When it comes to growing top-line revenue, only a small number of banking peers nationwide have done so with as much recent success as Richard Herrington’s Franklin Synergy Bank.
Eight, to be exact.
That’s based on a recent report by Brentwood-based Bank Director magazine, which along with Atlanta’s Bank Intelligence Solutions, identified the commercial banks and thrifts across the county that have grown their revenue the most since the beginning of 2015.
Franklin Synergy (NYSE: FSB), Williamson County’s largest bank and the third-biggest lender headquarter in Greater Nashville, ranked No. 9 on Bank Director’s ranking of banks with the best top-line revenue growth during the past year-plus.
The Franklin bank — which recently put a $30 million acquisition of a Nashville lender on hold because of regulatory concerns over its compliance systems and procedures — has posted a compound annual revenue growth rate of 9.7 percent since the first quarter of 2015, per Bank Director.
The trade publication looked at the compound annual growth rate for banks and thrifts nationwide for the five trailing quarters through March 2016. Such a number determined the average annual growth — in other words, the rate if these banks grew revenue at a steady rate instead of fluctuating from quarter to quarter.
Franklin Synergy went public in the spring of 2015, raising roughly $50 million in new capital. The bank’s made hay tapping into the real estate boom in its home county, which has posted the best job growth of any county in the nation and is adding population at an enviable clip.
With $2.3 billion in assets, the Franklin bank has since made a noticeable shift in broadening its lending beyond its formerly real estate dominant focus. Accordingly, it’s turned its eyes toward banking more customers in Nashville proper, a key piece of the pending deal to buy Civic Bank & Trust.
Here’s a full look at Bank Director’s top-10.
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