Tennessee Bank & Trust announces board of directors following FDIC approval of de novo charter; Is this an indication of strength for the Nashville area economy?
According to the FDIC filings, there have been ten charter applications and seven approvals so far in 2017, but even though that number pales in comparison to the peak of 2005 with just under three hundred applications, it is an improvement from 2016 when only two new banks were chartered.
NASHVILLE, TN – Oct. 2, 2017 – Tennessee Bank & Trust has become the first new bank in Tennessee since 2007 following FDIC approval of their de novo charter application.
With the successful completion of the application process, Tennessee Bank & Trust has selected a new board of directors to include a range of business owners, entrepreneurs and community leaders that reflect the new bank’s emphasis on serving the greater Nashville market.
Although it may appear to consumers as though we have no shortage of banks in the Middle Tennessee area, most experts agree that local banks play an important role in business development and are indicators of a community’s economic health and potential for growth due to the increased options for borrowing. The fact that Tennessee has one of the handful of newly chartered banks in the Nation can be linked to the economic power of the Nashville Area and how it’s diverse businesses continue to generate development opportunities for the region.
Tennessee Bank & Trust owner, Galyon Lawrence, Jr., was drawn to the Nashville market twelve years ago when he launched a branch division of Farmers Bank & Trust, Blytheville, AR at a location in the Cool Springs area. However, the incorporators of the bank believed that an independent, locally-oriented, commercial bank would be more agile in responding to the needs of businesses in Davidson and Williamson counties as well as have a better knowledge of the community. CFO, Barbara Zipperian, a veteran of the banking industry with experience founding another Nashville financial institution, Avenue Bank explained, “There is always a need for a local bank among national brands due to the connections in the community and the deeper understanding of their customers. These relationships refine our decision making process which makes our response time more timely and focused.” Bank President and CEO, Dan Andrews added, “We have a team of bankers that also have extensive careers in business and they know that relationships are vital to business. We’re combining their years of experience with innovative product platforms to provide our clients with a banking experience they have been looking for.”
Tennessee Bank & Trust is a privately owned, full-service bank that offers clients a range of custom products and services for individuals and businesses. The bank has branch locations in Nashville and Franklin, Tennessee. Please visit tennbank.com for additional information about Tennessee Bank & Trust.