SmartFinancial's Rains Agency acquires Sunbelt Group for $6.5M

SMARTFINANCIAL INC.

Purchase price $6.5M; $5.2M cash at close, $1.3M deferred in equal installments in 2023 and 2024.
Sunbelt is a Chattanooga-based independent insurance agency specializing in P&C, L&H, and transportation insurance.
First independent insurance agency acquisition by Rains; Mark Slater joins as part of the transaction.
Transaction effective September 1, 2022, expanding Rains' service area in Tennessee.
Deferred payments subject to acceleration on change of control and set-off for indemnification.

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