Madisonville, Tenn.-based Peoples Bancshares of TN, Inc., is expanding in east Tennessee by acquiring First Peoples Bancorp, Inc., Jefferson City. .The transaction is expected to close late this year or in early 2027. The combined bank will have 16 branches, about 150 employees and more than $650 million in assets. Peoples Bancshares of TN is the parent company of Peoples Bank of East Tennessee. As of April, the bank had $456 million in assets, $409 million in deposits and a dozen branches in Tennessee and North Georgia. First Peoples Bancorp is the parent company of First Peoples Bank of Tennessee. As of April, the bank had $223 million in assets, $191 million in deposits and five branches. Jefferson City is 30 miles northeast of Knoxville. Madisonville is 40 miles southwest of Knoxville.
