Gallatin-based Sumner Bank & Trust is being acquired by Edmonton State Bank of Edmonton, Ky.

Sumner Bank & Trust has three branches in Sumner County. Edmonton State Bank operates 15 branches.

Sumner shareholders are receiving $26.82 per share as part of the deal, according to a release.

“We’re very excited about this new partnership with Edmonton,” Sumner President Keith Hatley said in the release. “This is an excellent fit for both companies, and will enhance the combined presence throughout South Central Kentucky and Middle Tennessee.”

The transaction is expected to close during the fourth quarter. Edmonton State Bank has $733 million in total assets, and Sumner has $234 million.

Edmonton is being advised by Piper Sandler & Co and Frost Brown Todd LLP, and Sumner is being represented by Performance Trust Capital Partners and Thompson Burton PLLC.

CapStar completes $10M stock repurchase

Nashville-based CapStar Financial Holdings, the parent company of CapStar Bank, announced Thursday it has completed its $10 million share purchase authorization. The company purchased 692,000 shares for an average price of $14.42 as part of the program. Since Feb. 1, 2022, the company said, it has repurchased 6 percent of total outstanding common shares.

CapStar’s board of directors authorized an additional $20 million repurchase authorization.

CapStar has $3.2 billion in assets.  

Additionally, the bank announced the appointment of Ali Jefferson as controller and principal accounting officer. Jefferson as been assistant controller since joining the company late last year. Previously, she was SEC financial reporting manager with Sterling Bank and Trust and chief accounting officer and controller with Reliant Bank.