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BANK HOURS: LOBBY: DRIVE-IN: |
ABOUT MID-SOUTH BANK In January 2003, Jack O. Weatherford, Lee Moss and Ben Weatherford announced their intentions of establishing a locally owned community bank in Rutherford County, with potential locations in Murfreesboro and the Smyrna/LaVergne areas. These gentlemen recognized the need for a new bank with two key ingredients, that of having a broad base of ownership comprising Rutherford County residents and having experienced, successful bankers who are passionate about this community. Also, they strongly believe that this new bank should be established with the express intention of remaining as a local bank for many years. These men serve as the core executive management team of the bank. Each of these men has served in key leadership roles for other banks, as well in community service roles (please click here for individual bios). Jack Weatherford has seen that virtually every thriving community invariably has a well-run, locally owned bank that has significantly contributed to the community's economic success, and he wants to insure that such a bank exists in Rutherford Bank for many years to come. Lee Moss stated that Rutherford County's position as one of the fastest growing counties in the state, along with the rapidly changing financial services industry are reasons he believes this is an ideal time to start a new community bank. Ben Weatherford believes that while the process of organizing a new bank was challenging, this group of bank organizers look forward to providing top quality financial services to people in this community. We will strive to help each customer grow financially, and in the process, have our customers consider MidSouth Bank their financial partner of choice. The BankMidSouth Bank is organized by local business people who believe that both the middle Tennessee market and the Bank¹s proposed shareholders and communities will benefit from a locally owned and locally focused community bank. MidSouth Bank opens with a staff of 32 employees with an average of 22 years banking experience each. The Bank is organized as a banking corporation under the laws of the State of Tennessee. The Organizers began the process of organizing the proposed Bank by submitting a letter of intent to organize the Bank to the Tennessee Department of Financial Institutions on January 27, 2003. Under Tennessee law, the bank had to obtain subscriptions for at least eight million dollars and had to receive approvals to open the Bank from the Department of Financial Institutions and the Board of Governors of the Federal Reserve System. The Organizers collected the subscription funds from the investors and submitted a request to the Department of Financial Institutions for a Certificate of Authority to commence banking operations. The Bank was not authorized to conduct its banking business until it obtained the Certificate of Authority. MidSouth Bank opened with two offices, although it plans to seek branches in the immediate future upon demand, capital, management and other factors, including regulatory approval. One office is in downtown Murfreesboro and the other is in Smyrna. The Process of Opening MidSouth BankAccording to bank regulators, the typical time period required for preparing to open a new bank is approximately 8-10 months. Initially, bank organizers and directors were recruited, followed by the process of raising capital needed to effectively operate the bank for several years. Also, there was an extensive application process where bank officials had to submit business plans, marketing plans, financial projections, etc. to the appropriate bank regulators for approval of the bank charter. This was a time consuming process, as it should be, because it was vitally important that bank organizers provide clear evidence to bank regulators that they had solid plans for operating the bank, and sufficient capital to accomplish these plans. Bank organizers also had to select sites on which to operate the new bank, as well as deciding upon building plans, equipment needs and technological capabilities. The process of recruiting other bankers who had the desire and ability to contribute to MidSouth Bank's success was also a critically important aspect. Key bankers have been hired, and the press releases of these bankers are included in this Web site.
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