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First Bank-Annual Report
9/12/11
2:32 PM
Page 1
rmation
hope you find that it contains useful info
Welcome to our first Annual Report. I
state.
the
in
k
the third largest independent ban
about our growing bank, which is now
2 4 L O C AT I O N S
l was
Bank 15 years ago in Scotts Hill, our goa
When we started out as Farmers State
focus
the
banks that would never lose sight of
to build a strong network of community
ness
same time, we wanted to grow our busi
on down-home customer service. At the
at
nly
mai
d
l of products and services foun
foundation as a means of offering a leve
larger banks.
t Steve
from our executive team, led by Presiden
Thanks to the hard work of everyone –
staff –
Evans, to our tellers and other frontline
Wib
t
iden
Pres
Vice
ve
cuti
Exe
and
ite
Wh
we have done just that.
ting time in the evolution of FirstBank.
This year has marked an especially exci
ially
k of Huntingdon, which added substant
We completed the acquisition of The Ban
ily is a
nty. This addition to the FirstBank fam
to our market coverage in Carroll Cou
wledge
kno
l
loca
of
branches but also a wealth
perfect strategic fit, adding not only new
are
the senior executives and managers who
and banking experience on the part of
staying on.
ket
ence in the dynamic Shelby County mar
Also this year, we have established a pres
an
(Lo
LPO
an
Super Wal-Mart store and
with the opening of a branch at the new
Production Office) in Memphis.
s to grow, either through expansion or
We will continue to look for opportunitie
iding
East Tennessee. But our priority of prov
acquisitions, especially in Middle and
ised
prom
com
ting customers will never be
the highest level of service for our exis
as we proceed down this path.
customers
erely thank all of our more than 22,000
On a personal note, I would like to sinc
I am
y choices when it comes to banking, and
for doing business with us. There are man
want to
k for their financial service needs. I also
very honored they have chosen FirstBan
k
tBan
ence and dedication. In each town Firs
thank all of our employees for their dilig
serves, they are the key to our success.
FirstBank
Lexington, TN 38351
Phone: (731) 968-5711
www.firstban.com
First Bank-Annual Report
9/12/11
2:32 PM
Page 2
BRUCETON
JACKSON
PA R I S
120 Maple St.
Bruceton, TN 38317
Phone: (731) 586-2081
11 Channing Way
Jackson, TN 38305
Phone: (731) 668-5442
1068 Mineral Wells Ave.
Paris, TN 38242
Phone: (731) 641-6400
CAMDEN
139 Old Hickory Blvd.
Jackson, TN 38305
Phone: (731) 664-5444
PA R S O N S
126 Hwy. 641 North
Camden, TN 38320
Phone: (731) 584-8006
15 W. University Parkway
Jackson, TN 38305
Phone: (731) 664-9191
410 Tennessee Ave. South
Parsons, TN 38363
(Drive-thru Branch)
21 N. Forest Ave.
Camden, TN 38320
Phone: (731) 584-6121
LEXINGTON
SCOTTS HILL
CLARKSBURG
200 North Main St.
Lexington, TN 38351
Phone: (731) 968-4211
Hwy. 22 South
Clarksburg, TN 38324
(Drive-thru Branch)
101 W. Church St.
Lexington, TN 38351
Phone: (731) 968-5206
DICKSON
53 E. Church St.
Lexington, TN 38351
Phone: (731) 968-5711
416 W. Main St.
Waverly, TN 37185
Phone: (931) 296-5747
164 Hospital Drive
Lexington, TN 38351
(Drive-thru Branch)
WILDERSVILLE
345 Hwy. 46 South
Dickson, TN 37056
Phone: (615) 446-4445
H O L L OW R O C K
28915 Broad St.
Hollow Rock, TN 38342
(Drive-thru Branch)
HUNTINGDON
19685 E. Main St.
Huntingdon, TN 38344
Phone: (731) 986-5026
123 Second Ave. North
Huntingdon, TN 38344
(Drive-thru Branch)
20340 E. Main St.
Huntingdon, TN 38344
(Drive-thru Branch)
679 E. Church St.
Lexington, TN 38351
(Drive-thru Branch)
LINDEN
120 W. Main St.
Linden, TN 37096
Phone: (931) 589-2161
MEMPHIS
7525 Winchester Rd.
Memphis, TN 38125
Phone: (901) 737-6036
Farmers State Bank
20 Hwy. 114 South
Scotts Hill, TN 38374
Phone: (731) 549-3111
WAV E R LY
Parkers Crossroads
45 Wildersville Rd.
Wildersville, TN 38388
(Drive-thru Branch)
First Bank-Annual Report
9/12/11
2:32 PM
Page 3
FIRST B A N K H ISTO RY
Rebecca Vineyard
H U M A N I TA R I A N O F T H E Y E A R
FirstBank employee Rebecca Vineyard was named the recipient of the first
James W. Ayers Humanitarian Award at the FirstBank Christmas party, held on Dec. 16.
