Reliant Bancorp, Inc. to Acquire First Advantage Bancorp and First Advantage Bank

BRENTWOOD, Tenn. & CLARKSVILLE, Tenn.--(BUSINESS WIRE)--Reliant Bancorp, Inc. (“Reliant”) (Nasdaq: RBNC), the parent company for Reliant Bank, announced today that it has entered into a definitive agreement to acquire First Advantage Bancorp (“FABK”), the parent company for First Advantage Bank (“FAB”), located in Clarksville, Tennessee. The agreement provides for a cash and stock transaction valued at approximately $123.4 million, or $30.67 per share of FABK common stock, based on the closing price for Reliant common stock of $23.65 per share on October 22, 2019. Inclusive of its pending acquisition of Tennessee Community Bank Holdings, Inc. (“TCB Holdings”) (the “TCB Holdings Transaction”), Reliant expects the acquisition to be approximately 18% accretive to fully diluted earnings per common share in 2021, assuming full achievement of anticipated cost savings, while tangible book value dilution is expected to be earned back in 3 years.