FirstBank celebrates 10 years on Wall Street
Then Monday, Sept. 14, Chris Holmes, president/CEO of the entire FirstBank company, which includes the Farragut market, rang the opening bell to mark that milestone.
“The company, with a 120-year history and 10-year public history here on the New York Stock Exchange, we’re just really honored to get to ring the opening bell this morning.
“Ringing the opening bell at the NYSE today is a testament to the dedication of our nearly 1,700 associates and the deep trust our clients place in us every day,” he said. “A decade ago, we promised our investors and clients that access to public capital markets would accelerate our growth without diluting our commitment to local decision-making and community-first banking.
“Achieving nearly five times asset growth while simultaneously earning J.D. Power’s No. 1 ranking for customer satisfaction proves that you can scale nationally while remaining deeply connected with the communities you serve.”
“Since its $128.5 million [initial public offering] in 2016, the largest banking public offering in Tennessee history, FirstBank has executed a disciplined growth strategy, growing total assets nearly five times to approximately $17 billion and consistently increasing book value per share,” a press release stated. “Through organic growth and strategic M&A, FirstBank has established itself as one of the Southeast’s leading financial institutions.”
“Relationship means that, as our customer, you know that you can trust us whenever you need to speak to someone about your financial affairs,” Holmes said. “We really center the company on relationships and being easy to do business with.
“Those are the things that really have made us successful for 120 years, are making us successful today and are going to make us successful tomorrow,” he added.
When the bank went public 10 years ago, he joined Wall Street executives to celebrate, but he did not get a chance to ring the bell.
Coming back, he said celebrating by ringing the bell is “an incredible honor.”
“It’s a rare trajectory for a hometown leader, taking a small-town Tennessee bank and scaling it to become the dominant mid-size bank in the Southeast with offices in five states, including four full-service branches across Knox County,” a press release stated.
“Since the bank’s record-setting initial public offering in 2016, Chris has effectively maintained FirstBank’s 120-year-old relationship banking approach while building something that has the financial backing and strength to grow assets over five times from $2.9 billlion to over $16.8 billion,” the release added.
“Behind the ceremonial NYC event lies a story deeply tied to the Southeast’s economic rise,” the release stated. “Since executing its record-setting $128.5 million initial public offering in 2016 … FirstBank has grown deposits to $14.3 billion across key Southeastern migration hubs.
“While economic studies show over 84% of post-IPO companies get delisted within a multi-year window, FirstBank has proven that a regional bank can achieve national capital market scale without abandoning its local, relationship-first core.
The bank has used the “High-Tech, High-Touch” model, in that it secured J.D. Power’s No. 1 ranking for customer satisfaction in the region by pairing seamless digital banking tools with local decision-makers who sit across the table from business owner.
According to the release FirstBank “serves as a premier banking driver across prime growth markets in Tennessee, Alabama, Georgia, Kentucky and North Carolina as capital and commercial migration continue to flood into the corridor.”
Also it expanded its footprint through targeted M&A, such as last year’s Southern States Bancshares acquisition, while maintaining an unshakeable core deposit base built over 120 years of navigating market cycles, the release stated.
