TB&T, FNB complete merger
Nearly three years after announcing plans to merge, Troy Bank and Trust Company and First National Bank of Brundidge have officially completed the process.
Sherrill Crowe, Chairman of the Henderson Bancshares, Inc. Board of Directors, and James T. Ramage, III, Chairman of the First Brundidge Bancshares, Inc. Board of Directors, announce the completion of the merger between Henderson Bancshares Inc., the holding company of Troy Bank and Trust Company (TB&T), with First Brundidge Bancshares Inc., the holding company of The First National Bank of Brundidge (FNBB). In connection with the merger, Troy Bank & Trust has acquired First National Bank of Brundidge.
“These two banks have been serving the financial needs of Pike County for a combined 230 years,” Crowe said. “We both take great pride in serving our customers and that will never change.”
First National Bank of Brundidge was founded in 1904, and prior to the merger, operated offices in Brundidge and in Troy, with assets of approximately $91 million.
As a result of the merger, Troy Bank & Trust now operates 13 banking offices in Pike, Dale, Coffee, Houston and Lee counties, including its main office in Troy. As of June 15, Troy Bank & Trust had total assets of approximately $990 million. The combined post-transaction size of Troy Bank & Trust is approximately $1.08 billion in total assets. It is expected that all current locations will remain open after the merger until further notice.
“I am as excited about this merger as I was when we announced it in October 2017. From our loyal customers, to the officers and staff, to our shareholders and the communities we serve, this merger presents a tremendous opportunity for all” said John R. Ramage, President & CEO of First National Bank of Brundidge.
“Given that my great-great grandfather founded FNBB and my father led the Bank for over 50 years, the decision to merge with TB&T was made with a great deal of thought, discussion and prayer,” he said. “TB&T shares a culture with FNBB of strong, independent banking, focusing on the communities we serve. This merger will make us one of the strongest community banks in the Southeast. I, along with First National Bank of Brundidge’s staff, look forward to working with Troy Bank & Trust’s team.”
“This has been a long process, but as we’ve said from the beginning, the customer-first approaches of both TB&T and FNBB have made this a natural fit. From the opening of our doors in 1906, to this strategic acquisition of First National Bank of Brundidge, we create opportunity and growth, allowing Troy Bank & Trust to better serve our community with increased lending limits, access to a broader range of products and services, and a more expansive geographic footprint,” Crowe said. “We look forward to working with the officers, employees, and customers of First National Bank of Brundidge to make this endeavor successful.”