The award, named after FirstBank chairman and local philanthropist Jim Ayers, was
created to emphasize to employees of all levels the importance of giving back to the
community. FirstBank decided to implement this award because it wanted to recognize
the employee who best exemplifies kindness to others and humanitarian deeds.
Employees of all branches were able to nominate co-workers for this first-time award.
As the award recipient, Vineyard receives $1,000 to be given to the charity of her
choice, $1,000 to be given for a student’s scholarship, and $500 to her personally.
Vineyard is a teller at the Lexington branch, where she has worked for 15 years. She
is fondly called “Ms. Rebecca” by her friends and co-workers and is known for
spending hours each day at the local nursing home visiting with the elderly. Customers
of FirstBank often comment on how friendly and helpful she is as she helps them,
according to Steve White, FirstBank president.
The Humanitarian Award illustrates the philosophy behind FirstBank’s Ayers
Foundation. The Foundation was created as a means to provide contributions to
schools, organizations and agencies across the region whose efforts focus on enhancing
the lives of others, with the goals of improving human relations and creating a more
enlightened citizenship.
Formed in 1988 through the merger of Farmers State Bank and First National Bank of
Lexington, FirstBank has rapidly grown into one of Tennessee’s leading community
banks, expanding in 2001 to 24 banking locations in West and Middle Tennessee with
total assets of $740 million. The bank’s growth, highlighted this year by FirstBank’s
acquisition of The Bank of Huntingdon and the opening of a branch in Memphis, has
allowed FirstBank to offer its customers product options found at larger banks while
maintaining friendly, small-town service based on relationships and trust. It is now the
third largest community bank in the state.
FirstBank’s community-service philosophy has been a cornerstone of its operations ever
since businessman James W. Ayers and banker Steve White, both of Parsons, teamed
up in 1986 to buy Farmers State Bank, which was started in 1906 by a handful of
investors from the small Henderson County town of Scotts Hill.
While FirstBank has adopted modern-day technologies and services to better meet the
needs of its customers, it has remained rooted to the legacy of Farmers State Bank,
which through most of the early 20th century was responsible for financing ventures
and supporting the primarily rural, agricultural communities it served.
As the century progressed and the economic focus of the area shifted from
agriculture to manufacturing, Farmers State Bank remained a constant in the town.
By 1986, the bank had assets of approximately $14 million and was owned by a group
of shareholders who were mainly descendants of the original investors.
It was that year that Ayers, a successful entrepreneur with a wide range of business
interests, and White, a highly respected Parsons banker, purchased Farmers State Bank
and moved the headquarters from Scotts Hill to Lexington. In 1988, Farmers State
Bank purchased assets and assumed liabilities of First National Bank of Lexington, and
at that point changed its name to FirstBank. During this time, Ayers purchased White’s
interest and became sole owner of the bank. White remains as president, while Ayers is
chairman.
Since its inception, FirstBank has set and met aggressive growth goals aimed at
bringing Ayers’ and White’s vision of community-based banking services to more
locations throughout the state. A new branch opened in Camden in 1992. In 1996,
FirstBank purchased and merged with The Bank of West Tennessee, which led to fullservice locations in Lexington and Jackson. Also in 1996 FirstBank increased its Benton
County presence by acquiring the NationsBank branch in Camden. In 1999 new
branches were opened in Paris and Dickson, and FirstBank purchased First State Bank
in Linden. In the first quarter of 2001, FirstBank completed the acquisition of The
Bank of Huntingdon, adding branches in Huntingdon, Bruceton, Waverly, Hollow
Rock and Clarksburg. In a significant market move, FirstBank opened a branch at the
new Super Wal-Mart store in Memphis.
First Bank-Annual Report
9/12/11
2:33 PM
Page 4
Robert S. White
Steve White joined FirstBank in 1983 and is currently president and CEO of the bank. He
also serves on the board of directors. A native of Parsons, Tenn., White is a graduate of
Parsons High School. He is a graduate of Lambuth University in Jackson, Tenn., where he
earned a bachelor’s degree in business. White also earned a certificate from the Louisiana
State University Graduate School of Banking.
