Franklin, TN - June 25, 2007 - Franklin banker Richard Herrington announced Monday that Lisa Musgrove will serve as Executive Vice President and Chief Financial Officer for Franklin Synergy Bank, currently being organized through the Tennessee Department of Financial Institutions. As Chief Financial Officer, Musgrove will oversee all accounting and financial operations.
Franklin Bank Names Veteran Banker Lisa Musgrove Chief Financial Officer
Musgrove is an 18-year banking veteran, most recently serving as Chief Operation Officer and Chief Financial Officer for Civitas BankGroup, parent of recently sold Cumberland Bank. She was a member of the turnaround management team which returned Civitas BankGroup and Cumberland Bank to sound financial condition. Musgrove served as Chief Financial Officer at Franklin Financial Corp, parent of Franklin National Bank from 1994 until its sale to Fifth Third Bank in 2003. From 1989 through 1994, Musgrove served as Vice President, Controller and Treasurer at Tennessee National Bank in Columbia, TN. Musgrove, a native of Columbia, TN, is a graduate of Miami of Ohio University.
Musgrove serves on the TACHA (Tennessee Automated Clearinghouse Association) Board and the Bancpac National Advisory Board, with Fidelity Information Services Inc., a leading provider of core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage-related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals.
"Lisa is tremendously talented and we're very fortunate to have her on board", said Herrington. "She has a well-rounded understanding of all aspects of bank operations, accounting, technology and financial management", he continued.
Organizers expect Franklin Synergy Bank (in organization) to open during the fourth quarter of 2007 with an expected $25 million in capital raised from local investors. The bank will focus on real estate lending, business banking, government and non-profit banking.