BankTennessee Revenue and Competitors
Estimated Revenue & Valuation
- BankTennessee's estimated annual revenue is currently $18.1M per year.
- BankTennessee's estimated revenue per employee is $210,000
- BankTennessee has 86 Employees.
- BankTennessee grew their employee count by 0% last year.
What Is BankTennessee?
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. 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 2 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. One of the key values that distinguishes the bank is the basic philosophy of localized decision making. 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. As of March 31, 2006, BankTennessee had assets of $215 million and as the bank continues to grow, the goal is to bring increased value to each customer's life by providing the right mix of personal service and progressive banking technology. With you, the best is yet to come!keywords:N/A
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