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. “