Guaranty Capital Corporation, the holding company for Guaranty Bank & Trust Company (“Guaranty Bank”), recently announced that it has entered into a definitive agreement to acquire First American Bancshares, Inc. and its banking subsidiary, First American National Bank.
Founded in 1964, First American National Bank is a full-service bank with 11 locations, strategically located across Northeast Mississippi with more than $384 million in total assets. This transaction aligns with Guaranty Bank’s North Mississippi and West Tennessee footprint. The combined company will have approximately $2.4 billion in assets with 36 branches across Mississippi and Tennessee.
Hue Townsend, President and CEO of Guaranty Bank, commented, “As we embark on this exciting partnership with First American National Bank, we remain committed to our core values of community, high performance, and financial empowerment. Together, we build a foundation that fosters growth and cultivates relationships by combining our expertise and resources. We will shape a brighter financial landscape with a shared purpose and create opportunities that propel us all toward a prosperous future.”
“We are excited about joining the Guaranty Bank team as their banking culture maintains the principles all our customers are accustomed to for more than half a century,” said Tommy Chamblee, CEO of First American National Bank. “With this partnership, our customers will gain access to a wider array of product offerings and expand our geographic locations. The combined strength of the banks will enhance our proven ability to grow and support entrepreneurialism in our communities, while strengthening the benefits to our customers and employees.”
The transaction has been approved by the Board of Directors of both companies. It remains subject to customary shareholder and regulatory approvals and is expected to close in the fourth quarter of 2023.
The Bank Advisory Group, LLC, and the Hunton Andrews Kurth LLP law firm advised Guaranty Bank in the transaction. Gerrish Smith Tuck, Attorneys and Consultants served as First American National Bank’s financial and legal advisor.
About Guaranty Bank & Trust Company
Locally owned and operating since 1943, Guaranty Bank delivers extraordinary service and products to Mississippi and Tennessee. We live through our vision daily by providing a cutting-edge community bank experience through high performance, people development, and communication. When we execute these pillars of our vision, we deliver an experience like no other bank. Over the last few years, Guaranty Bank has shown exceptional growth by managing risk while increasing capital above market rates. We are proud to be recognized by BauerFinancial as a 5-Star bank for 24 consecutive quarters. This superior rating reflects our substantial capital, adequate liquidity, high-asset quality, and good earnings. For more information about Guaranty Bank visit www.gbtonline.com
About First American National Bank
First American National Bank was founded in 1964 by Dr. Kelly and Martha Segars in Iuka, Mississippi, where the headquarters continue to operate. From its inception, they have been committed to promoting community growth, and continue to live by that commitment for five decades. They are known for their dedication to quality, strength, and integrity. First American National Bank continues to focus on each community’s needs and its citizens’ financial services by providing stability and security without losing the personal touch. For additional information on First American National Bank, please visit www.fanb.bank
