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| TriStar Bank |
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Mission statement:
To be caring bankers, delivering superior service in meeting needs and finding solutions for our clients, shareholders, and community.
Statement of Values
1. To maintain safety, soundness, and integrity; and,
2. To provide quality banking products for our clients with superior service in a secure environment; and
3. To be a good community corporate citizen by investing in our communities; and
4. To provide a work environment, which provides job satisfaction and opportunity for personal development that will attract, develop, and reward the best bankers; and,
5. To provide our shareholders with a return on their investment that is stable and progressive, with a balance between dividends, and appreciation in stock value. |
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History:
TriStar Bank, a $110 million banking organization in Dickson, Tennessee holds a very unique distinction in the world of finance – it was the first bank to open in the new millennium! TriStar opened their doors at precisely one second after midnight on January 1, 2000. By the end of that historic day the bank had raised in excess of $1 million in deposits.
TriStar Bank holds a second point of distinction in Dickson County banking history: as of 2000, it was the first new bank to be chartered in the county in almost 50 years. Organizing the venture were two former Peoples Bank employees: Ted Williams, currently President and CEO, and Melissa Street, currently Executive Vice President, and three former Peoples Bank directors, including Noah Daniel, Phil Hall and Jerry Smith, all who are well known businessmen and entrepreneurs in Dickson County. The group soon invited Tom Waychoff to join them as the sixth organizer. Together, they began preparing the necessary documents to gain approval from the Tennessee Department of Financial Institutions to have a stock offering for what would become TriStar Bank.
The new bank received amazing support from the Dickson community. Offering circulars were made available on July 2, 1999. In a mere 67 days organizers had sold $7.5 million in TriStar stock. The first building was a modular branch located on a 2.5 acre tract at 650 Highway 46 South. There were twelve employees and six directors. During that first year the bank accumulated over $20 million in deposits and $20 million in loans. Other important events of 2000 included the addition of Internet banking and the opening of TriStar’s first subsidiary, Pioneer Title Company. To lead Pioneer Title Company and assist with other duties, the Directors selected Tom Hayes, who was named an Executive Officer and Advisory Board member.
The Bank quickly outgrew the first location and in February 2001 moved into the beautiful main office at 719 College Street. The Highway 46 location continues serving as a branch. In terms of growth 2001 was another banner year -- assets doubled to $40 million and the Bank became profitable with a net income in excess of $143,000. The TriStar family too had grown – there were now 24 professionals who, through hard work and dedication, helped capture more than 6% of Dickson County’s total deposit market share. Tom Hayes was elected Chairman of the Board in April, 2000.
This remarkable growth continued in 2002 with net profit after tax reaching $600,000 and a solid 1.04% ROA. The stock price began to rise, climbing as high as $18.00 per share at one point during the year. The bank also completed their de novo status and annual visits from banking regulators. Michelle Street was hired to manage the Highway 46 branch.
The following year of 2003 was more difficult for the Bank. Chairman of the Board Tom Hayes died suddenly from a heart attack, leaving a void in leadership both at the Bank as well as in the Dickson community. To address these issues, Noah Daniel was elected to serve as Chairman of the Board and Ted Williams was named CEO. Stuart Speyer was added as an Advisory Board member, and Lisa Williams and Kyle Lamastus were hired to assist in building the Bank’s loan portfolio.
It was also a year of memorable highlights. In 2003 the board declared the Bank’s first dividend, market share now totaled over 10% in Dickson County; the Bank experienced 20% growth with $68 million in assets by the end of the 4th quarter, internet banking was introduced, and TriStar Bank became the Number 4 bank in Dickson County.
January continues to be a special month in the history of TriStar Bank. On January 26, 2004 TriStar signed an agreement to acquire the loans and deposits of the National Commerce Financial Corporation (NCFC) branch located in the Kroger supermarket in Dickson, Tennessee. This transaction became final on May 13, 2004. With this new branch, the Bank gained $12.5 million in deposits boosting total assets to over $80 million. The Bank also gained $2.5 million in loans. The purchase added four new employees for a total of 36 TriStar bankers in 2004.
Because of the extended hours of operation at the Kroger branch, banking with TriStar is very convenient. In fact, TriStar offers the most hours of access than any other bank currently operating in Dickson County. The Kroger branch is open until 7:00 PM weekday evenings, and from 9:00 AM to 3:00 PM on Saturday. Donnie Wills, who managed the Kroger branch with NCFC, continues to serve in this capacity and also manages the Highway 46, College Street, and Charlotte branches.
Customer care is a hallmark at TriStar Bank. For example their recent affiliation with Intercept, the surcharge-free network, allows clients access to over 1000 ATM’s nationwide paying no additional fees. There is also a reciprocal relationship with two other banks in middle Tennessee providing TriStar clients access to ATM’s at no additional charge. These banks include Legend’s Bank in Clarksville, and Community Bank & Trust in Cheatham County.
In 2005, TriStar bank invited David Hatcher, commercial Lender, and his assistant Sonya Tummins, along with Lorrie Pruett, consumer loan officer, to join our team. They brought with them a strong client base with many opportunities to help grow our bank.
2007 set many new milestones for our bank. It was the first year our bank exceeded $1 million in net income after tax. At the March shareholders’ meeting, David Hatcher was added as our eighth board member. In early 2007, the bank purchased a corner lot in Pomona to construct the Pomona Business Center. The center will host a new permanent location for our bank on Highway 46. Our operations area added eStatements to our internet banking product offering. Melissa Street reorganized the loan operations area, adding Shirleen Travis as a bank officer. Together, they worked through centralizing all loan processing. The bank grew to exceed $116 million in total assets. The bank stock sold consistently for $22.00 per share. In March, 2007 the bank paid a $0.35 per share cash annual dividend.
Yes, TriStar Bank, currently a $126 million banking organization in Dickson, Tennessee holds a unique distinction in the world of finance. Being the first bank to open in the new millennium at precisely one second after midnight January 1, 2000 sets a precedent for innovation and a command to be set apart. That historic day, when the Bank raised over $1 million in deposits, was a great beginning. That great beginning experiences a rebirth annually and the best is yet to come. |
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