An Arkansas bank holding company with roots back to the 1880s has signed a deal to buy Cumberland Bancshares, the owner of Hartsville-based Citizens Bank.
Terms of First Paragould Bankshares’ deal for Cumberland aren’t being disclosed. Citizens has assets of about $290 million and runs offices in Gallatin and Hendersonville as well as Hartsville. Founded in 1905, it employs about 50 people and finished 2020 with a profit of $2.6 million, down from $3.1 million the year before.
When completed — which is expected late this year — the purchase will grow First Paragould’s First National Bank subsidiary to 23 branches and $2.2 billion in assets. First National’s branch network today is concentrated in the Natural State’s Little Rock, Fayetteville and Jonesboro markets.
“We are enthusiastic about entering the Tennessee state banking market and impressed with Citizens’ top 15 ranked share of the Sumner County deposit market,” said William Brewer, chairman and CEO of First Paragould.
Todd Austin, who has been president and CEO of Citizens Bank since 2016, will become First Paragould’s Nashville market president once the deal closes. Austin, 42, is one of the state’s youngest bank CEOs. He joined First Citizens in 2008 and was previously its CFO, among other things.
Packaging manufacturer Resource Label Group has acquired a company specializing in durable labels for industrial markets.
Terms of Resource Label’s purchase of Cypress Multigraphics aren’t being disclosed. The deal brings 71 employees in the Chicago and Minneapolis area to Cool Springs-based Resource Label, which now runs 20 manufacturing sites across the United States and Canada.
Cypress was founded in 1970 and has been owned by President and CEO Brad Weber since 2006. The company focuses on clients in the lawn/garden, HVAC, power tools, medical equipment and appliances sectors. Resource Label is owned by investment firms First Atlantic Capital and TPG Growth and employs nearly 1,500 people.