KNOXVILLE, Tenn., – SmartFinancial, Inc., Knoxville, Tennessee (“SmartFinancial”) (Nasdaq: SMBK), parent company of SmartBank, today announced the completion of its previously-announced acquisition of Progressive Financial Group, Inc. (“Progressive”), and Progressive’s wholly owned bank subsidiary, Progressive Savings Bank. Based on financial data as of , the combined company has total consolidated assets of approximately $2.7 billion.
Effective , Progressive has been merged with and into SmartFinancial, and Progressive Savings Bank has been merged with and into SmartBank
“We are very pleased to complete the merger with Progressive. The opportunity allows us to expand our franchise in Tennessee and introduce the SmartBank brand to the Upper Cumberland region,” said SmartFinancial President and CEO, Billy Carroll. ““We also look forward to integrating Progressive’s insurance agency as a new line of business across our entire footprint and providing greater resources to our clients.”
SmartFinancial Chairman Miller Welborn added, “We are excited to welcome Progressive’s clients, shareholders and team members to the Sily. We also welcome Ottis Phillips to our SmartBank Board of Directors and we look forward to working with Ottis is the months ahead.