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MidSouth Bank
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MidSouth Bank sells $32.3M in stock by Byron Hensley / Staff Reporter of The Daily News Journal October 5, 2003 MidSouth Bank has received stock purchase subscriptions amounting to $32.36 million from 1,800 individuals, which may be a record for Tennessee, Chairman and CEO Lee Moss announced Friday. "We believe it's a record," surpassing what Moss believes is the current record of $24 million for the Wilson County-based Bank of The South, he said. Stock subscriptions, a contractual agreement between bank organizers and individuals who agree to purchase a set amount of stock contingent on the bank's becoming chartered, is a key aspect to getting a charter, Moss said. A low subscription rate might indicate a lack of viability among the organizers, he said. "Our goal was $15-20 million, which we thought was a challenge," he said. "This should say there's a very strong interest in this bank being formed in this community." To say that MidSouth Bank organizers are happy with the results of their subscription drive is an understatement, Moss said. "It's probably the best compliment the community can give us relative to their interest and support of a new bank in the community," he said. "It says the community is thrilled to have a second Rutherford County headquartered bank." The next step in the bank's being granted a charter will be an examination by the state banking commissioner's office, the FDIC and the Federal Reserve in November, Moss said. After completion of that process, organizers anticipate approval for opening the bank sometime in the late fourth quarter of this year or early first quarter of 2004, he said. When fully operational, the bank will be operating downtown out of the former First United Methodist Church building, which was vacated by the church's move to its Thompson Lane facility. "We will actually begin the modifications to our temporary headquarters next week, complete those by Thanksgiving and start work on major renovation and construction sometime in January or early February." Plans are to convert the church's gymnasium to a bank lobby, as the former Sunday school wing serves as temporary administrative offices. In January, construction will begin on conversion of the former sanctuary to bank lobby and the building of an approximately 18,000 two story administration building, Moss said. |