

When given final approval by state and federal banking regulators, the acquisition will bring Lexington-based FirstBank?s total assets to more than $1.9 billion. Closing is expected in early 2007.

?We are very pleased to increase our statewide franchise by joining these markets, and we want to welcome the AmSouth employees as associates and members of the FirstBank family,? said FirstBank Chairman Jim Ayers. ?This acquisition allows us to offer the products and services we provide to more people in more communities in Tennessee.?

The new FirstBank branches will be in Crossville, Dayton, Fayetteville, Paris, Shelbyville, Smithville and Woodbury. FirstBank will acquire all seven AmSouth branches being divested in Tennessee.

FirstBank President and CEO Doug Cruickshanks said they will move quickly to make the former AmSouth associates and customers feel at home, and that customers will be contacted regarding any changes.

?We feel very confident that our new FirstBank customers will be very happy with the services and products we offer,? Cruickshanks said. ?With more than 40 locations now across the state and nearly $2 billion in assets, FirstBank can service almost any customer need in these markets, including large loans, but still deliver in our unique community-banking style.?

FirstBank is the largest independently owned bank in Tennessee and upon completion of this acquisition will have 43 locations and approximately $1.9 billion in assets.

As the leader among Tennessee?s community banks, FirstBank offers its customers a broad line of financial products and services, and actively promotes initiatives that improve the quality of life for Tennesseans, with an emphasis on education in the communities it serves. Jim Ayers is owner and chairman of FirstBank and founder of the Ayers Foundation.

To read more about FirstBank, a wholly owned subsidiary of First South Bancorp, Inc., visit its Web site at www.firstbankonline.com.

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