TRIUMPH BANK TO PURCHASE ARLINGTON COMMUNITY BANK
From news release dated February 25, 2011
In a signed mutual agreement, Triumph Bank has agreed to purchase the assets and real estate, and assume the liabilities of Arlington Community Bank, a division of The Farmers Bank of Lynchburg, TN.
According to Triumph president Will Chase, the most important thing is for all Arlington Community Bank customers to understand they will be taken care of in every way. “Triumph Bank was built on providing what big banks cannot – proven hometown attention and service.” Arlington Community Bank president William “Bill” Menkel added, “This purchase will greatly benefit our customers and we are very pleased. Triumph Bank has tremendously grown the community bank ideal in Memphis.”
The transaction, which is subject to regulatory approval, is expected to close in early April. Arlington Community Bank will immediately thereafter become known as Triumph Bank, Arlington Office. Arlington Community Bank has served Arlington, TN since 1998.
B. Lane Carrick, Chairman of Triumph Bank’s Board of Directors, added that there will be changes, but only positive ones. “Arlington Community Bank customers will have access to more banking opportunities and three additional locations in nearby Memphis. Ultimately, we see this as positively impacting all Triumph Bank customers. Additionally, the acquisition of the assets of Arlington Community Bank is consistent with our business plan, which is focused on both organic and non-organic growth. We will continue to look for selective opportunities to expand our community bank model.”
The Farmers Bank of Lynchburg was founded in 1888 in Lynchburg, TN. Following this sale, it will be comprised of its main Lynchburg office, another in Chapel Hill, TN, and The Oakland Deposit Bank, a division with locations in Oakland and Somerville, TN.