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Tim Pettus Recognized with Leaders in Banking Excellence Honor

Tim Pettus Recognized with Leaders in Banking Excellence Honor

First Farmers and Merchants Bank’s Tim Pettus was named a Leader in Banking Excellence by the Tennessee Bankers Association (TBA) at a ceremony held on August 11. The honor recognizes an elite group representing Tennessee bankers, past and present, who have excelled in the areas of banking, community service, and civic involvement. A plaque of Pettus highlighting his career will hang at TBA's headquarters in Nashville.

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An 'Unprecedented' General Assembly

The word “unprecedented” has been used countless times in the past few months. Yet, there really is not a more appropriate word to describe the final month of the 111th General Assembly.

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Next steps as an Association

The last several months have demonstrated the best of the banking industry. And it has been a reminder of why we, both bankers and the TBA, passionately believe in what we do.

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Chris Holmes Installed as 2020-2021 TBA Chairman

Chris Holmes, president and CEO of FirstBank in Nashville, was installed as chairman of the Tennessee Bankers Association on Wednesday, June 10. Holmes takes over for outgoing chairman Mott Ford, chairman and CEO of Commercial Bank & Trust Co. in Memphis. 

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Whose Hands Are Holding The Future Of Your Bank?

Does your bank have an answer to this question? A considerable number of banks in Tennessee have expressed a need for young, talented employees on staff at their bank. The Tennessee Bankers Association has found that most banks do not currently have methods in place to help college students gain work experience in banking. To find a solution to this concern, TBA has teamed up with the iCube at Tennessee Technological University to construct a website to attract qualified students to the banking industry. 

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RELEASE: Tennessee Banks Call for Expanded Small Business Forgiveness for Paycheck Protection Program Loans

Tennessee banks are witnessing firsthand the devastating result COVID-19 is having on small businesses and their employees. That’s why the TBA and its member banks are calling on the Treasury and Small Business Administration to expand the Paycheck Protection Program’s criteria for loan forgiveness to account for the virus’s unprecedented impact.     

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Demonstrating Our Industry’s Commitment To Tennessee—And Each Other

Tennessee bankers’ commitment to their communities and customers has never been on greater display than it has throughout the past month. In just 30 days, you processed 75,006 PPP loans worth $8.95 billion. In Tennessee the average loan amount was just $118,860. These represent small businesses that are the backbone of the economy. 

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Better Days Ahead: Tennessee Banks Step Up to Help Small Businesses with PPP Loans Amid Pandemic

The last few months have been a time of turbulence and triumph for the Tennessee banking industry. While “unprecedented” has become the word to describe daily events, there is no more descriptive word for the situation. From the late March passage of the CARES Act that included a framework for an unprecedented federal program injecting $350 billion in fully forgivable loans into the small business economy, to the systematically flawed launch of the Paycheck Protection Program on April 3, and with guidance seeping out of Treasury and the Small Business Administration day by day well after the initial round of funding had been exhausted—one theme emerged. Bankers worked night and day, week days and weekends, tirelessly and passionately seeking relief for their struggling customers through the Paycheck Protection Program.

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Q&A with Derrick Whitten

Derrick Whitten, a vice president at The Hardin County Bank in Savannah, was recently elected as the new Young Bankers Division Chairman. When he began working for the bank 14 years ago, The Hardin County Bank CEO Gordon Majors told Derrick at his hiring that if someone came in asking for “a loan officer,” that would be him. Several years later, Derrick was promoted to vice president and transitioned into commercial lending from consumer lending. 

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General Assembly In Recess Until June 1

As all businesses and schools across the state have been affected by the COVID-19 crisis, so has the Tennessee General Assembly. In response to the escalating numbers of cases, the General Assembly in an unprecedented move recessed on March 19 for over two months with a return date of June 1.

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RELEASE: SBA’s Technology Platform Struggling to Accept Paycheck Protection Program Loans

After Congress approved an additional $310 billion for the Paycheck Protection Program (PPP), Tennessee banks were well-prepared to continue to help small businesses as the second round of funding launched Monday, April 27. Unfortunately, technical issues from the Small Business Administration (SBA) plagued the launch, with bankers reporting error messages, repeatedly being kicked-out of the system, and slow processing times even as they worked throughout the night. 

