Features Home Page Features Archives Event Photos

SmartFinancial, Inc. Announces Acquisition of Progressive Financial Group, Inc.
Tuesday, February 4, 2020


SmartFinancial, Inc., parent company of Progressive Savings Bank, has announced their entry into an agreement and plan of merger pursuant to which SmartFinancial will acquire Progressive.

As of September 30, 2019, Progressive had approximately $296 million of total assets, $258 million in deposits, $190 million in net loans and six branches across Cookeville, Crossville, Jamestown, and Wartburg, Tennessee.

The proposed transaction will bolster SmartFinancial’s presence in Tennessee and, based on market share data as of June 30, 2019, SmartFinancial will become the 7th largest community bank by deposits in Tennessee, with total consolidated assets in excess of $2.7 billion.

Upon completion of the merger, Ottis H. Phillips, Chief Executive Officer of Progressive, will join the board of SmartFinancial. “

More Stories

  • Loghaven Artist Residency Announced

    Loghaven Artist Residency, a newly created residency for emerging and established artists in the fields of visual art, dance, music, writing, theater, and interdisciplinary work, announces its first group of artists and the completion of its campus... Read More

  • Caroline McDonald

    When people think of South Knoxville, they think of new businesses such as TrailHead Beer Market, SoKno Taco, Alliance, Simpl, Honeybee, South Coast Pizza, Landing House, Everything Mushrooms, Hi-Wire Brewing and long time favorites like Ye Ole Steak House, Round -UP, McDonald Billiard Supply and Kay’s Ice Cream... Read More

  • Karen Packett

    When Karen Packett asks her clients if they would like to ride with her to look at houses, they may discover that they will not be riding in a car or even on a road. Many times, they will find themselves in a boat, cruising around various lakes, such as Fort Loudon, Tellico or Watts Bar. As a real estate agent for Lake Homes Realty, Karen knows her way around the water and is an expert at finding her clients lake front or lakeview properties... Read More

  • Editor's Letter

    As I edited the realtor profiles this month, I thought about the things that make a house a home.A month ago we welcomed Simba, a five-year old gray tabby cat adopted from the UT School of Veterinary Medicine. Simba spent the last four years in a large, white sterile room with nine other cats, all eligible for adoption this year. The vet students spend time with them (and love on them), so they’re accustomed to humans... Read More