FRANKLIN, Tenn., Jan. 15, 2019 /PRNewswire/ -- Franklin Financial Network, Inc. (NYSE: FSB), the parent company of Franklin Synergy Bank (the "Bank"), today 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.
"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."
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About the Company
Franklin Financial Network, Inc. (NYSE: FSB) is a financial holding company headquartered in Franklin, Tennessee. The Company's wholly owned bank subsidiary, Franklin Synergy Bank, a Tennessee-chartered commercial bank founded in November 2007 and a member of the Federal Reserve System, provides a full range of banking and related financial services with a focus on service to small businesses, corporate entities, local governments and individuals. 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, all within the Nashville metropolitan statistical area. Additional information about the Company, which is included in the NYSE Financial-100 Index, the FTSE Russell 2000 Index and the S&P SmallCap 600 Index, is available at www.FranklinSynergyBank.com.
SOURCE Franklin Financial Network, Inc.