 

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RELEASE: Tennessee Banks Provide More Than $6.5 Billion To Small Businesses through Paycheck Protection Program

Tennessee banks have stepped up and responded to the needs of individual and business customers as COVID-19 continues to impact our communities. According to the Small Business Administration (SBA), as of April 16, Tennessee banks have processed 34,035 loan applications and received loan approvals totaling $6,542,045,089 through the U.S. Treasury and SBA’s Paycheck Protection Program (PPP).

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RELEASE: Tennessee Banks Urge Congress to Authorize Additional Funds for Paycheck Protection Program

Tennessee banks today implored congressional leaders to immediately approve additional funding for the Paycheck Protection Program (PPP) to help struggling businesses in the state. Congress originally appropriated $349 billion to the program, which provides loans to small businesses to cover up to two months of employees’ salaries and other costs. Demand for the program has been huge across the nation, so much so that the funds have now been fully allocated. Without congressional action, countless hardworking Tennesseans still awaiting access to the program won’t get needed relief.

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RELEASE: Tennessee Bankers Advise Patience as the Paycheck Protection Program Launches

As the novel coronavirus (COVID-19) disease continues to impact communities across the country, Tennessee banks are working around the clock to assist borrowers, including through the new CARES Act. This evening, the U.S. Treasury Department and Small Business Administration issued further guidance for the CARES Act’s Paycheck Protection Program (PPP). Despite the revised guidance for the program that is set to launch Friday, April 3, many banks still await final approval to make these loans. Tennessee bankers ask for patience from the public as the program begins. 

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RELEASE: Banks stand ready to assist customers amid COVID-19 outbreak

Tennessee’s 177 banks are dedicated to serving their customers and communities and stand ready to assist them with everyday transactions and to employ measures to help those who may be impacted financially due to COVID-19 and actions being taken to curb further spread of the virus. 

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EMV: A Success In Fraud Reduction

For years, credit and debit card holders were accustomed to paying for goods and services by swiping their card at the point of sale using the magnetic strip. Since the introduction of EMV standards, the swipe of the magnetic strip has been gradually replaced with cards that utilize computer chip technology. Today, chip cards are accepted at nearly 4 million merchants, whereas that number was less than 400,000 in 2015, according to PYMTS.

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Bankers Respond In The Wake Of Tragedy

As I write this column, we are just days removed from the devastating tornadoes on Tuesday, March 3. I have spoken with a number of bankers from the affected areas and the impact is just being fully understood. While several branches suffered damage or lost power, every bank is operational and serving their customers. Meanwhile, banks throughout the state are coming together with financial contributions and man-power to assist their fellow Tennesseans. Because that is what this industry and state always does. From tornadoes to fires to floods, we take care of each other.

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Knowing the ABEs of an eMortgage

How well do you understand all of the e’s in an eMortgage? Do you know the difference between an eClosing and an eMortagage? What exactly is an eVault? The terminology used today can be confusing. Below are some key terms and definitions to help you navigate the new eWorld.

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Get The Most Out Of TBA, Financial PSI In 2020

From continuing education to monitoring state and federal legislative agendas, TBA is here for you. With the New Year upon us, The Tennessee Banker asked TBA staff, how do you recommend members engage with the Association in 2020? Click to find out.

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As Assets Rise, TDFI's Strategic Plan Takes Shape

In November 2019, Tennessee state government held budget hearings with the Governor and the House Finance Committee to preview the upcoming budget cycle. For the Tennessee Department of Financial Institutions and the state banking industry, these hearings were very timely and gave me the opportunity to highlight a dynamic banking and trust environment.

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111th General Assembly Underway

As we begin a new year, we also begin a new state legislative session. With this being the second session of the 111th General Assembly, bills not defeated or passed will be carried over from last year. At the outset of the session, our priorities are passing legislation to update banking laws, enhance trust laws, and modestly increase the homestead exemption; and defeating legislation to remove lenders’ lien priority on construction loans.

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Seeking Solutions For Appraisal Challenges

In November, TDFI Commissioner Greg Gonzales, First Community Bank of Middle Tennessee’s Scott Cocanougher, and TBA President Colin Barrett were invited to speak to a group of bankers, appraisers, federal regulators and industry leaders in Bismarck, N.D., regarding efforts made in Tennessee to address the appraisal challenges many banks are facing. Recently the state of North Dakota was granted a waiver from certified appraisals for one year.

