Franklin, TN - July 24, 2014 - Franklin Synergy Bank, headquartered in Franklin, Tennessee announced today that it has reached $1 billion in deposits – a significant growth milestone in the bank’s seven year history.
Franklin Synergy Bank Reaches One Billion Milestone in Deposits
Franklin Synergy reached $500 million in deposits in December 2012 after just five years of operation. Just over a year later in February 2014, the bank crossed the $750 million threshold for deposits.
Of the 177 banks headquartered in Tennessee, only 6 had deposits exceeding $1 billion as of March 31, 2014.
“This is great news for our customers and our shareholders,” noted Richard Herrington, Franklin Synergy Bank Chairman and CEO. “It’s an important milestone in our history and we have achieved it in less than seven years. We have prospered by staying focused on our mission of creating a legacy bank in our community and now we are pleased to celebrate this achievement with our customers, shareholders, friends and family.”
Franklin Synergy acquired MidSouth Bank in July 2014, adding five branches in Rutherford County to six Franklin Synergy branches currently operating in Williamson County. The bank is the top deposit market share bank in Franklin and the third largest bank in Williamson County, based on June 2013 FDIC market share data.
Franklin Synergy Bank provides a full range of banking, wealth management and mortgage products and services designed to meet the needs of consumers and businesses. “Our customers appreciate the full range of products and services at Franklin Synergy, matching what the big banks have but adding local decision-making power,” added Herrington.