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.”
POSTDATA: WARRANTY DEEDS