Civic Bank & Trust

Apr 2, 2018

Share this article FRANKLIN, Tenn., April 2, 2018 /PRNewswire/ -- Franklin Financial Network, Inc. (NYSE: FSB), the parent company (the "Company") of Franklin Synergy Bank (the "Bank"), today announced the completion of the merger of Civic Bank & Trust ("Civic") with and into the Bank. Under the terms of the merger agreement, each outstanding share of Civic common stock was exchanged for 0.3686 shares of the Company's common stock, which will result in Civic shareholders owning approximately 6.8% of the Company's outstanding post-transaction shares. At December 31, 2017, Civic had total assets of $164.2 million. Richard Herrington, the Company's Chairman and Chief Executive Officer, commented, "We are very pleased to announce the completion of our merger with Civic. While we have long-standing banking relationships in Nashville and Davidson County, Civic's centrally located home office in Nashville's mid-town neighborhood is our first physical location in Davidson County. This premier location provides us an established platform from which to expand in the dynamic Nashville market. In addition, we welcome Civic's team members to the Company and Dr. Anil Patel, Chairman of Civic, to the Boards of the Company and the Bank." Franklin Financial Network, Inc. was advised by the investment banking firm of Raymond James & Associates, Inc., and the law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC. Civic Bank & Trust was advised by Professional Bank Services, Inc., Stephens, Inc., and the law firm of Butler Snow, LLP. About the Company Franklin Financial Network, Inc. is a financial holding company headquartered in Franklin, Tennessee. The Company's wholly-owned bank subsidiary, Franklin Synergy Bank, a Tennessee-chartered commercial bank founded in November 2007 and a member of the Federal Reserve System, provides a full range of banking and related financial services with a focus on service to small businesses, corporate entities, local governments and individuals. With consolidated total assets of $3.84 billion at December 31, 2017, the Bank currently operates through 14 branches and one loan production office in the growing Williamson, Rutherford and Davidson Counties, all within the Nashville metropolitan statistical area. Additional information about the Company, which is included in the NYSE Financial-100 Index, and the FTSE Russell 2000 Index, is available at www.FranklinSynergyBank.com . Contact: