# EDGAR Filing Document

**Accession Number:** 0001981546
**File Stem:** 0001213900-25-094932
**Filing Date:** 2025-10
**Character Count:** 17041
**Document Hash:** 0b39006d6fade466e57fe21c0acf6175
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-094932.hdr.sgml**: 20251001

**ACCESSION NUMBER**: 0001213900-25-094932

**CONFORMED SUBMISSION TYPE**: S-1MEF

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20251001

**DATE AS OF CHANGE**: 20251001

**EFFECTIVENESS DATE**: 20251001

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Commercial Bancgroup, Inc.
- **CENTRAL INDEX KEY:** 0001981546
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 621039469
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1MEF
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290681
- **FILM NUMBER:** 251366948

**BUSINESS ADDRESS:**
- **STREET 1:** 6710 CUMBERLAND GAP PARKWAY
- **CITY:** HARROGATE
- **STATE:** TN
- **ZIP:** 37752
- **BUSINESS PHONE:** 423-869-5151

**MAIL ADDRESS:**
- **STREET 1:** 6710 CUMBERLAND GAP PARKWAY
- **CITY:** HARROGATE
- **STATE:** TN
- **ZIP:** 37752

**As filed with the U.S. Securities and Exchange Commission on October 1, 2025**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM S-1**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

 ****

**Commercial Bancgroup, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tennessee** | &nbsp;&nbsp;**6022** | &nbsp;&nbsp;**62-1039469** |
| &nbsp;&nbsp; **State or other jurisdiction of <br> incorporation or organization** | &nbsp;&nbsp; **(Primary Standard Industrial <br> Classification Code Number)** | &nbsp;&nbsp;**(IRS Employer<br> Identification No.)** |

---

**6710 Cumberland Gap Parkway**

**Harrogate, Tennessee 37752**

**(423) 869-5151**

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

**Terry L. Lee<br> President and Chief Executive Officer<br> Commercial Bancgroup, Inc.<br> 6710 Cumberland Gap Parkway<br> Harrogate, Tennessee 37752<br> (423) 869-5151**

**(Name, address, including zip code, and telephone number, including area code, of agent for service)**

---

| |
|:---|
| &nbsp;&nbsp;***Copies to:*** |
| &nbsp;&nbsp;**Adam G. Smith <br> David A. Bartz<br> K&L Gates LLP<br> 501 Commerce Street, Suite 1500<br> Nashville, Tennessee 37203<br> (615) 780-6700** &nbsp;&nbsp;**James J. Barresi<br> Jennifer A. Val<br> Squire Patton Boggs (US) LLP<br> 1120 Avenue of the Americas, 13<sup>th</sup> Floor<br> New York, New York 10036<br> (212) 872-9800** |

---

**Approximate date of commencement of proposed sale to the public**: As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☒ 333-289862

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**This Registration Statement shall become effective upon filing with the Securities and Exchange Commission in accordance with Rule 462(b) under the Securities Act of 1933, as amended.**

**EXPLANATORY NOTE AND INCORPORATION BY REFERENCE**

This Registration Statement on Form S-l is being filed with the U.S. Securities and Exchange Commission (the "Commission") pursuant to Rule 462(b) under the Securities Act of 1933, as amended, by Commercial Bancgroup, Inc. (the "Registrant") with respect to the registration of additional shares of common stock of the Registrant ("Common Stock"). This registration statement incorporates by reference the contents of, including all exhibits to, the Registrant's Registration Statement on [Form S-1](https://www.sec.gov/Archives/edgar/data/1981546/000121390025080760/ea0235885-06.htm) (Registration No. 333-289862), originally filed with the Commission on August 26, 2025, as amended (together with its exhibits, the "Prior Registration Statement"), which was declared effective by the Commission on September 30, 2025.

The additional shares of Common Stock that are being registered for issuance and sale are in an amount and at a price that together represent no more than 20% of the maximum aggregate offering price set forth in Exhibit 107 of the Prior Registration Statement.

The required opinion and consents are listed on an Exhibit Index attached hereto and filed herewith.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **<u>Description</u>** |
| 5.1 | [Opinion of K&L Gates LLP.](ea025980101ex5-1_commercial.htm) |
| 23.1 | [Consent of K&L Gates LLP (contained in Exhibit 5.1).](ea025980101ex5-1_commercial.htm) |
| 23.2 | [Consent of Mauldin Jenkins, LLC.](ea025980101ex23-2_commercial.htm) |
| 24.1 | [Power of Attorney (previously filed on the signature page to the Prior Registration Statement and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1981546/000121390025080760/ea0235885-06.htm#T786) |
| 107 | [Filing Fee Table.](ea025980101ex-fee_commercial.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Harrogate, Tennessee on the 1<sup>st</sup> day of October, 2025.

---

| | |
|:---|:---|
| **COMMERCIAL BANCGROUP, INC.** | **COMMERCIAL BANCGROUP, INC.** |
| By: | /s/ Terry L. Lee |
|  | Terry L. Lee |
|  | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Terry L. Lee | President, Chief Executive Officer, and Director | October 1, 2025 |
| Terry L. Lee | *(Principal Executive Officer)* |  |
| /s/ Philip J. Metheny | Executive Vice President, Chief Financial Officer | October 1, 2025 |
| Philip J. Metheny | *(Principal Financial Officer and Principal Accounting Officer)* |  |
| \* | Director | October 1, 2025 |
| Alan C. Neely |  |  |
| \* | Director | October 1, 2025 |
| Sam A. Mars III |  |  |
| \* | Director | October 1, 2025 |
| Aaron A. Robertson |  |  |
| \* | Director | October 1, 2025 |
| Dennis Michael Robertson |  |  |
| \* | Director | October 1, 2025 |
| J. Adam Robertson |  |  |
| \* | Director | October 1, 2025 |
| James J. Shoffner |  |  |
| \* | Director | October 1, 2025 |
| Martha S. Spurlock |  |  |
| \* | Director | October 1, 2025 |
| Charles L. Yates |  |  |

---

---

| | |
|:---|:---|
| \* By: | /s/ Terry L. Lee |
|  | Terry L. Lee |
|  | Attorney-in-Fact |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

October 1, 2025

Commercial Bancgroup, Inc.

6710 Cumberland Gap Parkway

Harrogate, Tennessee 37752

Ladies and Gentlemen:

We have acted as counsel to Commercial Bancgroup, Inc., a Tennessee corporation (the "***Company***"), in connection with the filing by the Company of a Registration Statement on Form S-1 (File No. 333-289862), originally filed with the U.S. Securities and Exchange Commission (the "***SEC***") on August 26, 2025, and amended on September 22, 2025 (as amended, the "***Registration Statement***"), under the Securities Act of 1933, as amended (the "***Securities Act***"). The Registration Statement relates to an initial public offering (the "***Offering***") by the Company of up to 8,249,055 shares of the Company's common stock, $0.01 par value per share ("***common stock***"), of which up to 1,458,334 shares are being offered by the Company (the "***Company Shares***") and up to 6,790,721 shares are being offered by the selling shareholders referred to in the Registration Statement (which number of shares includes 1,075,963 shares subject to the underwriters' option to purchase additional shares) (the "***Selling Shareholder Shares***" and, together with the Company Shares, the "***Shares***"). The term "Shares" shall include any additional shares of common stock registered by the Company pursuant to Rule 462(b) under the Securities Act in connection with the Offering contemplated by the Registration Statement.

The Shares are to be sold to the underwriters as described in the Registration Statement and pursuant to that certain underwriting agreement to be entered into by and among Hovde Group, LLC, as representative of the several underwriters (the "***Underwriters***") named in Schedule I thereto, the selling shareholders of the Company named in Schedule II thereto, the Company, and Commercial Bank, a Tennessee state-chartered bank and wholly owned subsidiary of the Company (the "***Underwriting Agreement***").

