To be caring bankers, delivering superior service in meeting needs and finding solutions for our clients, shareholders, and community.
Statement of Values
- To maintain safety, soundness, and integrity; and,
- To provide quality banking products for our clients with superior service in a secure environment; and
- To be a good community corporate citizen by investing in our communities; and
- To provide a work environment, which provides job satisfaction and opportunity for personal development that will attract, develop, and reward the best bankers; and,
- To provide our shareholders with a return on their investment that is stable and progressive, with a balance between dividends, and appreciation in stock value.
TriStar Bank holds a very unique distinction in the world of finance — it was the first bank to open in the new millennium! Doors opened at precisely one second after midnight on January 1, 2000.
It was the first new bank to be chartered in Dickson County in almost 50 years. In April of 1999, the new venture was organized by Ted Williams, Melissa Street, Noah Daniel, Phil Hall, Jerry Smith, and Tom Waychoff.
They began preparing the necessary documents to gain approval from the Tennessee Department of Financial Institutions to have a stock offering for what would become TriStar Bank. In a mere 67 days, organizers had sold $7.5 million in TriStar Bank stock.
The first building was a modular branch located on a 2.5 acre tract at 650 Highway 46 South. There were twelve employees and six directors. Other important events of 2000 included the addition of internet banking.
The bank quickly outgrew the first location and, in February 2001, moved into the beautiful main office at 719 East College Street. In terms of growth, 2001 was another banner year. Assets doubled to $40 million and the bank became profitable. The TriStar family had grown too — there were now 24 professionals who, through hard work and dedication, helped capture more than 6% of Dickson County’s total deposit market share.
Tom Hayes was elected Chairman of the Board in April 2000. TriStar’s remarkable growth continued through 2002. The bank completed its de novo status and annual visits from banking regulators.
In 2003, the board declared the bank’s first dividend and the bank experienced 20% growth. With market share over 10%, TriStar Bank became the number four bank in Dickson County. The sudden loss of Chairman Tom Hayes left a void in leadership both at the bank and in the; Dickson community. Noah Daniel was re-elected to serve as Chairman of the Board and Ted Williams was re-named CEO.
On January 26, 2004, TriStar Bank signed an agreement to acquire the loans and deposits of the National Commerce Financial Corporation (NCFC) branch located in the Kroger supermarket in Dickson, Tennessee. This purchase added four new employees for a total of 36 TriStar bankers in 2004. TriStar Bank now offers the most hours of access than any other bank currently operating in Dickson County.
In 2005, TriStar Bank invited commercial lender and local banker, David Hatcher, to join the team as a Senior Officer.
2007 set many new milestones for TriStar Bank. A corner lot in Pomona was purchased to construct a new permanent location on Highway 46. The bank exceeded $1 million in net income after tax and growth exceeded $116 million in total assets.
Despite the economic downturn in 2008, TriStar Bank continued to perform very well and paid a $0.40 per share dividend. The bank purchased a commercial building in Charlotte and converted it into a full service branch office.
2009 began with the loss of Organizer and Chairman, Noah Daniel. His leadership will be missed for years to come.
The strong foundation of prudent underwriting placed TriStar Bank in a performance category of the top ten banks in Tennessee. Despite county unemployment at 12%, the bank still earned over $1.30 million in after tax income and grew to $143 million in total assets.
The bank set a new net income achievement of $1.375 million, and the bank grew to $150 million in total assets. The year was spent celebrating our ten-year anniversary. The celebration culminated with a community event on 10/10/10 at the main office.
The bank built a new permanent branch facility in Pomona in 2011 that replaced its temporary facility where the bank was originally located at 650 Highway 46 South. The new facility was opened in November and during the grand opening which was celebrated on December 9th, the bank raised $2.0 million in new deposits.
The shareholders added three new directors in 2012 to the holding company and bank board. Those added were Linda P. Hayes, D. Wilson Overton, and Brian Ragan. Also, the bank purchased two offices from Community South Bank which are located in Columbia and Spring Hill. The acquisition grew the bank to over $220 million in total assets with six offices in three counties. Neil Headden and Mike Greene joined the bank to lead the efforts in the Spring Hill and Columbia markets, respectively. The bank had its best profit year earning over $1.6 million in net income or $1.77 earnings per share.