In addition to his position at FirstBank, White is president of First South Bancorp, Inc., and
Tennessee Central Bancshares, Inc. He is vice-chairman and a director of Community
South Bank in Parsons. White is also on the boards of directors of F.B. Financial Services,
Inc., in Lexington and Premier Bank in Brentwood.
White is on the Board of Trustees and serves as vice chairman of the finance committee
for Lambuth University. He is a board member of Financial Products and Services Inc.,
a subsidiary of the Tennessee Bankers Association, and is a member of the Bank
Collateral Pool Board as well as the Credit Life Insurance Advisory Committee for the
state. White and his wife, Benita, live in Lexington and have three children.
Wilburn J. Evans
Wib Evans, a Parsons, Tenn., native, is the executive vice president of FirstBank. He is a
graduate of Riverside High School in Parsons, and received his bachelor’s degree in
accounting from the University of Tennessee at Martin. Evans also earned certificates from
the Graduate School of Banking at Louisiana State University and the Tennessee School
of Banking at Vanderbilt University.
He began working at FirstBank in 1987 as chief financial officer after two years as a
certified public accountant with BDO Seidman in Memphis. In 1996, Evans became
executive vice president. He also serves on the boards of directors of FirstBank, F.B.
Financial Services, Inc., in Lexington, Tenn., and Tennessee Business and Industrial
Development Corp. in Paris, Tenn. Evans is also on the boards of directors for Independent
Bankers and Plateau Insurance Company. He and his wife, Joellen, live in Lexington and
have two children.
J A M E S W. AY E R S
The Ayers Foundation Scholars Program contributed
more than $400,000 to students in 2000, more than
doubling the number of graduating seniors enrolling in
higher education.
Rising Seniors is another program focused on assisting
high school students across the region. This program is
coordinated in conjunction with Jackson State
Community College, Columbia State Community
College and the University of Tennessee. It was
organized in 1997 to allow representatives from area
colleges to teach classes that focus on encouraging and
motivating high school seniors to pursue higher
education. High schools in seven counties in Middle
and West Tennessee participating in the program have
seen a 20 percent increase in the number of students
attending college since Rising Seniors began.
In addition to its educational programs, the Ayers
Foundation also contributes to a number of civic and
social
services
agencies,
to
organizations
dedicated to the conservation of natural resources and
to the endowment of museums. Some of the key
recipients of Ayers Foundation funds include: St. Jude
Children’s Research Hospital, West Tennessee
Council of Boy Scouts of America, United Way of
Middle Tennessee, The Renaissance Center in
Dickson, The Center for Living and Learning in
Williamson County, the Nashville Symphony, Union
University, Freed-Hardeman University, Jackson State
Community College, Columbia State Community
College, the University of Tennessee at Knoxville and
at Martin, Fellowship of Christian Athletes, The
Salvation Army and the YMCA of Middle Tennessee.
The Ayers Foundation is a 501 (c)(3) and 170 (c)(2) organization.
James W. Ayers learned the value of hard work as
a youngster working on his family farm and developed an entrepreneurial spirit while shining shoes
on the streets of his hometown of Parsons, Tenn.
In the years since, Ayers has become one
of the state’s leading businessmen and
philanthropists, with holdings in a wide
variety of businesses, including such areas as
financial services, real estate, manufacturing and
health care.
Ayers, a 1961 graduate of Parsons High School,
received a bachelor’s degree in business administration with a major in accounting from Memphis
State University. After working in the accounting
departments of several companies, he founded
American Health Centers Inc. in 1979. Fifteen
years later, he transferred ownership of the
company to employees.
In 1986, Ayers teamed up with Parsons banker
Steve White to buy Farmers State Bank in Scotts
Hill. After moving the operations to Lexington
and acquiring First National Bank of Lexington,
Ayers changed the bank’s name to FirstBank and
also became its sole owner. He also is a major
shareholder and chairman of the board of
CommunitySouth, a community bank in Middle
and West Tennessee.
In addition to his business interests, Ayers is active
in a number of civic, educational and charitable
organizations. He is a chairman of the Board of
Trustees for the Jackson State Community
College Foundation; a member of the Board of
Trustees of Union University; a member of the
Alexis de Tocqueville Society of the United Way
of Middle Tennessee; and a recipient of the
national Silver Beaver Award from the Boy Scouts
of America, the highest honor that can be
bestowed to a non-Scout. Ayers holds honorary
doctorate degrees from Freed-Hardeman
University and Union University.
