The founder and CEO of a fast-growing regional bank says his leadership team may relocate to Nashville.
Speaking to al.com, ServistFirst Bancshares Tom Broughton said he is talking about tax incentives to both Alabama and Tennessee officials and may relocate part or all of the company's home office. ServisFirst entered the Nashville market almost two years ago and has since then built a loan book of more than $125 million here.
"We're just trying to anticipate our needs down the road. We ran out of space here a couple of years ago," Broughton said. "Do we do everything here? Do we move some to Atlanta? Do we move some to Nashville? Those are high growth markets. That's a question – nobody much wants to live in Atlanta, because of the traffic – Nashville is much more attractive from that standpoint."
ServisFirst was founded in 2005 and went public last year. The company (Ticker: SFBS) now has a market value of about $900 million and is active in five Alabama markets as well as in Nashville; Pensacola, Florida; Charleston, South Carolina; and Atlanta, where it recently bought a small bank. It finished the first quarter of this year with a profit of about $13 million — its Atlanta purchase resulted in $2.1 million in charges — and total assets of $4.4 billion. The latter number was up from $3.6 billion a year earlier.
The Nashville Area Chamber of Commerce on Wednesday put a ribbon on a record-setting fiscal year for its Partnership 2020 economic development effort. Companies relocating or expanding here pledged to invest $2.5 billion in the 12 months ended June 30. On the jobs front, the new positions announced by relocating companies in the past year trailed the number only from 2005 to 2008.
POSTDATA: WARRANTY DEEDS