Tennessee Community Bank Holdings, Inc. has announced that its annual meeting of shareholders will be held at 9 a.m. on May 21 in the board room of the main office of Community Bank & Trust located at 575 South Main St. in Ashland City.
The holding company announced that its shareholders would also be voting on a proposal to merge the holding company into the bank.
The boards of the holding company and the bank have jointly determined that elimination of the bank holding company structure will save unnecessary costs and benefit the shareholders.
The holders of holding company common stock will receive one share of bank common voting stock for each share of holding company stock that they own.
According to bank president Debbie Small, “We regard this merger as an internal corporate reorganization. It is not a sale of the bank. Instead, it’s a liquidation of the holding company with the bank continuing its operations as before.”
The proposed merger is subject to the approval of the holding company’s shareholders and banking regulators. The holding company and the bank expect the transaction to be completed late in the second quarter or early in the third quarter of 2019.