Franklin, TN - February 23, 2012 - Four year old Franklin Synergy Bank has reached another milestone. The bank's assets have topped $500 million for the first time on February 22, 2012.
Franklin Synergy Bank’s Assets Surpass $500 Million for the First Time
“We are again very pleased to have surpassed another important milestone by achieving over half a billion dollars in assets”, noted Franklin Synergy President Richard Herrington. "We are thankful for our customers who continue to entrust us with their primary banking relationships. Although economic uncertainty continues to impact the community, we are seeing increased loan demand along with increased deposit activity from customers seeking a financially strong bank.”
Franklin Synergy Bank reported total assets of $369 million at September 30, 2011 and $465 million at December 31, 2011. Franklin Synergy’s asset news comes just after the bank’s announcement of strong fourth quarter 2011 performance and record and 2011 year end profitability.
Franklin Synergy Bank opened its first branch in November 2007 in Cool Springs and earned its first profit in the first quarter of 2009. The bank reached $100 million in deposits in October 2008, the same month Franklin Synergy opened a branch in the Bennett House in downtown Franklin. The bank reached $200 million in deposits in July of 2009, topped $300 million in December 2010 and $400 million in December 2011. The bank's assets surpassed $500 million in February 2012.
A new Downtown Franklin headquarters and branch opened on Columbia Avenue in May 2010 and an office in Brentwood opened in January 2011. In addition, Franklin Synergy operates a mortgage office in Synergy Business Park in Brentwood. Franklin Synergy Investment Management, a division of Franklin Synergy Bank offering financial planning, opened in September 2011. Additional information about Franklin Synergy is available at the bank’s website: www.franklinsynergybank.com.