You have requested our opinion as to the matters set forth below in connection with the Offering. For purposes of rendering such opinion, we have examined: (i) the Registration Statement, (ii) the Underwriting Agreement, (iii) the Company's charter, as amended and/or restated, (iv) the Company's bylaws, as amended and/or restated, (v) the Company's shareholder ledger, and (vi) corporate actions of the Board of Directors of the Company relating to the issuance of the Shares, and we have made such other investigation as we have deemed appropriate. We have also reviewed such matters of law as we have deemed necessary to render the opinions expressed herein. For purposes of this opinion letter, we have assumed that each document submitted to us is accurate and complete, that each such document that is an original is authentic, that each such document that is a copy conforms to an authentic original, the conformity to the original or final versions of the documents submitted to us as copies or drafts, that all signatures on each such document are genuine, and the legal capacity of all natural persons executing documents.

Commercial Bancgroup, Inc.

October 1, 2025

This opinion is based on the laws of the State of Tennessee, as currently in effect. We do not express any opinion as to the effect of the laws of any other jurisdiction.

Based upon and subject to the foregoing and the additional qualifications set forth below, it is our opinion that (1) the Company Shares, when issued, sold, and delivered to the Underwriters and paid for by the Underwriters as contemplated by the Registration Statement and the Underwriting Agreement, will be legally issued, fully paid, and non-assessable and (2) the Selling Shareholder Shares are legally issued, fully paid, and non-assessable.

We assume no obligation to update or supplement any of our opinions to reflect any changes of law or fact that may occur.

We hereby consent to the filing of this opinion letter with the SEC as Exhibit 5.1 to the Registration Statement. We also consent to the reference to our Firm under the caption "Legal Matters" in the prospectus that is a part of the Registration Statement. In giving the foregoing consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement, the prospectus that is part of the Registration Statement, or any prospectus supplement within the meaning of the term "expert," as used in Section 11 of the Securities Act or the rules and regulations promulgated thereunder, nor do we admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the SEC promulgated thereunder.

---

| |
|:---|
| Yours truly, |
| /s/ K&L Gates LLP |
| K&L Gates LLP |

---

## Exhibit 23.2

**Exhibit 23.2**

![](ex23-2_001.jpg)

Consent of Independent Registered Public Accounting Firm

We consent to the use in this Registration Statement on Form S-1 of Commercial Bancgroup, Inc. of our report dated March 26, 2025, except for the effects of the recapitalization and stock split described in Note 23 as to which the date is September 18, 2025, relating to the consolidated financial statements of Commercial Bancgroup, Inc., appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference to our Firm under the heading "Experts" in the Prospectus.

/s/ Mauldin & Jenkins, LLC

Chattanooga, Tennessee

October 1, 2025

200 W. MARTIN LUTHER KING BLVD, SUITE 1100 • CHATTANOOGA, TENNESSEE 37402 • 423-756-6133 • FAX 423-756-2727 • www.mjcpa.com

*MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS*

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-1**

**Commercial Bancgroup, Inc.**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Common stock, par value $0.01 per share | (1) | 457(o) |  | $| $25477344.00 | 0.0001381 | $3518.42 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $25477344.00 |  | 3518.42 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $3518.42 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents only the additional $25,477,344.00 of shares of common stock, par value $0.01 per share ("Common Stock"), being registered pursuant to this registration statement and includes shares of Common Stock that the underwriter has the option to purchase to cover over-allotments, if any. Does not include the $172,500,000 of shares of Common Stock that were previously registered on the Registration Statement on Form S-1 (File No. 333-289862), as amended (the "Prior Registration Statement"), which was declared effective by the U.S. Securities and Exchange Commission on September 30, 2025. Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). The registrant previously registered $172,500,000 of shares of Common Stock on the Prior Registration Statement, for which the registrant paid a filing fee of $26,409.75. In accordance with Rule 462(b) under the Securities Act, 1,061,556 additional shares of Common Stock having a proposed maximum aggregate offering price of $25,477,344.00 is hereby registered, which includes shares of Common Stock that the underwriter has the option to purchase.