There appears to be no letup in sight to the growth at Franklin Synergy Bank: After finishing the second quarter with $1.77 billion in assets, the eight-year-old bank powered its way to $2 billion before the end of Q3. Chairman and CEO Richard Herrington says the integration of MidSouth Bank has gone well and let his team maintain its momentum.
The leaders of FirstBank have engineered some solid growth in recent years, going from $2.2 billion in assets in mid-2012 to $2.8 billion following their recent acquisition of a Chattanooga-area bank. That has led them to invest in an information technology upgrade with the help of Missouri-based Jack Henry & Associates, which works with more than 1,300 banks. The latter's SilverLake system will pull together FirstBank's core data and help it manage the various risk management and regulatory compliance requirements banks face. Check out more info here.
Veteran Nashville financial technology entrepreneur Joe Maxwell will step out of a full-time role at Ipreo, the company to which he sold Shareholder InSite nine months ago, at the end of this year. After that, he tells Milt Capps at Venture Nashville Connections, he will devote the majority of his time to raising a venture capital fund focused on fintech ventures.
Maxwell's "emerging markets and growth fund" will address full-spectrum fintech opportunities, he said, declining to discuss any other general partners, at this time. The new fund is unlikely to do true Seed-stage or Buyout transactions, though such deals are not forever ruled-out.
Milt Capps has checked in with veteran local payment processing entrepreneur Greg Daily, who is building what was Charge Payment and now is i3 Verticals into a broader financial technologies play. Daily and his team last month acquired RentShare.com, a New York-based mobile payment platform focused on the apartment sector, and has since wrapped up two other deals. There's more to come, Capps writes, including a possible IPO.
While maintaining its presence in Retail, the company's acquisitions and other growth efforts are concentrated on expanding into Education, Government/Public Sector, Healthcare, Utilities and Nonprofit/Fundraising sectors. Daily described those sectors as populated by enterprises that "don't go out of business." The company's current offerings span payments processing, metrics-reporting tools, point-of-sale technologies, gift and loyalty programs, merchant financing and security support.
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