This article focuses on a high-level introduction to the First Tennessee Bank.
History of First Tennessee Bank
The First Tennessee Bank was founded in 1864 by Frank S. Davis, in Memphis Tennessee. During the Civil War, Memphis, Tennessee, was under tight military control. Because of the military control, all businesses and social life was sent into a standstill. Davis realized that the city needed banking and credit facility expansion.
Frank Davis, DeBe Voise, Lewis Holmes, William Gwyn, Robert McGregor, IC Elston, Jr., John Wallace, and William Brooks all attended a meeting intended to organize a national bank. They wrote the Articles of Association, and as soon as the bank was organized, a charter was filed.
At first, the First Tennessee Bank, ‘s business was done inside of a building located on North Court Street. And, just two months later, they upgraded to a larger space on Madison Street. After Memphis was released from the crippling grip of the Civil War in 1866, the city started to come back to life. Despite a successful turnaround however, Memphis was stricken with yellow fever. The epidemic wiped out the city within five years and again, the Memphians were optimistic.
First Tennessee in the Twentieth Century
After the Federal Reserve Act was passed by Congress in 1913, the First Tennessee Bank, was able to establish a Federal Reserve Bank. And in 1926, the bank merged with one of the perceived best banks in the city Central-State National. In this business deal, the First Tennessee, got to keep its name and charter, but the president of Central-State became the president of the First Tennessee bank. The bank had to open new office branches to keep up with all the huge growth of the city and population. In 1942, the Crosstown opened up.
Once again, the flow of business began to slow. The onset of World War II lead focus onto wartime activities. Norfleet Turner became the president of the company in 1943, and his plan was to accelerate the growth of the company again. And, once the war was over in 1945, his plan could easily be put into action. In the 1940s and 1950s, the company had seven branches open and Memphis became one of the largest cities in America. Also, Norfleet Turner became chairman of the board and Mr. Allen Morgan became the president. From there, the two of them served in their positions for 85 years all together.
First Tennessee Bank Services
The First Tennessee Bank, offers a regional banking service. So, customers will be able to access their finances if they live near the regional bank. These banks provide checking, loans, credit cards, insurance, and brokerage services. Also, the bank offers financial products for capital markets. These services include investment banking, correspondent banking, equity research, and strategic alliances.
The First Tennessee Bank National Association today is made up of many different types of companies. The company keeps growing everyday to more places and with new buildings. The bank is now one of the largest banking companies in America, based on assets and market capitalization.