Commercial Bank to acquire Union National Bank and Trust in Barbourville
In an agreement reached this week, Commercial Bank, based in Harrogate, Tenn., will acquired Union National Bank & Trust, a community bank with 5 locations in Knox County, Kentucky.
"This begins the next chapter in our 31-year history of growth and prosperity," said Terry L. Lee, President and CEO of Commercial Bank. “We are proud to see our family of customers and employees grow, as well as our number of locations.”
With the addition of the Union National branches, Commercial Bank will have 19 full-service offices in Kentucky and Tennessee. Commercial Bank also has a Loan Production Office in Kingsport, Tenn. and an Insurance Office in Alcoa, Tenn.
Commercial Bank will now be focused on the task of combining the operations of the two banks, which is expected to be completed by the third quarter. At that time, the Union National offices will be renamed Commercial Bank.
For Union National customers, the acquisition will mean a change in name but not banking services and philosophy. They will be able to conduct “business as usual”, according to Lee. Union National and Commercial Bank share a belief that customer service and community involvement are the cornerstones to successful community banking.
“Our new customers will find that hometown banking is what we do best,” he said.
A management team with Commercial Bank is scheduled to speak to employees at Union National on March 13 and answer any questions. All 68 employees at Union National will all have jobs with Commercial Bank as part of the purchase agreement.
“The loyalty we have enjoyed from our customers will be rewarded through this change,” said Jerry W. Carey, Union National’s President for the past 33 years. “The strength and dedication Commercial Bank brings has the potential to enhance all our banking relationships.”
Commercial Bank has offices in Harlan and Bell counties in Kentucky as well as Claiborne, Union, and Knox counties in Tennessee. It is a Bauer Financial five-star rated bank with $456 million in assets and 151 employees. Commercial Bank offers traditional financial services such as checking, savings, and lending as well as insurance and investment departments. Commercial Bank can be found on the internet at www.cbtn.com. After the acquisition, Commercial Bank will have $656 million in assets.
Union National Bank & Trust opened in 1934 and was headquartered in Barbourville, Kentucky. Four offices are located in Barbourville and a fifth in Corbin.
