First Tennessee Bank is ramping up its presence in the Mid-Atlantic states of North Carolina, South Carolina and Virginia and moving to a larger building in Raleigh, N.C. to make room for 10 additional employees and new services, the company announced today.
This will mark First Tennessee’s first notable expansion since the mid-2000s when new branch locations were built throughout the state.
David Popwell, First Tennessee president of banking, called the move a “reorganization” and said the bank is committed to growing its footprint outside of Tennessee and into both North Carolina (Winston-Salem, Charlotte and Raleigh) and Virginia (Richmond).
“Our growth and success in the Mid-Atlantic Region has resulted from combining experienced, responsive professionals with a complete set of financial products and the flexible operating framework of a boutique banking operation,” Popwell said in a press release. "The Mid-Atlantic Region shares many characteristics of our Tennessee regions. We are pleased by the response in the Raleigh market, which allows us to enhance the depth of our service to meet the expanding needs of businesses and individuals."
Expanded services will include private client banking, wealth management, corporate and commercial lending and commercial real estate, according to the release.
First Tennessee, a subsidiary of Memphis-based First Horizon National Corp. (Ticker: FHN), suffered massive losses in First Horizon’s mortgage division during the Great Recession. The bank sold off its mortgage division and has been in recovery mode ever since. It is now providing mortgages for property owners in Tennessee.