FirstBank Repays Capital Purchase Program Funds

Wednesday, December 5, 2012

FirstBank, which is finishing its strongest financial year on record, has repaid the U.S. Department of the Treasury the $50 million it received as part of the Capital Purchase Program (CPP), FirstBank President Chris Holmes announced Tuesday.

“This is a great day,” Mr. Holmes said, “I am especially proud that FirstBank was able to repay our CPP obligation without issuing stock, taking on debt or accepting any assistance from other government programs. We were able to accomplish this through the leadership of our board and management team, and especially through the hard work of our associates.”

FirstBank received $50 million on July 7, 2009, through its holding company, FirstSouth Bancorp Inc., during the depths of the national economic crisis. Although, FirstBank was impacted by the recession, it always met the regulatory definition of a well-capitalized bank and continues to do so. 

“The fact that we were able to repay these funds out of our earnings reflects FirstBank’s core financial strength,” Mr. Holmes said. “We had a great year in 2011, and 2012 will be our best year in the 106-year history of the bank. And we are excited about our momentum entering 2013.”

FirstBank has been prominent in the news over the past year, starting in December 2011 with the announcement of Gordon Inman’s joining the FirstBank board of directors and being named chairman of Middle Tennessee; four new locations planned for Cool Springs, Murfreesboro, Green Hills and downtown Franklin; the addition of several new executives in the Nashville area; and the appointment of Chris Holmes as FirstBank’s third president, succeeding Doug Cruickshanks, who was named vice chairman of the board.

Chattanooga Chamber Presents Calendar Of Events For Oct. 24-28

MON/24 2016  Want to Bid on a Contract? Get the Right Certification 9 a.m. –  Noon INCubator: 100 Cherokee Blvd. Part of Chattanooga Minority Enterprise Development Week, this event is geared toward businesses owned by minorities, women, veterans, service-disabled veterans, and other small business owners.  ... (click for more)

Earth Fare Opening At Site Of Former Harvest Grocery On Hixson Pike

Earth Fare, a fully stocked grocery store specializing in organic produce, will soon be opening at the former location of Harvest Grocery at 5414 Hixson Pike.   The store will also be able to sell beer after it received a license from the City Beer Board on Thursday morning.   Mareon McCrary, the store manager, has already taken the responsible vendors ... (click for more)

Domestic Assault Charge Dismissed Against Bobby Stone In Case Involving Mayor's Top Advisor; Stone Says Berke Had Inappropriate Relationship With His Wife; Says Berke And Fletcher Conspired To Arrest Him; Lacie Stone Says Charges Completely False

A charge of domestic assault was dismissed Friday morning against Bobby Stone in a case involving a top advisor to Mayor Andy Berke.  Afterward, Mr. Stone told reporters that the mayor had an inappropriate relationship with his wife, Lacie Stone. He also charged that Mayor Berke and Police Chief Fred Fletcher conspired to arrest him. Mr. Stone is expected to file ... (click for more)

Christopher Padgett Taken Into Custody

A Chattanooga man who went on the lam after cutting off his ankle monitor and failing to show up for the third day of his felony murder trial is back in custody. Christopher Padgett was arrested by Chattanooga Police in the 3200 block of South Street at 12:55 a.m.  He was taken into custody without incident and transported to the Hamilton County Jail for booking. ... (click for more)

Bobby Stone, Is It Really A Win?

It brought a smile to my face this morning when I saw where the case was thrown out of court against Mr. Stone and the domestic violence charge.  I have supported his cause from the beginning, but I do feel heartbreak because his personal life had to be tossed out there for all of us to see.   I truly hope and pray things turn around for him and his wife, while I feel ... (click for more)

Roy Exum: Prayer Over Despair

As a strong proponent of early voting, I joined hundreds at the Hamilton County Election Commission headquarters on Amnicola Highway yesterday to exercise what I consider one of our greatest freedoms – “for the people, by the people.” Candidly, I have never been as upset or as disappointed over my choices for President in my life. Locally I am fine with our candidates but to pick ... (click for more)