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| Additional information |
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| First State Bank |
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History:
Bank of Sharon located in Sharon, TN., was incorporated on July 24, 1902.
John C. Clark began his employment in June 1976 and in January 1981 was named President / CEO.
One Bank Holding Company was formed in October 1986 with John C. Clark as President/CEO under the corporate name, Sharon Bancshares Inc (SBI). Bank of Sharon was the lead bank owned at that time with total assets at year-end of $37,502,781.00.
A 100% stock purchase with City State Bank was initiated in August of 1987. Year-end assets for the two bank holding company was $86,700,902, A major fraud involving top management was discovered within the entity in May 1990. The Holding Company struggled three years with lawsuits involving the insurance carrier holding our financial institution bond. Additional suits followed later involving the accounting firm that we employed at the time of the fraud. Settlements were made by June 1993.
Information Processing Services became a division of SBI in January 1991 and began data processing for the two bank holding company.
In January 1991, the Bank of Sharon opened a full service branch in Greenfield, which operates as Community Bank of Greenfield.
Bankers Mortgage Company a subsidiary owned by our banks began operations in Union City, TN, in October 1995. The subsidiary now has additional branches in Jackson and Brentwood. Year-end assets for the Holding Company were $146,165,552.
Community Choice Financial Services, a subsidiary owned by our banks, opened its first branch in Union City, TN, in January 1996. Existing branches now include Brownsville, Jackson, Lexington, Columbia, Franklin, Brentwood, and Dalton, GA.
Weakley County Bancshares, the Holding Company for Weakley County Bank, the oldest chartered bank in Weakley County, merged with SBI in February 1996. The merger involved the purchase of approximately 40 % of the outstanding shares of Weakley County Bancshares and the remaining shares were exchanged for SBI, stock. Year-end assets for the Holding Company were $207,583,825.
In December of 1997, the Bank of Sharon opened a full service branch in Lexington, TN., which operated under the Community Bank of Henderson County
Bankers Insurance Agency began a 50% partnership with Bank of Sharon in January 1998.
In September of 1998 the Bank of Sharon began branch operations in Jackson, TN., as the Bank of Madison County.
In June 1999, First Northwest Bancshares Inc., the Holding Company for First State Bank located in Obion County with branches in Union City, Kenton, Rives, Mason Hall, and South Fulton merged into SBI. The First Northwest Bancshares stock was exchanged for SBI stock. American Holdings Investments originated in the summer of 1992 and 100% of the corporation’s stock was converted into SBI stock. At the time of merger, the corporate name was changed to Community First Bancshares Inc. Total assets as of year-end were $540,087,049.
Raymond James Investments, a full service brokerage firm, was initially a part of First State Bank since 1994 and also joined the entity with the merger agreement.
The Middle Tennessee market for First State Bank evolved by opening a full service branch in Goodlettsville, TN in October 2000 followed by a loan production office in White House, TN. Expansion of FSB in the West Tennessee market was complemented by a full service branch opened in Troy during September 2000. Total assets as of year-end were $606,701,048.
IPS became the data processing company for First State Bank in October 2001.
During 2002 the Board of Directors voted to consolidate the four charters into one charter. Applications have been submitted for all banks to operate under the Weakley County Bank charter and utilize First State Bank as the name for all branches.
We began operation under the Weakley County Bank charter renamed First State Bank on January 24, 2003.
Atoka branch opened in February 2004 with new building completed and opened on March 21, 2005.
Memphis Commercial Division was approved to open on December 21, 2004.
Hendersonville branch opened December 13, 2004.
First State Insurance was formed January 26, 2004 with partners Dennis Koontz and George Taylor with Consolidated Insurance Services in Knoxville.
Formulated Ag Services division in Kenton May 2004.
Established First Auto division of First State Bank on July 1, 2004.
Opened CCFS Knoxville office January 15, 2005.
Acquired assets of Tennessee Financial Services for East Tennessee offices of CCFS in Cleveland and Dayton – February 2, 2005.
Gallatin branch opened February 22, 2005.
Humboldt property purchased November 15, 2005. Temporary sight grand opening April 20, 2006.