In 2013, the bank focused on organization and loan growth. Jeff Barber and Robby Harmon were hired to improve our lending and branch operations. Promotions for Kristin Zbozien and Gigi Dawson placed us in a prime position of future growth. Lisa James was hired to lead our mortgage department and Gary Davis, a 30-year mortgage veteran, was hired to assist her. The bank achieved solid growth in loans by purchasing about $15.0 million in loans from Berkshire Bank. General Paul Summers was invited to serve as an Advisory Board Member.
The bank completed its 15th year of operation in 2014. Paul Summers was elected by the shareholders to serve on the holding company board of directors. It was an outstanding year for organic loan growth of $16.0 million, a 15% increase. The bank had great improvement of its net interest margin moving it form 3.12% to 3.73%. Net income of $1.3 million was our 4th best earnings year of our history. We closed over $39.0 million in mortgages for Fannie Mae. In November, the bank broke ground on a new branch facility in Columbia which will replace the current leased building. We continued to pay an annual cash dividend to our shareholders of $0.48 per share.
2015 brought serveral accomplishments to the bank. We grew our loan balances to over $158 million, an increase of $34.0 million or 28.88%. This shift in our balnace sheet has improved our earning potential with 4/02% net interest margin (NIM). The bank opened a new 5000 square foot facility in Columbia, Tennessee, and our Maury County presence continues to grow. The bank continued to grow its deposit base and achieved a high water mark of $240 million in total assets. Bank net income achieved in excess of $1.5 million, our second best year of earnings in our history. Earnings per share reached $1.60. Archibold Marowa began the iHelp Student Loan program to invest n the future of young people.
The 17th year of operations witnessed our highest net income year of our history. The bank achieved a net income of $1.7 million and attained total assets of $250 million. The bank hired David Harris and Hunter DeBerry as commercial lenders to improve our commercial team, especially in Spring Hill and Columbia. Growth of loans and deposits were small, but the bank began to improve efficiency and banking operations to improve profitability. The board held an entire day of strategic planning to learn ways to move our bank from good to great in the coming years. The bank's leadership team experienced a paradigm shift to focus on improvement for the future, not just good past performance. With the help of Archibold Marowa, the bank grew its student loan portfolio to over $1 million dollars with strong potential growth for the coming years.
2017 was a year of transitions to focus on deposit growth rather than loan growth. Loan growth was the best we had experienced and the need to change focus became evident through the year. Our net income was the best in our history as President Trump signed into law a corporate tax reduction that required a deferred tax asset write down of $325,000. Net income dropped to $1.5 million, 3rd best since the year 2000. The local economic conditions conditions heated up beyond the best in history. Unemployment in Tennessee was less than 3.00% and growth continued in the area. Nationally the stock market achieved new historical highs with many wins for the free enterprise market. The bank had good growth in the year achieving $272 million in total assets. Loans exceeded projections, surpassing $199 million in total loans.
Our 19th year of community banking operations saw a year of great profitability and growth. Net income exceeded $2.2 million for the year, which is a 20% increase after the one-time tax adjustment of 2017. Net income was a high water mark for the bank. Total assets grew over 10% to a historical high of $300 million in total assets. Deposits grew 15% to almost $261 million. Total loans grew to $226 million, a growth rate of 13.5%. Our student loan portfolio grew tremendously, but we faced a great challenge when our default insurer was declared insolvent. We spent the second half of the year dealing with this challenge and increasing our loan loss reserve to cover the uninsured portfolio. Jeff Barber was promoted to Chief Credit Officer. Joey Epley was hired to manage the Pomona Office and originate mortgage loans in the secondary market.
TriStar Bank remains committed to its community, clients, bankers and shareholders. Helping people is what we do and who we are. We continue to believe in the American ideals of hard work and honest dealing. We look forward to seeing you!