Franklin, TN - July 16, 2009 - Franklin Synergy Bank announces that deposits have surpassed $200 million as of July 15. This milestone was reached shortly after the bank’s profitable first quarter 2009, exceeding management expectations.
Franklin Synergy Bank Grows Deposits
Reaching this benchmark in such a short period speaks volumes about the success of our bank and our bankers. This rapid deposit growth illustrates the strength and soundness of our bank, as many deposits have come from other banks within our market,” said Richard Herrington, president.
"As one of the few true local banks in the Williamson County market, Franklin Synergy is a natural place for our friends and neighbors to bank. It’s an honor and a privilege to be associated with such a trustworthy team at Franklin Synergy, explained, Dr. David Kemp, a local Orthodontist and member of Franklin Synergy’s Board of Directors.
Herrington added, "Williamson County’s fast growing market combined with local ownership of Franklin Synergy Bank in a market with few other locally owned banks results in an attractive competitive position for us. In addition, lower mortgage interest rates led to increased mortgage lending activity which in turn helped us attract deposits. We are very pleased with the accelerating growth momentum we have seen in the last year.”
Franklin Synergy Bank opened its first office 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 an office in the Bennett House in downtown Franklin. An office and headquarter operation currently under construction on Columbia Avenue in Franklin, opens in 2010. In addition, Franklin Synergy operates a mortgage office on Synergy Business Park in Brentwood.