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.