Two Nashville-area banking industry veterans are teaming on the establishment of Sonata Bank, a new financial institution based in Brentwood.
Dan Dellinger will serve as president and CEO of Sonata while Farzin Ferdowsi will chair Sonata’s board of directors. It is their third time working together, after they helped found Reliant Bank and collaborated on Premier Bank.
According to a release, Sonata exceeded its initial capital raise goal and has opened a deposit and loan production office on Old Hickory Boulevard in Brentwood, primarily focused on commercial banking for small- and medium-sized businesses. The company plans to open a full-service banking center in Brentwood this fall.
Sonata has another banking center in Sebree, Kentucky. Sebree Deposit Bank, a 132-year-old financial company, was rebranded as Sonata Bank.
In addition to an early focus on small regional businesses, Sonata ultimately aims to cater to quick service and fast casual restaurant businesses nationwide.
“Owners and franchisees in the industry are seeing tremendous growth opportunities but face increasing pressures around employee acquisition and retention,” Dellinger said in the release. “We see many possibilities to combine the delivery of banking services and other rewards and benefits to employees via an integrated digital app. Not only will it help the employees meet their financial needs, but it is also a differentiating benefit that employers can offer as they work to attract and retain staff.”
Dellinger was chief financial officer at Reliant Bank for 15 years and helped found Premier Bank of Brentwood. Ferdowsi, currently CEO of Management Resources Company, was on the board at both Premier and Reliant.
The duo told the Nashville Business Journal that quick-service restaurant franchisees operating Taco Bell, Pizza Hut and other restaurant businesses made up about half of Sonata’s initial $20 million raise. The bank will eventually offer services to restaurant businesses aimed at reducing employee turnover, including telehealth, financial literacy and money transfers, Sonata officials told the NBJ.