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Looking Forward to the 111th General Assembly

As we near the start of the second session of the 111th General Assembly on January 14, 2020, I am cautiously optimistic that we will have yet another successful session. TBA’s government relations team will return to Capitol Hill prepared to tackle several issues on the horizon—updating the state’s banking laws, further enhancing our trust laws, and ensuring the homestead exemption is not significantly increased.

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Include TBA in Your 2020 Resolutions

Whether or not we make a formal declaration, many of us make New Year’s resolutions. Eat better. Get regular exercise. Spend more time with the family. Don’t eat a bowl of cereal right before bedtime. And while that last one might just be me, we all set goals to live happier, healthier, and more meaningful lives this time of year.

In 2020, there will be many opportunities within the TBA to achieve goals for your bank and the overall industry. So as you budget both your time and resources, here are a few resolutions I hope you will consider in the year ahead.

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‘Right Person, Right Time’

Wilson Bank & Trust’s transition to the next generation of leadership is the result of a well-planned, well-executed succession plan first announced in 2014. Learn more about new CEO John McDearman and his vision for WB&T.

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Q&A with Robert Bradley

Robert Bradley first started working at Bank of Tennessee in 1995 as an intern after his sophomore year of college. After graduation and working in public accounting, he rejoined the bank as controller. Since then, he’s held a number of roles, including credit analyst, commercial lender, credit officer, and now chief risk officer. As the Credit Committee chairman, he has been hard at work with his fellow committee members preparing for one of TBA’s most anticipated events—Credit Conference. Bradley spoke with The Tennessee Banker about his career, the banking industry, and Credit Conference, which takes place February 13 and 14, 2020.

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Q&A with Matt Daniels

The son of a minister and public school teacher from Crossville, Matt Daniels began working as an intern at the home of billionaire Jim Clayton, installing irrigation at age 18 while attending the University of Tennessee. Daniels joined Clayton Homes as a management trainee after graduation. Three years later, Clayton purchased First State Bank in Henderson, Tenn., and named Daniels COO. In 2004, at age 27, he was promoted to president and CEO. While opening its first offices in Knoxville in 2005, the bank was renamed Clayton Bank & Trust, and Daniels became the youngest president of a bank larger than $300 million in assets in the nation. Matt purchased 50% of Bank of Camden in 2008 becoming equal partners with Clayton in a new venture. Under his tenure, the Bank of Camden—now Apex Bank—has increased total assets from $160 million to $580 million while expanding to 15 offices across the state.

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Bankers Benefit from the Changing Political Landscape

It was just one year ago that I wrote on the outlook for the 2019 legislative session. I emphasized that it would mark a “new era in Tennessee politics” given that a new governor would take office and there would be historic turnover and new leadership in the state senate and house. I spent a lot of time last year talking to bankers about how the elections and new leadership could impact the banking industry. All of the expected changes were positive, and we entered the 2019 legislative session in a good position.

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Identifying a Solution for Tennesseans' Small-Dollar Needs

In May 2018, a widely circulated report from the Federal Reserve found that 4 out of 10 adults would not be able to cover an unexpected $400 expense. While many in the media and inside the D.C. Beltway were surprised by this statistic, Tennessee bankers were not.

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Annual Meeting: Reflect on the Past, Look to the Future

The Annual Meetingis an important time for us to reflect on TBA’s recently completed year and, perhaps more importantly, to look forward at the upcoming year and identify opportunities for growth in each of our service areas to the Tennessee banking industry—government relations, education, and products and services.  

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Ford Takes the Helm

Mott Ford is assuming the chairmanship of the Tennessee Bankers Association with his eyes wide open. He was introduced to the TBA at an early age through his father, the late R. Molitor Ford, and he has years of TBA leadership experience, including serving as chairman of the government relations committee and on the board’s executive committee.

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Take part in inaugural Financial Literacy Week

Banks work hard to ensure that our financial education programs are available and easy to understand so that consumers can get the tools needed to lay a strong financial foundation. The Young Bankers Division has been the catalyst to promoting Tennessee banks’ efforts in financial literacy since the 1980s. The financial literacy efforts were concentrated in the Personal Economics Program (PEP), a consumer education program developed by the American Bankers Association in 1977. Over the decades, the ways that banks engage their communities in financial education have evolved, and this year the Tennessee Bankers Association is restructuring PEP into a new program—Tennessee Financial Literacy Week.

