One of the few local banks still very much dealing with the aftershocks of the Great Recession is looking to start a new, healthier chapter in its life. Scott Harrison at the Nashville Business Journal has the story of a planned capital raise at Nolensville-based Peoples State Bank of Commerce. The leaders of the $150 million bank are aiming to raise between $15 million and $25 million.
Peoples intends to use the proceeds to pay down $7.7 million in outstanding debt, “satisfy regulatory requirements and reposition the company to support continued organic growth,” according to the presentation.
The planned offering is expected to close in December. It would essentially recapitalize the bank, with more than 98 percent of ownership going to new shareholders. The report also says investors have the "opportunity to obtain board seats."
Officials with direct loan marketplace Lending Club say their platform is now available to residents of Tennessee. Along with a few other new states, San Francisco-based Lending Club now does business in 39 states. The company has facilitated more than $11 billion in loans since its launch in 2007.
Franklin Synergy Bank officials are preparing to open their Nolensville office and have contracted with Century Skanska to handle some design and construction work. The project in the Brittain Plaza center being developed on Nolensville Pike by Stevens Group is worth $184,000. The bank holding company (Ticker: FSB) also recently finalized a deal with the contractor to expand its home office in downtown Franklin.
Columbia-based Community First Bank & Trust is, as of Sept. 29, no longer operating under any sort of extra regulatory requirements. The bank, which runs eight offices in Maury, Hickman and Williamson counties, had been under an informal memorandum of understanding with regulators since late last year. As recently as 2012, the bank faced a $15 million capital gap as it tried to bounce back from the real estate bust and meet the stringent extra conditions regulators were demanding.
Said Chairman Eslick Daniel in a statement this week: “The board is excited to be planning our future with a focus on serving our community and shareholders rather than correcting the problems of the past. We appreciate the support our regulators have shown in our efforts to improve the health of the Bank, and believe that the lessons of our past will make us a stronger Bank in the future.”
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.
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