Commerce Union had been focused on expanding around Nashville, Tenn., until a lender based 120 miles away was available to hire.
DeVan Ard will succeed William DeBerry when DeBerry retires in June.
The $1.9 billion deal – the largest announced in 2017 – will create a bank with nearly $20 billion in assets.
About $12 million of the proceeds will go toward exiting the Small Business Lending Fund.
The company would prefer buying banks with $5 billion to $10 billion in assets unless it finds an appealing alternative in a strategic market such as Raleigh or Nashville.
