First US Bancshares, the parent company of First US Bank, has completed the acquisition of Virginia-based The Peoples Bank.
Based in Rose Hill, The Peoples Bank was established in 1920. It offers a range of financial products.
The deal, which was first announced in April this year, is said to result in a combined institution approaching $800m in assets. The transaction secured all required regulatory approvals in August.
The Peoples Bank offers services, including business banking, personal banking, business loans, mortgage lending and SBA lending.
The bank manages two full-service banking offices at Rose Hill and Ewing, and two full-service banking offices at Knoxville and Powell.
As the deal concluded, the former offices of Peoples will now run under the name First US Bank.
First US Bancshares president and CEO James House said: “The addition of Peoples represents an important milestone in the growth and diversification of our Bank.
“We look forward to working with the Peoples team to continue to build strong relationships with our customers and provide them with excellent service.”
The Peoples Bank chairman and CEO Tracy Thompson said: “This transaction is the culmination of the hard work of numerous individuals to pursue our shared goal of serving the needs of our customers, employees and communities.”
First US Bancshares is a bank holding firm, which manages banking offices in Alabama, Tennessee and Virginia, via First US Bank.
In addition, the firm’s operations comprised of consumer loan company called Acceptance Loan Company, and credit life and credit accident and health insurance policies underwriter FUSB Reinsurance.
First US Bank offers personal banking services, business banking services, loan products and account services.
The bank’s loans portfolio includes personal loans, commercial loans and mortgage loans. Its personal loan services comprised of auto and truck loans, recreational vehicle and equipment loans, as well as security protection loans.
Commercial loans offered by the bank include lines of credit, equipment financing, commercial real estate loans and other specialized lending loans.