Citizens Bank of Rogersville sells to investor group

An investor group led by a longtime executive today closed on the purchase of Citizens Bank of Rogersville.

The group organized under Wildcat Bancshares Inc. has purchased the shares of holding company CBR Bancshares Inc. for an undisclosed amount, said Brian VanFosson, president of Wildcat who will lead the Citizens Bank team as president starting Aug. 5. CBR Bancshares is owned by Nancy Ruyle, her husband and her father, said VanFosson, noting Ruyle will stay on with the bank as executive vice president through Jan. 31 as she prepares to retire.

VanFosson, who has served as Citizens Bank's senior vice president since 1997, said Wildcat is made up of 40 shareholders, about 85 percent of which are locally based.

He said there are no immediate changes planned for the more than 100-year-old bank, and the group was adamant about keeping the Citizens Bank of Rogersville name in tact.

"That's a long and proud name that we're going to be carrying along with a lot of pride," VanFosson said. "That was one of the driving forces behind a lot of our investors, is to make sure we maintain independence and keep the name and keep the independent community bank that they've all come to know and love."

VanFosson said Wildcat investors Elaine Maddux, Scott Speight and Lisa Smith are included in the management team as vice presidents.