Thinking about Middle Tennessee's young and fast-growing community banks, it's easy to focus only on downtown-based CapStar and Avenue. But Franklin Synergy Bank, which opened its doors in late 2007, has been posting its own heady growth numbers and on Thursday announced it has topped $500 million in assets. Since the end of September, President Richard Herrington's team has been adding an average of more than $6 million in assets per week.
Franklin Synergy Bank posted a fourth-quarter profit of $1.1 million, its highest ever, as the four-year-old lender's deposit base topped $400 million for the first time. For the year, the bank earned $2.7 million, more than double its 2010 number, and grew deposits and loans by 33 and 19 percent, respectively.
"Despite a challenging economic environment, we have achieved good deposit and loan growth as well as a significant increase in our interest margins. Mortgage banking continues to be an important contributor to our profitability and non-performing assets remain at a low level and continue to decline.”
Franklin Synergy Bank officials announced Thursday the bank has capped its fourth anniversary by crossing the $400 million mark in bank deposits.
The Williamson County-based bank reached the milestone on Dec. 16.
“Just a year ago, our bank passed the $300 million mark in deposits,” Richard Herrington, Franklin Synergy Bank president, said in a release. “This month brings another wonderful anniversary present for our shareholders, customers and staff.”
When Franklin Synergy began operations in late 2007, it was the smallest of 187 banks headquartered in Tennessee. As 2011 concludes, Franklin Synergy ranks among the 35 largest banks in Tennessee, Herrington said.
“Our deposit growth has outpaced loan growth,” he said. “While our loan portfolio continues to grow, we are actively seeking loan opportunities in the community.”
Franklin Synergy opened its third office in 2010, in what is now a full-service branch in Brentwood.
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