Bankers begin MidSouth venture
Nashville Business Journal
January 10, 2003

       Some well-known Murfreesboro bankers are forming a new community bank to be headquartered in that city.

       Ben Weatherford resigned Jan. 2 as president and CEO of Rutherford Bank & Trust and Lee Moss left as regional president of SunTrust Bank in Murfreesboro the same day to organize Mid-South Bank, which is expected to open in this year's third or fourth quarter.

       Jack Weatherford, who began his banking career at Murfreesboro Bank and Trust Co., where he served for 40 years and retired as chairman and CEO, is also involved in the formation of the new bank. Jack Weatherford also was on the board of directors of Third National Corp. and was vice chairman of Third National Bank in Nashville, which eventually merged with SunTrust Banks Inc. of Atlanta. The Jack O. Weatherford Chair of Finance at Middle Tennessee State University is named in his honor.

       "There was a great need in this community to build a strong community bank that is going to stay here," says Jack Weatherford, Ben Weatherford's father.

       FirstBank of Lexington, Tenn., is slated to acquire Bank of Murfreesboro, a community bank established in 1997.

       "That was a factor that got our attention," says Jack Weatherford.

       Mid-South Bank will have as its slogan "Here today. Here tomorrow." The state-chartered bank will be a member of the Federal Reserve System and was expected to file its formal application with the Tennessee Department of Financial Institutions during this past week.

       According to the Federal Deposit Insurance Corp. market share report as of June 30, 2002, SunTrust Bank has the largest deposit share in Rutherford County, followed by Cavalry Banking, another community bank.

       The organizers of Mid-South hope to raise about $15 million to capitalize the bank for its launch in Rutherford County, as well as for expansion opportunities as they arise. Middle Tennessee residents will be targeted for capital investments in Mid-South Bank. A maximum amount of capital for individual investors will be established. Jack Weatherford says he will probably invest the maximum amount, which is still under consideration.

       "I really see tremendous opportunity with this bank," says Ben Weatherford. "As I look five and 10 and 15 years down the road, I see this bank as having a very broad base of local ownership, which I feel is important for a bank and a community bank."

       Mid-South plans to start with offices in Murfreesboro and Smyrna, with their locations to be unveiled in coming weeks.

       Jack Weatherford will be Mid-South's senior chairman, Moss will serve as chairman and CEO, and Ben Weatherford will be president. Additional officers and board members will be announced in the future, once the letter of intent for the bank has been completed.

       Moss says he had no reservations about changing from a regional bank environment to a community bank environment.

       "I think the opportunity to commit the rest of my banking career to Rutherford County was very appealing," says Moss. "As corporate America has evolved, it's more difficult to make all the decisions in a community that you'd like. With shareholder expectations on corporate America, companies are forced to make short-term decisions that can have a negative long-term impact on the companies. Being in a smaller organization will afford us to make decisions that are in the best interest of both the bank and the community, both short-run and long-run."

       With more than 90 years of banking experience, the three bankers say the opportunities available in Rutherford County, the fastest growing county in the state, will also help to put the bank on the road to success.

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