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Apex Bank expands East Tennessee Market

KNOXVILLE – Apex Bank, a Tennessee banking corporation, continues to grow across the state of Tennessee by entering into an agreement to acquire two Greeneville branches from Capital Bank Corporation (“Capital Bank”). The branches are being sold in connection with the previously announced merger of Capital Bank Financial Corp. (NASDAQ: CBF) and First Horizon National Corporation (NYSE: FHN). These branches, located at 560 Van Hill Road and 255 West Summer Street, Greeneville, add a combined $34 million in deposits to Apex Bank’s footprint.

Apex Bank’s rapid growth began in 2008, when President and CEO, Matt Daniels, bought fifty percent of the then $157-million Bank of Camden from billionaire Jim Clayton, founder of Clayton Homes and Knoxville-based Clayton Bank and Trust. The Bank has experienced tremendous growth under Mr. Daniels’ tenure, tripling the number of locations and staff and increasing total assets to $520 million.

Over the past five years, Apex’s presence in East Tennessee has grown at a staggering rate, beginning with the establishment of a national mortgage servicing center in Knoxville and the acquisition of American Patriot Bank in December of 2016. Today, Apex Bank employs over 80 team members in East Tennessee and has increased its retail presence in Greene County to over $100 million.

“At Apex, we hire experience, encourage autonomy, and provide team members the resources to perform at their highest potential. Our team members’ work ethic, flexibility, and sense of urgency is where our success is derived,” said Daniels. “This acquisition demonstrates our commitment to Greene County customers, East Tennessee, and the expansion of the Apex Bank family.”

“A strong sense of community is in our DNA because we understand the power of customer relationships,” said Matt Daniels. “We’re thrilled to have another opportunity to prove that in Greene County.”

The purchase agreement has been approved by the board of Apex Bank. Closing is subject to customary approvals by regulators and shareholders. Pending those approvals, the transaction is expected to close within the following months. All current Capital Bank customers will be able to access their existing banking services as normal throughout the acquisition, and will experience a seamless transition to the Apex Bank family. Bank staff and hours of operation will remain the same. Customers will receive information from both banks regarding this transition throughout the process.

Apex Bank has been recognized as the top performing bank with $300 million to $1 billion in assets in the state of Tennessee and third overall in the nation by Independent Community Bankers of America (ICBA) “Top Performing Community Banks” industry analysis. In addition, Banks Street Partners’ “Rank the Banks” report, released in February 2017, ranks Apex Bank as the number one overall bank in the state of Tennessee. Today, the bank provides financial services including checking and savings, consumer and commercial lending, a wide array of mortgage products, and business banking to customers across Tennessee, all 50 states, and Puerto Rico.

Published November 17, 2017

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