Lineage Bank Chairman and CEO Kevin Herrington announced recently the bank showed significant growth numbers in its first year of operation.
In one year, Lineage Bank grew assets from $27.2 million to over $95 million (249% increase), loans from $9.5 million to over $50 million (426% increase) and deposits from $24.5 million to over $71 million (190% increase), according to a Lineage Bank news release.
“Community banks support their local communities. We wanted to make this the top priority of ours at Lineage Bank,” Herrington said. “Opening a community bank with that mission in my hometown has been an incredible experience. We take great pride in supporting the people of Franklin and Atwood, and we are incredibly thankful for the support they have given back to us. These numbers are a true testament to their support.”
Lineage Bank was founded with the acquisition of Citizens Bank & Trust in Atwood, Tennessee, on Jan. 1, 2021. The first priorities were to upgrade the bank’s technology and recruit a team of local bankers that understood the needs of customers and the local market.
After assembling the team, the staff quickly achieved their mission of bringing modern technology to local banks by making online and mobile banking available to Citizens Bank & Trust customers.
Less than six months later, the bank was renamed Lineage Bank with the first Lineage Bank branch opened in Franklin. Additionally, the team opened a mortgage loan production office in Union City, Tennessee.
“Though 2021 was an exciting year for our staff, investors and customers, we were eager to move into 2022 because of the expansion plans we have,” Herrington said. “We don’t know the exact date quite yet, but we’re happy to announce plans for a second Lineage Bank branch location in Cool Springs. With two branches in Franklin, customers will have increased access to our wonderful staff and innovative banking products.”
More details on the bank’s Cool Springs branch location will be released in the coming months.