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Mountain Commerce Bank buys former Silver Spoon


The former Silver Spoon restaurant is under new ownership.

Specialty Restaurant Group closed 20 of its restaurants on Tuesday, Jan. 2, including the Silver Spoon in Farragut. Mountain Commerce Bank recently purchased the 2.2 acre former restaurant property in Farragut and bank president and CEO William “Bill” Edwards said the company has plans to turn the site into a financial institution.

“It will be a financial center for the bank,” he said. “The size of the facility would make it significantly different than just another branch. It will be more than just the paying and receiving of money. There will be a mortgage area, trust investments, private banking — that type of thing.”

Edwards said the company hadn’t fully decided what the space would consist of in the proposed facility or how large a staff would occupy the office.

“I understand preliminarily the site could hold a twenty-four thousand square foot building,” he said. “It would give us a significant presence in the Farragut market.”

Edwards said demographics prompted the company decision to purchase and build in Farragut.

“The demographics match up very well with our business plan,” he said.

Edwards said Mountain Commerce currently has a location on N. Peters Road, which the company opened up in February. He described the location as “temporary,” but didn’t know at this early stage of development whether staff there would move to the proposed facility.

“We’re close to contract on a piece of property in the Bearden area as well,” he said.

Edwards said he sees Knox County as a site for expansion for Mountain Commerce Bank.

As for Farragut, Edwards said the architects of the proposed institution have had preliminary meetings with town staff, but didn’t have a time frame for when those plans could reach the staff of the Farragut Municipal Planning Commission.

“I’d think it would take us about ninety days to get through the architectural phase before we could go through the planning commission for approval,” he said. “If I had to guess, and this is just a guess, I’d say hopefully it would be late summer before we start turning dirt.”

 

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