Franklin, TN - July 23, 2007 - Richard Herrington, President of Franklin Financial Network, announced Monday that the company has completed its initial stock sale and exceeded its original goal of $25 million in common stock. Franklin Financial Network is the parent company of Franklin Synergy Bank (in organization), a start-up bank to be located in Franklin.
Franklin Financial Network Exceeds Capital Goal
"We raised $26,250,000 in capital for our company," explained Herrington. "Our target was $25 million, but we exceeded that by 5%, as allowed by the offering. We could have sold more, but at this point we're focusing on building the bank."
"We completed our capital program quicker than anticipated," added Herrington. "We are delighted with the response from the local community for our new bank. Nearly 95% of the funds raised are from local investors."
Organizers for the new bank are Herrington, Hank Brockman, Bill Harlin, David Kemp, Saul Komisar, Scott McWilliams and Paul Pratt, Jr.
Organizers anticipate opening Franklin Synergy (in organization) during the fourth quarter 2007. The new bank, which will be located at the corner of Cool Springs Boulevard and Aspen Grove Drive in Franklin, will focus on real estate lending, business banking, workplace banking, and government and non-profit banking.