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Invest in the next generation of bankers with GSB at LSU

Benjamin Franklin once said, “An investment in knowledge pays the best interest.” For 70 years, the faculty members at the Graduate School of Banking at Louisiana State have been investing in the next generation of bankers, providing them with the knowledge they need to be successful, both personally and professionally.

Building on our tradition of excellence in instruction, our leadership team has sought student and faculty comments, consulted with GSB at LSU alumni, compared our curriculum to graduate schools of banking in other regions of the country, and enhanced our relationship with our sponsoring state bankers associations.

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The power of employees on social media

Learn how First Tennessee Bank used employee social media takeovers to strengthen its voice and create meaningful customer conversations.

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Bank compensation survey results

The Crowe Annual Financial Institutions Compensation and Benefits Survey, in its 38th year, collects benchmarking information on salary, benefits, and human resource practices across the nation. Crowe’s survey is sponsored by Tennessee Bankers Association to provide the survey to its members and produce a Tennessee state report for the third year. In 2018, there were 63 Tennessee banks that participated in the survey providing valuable data used by banks across the state to make better informed decisions based on the current market.

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Get the most out of TBA in 2019

From continuing education to monitoring state and federal legislative agendas, the Tennessee Bankers Association is here for you. With the New Year upon us, The Tennessee Banker asked TBA staff, how do you recommend members engage with the Association in 2019?

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Lee preps for 111th General Assembly

The first session of the 111th General Assembly convened on January 8, 2019, with a new Governor being inaugurated January 19. At the forefront of Governor Bill Lee’s agenda will be presenting and passing a balanced budget for the upcoming fiscal year—the only piece of legislation that is constitutionally required to be passed annually.

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Q&A with Charlie Hooks

A Kentucky native and Western Kentucky University graduate, Charlie Hooks has been a Nashville banker since 1981. After starting out with Commerce Union Bank, Hooks has spent time at Nashville City Bank, The Bank of Nashville, and First Advantage Bank. Today, he is EVP/CCO of Sumner Bank & Trust in Gallatin. As the Credit Committee chairman, he has been hard at work with his fellow committee members preparing for one of TBA’s most anticipated events—Credit Conference. Hooks spoke with The Tennessee Banker about his career, the banking industry, and Credit Conference, which takes place February 5 and 6.

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Tracking trust legislation in Tennessee

The TBA has always been committed to providing first-in-class advocacy and professional development resources to our trust members and banks with trust operations. These efforts accelerated in recent years thanks to Commissioner Greg Gonzales and Governor Bill Haslam’s recognition of the importance and potential economic impact of establishing Tennessee as a leading trust jurisdiction.

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Skip-A-Pay Programs: Holiday Miracle or Coal in the Stocking?

‘Tis the season! Sleigh bells are jingling, leaves are turning, pumpkin-spiced lattes are brewing, and skip-a-pay programs are back in full force. A traditional mainstay for community banks around the holidays, skip-a-pay programs allow loan borrowers to defer one or more payments to free up cash to spend elsewhere (like on holiday gifts, perhaps?). But like a brooding Grinch on the outskirts of Whoville, a predatory threat lurks within these seemingly helpful programs, which the Dallas Branch of the FDIC addressed in its most recent quarterly newsletter.

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John Muse Installed as 2018-2019 TBA Chairman

John Muse, chairman, president and CEO of Farmers State Bank in Mountain City, was installed as chairman of the Tennessee Bankers Association during ceremonies at the closing banquet on Tuesday, June 19, 2018.

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Young Bankers elect new leadership

During the Monday afternoon business session at the Young Bankers Division’s Leadership Convention, members of the division elected new officers and directors to lead the division during 2018-2019.  Josh Lane of First National Bank of Oneida was elected chairman.

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Make your voice heard—join TBA's Washington Conference

The TBA’s annual Washington Conference will be upon us very shortly in mid-May. As the TBA staff is preparing our agenda and scheduling time with our congressional delegation and regulatory agency leaders, I encourage bankers to join us for this year’s government relations trip. Unless your calendar is simply prohibitive, please consider the following reasons for joining the group in D.C., May 14–16.

