Regional lender Metropolitan Bank said Tuesday afternoon it has signed a lease for ground-floor space in the One Franklin Park office tower being finished in Cool Springs by Spectrum | Emery.
The leaders of Metropolitan, which entered the Nashville market in early 2012 and now has about $100 million in local loans, will relocate their current operations on Westgate Circle to Franklin Park, which will have Acadia Healthcare, law firm Thompson Burton and Franklin American Mortgage among its tenants. The branch is expected to be up and running by the end of the third quarter.
“We’ve worked hard to grow a number of tremendous client relationships in our current space in Williamson County, but with the growth of our team and client base it is time to establish a larger, more visible presence in the market,” said Bill Menkel, Metropolitan’s Nashville market CEO. “Williamson County is an important market for Metropolitan and we want to establish a location which will provide enhanced convenience for both existing and prospective clients, but at the end of the day, it’s our people and the client experience they deliver each day that makes Metropolitan truly unique.”
The new office will be home to up to 12 employees. For more info, click here.
InsBank has paid $1.6 million for about 0.6 acres near Interstate 65 just north of the Davidson-Williamson line, where it plans to set up its second office. The office still needs regulators' approval and is expected to open in 2016. Getahn Ward at The Tennessean has more info here.
Birmingham-based ServisFirst Bank (Ticker: SFBS) has added Jamie Osteen as a vice president to work at the entity's Nashville corporate office:
Jamie Osteen joins ServisFirst Bank as Vice President, Commercial Banking Relationship Manager with over 10 years of experience in commercial finance. Previously, Osteen served as Commercial Middle Market Relationship Manager for Regions Bank and as a Partner at Collateral Guaranty Partners.
Osteen received his Bachelor of Arts in Business Administration from The University of Mississippi. In addition, Osteen is a graduate of the Battle Ground Academy in Franklin, TN, 32nd Annual Venture Capital Institute in Atlanta, GA, and Owen Graduate School’s The Southeastern School of Commercial Lending at Vanderbilt University. He attended Training the Credit Analyst and Essentials of Commercial Lending, both offered by the Tennessee Bankers Association.
Shareholders of Pinnacle Financial Partners last week voted to declassify the bank holding company's board of directors, a process that will completed two years from now. Investors also approved by very wide margins the other items of business put before them.
Keefe Bruyette & Woods analyst Jefferson Harralson still really likes the prospects for shares of Pinnacle Financial Partners. On the heels of the bank holding company's strong first-quarter earnings report, he has reiterated his 'outperform' rating but lifted his price target to $54 from $48. Less than a month ago, Harralson took his target from $40 to $48, just above where the stock (Ticker: PNFP) now trades. That $48 level is where Stephens analyst Matt Olney now sees Pinnacle heading. His previous target was $45.
Tullahoma-based Ascend Federal Credit Union has won the race to place its name atop the West Riverfront Park amphitheater, which will be able to hold 6,800 people and open July 30 with a concert headlined by country star Eric Church.
The deal, financial terms for which were not disclosed during an announcement event today, is for 10 years.
Ascend has $1.7 billion in assets, $943 million in loans and about 150,000 members, according to data from the National Credit Union Administration. It posted net income of $19.1 million in 2014, up from $17.1 million the year before. Nine of the organization's 18 locations are in the Nashville MSA, with its main Nashville office having opened on Charlotte Avenue in Midtown last year.
“With this amphitheater, Ascend commits to being the credit union of choice for residents of Nashville and Middle Tennessee,” said Caren Gabriel, president and CEO of Ascend. “And, because our growth objectives are similar to those of this city, we believe the Ascend Amphitheater will be pivotal in securing Nashville’s claim as the entertainment capital of the South.”
Ascend Amphitheater will this summer also host Steely Dan, Phish and ZZ Top, among others. Patrick Rodgers and Adam Gold have a lot more info on the musical side of things here.
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