Security Bancshares, Inc. (“SBI”), the parent company of Parisbased Security Bank and Trust Company (“Security Bank” and collectively with SBI, “Security”), and Bancshares of Ripley, Inc. (“BRI”), the parent company of Ripley-based Bank of Ripley (“Bank of Ripley” and collectively with BRI, “Ripley”), announced the signing of a definitive agreement providing for the merger of SBI and BRI, with SBI to be the surviving entity, and the merger of Security Bank and Bank of Ripley, with Security Bank to be the surviving entity.
Upon completion of the transaction, Security will maintain the Bank of Ripley name and corresponding branding for a period of time as it works to double down on Bank of Ripley’s decades of service and giving back to the communities in which the Bank of Ripley and Bank of Tipton (a division of Bank of Ripley) serves.
The Bank of Ripley was founded in 1939 with humble beginnings in Lauderdale County and grew to $273 million in assets as of June 30, 2024, with locations in two counties and a customer base from across the state and country. Its five locations in Ripley, Atoka and Covington will become Security locations following the completion of the transaction. Based on most recent reported financials, the combined bank is expected to have approximately $1.5 billion in total assets, more than $900 million in gross loans and approximately $1.3 billion in total deposits.
Security’s updated presence would serve customers in six Tennessee counties and Fulton County, KY, through a combined 16 locations. Thanks to the Bank of Ripley’s well-established presence in Lauderdale County, TN, Security will enter that market with the leading deposit share among all financial institutions, a position held by Bank of Ripley for decades due to its commitment to home-style service and taking care of its people, its employees, and the customers which they serve.
Upon completion of the transaction, Ripley will be able to provide its customers with enhanced customer service and broader product offerings delivered by a larger franchise that is similarly laser focused on the community banking experience.
Security CEO Brian Kissell is excited for the combination. “Bank of Ripley was a natural extension to our current footprint, not just due to its geographic proximity, but because of the commonly shared values between our community focused banks. We’ve long admired the Bank of Ripley and its team over the years,” Kissell said. “We look forward to working with Craig Fitzhugh and his team to continue serving Lauderdale and Tipton counties.”
Bank of Ripley Chairman and CEO Craig Fitzhugh said, “From the beginning of this process, our goals were to identify a community bank who shared our core principles, who would take care of our people and our communities, and who would be able to capitalize on the bright future ahead for the West Tennessee market. The founders of our bank would have expected no less, and we were pleased to find a partner in Security that exceeded even our highest expectations. We couldn’t be more excited about combining with their team to provide an expanded suite of products, services, and resources. Security operates with the same commitment to its customers, employees, and local communities with which we have operated for nearly 100 years. On a personal level, I can’t help but think of my dad, Jim Fitzhugh, and how proud he would be of this transaction. While not an original founder, the bank in its modern era stands on the shoulders of the hard work and core principles that he built upon and expanded. His leadership blazed new trails for our bank and prepared us for this current moment.”
Craig Fitzhugh will join the Security team as a member of its Board of Directors.
The definitive agreement has been unanimously approved by the respective Boards of Directors of Security and Ripley. The transaction, which is subject to customary closing conditions, including receipt of required regulatory approvals and approval by the shareholders of Ripley, is expected to close in the fourth quarter of 2024.
