Time Federal to acquire River Cities Bank
Time Federal Savings Bank (“Time Federal”) and River Cities Bancshares, Inc. (“River Cities”), today announced they have executed a definitive agreement whereby Time Federal will acquire River Cities and its wholly-owned subsidiary, River Cities Bank.
The transaction will result in a community bank with nine offices and approximately $800 million in assets. Time Federal intends to offer positions to all River Cities Bank employees following the completion of the transaction. No retail offices will be closed as a result of the transaction.
In announcing the transaction, Time Federal President and Chief Executive Officer, William A. Weiland, stated, “This is a very positive arrangement for both banks to continue to focus on community banking while melding the consumer banking strengths from Time Federal Savings Bank with the business banking strengths from River Cities Bank. In addition, our physical markets are adjacent without overlap. This will allow us to maximize our potential to keep all of our current employees working together as a team.”
See next week's issue of The Star News for the complete story.