Franklin, TN - October 3, 2013 - Franklin Synergy Bank reported today that the bank has risen to the third largest bank of the 34 banks with offices in Williamson County. In a statement, Franklin Synergy President Richard Herrington attributed the growth to an experienced banking team and a culture built on customer service.
Franklin Synergy Bank Exceeds Market Growth
"One way to look at the extraordinary growth of Franklin Synergy Bank is the annual FDIC bank deposit market share data, based on June 2013 results. This information was released this week,” commented Herrington. “From June 2012 to June 2013, deposits in Williamson County branches of Franklin Synergy Bank grew 9.0%, from $468 million to $510 million.”
“Our Williamson County market share of deposits as of June 30, 2013, was 9.7%, making us the third largest bank in Williamson County,” noted Herrington. “At June 30, 2012 Franklin Synergy had a market share of 8.9%. There are 34 banks in our market today, and we were 33rd out of 33 banks in our market in November 2007. We have grown faster than the market and have surpassed 31 of these banks, including banks that have been in our market for decades.”
“Because our Brentwood branch is located in Davidson County, we were not able to include their deposits in our Williamson County market share,” explained Herrington.
“Interestingly, we have 3% of the branches located in the county and 9.7% of the deposits”, added Herrington.