There appears to be no letup in sight to the growth at Franklin Synergy Bank: After finishing the second quarter with $1.77 billion in assets, the eight-year-old bank powered its way to $2 billion before the end of Q3. Chairman and CEO Richard Herrington says the integration of MidSouth Bank has gone well and let his team maintain its momentum.
The leaders of FirstBank have engineered some solid growth in recent years, going from $2.2 billion in assets in mid-2012 to $2.8 billion following their recent acquisition of a Chattanooga-area bank. That has led them to invest in an information technology upgrade with the help of Missouri-based Jack Henry & Associates, which works with more than 1,300 banks. The latter's SilverLake system will pull together FirstBank's core data and help it manage the various risk management and regulatory compliance requirements banks face. Check out more info here.
Franklin Synergy Bank has recruited Tiffany Martin to its team in Berry Farms as a vice president and commercial banker. Martin joins Franklin Synergy from Capital Bank, where she had been a branch manager for almost two years. Before that, she also ran a Bank of America branch.
“Tiffany has a great background in banking,” said Chairman and CEO Richard Herrington. “Our Berry Farms team is serving a community experiencing fast growth and Tiffany was just the right fit to serve that segment of our market.”
Franklin Synergy opened its office in Berry Farms, located off Interstate 65 at Goose Creek Bypass, in the fall of 2013. The company runs 11 branches in Williamson and Rutherford counties.
Shares of Franklin Financial Network will be added to the prominent Russell 2000 index of small-cap stocks later this month. Chairman Richard Herrington says the move will add to the visibility of the stock (Ticker: FSB), which came to market earlier this spring at $21 and has since climbed to about $22.30.
Analysts at Wunderlich Securities have started covering the shares of newly public local bank holding company Franklin Financial Network and Avenue Financial Holdings. The firm has given Franklin Financial a 'buy' rating and price target of $28 — up from the stock's current level (Ticker: FSB) of about $22 — but stopped at 'hold' for Avenue. The latter (Ticker: AVNU) is seen climbing to $13.50 from the $11.55 at which it closed last Friday.
So it turns out the glitzy parts of Nashville — downtown, West End, The Gulch and the like — aren't the only area office submarkets where space now costs more than $30 per square foot.
The leaders of Franklin Financial Network last week signed 15-year lease papers for almost 17,000 square feet that's been built onto their downtown Franklin headquarters by a company controlled by bank directors Henry Brockman and David Kemp.
Franklin Financial's starting rent is $33.25, which is $4.50 more than Spectrum Emery Properties is asking for its big and shiny One Franklin Park building located a few miles northeast. Even taking into account the "friendly" nature of the deal — which includes a clause allowing that rental rate to rise between 1.5 percent and 3.5 percent annually — the lease tells us the Nashville-area property market is in fine fettle, to say the least.
Check out the deal's details here.
SEE ALSO: Franklin Synergy in branch sale-leaseback with directors from late last year
Analysts at Compass Point have started covering shares of Franklin Financial Network with a 'buy' rating and price target of $27. That's right in line with their peers at Bank of America Merrill Lynch, who launched coverage three weeks ago. Since going public at $21, Franklin Financial (Ticker: FSB) shares have retreated a little bit, closing Friday at $20.15.
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