Seymour, with an unprecedented growth record, now stands tall in the saddle for small market growth potential and performance. Having a 3000% population increase in less than ten years, Seymour banks have reflected that growth with a national performance rating of 24 out of 25 possible percentage points. Two local outlets, Tennessee State Bank and Home Federal Bank have garnered 24 points in the ranks of “new” bank services.
“Where banking is best”- Tennessee State Bank, having developed the Seymour branch less than 24 months ago, has performed well in new market studies executed by Research Council Services. With a total of over 13 million dollars on deposit in less than 24 months, RCS executive G. M. Marshall remarked, “As new markets, it is sometimes difficult to analyze market performance. However, in an area of such growth, one can better assess the new markets and potential. TSB and HFB certainly show market performance well above national standards.”
In the May 14th issue of the Seymour Herald, Tennessee State Bank was listed among other local banks as having 24% in the Performance category. This number is reflected across a ten-year period. Since the Seymour branch of TSB has only been open for two years, the actual adjusted percentage is one of the highest in the category.
Home Federal Bank, though specializing in home mortgages, also provides full service banking to the Seymour area. Collecting 24 of 25 respective ratio points, in less than 2 years of assistance to Seymour, HFB mirrors excellence of service and performance.
Working to be the best is what Seymour banks have touted from the beginning. Now proof positive with rankings of this proportion promotes the perspective of community involvement by local banks. “Although we are considered a bedroom community, we have much to offer with respect to banking resources and all aspects of banking. We specialize in home loans but have every service possible available here,” commented Leslie Atchley, Home Federal Bank residential mortgage lender.
Larry Stoffle, vice president with HFB, was pleased with the outcome of the research. “We have received a five star rating from Bauer Financial, Inc. which is a highly reputable firm based out of Coral Gables, Florida.” Banks generally do not qualify for a five star ranking for at least two years. Each of the institutions on the Recommended Bank and Thrift Report is safe, financially sound and is operating well above its regulatory capital requirements.
Our financial institutions are symbols of security for most of us. Their role in business and industry is crucial to the growth of our country’s economy and to our own personal well-being.
In Tennessee banking is big business regulated by the Department of Financial Institutions.
At year-end 2001 were 162 state-chartered banks, 11 Trust Companies, 3 BIDCOs, as well as 142 credit unions. In addition, the department has responsibility for regulating 772 industrial loan and thrift offices, 76 insurance premium finance companies, 1066 mortgage companies, 309 check cashers, 1068 deferred presentment services companies and 36 money transmitters.
The department has legal responsibility for assuring the Tennessee banking system runs on a safe and sound basis. In its supervisory role, the department periodically examines financial soundness of each financial institution. So we can rest assured that the healthy growth of the banks in Seymour are not only prospering well, but safely.
Seymour banks rate big in national growth picture