Murfreesboro based bank MidSouth Bank has been merged with Franklin Financial Network, parent of Franklin Synergy Bank. MidSouth has $261-million in assets and Franklin Synergy holds over $660-million in assets. The two signed a definitive merger agreement for a stock-for-stock transaction.

The merger has been approved by both companies and their boards. According to Franklin based radio partner WAKM, Franklin Financial shareholders will own close to 64% of the combined company; MidSouth Bank’s shareholders will own approximately 36%.

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