November 20, 2009

Knoxville, TN - John E. Arnold, Jr., President of Educational Services of America (dba Edsouth Services), and its wholly owned subsidiary Edbancorp, Knoxville, Tennessee, and Don Calcote, President of the Community Bank of the Cumberlands, Cookeville/Jamestown, Tennessee, jointly announced the merger with their respective companies effective today. Upon completion of the merger, Community Bank of the Cumberlands will continue to operate as a separately chartered community bank serving its customers in Putnam and Fentress counties.

Commenting on the transaction Mr. Arnold stated, "We were presented with a very unique opportunity to expand our core group of products and services which would allow us to better serve our customers." Arnold continued, "Community Bank of the Cumberlands has demonstrated a superior level of service to their customers with local decision makers who share a strong commitment to community involvement.  All of us at Edsouth Services are pleased to be forming this partnership with their organization."  Mr. Calcote added, "We look forward to offering additional banking services and financial products to our growing customer base in addition to having enhanced resources available to expand our presence throughout our community. We believe that Community Bank of the Cumberlands and Edsouth Services share a similar corporate culture and are confident that our partnership will benefit all of our customers and local communities."  Calcote continued, "This merger will allow Community Bank of the Cumberlands to offer significant financial stability while continuing to provide the personal service our customers have come to know and expect from our community bank."

Upon completion of the merger, Community Bank of the Cumberlands will maintain both of its branches in Cookeville, Tennessee, in addition to its main office in Jamestown, Tennessee.  The bank will have over $130 million in assets with approximately 15% of Tier One Capital which makes it one of the most well capitalized banks in Tennessee.  The bank plans to retain all of its current employees and will add additional staff to support its increased presence in the community.

Edsouth Services is located in Knoxville, Tennessee, and has over $1.4 billion in total assets.
 

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Edsouth is a non-profit corporation based in Knoxville, Tennessee that provides programs to encourage postsecondary education through Student Outreach Services, eCampus Tours and need-based scholarships for students. Edsouth has a focus to increase access to education throughout Tennessee and has supported educational opportunities for over one million students since 1987.

 

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