Peoples Bancshares of TN, Inc. Announces Merger with First Peoples Bancorp, Inc.

MADISONVILLE, TN — Peoples Bancshares of TN, Inc. (“Peoples Bancshares”), the holding company for Peoples Bank of East Tennessee, today announced that it has entered into a definitive agreement to merge with First Peoples Bancorp, Inc., the holding company for First Peoples Bank of Tennessee.

The merger represents a significant milestone in the growth strategy of Peoples Bancshares and reinforces its commitment to serving its customers, communities, and shareholders throughout Tennessee and North Georgia. Upon completion of the transaction, First Peoples Bank of Tennessee will become part of Peoples Bank of East Tennessee, expanding Peoples Bank of East Tennessee’s presence, resources, and ability to serve customers with a broader range of financial products and services. As of mid-year 2026, the combined bank would have had 16 branch locations, 150 employees and over $650 million in total assets.

“We have long respected the relationships First Peoples Bank of Tennessee has built within its communities. Together, we will be better positioned to deliver enhanced products, expanded capabilities, and continued personal service while maintaining the “People First” values our customers expect,” stated Chris White, Chairman and CEO of Peoples Bancshares. “We believe this partnership creates tremendous value for our shareholders, customers, employees, and communities.”

“This merger brings together two banks that share a strong commitment to community banking, customer service, and local decision-making,” said Jeremy Callais, President of Peoples Bancshares. “Our focus throughout this process will be to ensure a smooth transition while preserving the relationship-based banking culture that has been the foundation of both organizations’ success. Additionally, our commitment to retaining 100% of the employees of First Peoples Bank of Tennessee represents the strong alignment between both of our banks and our communities.”

This sentiment was echoed by Steve Amos, President and CEO of First Peoples Bank of Tennessee: “For many years, First Peoples Bank of Tennessee has been privileged to serve our customers and communities with a focus on relationships, trust, and local service.” Johnny Wayne Farris, Chairman of First Peoples Bank of Tennessee, added, “We believe Peoples Bank of East Tennessee shares those same values. This transaction brings together two community banking organizations with common cultures and a shared commitment to putting customers first. We are excited about the opportunities this partnership creates and are confident it will position our customers, employees, and communities for continued success.”

The merger is expected to strengthen the financial position of the combined organization and provide additional opportunities for growth throughout East Tennessee and surrounding markets. Customers of both institutions will continue to receive the personalized service and local expertise that have defined their banking experience for generations.

The transaction has been unanimously approved by the Boards of Directors of both companies and is subject to customary regulatory approvals and other closing conditions. The acquisition is expected to close during late 2026 or early 2027.

Peoples Bancshares is represented by Nelson Mullins Riley & Scarborough LLP, and American Planning Corp.  First Peoples Bancorp, Inc. is represented by Bass, Berry & Sims, PLC, and Burke Stelling Group, LLC.

About Peoples Bancshares of TN, Inc.

Peoples Bancshares of TN, Inc. is the holding company for Peoples Bank of East Tennessee, a community-focused financial institution headquartered in Madisonville, Tennessee. Through its network of banking offices in Tennessee and North Georgia, Peoples Bank of East Tennessee provides a full range of consumer, commercial, mortgage, and digital banking services while maintaining a commitment to local decision-making, community involvement, and personalized customer service.

About First Peoples Bancorp, Inc.

First Peoples Bancorp, Inc. is the holding company for First Peoples Bank of Tennessee, a community bank dedicated to serving individuals, families, businesses, and communities through relationship-driven banking and financial services. First Peoples Bank of Tennessee currently operates five full-service banking centers, with locations in Jefferson City, Talbott, Dandridge, Strawberry Plains and Knoxville, Tennessee.

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Media Contact:
Jeremy Callais
President, Peoples Bancshares of TN, Inc.
[email protected]