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RBNC

Reliant Bancorp

$24.70

0.16 (0.65%)

20:17
09/16/19
09/16
20:17
09/16/19
20:17

Reliant Bancorp to buy Tennessee Community Bank Holdings for $37.2M

Reliant Bancorp announced that it has entered into a definitive agreement to acquire Tennessee Community Bank Holdings, the parent company for Community Bank & Trust located in Ashland City, Tennessee, in an approximately 50% stock and 50% cash transaction. The proposed transaction will create the third largest community bank by deposits headquartered in the Nashville-Davidson-Murfreesboro-Franklin, TN Metropolitan Statistical Area. On a pro forma basis as of June 30, 2019, the combined company would have assets of approximately $2.0 billion, deposits of approximately $1.8 billion, gross loans of approximately $1.5 billion, and would operate 22 full-service branches throughout Middle Tennessee and Chattanooga. The merger agreement provides for the merger of TCB Holdings with and into Reliant, with Reliant to be the surviving company. Under the terms of the merger agreement, shareholders of TCB Holdings will receive 0.769 shares of Reliant common stock (subject to adjustment under certain circumstances provided for in the merger agreement) and $17.13 in cash in exchange for each share of TCB Holdings common stock. The 24,450 outstanding options to acquire TCB Holdings common stock are to be cashed out, which equates to additional consideration of approximately $0.40 million. Based on Reliant's 20-day volume-weighted average closing price per share on September 16, 2019, of $23.06, this represents a total transaction value of approximately $37.2 million. The transaction value is likely to change due to fluctuations in the price of Reliant's common stock, and the consideration payable to TCB Holdings shareholders is also subject to adjustment under certain circumstances provided for in the merger agreement.

  • 23

    Sep

RBNC Reliant Bancorp
$24.70

0.16 (0.65%)

04/11/19
SDLR
04/11/19
INITIATION
Target $24
SDLR
Hold
Reliant Bancorp initiated with a Hold at Sandler O'Neill
Sandler O'Neill analyst Stephen Scouten started Reliant Bancorp with a Hold rating and $24 price target.
07/11/19
DADA
07/11/19
INITIATION
Target $27
DADA
Buy
Reliant Bancorp initiated with a Buy at DA Davidson
DA Davidson analyst Kevin Fitzsimmons initiated Reliant Bancorp with a Buy rating and a price target of $27. The analyst says the bank has generated "impressive" organic loan growth thanks to the "strong" economic conditions of its metro-Nashville based home market, and expects it to be prepared for accretive acquisitions to add scale and boost its funding base. Despite its premium valuation, Fitzsimmons believes that Reliant Bancorp shares can benefit further from the "attractiveness and scarcity value of the franchise."
07/25/19
JANY
07/25/19
DOWNGRADE
Target $25
JANY
Neutral
Reliant Bancorp downgraded to Neutral from Buy at Janney Montgomery Scott
Janney Montgomery Scott analyst Christopher Marinac downgraded Reliant Bancorp to Neutral from Buy and lowered his price target for the shares to $25 from $25.50. The analyst cites valuation for the downgrade.
08/23/19
SPHN
08/23/19
INITIATION
Target $24
SPHN
Equal Weight
Reliant Bancorp initiated with an Equal Weight at Stephens
Stephens analyst Tyler Stafford initiated Reliant Bancorp with an Equal Weight rating and $24 price target, stating that he prefers to wait for profitability to inflect before placing a higher rating on the stock.

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