Franklin, TN - April 27, 2009 - Franklin Synergy Bank reports a profitable first quarter, ending March 31, 2009, with profit of $302,000. This marks the bank’s first profitable quarter in its short history, exceeding management expectations.
Franklin Synergy Bank Reports First Profitable Quarter
“When we opened Franklin Synergy in November of 2007, we focused on building a critical mass of customers that would lead to profitability within a reasonable period of time,” said Richard Herrington, president. “We did not expect to be profitable within our first eighteen months of operation, and we are pleased with this accomplishment.”
“Several factors contributed to our first quarter earnings,” explained Herrington. “Loan and deposit growth have been strong and we benefitted from increased mortgage lending activity created by lower mortgage interest rates. Williamson County is our home and the financial strength of the local community has been a major impetus for our growth and profitability,” added Herrington.
Franklin Synergy Bank opened in November 2007 in Cool Springs, offering a unique combination of the traditional values of community banking, such as trust, competence and expediency, with innovative, technology-based delivery systems. In 2008, Franklin Synergy opened a branch in Franklin and a mortgage origination office in Brentwood.