Randall Clemons, the CEO of Wilson Bank & Trust since 1987 and its chairman since 2002, has told his team he plans to retire from his posts in 2019, when he will be 66. Executive Vice President John McDearman has been tapped to take over at the $1.7 billion bank holding company. The Wilson Post has some more details.
Wilson Bank & Trust is scoring some points with its client base after rolling out a suite of online and mobile financial management tools developed by MoneyDesktop. The bank introduced the software after being asked by a number of clients to look into Mint.com or something like it. More than a quarter of Wilson Bank & Trust's customers have since used MoneyDesktop's tools. American Banker has the story, while the companies' news release is here.
Stan Hayes, the former manager for Wilson Bank & Trust's Murfreesboro branch, is bringing more headaches to the bank's leadership. Murfreesboro bar owner Amanda Gallagher and Tony Hinson have sued the bank over Hayes' actions, which Gallagher says have resulted in two foreclosures and almost $3 million in damages. In a piece in the Murfreesboro Post, Gallagher's tone is a lot stronger than that of home builder Ken Howell.
“I was never late on any payment,” Gallagher said. “Yet, they immediately placed the loan into default with the first month of the loan and began charging me 18 percent interest without my knowledge. They never sent a letter or called me, and even today, I have been unable to obtain documentation that shows I defaulted on my loan.”
A Rutherford County jury has ordered Wilson Bank & Trust to pay $7.5 million in compensatory and punitive damages to home builder Ken Howell, his wife and two of his companies. Howell had sued after former Wilson branch manager Stan Hayes had manipulated his entities' loan accounts by forging signatures. The bank may appeal the verdict; Howell says he simply wants to close the book on the episode.
“They need to make the victims whole, and we both need to move on,” Howell said. He noted that he owes several local companies money after closing his business and plans to “square up” his accounts.