Franklin Financial Network, Inc. (NYSE: FSB), the parent company of Franklin Synergy Bank (the “Bank”), on Tuesday announced that its banking regulators have terminated, effective as of January 14, 2019, the Memorandum of Understanding (the “MOU”) previously entered into with the Bank in November 2016 that questioned some of the bank’s policies and practices.
“Following the Bank’s entry into the MOU, management has been actively implementing plans and processes to comply with the MOU’s requirements,” said Richard Herrington, the company’s chairman, president, and chief executive officer. “We are very pleased that our regulators have recognized the improvements we have accomplished, resulting in the termination of the MOU. Going forward, we will continue to focus on our three long-term strategic goals of soundness, growth and profitability.”
With consolidated total assets of $4.17 billion at September 30, 2018, the Bank currently operates through 15 branches and one loan production office in the growing Williamson, Rutherford and Davidson Counties