Lee Stewart, Southern Heritage Bank chairman and CEO
Southern Heritage Bank grew its share of deposits in Bradley County for the fifth consecutive year according to a report released by the Federal Deposit Insurance Corporation. Southern Heritage increased local deposits by $22.4 million to $231.5 million since mid-2014, and maintains the second highest share of local deposits with 15.3 percent.
The newly published report, based on deposits through June 30, includes all 13 FDIC-insured financial institutions operating in Bradley County. The report shows First Tennessee Bank continues to lead in county deposit market share with 16.9 percent, although the nationally chartered bank showed a decline in local deposits of $10 million from the previous year.
Southern Heritage has steadily grown in both total deposits and local deposit market share since 2010 when it was ranked fifth among local FDIC institutions.
Rounding out the list of banks with double-digit market share of deposits in Bradley County were Regions Bank ($200.9 million or 14.3 percent), Bank of Cleveland ($188.8 million or 13.4 percent) and BB&T ($172.2 million or 12.2 percent). Total county-wide FDIC-insured deposits were $1.51 billion dollars, compared with $1.41 billion from the previous year, a 7.1 percent increase.
Lee Stewart, SHB chairman and CEO, attributes the bank’s steady growth in local deposits to, “our bank’s continued commitment to Cleveland and Bradley County, highly attentive customer service and a mission to reflect Christian values in all of the bank’s relationships.
“We are deeply grateful that so many Bradley County residents trust Southern Heritage Bank as their primary bank. As community bankers, we find our greatest fulfillment in providing financial expertise and services that benefit local families and businesses.”
With $269.5 million in assets as of June 30, Southern Heritage Bank is a wholly owned subsidiary of First Citizens Bancshares Inc., headquartered in Dyersburg, Tenn. Southern Heritage has 66 employees and three banking offices in Cleveland. More information can be accessed at www.southernheritagebank.com or www.firstcitizens-bank.com