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Lee Moss, Jimmy Allen and Matt Murfree, former directors of MidSouth, have joined the boards of Franklin Synergy Bank and Financial Network, Inc., expanding the total number of directors to 10.īased on 2013 FDIC deposit data, Franklin Synergy Bank ranked 3rd in deposits in Williamson County, while MidSouth ranked 5th in Rutherford County. “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,” Moss said in a statement. Meanwhile, Lee Moss, chairman and CEO of MidSouth Bank, will now serve as president of Franklin Synergy Bank. Reminder: We like comments and interaction from members and visitors. “This merger is a continuation of our strategy to expand selectively our geographic footprint in contiguous markets with long-term growth potential,” Herrington said in a statement. Mid-South Synergy Electric Cooperative is committed to providing a quality service (electricity, water, wastewater, Internet) at a reasonable price, bringing vi tal services to increase both the quality of life and economic health in the Mid- South Synergy service area. Richard Herrington, president and CEO of Franklin Synergy Bank, now also serves as chairman, president and CEO of Franklin Financial Network Inc. In addition to Franklin Synergy’s six locations in Williamson County, the merger adds an additional five locations in Rutherford County, for a total of 11 banking locations. The bank will continue operations as Franklin Synergy Bank, and the bank’s headquarters will remain in Franklin. The combined bank has about $1.1 billion in total assets and operates primarily in Williamson and Rutherford counties.
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The two lenders announced the completion of the merger deal on Tuesday. The Nashville area has its newest billion-dollar bank with the merger of Franklin Synergy and MidSouth banks.