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General Assembly debates, embraces emerging technologies

Banks are frequently confronted with adapting to new technology that could bring many benefits to them and how they serve their customers. Two legislative efforts at the state level this year highlight this—authorization of remote online notarization and recognition of blockchain technology and smart contracts in Tennessee.

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February 2018 Economic Outlook

The Yellen era at the Federal Reserve effectively came to a close on Wednesday, when the Federal Open Market Committee issued its last statement bearing her imprimatur. Since the statement said basically nothing new, her chairmanship ended not with a bang, but a whimper. But that’s not a criticism.

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Bank compensation survey results

A new survey of bank executives suggests that bankers in Tennessee could be experiencing slightly lower employee turnover rates and slightly less upward pressure on salaries than their counterparts elsewhere. Nevertheless, the competition for talented employees is likely to remain strong in the near term.

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Get the most out of TBA in 2018

From continuing education to monitoring state and federal legislative agendas, the Tennessee Bankers Association is here for you. With the New Year upon us, we asked TBA staff, how do you recommend members engage with the Association in 2018?

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Q&A with Monte Jones

Monte Jones, the Credit Committee Chairman, has been hard at work with his fellow committee members preparing for one of TBA’s most anticipated events—Credit Conference. Jones spoke with The Tennessee Banker about his career, the banking industry, and Credit Conference, which takes place February 22 and 23.

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Expect focused, straightforward 110th General Assembly

The second session of the 110th General Assembly convenes on January 9, 2018, with important state business and a budget to pass. With that said, there’s as much talk about the elections and future changes in leadership they will bring as there is about the issues to be addressed during the session.

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Q&A with Bob Rolfe

Bob Rolfe was sworn in on March 1, 2017 by Governor Bill Haslam to serve as the commissioner of the Tennessee Department of Economic and Community Development. The department is responsible for recruiting business and industry to the state as well as Tennessee’s overall economic growth. Nearly a year into his role at TNECD, The Tennessee Banker caught up with Commissioner Rolfe to learn about his strategy at the department, and the opportunities and challenges the state will face in the coming year.

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TBA's 2017 Year in Review

Our 2017 Year in Review offers a summary of the Tennessee Bankers Association’s highlights and accomplishments. Here’s a glimpse of how TBA government relations, education, and communication efforts elevate your membership benefits.

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TBA's Susan Taylor to retire after 18 years of service to Tennessee bankers

Editor's Note: At the end of 2017, TBA's Susan Taylor will retire. To many, Susan is the face of the Association as she has worked with our various committees putting on outstanding conferences and schools aimed at providing bankers the tools they need to successfully lead their banks. Here is her farewell column.

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A time of transition at TBA

When I stepped into this role just over four years ago, I inherited an exceptional team known to be the best throughout the country. But I also knew that this team would be changing in a short matter of time. The TBA, like many of your banks, had and still has key employees at retirement age. My goal was to build a team that would not simply take their place but build on the great foundation that has been laid while also adapting to a changing banking landscape.

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Q&A with Bill Yoder

Bill Yoder is the 2016/2017 chairman of the TBA’s Independent Bankers Division. Yoder serves as the president & CEO of Southern Community Bank, which is headquartered in Tullahoma with additional offices in Huntsville, Murfreesboro, and Chattanooga.

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Membership Meetings made seven stops across the state

This August, TBA Chairman Lee Moss, Franklin Synergy Bank, Franklin/Murfreesboro, joined Tennessee Bankers Association staff traveling across the state for seven Membership Meetings. Nearly 500 TBA members and associate members were in attendance to learn about Association initiatives in the areas of government relations, easing of regulatory burden, and more.

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On Air

How one banker is using her platform to help Middle Tennessee’s Hispanic community.

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A Balancing Act

Banker, family man, Sunday school teacher, and civic leader—TBA Chairman Lee Moss of Franklin Synergy Bank in Franklin/Murfreesboro keeps busy, but always maintains a balance.

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Q&A with Michelle Bing

Michelle Bing, a commercial lender at Bank3’s Union City office, was recently elected as the new Young Bankers Division Chairman at the 2017 Leadership Convention.

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