The parent company of Franklin Synergy Bank announced today its acquisition of Murfreesboro-based MidSouth Bank has been finalized.
The combined bank — which has more than $1 billion in assets — will operate as Franklin Synergy Bank with 11 locations. The five MidSouth branches give Franklin Synergy access to the Smyrna and Murfreesboro markets.
The $38 million deal (read more here) has been in the works for some time. Franklin-based Franklin Synergy Bank will have deposits of about $760 million, which ranks it 11th in the Nashville area and between fellow young banks CapStar and Avenue.
The merger has resulted in a shuffle at the top of the company letterhead.
Richard E. Herrington, president and CEO of Franklin Synergy Bank, is now chairman, president and CEO of parent company Franklin Financial Network, Inc., as well as chairman and CEO of Franklin Synergy Bank. Lee M. Moss, chairman and chief executive officer of MidSouth Bank, is now the president of Franklin Synergy Bank.
Sally P. Kimble, chief financial officer of Franklin Synergy Bank, is now executive vice president/chief financial officer of Franklin Financial Network, Inc., while Kevin D. Busbey, MidSouth’s chief financial officer, is now the CFO of Franklin Synergy Bank. Dallas Caudle, president and chief operating officer of MidSouth Bank is now EVP, chief investment officer and Rutherford County community president of Franklin Synergy Bank.
Lee Moss, Jimmy Allen and Matt Murfree, former directors of MidSouth, have joined the boards of Franklin Synergy Bank and Financial Network, Inc., expanding the number of directors to 10.
"This merger is a continuation of our strategy to expand selectively our geographic footprint in contiguous markets with long-term growth potential," Herrington (pictured) said. "Moreover, MidSouth customers and Rutherford County will benefit from the continued presence and engagement of a locally managed bank."