Franklin Synergy Bank President Richard Herrington is looking to raise $15 million from institutional investors before the end of the year to lay the foundations for the six-year-old bank's next growth spurt. The bank's leaders are starting to prepare for an initial public offering but want to wait until they get close to $1 billion in assets. At its recent growth pace, the bank should get in the vicinity of that number by 2016.
Veteran local banker Tommy Adair has joined Franklin Synergy Bank as vice president and credit department manager. Adair comes to Franklin Synergy from struggling Community First, which has been shrinking its asset base to comply with regulators' capital level mandates. He started his finance career at the former Williamson County Bank.
Three of the four Nashville-area banks taking part in the U.S. Treasury Small Business Lending Fund continued to post strong growth numbers in the fourth quarter, according to a report issued by the agency last week. Avenue Bank's small-biz book grew almost 12 percent during the quarter to $129 million, while InsBank's portfolio grew by more than 25 percent to $49 million. Growing a bit more slowly was Franklin Synergy Bank, which added 8 percent to $31.5 million. The lenders at Sumner Bank & Trust, meanwhile, were in a holding pattern at about $30.5 million. (Click here for Q3 numbers.)
Nationally, SBLF banks have lent almost $9 billion to companies since the program launched in late 2010. Institutions in the Southeast have been particularly active.
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