BPC Corporation acquires CFG Bancshares Inc.
By Kim Swindell Wood | October 9, 2018 1:45 pm
BPC Corporation, parent company of Bank of Putnam County located in Cookeville, Tennessee, announces the signing of a definitive agreement to acquire CFB Bancshares Inc., the parent company of Citizens First Bank, Wartburg, Tennessee. The parties expect to complete the merger at year-end. CFB will continue to operate as a separate bank under the BPC holding company for a time until it can be merged into our banking operations.
“This addition to our banking family will bring us new branch offices in Wartburg, Oliver Springs, Oneida, Harriman, and Oak Ridge,” said Jack Ray, BPC chairman of the board. “These markets bring us a wonderful opportunity to expand our company and focus on continuing the outstanding customer service on which both operations have built their brand. The Ray family is entering our sixth generation in the banking industry, and we look forward to being a part of the banking community for generations to come. We are a family-owned business and welcome this opportunity.”
“The combination of our companies will provide more opportunities for growth,” said Billy M. Rice, president and CEO of CFB Bancshares Inc. “I believe combining the resources of our two organizations will allow us to better serve our customers, our employees, and our communities by offering expanded products and services, which will improve our ability to compete in the ever-changing financial services industry.”
BPC Corporation is a financial holding company with its roots in the Bank of Monterey, which opened in 1901. The organization offers a full range of financial services including banking, insurance, mortgage and investments. This acquisition will bring the holding company’s banking assets close to the $1 billion mark with 19 branches located in Putnam, White, Overton, Fentress, Cumberland, Anderson, Roane, Morgan and Scott counties of Tennessee. Future plans for BPC include a training and loan operation center in Monterey, which is currently under construction, as well as a full service branch in Kingston to be built in 2019.