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Housing Lender| We're Making History |
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75 years of community banking. Originally known as First Federal Savings and Loan Association, BankTennessee was founded in Memphis in 1934 and was acquired by a small group of shareholders in February 1992. The newly created Board of Directors included a prominent group of local professional and business people. Many of these directors were affiliated with First National Bank of Collierville which was acquired by NationsBank in 1989. In 1992, First Federal Savings and Loan became First Federal Bank, FSB and opened operations in Collierville. With this new office and two in Memphis, First Federal’s assets were $65 million at that time. The bank profited on the movement of Memphis eastward and grew to over $120 million by December 31, 1997. In June 1997, First Federal Bank, FSB changed its name to BankTennessee and converted to a state-chartered bank. BankTennessee also merged with two sister banks in Middle Tennessee. While the three remained independently owned and operated, they formed a holding company headquartered in Middle Tennessee known as Cumberland Bancorp. Later that year, a well-known group of local investors and bankers opened a BankTennessee office in Ripley, Tennessee in order to establish a bank with local management and directors who understood the needs of the community. Then in 1998, BankTennessee opened a second office in Collierville on the Historic Town Square. Giving the bank a nostalgic presence on the Square, it is a location known to “old-timers” as a Toddle House. The new BankTennessee headquarters opened at Schilling Farms in Collierville in 2000. A 15,000 square foot facility, it is located on the busy Poplar corridor at the west entrance to Collierville. In March 2005, BankTennessee was purchased from its Middle Tennessee based parent company by a group led by Joel Porter of Memphis who serves as board chairman for BankTennessee. “BankTennessee has its roots as a locally-owned bank in West Tennessee, and we look forward to renewing its commitment to being a community bank,” said Porter. “We are planning to strengthen our bank in existing markets of Memphis, Collierville and Ripley through the placement of additional capital.” “While the current trend is for most banks to merge with other banks and make bigger banks, we felt that it was in the best interest of our customers to do just the opposite and become independent. With local ownership and management, we will be better able to serve its customers by maximizing opportunities and by making decisions quickly in the local West Tennessee market,” said R. Todd Vanderpool, Chief Executive Officer. In 2007, BankTennessee expanded its footprint and opened a new office in Germantown, Tennessee and Lebanon, Tennessee. The new office in Germantown is in a dynamic, growing area of eastern Shelby County and bridges a gap between the bank's headquarters in Collierville and East Memphis. The Lebanon office marks the bank's debut into the rapidly growing Middle Tennessee market. Banking is personal again. BankTennessee firmly believes that the best customer decisions are made at the point of contact and the community is best served by understanding its unique needs. Since its beginnings 75 years ago, the bank has always been committed to local ownership, excellent customer service and conservative lending practices. Count on safety and stability. We take pride in managing our institution wisely and reinvesting deposits in our community and continue to have strong quarterly earnings and significant balance sheet growth. As of December 31, 2008, we had $290 million in assets reflecting almost $50 million in growth since the first of this year. Total deposits (including DDAs, money markets, savings and CDs) have grown from $190 million to $221 million since January 1, 2008 as well. This growth speaks well of our staff, management, and the strength of the markets we serve. With you, the best is yet to come! Let's get to know each other! Please visit any of our locations, and feel free to contact us anytime. Click here to learn more about BankTennessee. |
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