Recessions are similar to weather storms in that both occur periodically and are somewhat predictable. Both tend to overly impact people and organizations with a track record of poor decision-making, although oftentimes they are indiscriminate in inflicting pain. Both eventually come to an end, leaving a forever changed landscape in their wake. Such changes are not always for the worse.
The economic recession of 2007-2008 has been most difficult time for some. It began with a sub-prime mortgage crisis, leading to a collapse of leveraged investment banks, followed by rising commodity prices and a plunging dollar. Now we are faced with declining investment values. All of this has occurred in a relatively short period.
The good news: the economic distress will end and some of the fall-out will be positive.
Locally, our economy has withstood most of the negative factors. Middle Tennessee‘s economy is built on conservative values and the influx of new businesses and their employees provide a strong underpinning to withstand calamities.
One of the intriguing “landscape changes” is perhaps a new environment for banks, driven by changes in customer demand. Two statistics speak to these changes:
- In May, MasterCard reported that charges on credit cards for gasoline purchases declined 7% vs. April. One month does not make a defined trend, but it is obvious that with higher gas prices, consumers are changing their habits and driving less. One potential outcome may be fewer visits to the bank.
- In 2000, approximately 75% of banking transactions were initiated in a bank branch. By 2010, this is estimated to drop to 33%.
At Franklin Synergy Bank we have been planning for these anticipated changes in customer behavior. We have built an internet banking system that is among the best; we have invested in other electronic banking innovations; and, today, our business customers can deposit checks without leaving their office. (There will soon be a product to allow consumers the same convenience from their homes). We are changing the definition of banking convenience.
Understanding customers’ needs is important in building a successful business. We take this seriously at our bank; that’s one of the reasons that we have already grown to $100 million in assets in a little over six months.
We have many banking benefits for our customers. Call us at 615-236-BANK or visit our website (www.franklinsynergybank.com), and let us share with you how we can make your banking experience more enjoyable, more profitable, and more convenient. Thank you for your continued support.
Our Club accounts just got even better! Beginning June 11th, we’ve added a new account feature to protect our customers – automatic overdraft protection. We know that you work hard to manage your money effectively but mistakes do happen. When they do, your overdraft protection will be there to help you avoid overdraft fees. There is no cost to you unless you use your overdraft protection. If you opened your club account prior to June 11, 2008, look for your overdraft protection agreement in the mail. Simply sign the agreement and return it to us. Your protection will begin just as soon as we receive your signed form. If you already have overdraft protection through a savings or money market account, you can STILL benefit from our automatic overdraft protection as a back-up! Call your Franklin Synergy Banker at (615) 236-BANK (2265) if you have any questions about this new benefit to our Club accounts.
Interest rates have been low, penalizing savers. Now save at current rates with Franklin Synergy’s 21 Bump Certificate of Deposit and maintain an option to increase your rate during the CD term if rates go up. That’s what we call a win-win!
Call your Franklin Synergy Banker at (615) 236-BANK (2265) TODAY for our 21 month Bump CD!
Conventional mortgages up to $432,500 are getting tough to find and Jumbo mortgages over $432,500 can be nearly impossible to find these days. Not at Franklin Synergy Bank. Our Relationship Mortgage is a package of great rates and great perks available to qualified buyers for Jumbo loans of $1 million plus. Get peace of mind with –
- Franklin Synergy Bank Club Account
- Auto-draft convenience
- No mortgage insurance required
- Rate Protection Lock Plan available – lock in your loan rate for two, six or nine months and relax!
- Synergy Home Equity Line of Credit with no additional closing costs
Apply for a Jumbo Mortgage through our quick and easy Synergy Online Application at www.franklinsynergybank.com.
Join the Franklin Synergy Bank Travel Club on Wednesday, July 23rd for a Preview Show of exciting travel opportunities Franklin Synergy has planned for you!
- Rose Parade & New Year’s Extravaganza - December 30, 2008 – January 3, 2009
- Southern Caribbean Cruise - January 31 – February 7, 2009
- Mediterranean Cruise - October 17 – 31, 2009
Join us on WEDNESDAY, JULY 23, 2008
1:00 pm OR 6:00 pm – Two Shows
Aspen Grove Christian Church
274 Mallory Station Road
Located off Franklin Road, before Seaboard Lane, between WAKM radio tower
and the fire station on the North side of the street
Slide show presentation, Refreshments & Door Prizes
For Reservations and more information contact
- Great Trains & Grand Canyons
September 7-12, 2008 - BOOKED
- Jacksonville Jaguars vs. Tennessee Titans
November 14-17, 2008 - This is a limited opportunity – book early to avoid disappointment!
Enjoy a 3 night travel opportunity with Club level seating to see the Tennessee Titans play the Jacksonville Jaguars! Stay at the Crowne Plaza – Jacksonville Riverfront with complimentary breakfast every day. Trip includes golf at North Hampton