Collierville property purchased November 2005 for construction project to begin in Spring 2006
First State Insurance partnered with Kent Moore from Brownsville December 31, 2005. CSI removed from partnership.
Belle Meade property purchased March 28, 2006 to open in July 2006.
July 1, 2006 First State Insurance merges with Cornerstone Consolidated Insurance, headquartered in Humboldt with five satellite offices located in Milan, Jackson, Henderson, Jackson and Medina.
September 18, 2006 : Temporary facility opened in Jackson – Oil Well Road.
September 8, 2006: FSB opens new office in Brownsville.
September 2006 – Groundbreaking for Collierville branch.
January 19, 2007 – FSB acquires Orma Smith Group that will be an Employee Benefit division of First State Insurance.
January 22, 2007 -First State Finance Opens Branch in Dyersburg
March 1, 2007 – FSB acquires Brundige Insurance Agency – Martin.
March 8, 2007 – Humboldt permanent building Open House.
April 1, 2007 – Relocated Cleveland Finance location to 3390 Keith Street Cleveland, TN
April 2, 2007 – Opening date for Collierville branch with open house scheduled May 10, 2007.
April 30, 2007 – MILESTONE for the end of the month – bank exceeded $1 billion in assets.
May 2007 – Opening of finance office in Murfreesboro, TN
5-22-07 – Groundbreaking ceremony for Jackson – Oil Well facility
August 2007 – Completed expansion of Dyersburg branch
August 23, 2007 – Celebrated 120 years of service – Chartered 1887; listed as tied for “sixth” oldest chartered bank in Tennessee.
September 2007 – Relocated First State Insurance to 121 Carriage House
September 2007- Satellite office for First State Finance – Halls (Knoxville) 711 Afton Drive Suite 101A
October 11, 2007 – Approval for LPO (FSMortgage) at 5200 Maryland Way, Suite 310, Brentwood, TN 37027
November 2007 – TBA names John C. Clark “A Leader in Banking Excellence” (plaque in his honor will be displayed at TBA office in Nashville)
December 3, 2007: New Insurance office opened at 15423 South First Street in Milan, TN 38358
As of December 31, 2007 Stock Equity Offering for First State Bank - $10 million ($510.00 per share)
January 7, 2008 – Occupied new finance building on Oil Well Drive – Jackson
January 31, 2008 – Closed Colonade commercial office – relocated to Collierville
February 1, 2008 – First State Mortgage – LPO in Clarksville, TN
February 13, 2008 – Opened First State Bank location in Knoxville adjacent to First State Finance
March 27, 2008: Jackson LPO open for business with Regional Team at 460 Oil Well Road
May 31, 2008: Closed Halls, TN (Knoxville) branch of First State Finance (one staff member layoff)
June 2, 2008: Open new facility at 480 Oil Well Road; in addition to full banking services, ancillaries include mortgage, credit analysis, investments, and regional bank offices.
July 7, 2008: Relocate full service branch to 8351 E. Walker Springs Road, Knoxville, TN 37909
August 11, 2008: Relocation of First Auto located on Highland Avenue to 458 Oil Well Road in Jackson; and First State Insurance LLC located on Carriage House Road to 460 Oil Well Road, Jackson.
September 1, 2008: First State Mortgage opens Bellevue Branch.
September 2, 2008: Open Covington branch of First State Finance located at 448 Hwy 51, N., Covington, TN 38019.
September 20, 2008: Purchase of second Dyersburg office located at 213 Church Avenue, Dyersburg, TN 38024.
October 17, 2008: Open House Knoxville TN office.
December 3, 2008: First State Insurance closes Medina office.
December 19, 2008: First State Bank opens second office in Dyersburg, TN; 213 Church Avenue – Dyersburg, TN 38024
December 31, 2008: Kent Moore repurchases book of business from First State Insurance in Brownsville.
January 2, 2009: First State Finance opens new office in Milan, TN; shares office space with First State Insurance.
February 2, 2009: First State Finance relocates to 2310 Parr Avenue in Dyersburg. |
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| Formerly known as:
The Weakley County Bank |
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