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First Peoples Bancorp, Inc. Announces Merger with Peoples Bancshares of TN, Inc.

July 28, 2026

JEFFERSON CITY, Tenn. – First Peoples Bancorp, Inc., the holding company for First Peoples Bank of Tennessee, announced today that it has entered into a definitive agreement to merge with Peoples Bancshares of TN, Inc., the holding company for Peoples Bank of East Tennessee.

The merger represents a significant milestone in the growth strategy of Peoples Bancshares and reinforces a shared commitment to community banking, local decision-making, and relationship-based customer service. Upon completion of the transaction, First Peoples Bank of Tennessee will become part of Peoples Bank of East Tennessee, creating a stronger community bank with 16 branch locations, approximately 150 employees, and more than $650 million in total assets.

“We have long respected the relationships First Peoples Bank of Tennessee has built within its communities. Together, we will be better positioned to deliver enhanced products, expanded capabilities, and continued personal service while maintaining the ‘People First’ values our customers expect,” stated Chris White, Chairman and CEO of Peoples Bancshares.

“This merger brings together two banks that share a strong commitment to community banking, customer service, and local decision-making,” said Jeremy Callais, President of Peoples Bancshares. “Our focus throughout this process will be to ensure a smooth transition while preserving the relationship-based banking culture that has been the foundation of both organizations’ success. Additionally, our commitment to retaining 100% of the employees of First Peoples Bank of Tennessee represents the strong alignment between both of our banks and our communities.”

Steve Amos, President and CEO of First Peoples Bank of Tennessee, added, “For many years, First Peoples Bank of Tennessee has been privileged to serve our customers and communities with a focus on relationships, trust, and local service.”

Johnny Wayne Farris, Chairman of First Peoples Bank of Tennessee, added, “We believe Peoples Bank of East Tennessee shares those same values. This transaction brings together two community banking organizations with common cultures and a shared commitment to putting customers first. We are excited about the opportunities this partnership creates and are confident it will position our customers, employees, and communities for continued success.”

The merger is expected to strengthen the financial position of the combined organization and provide additional opportunities for growth throughout East Tennessee and surrounding markets. Customers of both institutions will continue to receive the personalized service and local expertise that have defined their banking experience for generations.

The transaction has been unanimously approved by the Boards of Directors of both companies and is subject to customary regulatory approvals and other closing conditions. The acquisition is expected to close during late 2026 or early 2027.

About First Peoples Bancorp, Inc.

First Peoples Bancorp, Inc. is the holding company for First Peoples Bank of Tennessee, a community bank dedicated to serving individuals, families, businesses, and communities through relationship-driven banking and financial services. First Peoples Bank of Tennessee currently operates five full-service banking centers in Jefferson City, Talbott, Dandridge, Strawberry Plains, and Knoxville, Tennessee.

About Peoples Bancshares of TN, Inc.

Peoples Bancshares of TN, Inc. is the holding company for Peoples Bank of East Tennessee, a community-focused financial institution headquartered in Madisonville, Tennessee. Through its network of banking offices in Tennessee and North Georgia, Peoples Bank of East Tennessee provides a full range of consumer, commercial, mortgage, and digital banking services while maintaining a commitment to local decision-making, community involvement, and personalized customer service.

A Letter to Our Customers and Community

July 28, 2026

Dear Customers and Community Members,

Today, I am writing to share an important update about the future of First Peoples Bank of Tennessee.

First Peoples Bank has entered into an agreement to join Peoples Bank of East Tennessee, bringing together two community banks that share a strong commitment to personal service, local relationships, and the communities we serve.

This decision was made with great care. As our Board considered the future of First Peoples Bank, our most important question was what this partnership would mean for our customers, employees, and communities. We carefully considered opportunities that would strengthen our organization, create additional opportunities for our employees and customers, and ensure that our community banking philosophy remains strong for years to come. We believe this partnership positions us for continued growth while preserving the “Putting People First” culture that is the heart of our bank.

Through our conversations with the leadership of Peoples Bank of East Tennessee, it became clear that our banks share many of the same values. Both organizations believe in knowing customers by name, making decisions locally, supporting local businesses, and investing in the communities we call home.

For our customers, this partnership is expected to provide access to greater resources, expanded products and services, enhanced technology, and a larger banking network. Just as importantly, the personal attention and trusted relationships that have defined First Peoples Bank will remain an important part of how you are served.

Peoples Bank of East Tennessee also expressed its commitment to retaining our employees. That commitment was critically important because our employees are the heart of First Peoples Bank. Their dedication, character, and commitment to serving our communities are what have made this institution successful for more than 50 years.

There are still regulatory approvals and transition steps ahead. Until the transaction is completed, it remains business as usual at First Peoples Bank of Tennessee. Your accounts and services will continue as they do today, and no action is needed at this time.

As we move through the process, we will continue to communicate clearly and provide updates when additional information becomes available.

On behalf of our Board of Directors and the entire First Peoples Bank team, thank you for the trust you have shown in us. It is our privilege to serve you, and we are confident that this partnership will create new opportunities while preserving the relationships and community-focused service you value.

We look forward to moving into this next chapter with you.

Respectfully,
Steven D. Amos
President & CEO

Media Contact

Steve Amos
President & CEO
First Peoples Bank of Tennessee
865-475-9052
samos@firstpeoplesbank.net