Franklin Synergy and MidSouth banks have announced merger this week to give Nashville, the capital of the US state of Tennessee, its most recent billion-dollar bank.
Operating chiefly in Rutherford and Williamson counties, this new bank will continue to be called Franklin Synergy Bank, with approximately $1.1bn in assets.
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With Williamson County already having six of Franklin Synergy’s banks, this merger now puts five more in Rutherford County, taking the tally to 11 locations.
Franklin Synergy Bank president and CEO, who has now become the chairman, president and CEO of Franklin Financial Network Inc., Richard Herrington, stated: "This merger is a continuation of our strategy to expand selectively our geographic footprint in contiguous markets with long-term growth potential."
MidSouth Bank chairman and CEO Lee Moss, who is now the president of Franklin Synergy Bank, said "We are uniting two strong community banks and creating a dominant community bank in the Middle Tennessee banking market with greater competitive strength, growth potential and profitability."
Franklin Synergy Bank and Financial Network Inc. now have former directors of MidSouth Jimmy Allen, Lee Moss and Matt Murfree on their boards, raising the bar to 10 directors.
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By GlobalDataThe 2013 FDIC deposit data revealed that Franklin Synergy Bank stood third in terms of deposits in Williamson County even as MidSouth of Rutherford County stood fifth. Considering the total deposits in the Nashville metro area, the bank stands near the top 10.