In 1999, Ayers and his wife, Sharon, started the
Ayers Foundation, which supports a wide range of
programs and institutions both in their home county of Decatur and across the state.
First Bank-Annual Report
9/12/11
2:33 PM
Page 5
The Ayers Foundation
was established in 1999 by James W. Ayers, sole
shareholder and chairman of FirstBank, and an original
Board which included his wife, Sharon Ayers,
Nashville attorney Claybourne Petry Jr. and Scooter
Clippard, FirstBank chief development officer and
CEO of the Ayers Foundation.
The Ayers Foundation was created as a means to
provide contributions, on behalf of Jim Ayers and
FirstBank, to schools, organizations and agencies
across the region that focus on enhancing the lives of
fellow Tennesseans. The overall goal of the
Foundation is to improve human relations and to
create a more enlightened citizenship. The
Foundation hopes to meet these goals through the
success of its programs, which include: the Scholars
FIRSTBANK SENIOR EXECUTIVES
Program, Rising Seniors and a program to provide a
better quality of life for those in need through the
Community Foundation of Middle Tennessee. The
Ayers Foundation also finances the cost of pursuing a
master’s degree for any Decatur County teacher.
The Scholars Program was organized to recognize and
aid students who wish to attend college. This program
was implemented at Riverside High School in Decatur
County, Tenn., in 1999 by Dr. Michael Price, vice
president of the Scholars Program and director of
Decatur County schools; Carolyn Franks, coordinator;
and Annette Haggard, career counselor. The program
was designed to give up to $4,000 per year to every
graduating senior accepted to college with the goal of
sending 75 percent of graduating seniors to college.
Winnie Bunch
Suzanne Reed
Sam Long
Chief Financial Officer
Senior Vice President of Marketing
Camden City President
Scooter Clippard
Johnny Clements
Curtis Mansfield
Chief Development Officer
Huntingdon City President
Jackson City President
Cindy Gore
Bruce Cotton
Albert Wade
Senior Vice President of Operations
Linden City President
Paris City President
Jeff Lewis
David England
Senior Vice President of Lending
Dickson City President
FIRSTBANK BOARD
OF
DIRECTORS
Back row, standing (l-r): Jimmy Exum, James M. Smith, Curtis
Mansfield, Henry B. Gibson and Jeff Lewis.
Front row, sitting (l-r): Jon Ayers, James W. Ayers, Steve White, Wib
Evans and Scooter Clippard.
First Bank-Annual Report
9/12/11
2:33 PM
Page 6
R OE
(RETURN
ON
EQUITY)
DEPOSITS
500,000
412,979
1999
14.80
400,000
374,643
300,000
278,439
13.76
2000
250,456
230,011
200,000
7.00
9.00
11.00
13.00
15.00
100,000
1996
R OA
(RETURN
ON
1997
1998
1999
ASSETS)
LOANS
500,000
1999
408,922
1.45
400,000
2000
2000
1.40
371,116
300,000
254,737
198,013
200,000
165,990
1.1
1.2
1.3
1.4
1.5
100,000
1996
1997
1998
1999
2000
First Bank-Annual Report
9/12/11
2:33 PM
Page 6
R OE
(RETURN
ON
EQUITY)
DEPOSITS
500,000
412,979
1999
14.80
400,000
374,643
300,000
278,439
13.76
2000
250,456
230,011
200,000
7.00
9.00
11.00
13.00
15.00
100,000
1996
R OA
(RETURN
ON
1997
1998
1999
ASSETS)
LOANS
500,000
1999
408,922
1.45
400,000
2000
2000
1.40
371,116
300,000
254,737
198,013
200,000
165,990
1.1
1.2
1.3
1.4
1.5
100,000
1996
1997
1998
1999
2000
First Bank-Annual Report
9/12/11
2:33 PM
Page 5
The Ayers Foundation
was established in 1999 by James W. Ayers, sole
shareholder and chairman of FirstBank, and an original
Board which included his wife, Sharon Ayers,
Nashville attorney Claybourne Petry Jr. and Scooter
Clippard, FirstBank chief development officer and
CEO of the Ayers Foundation.
The Ayers Foundation was created as a means to
provide contributions, on behalf of Jim Ayers and
FirstBank, to schools, organizations and agencies
across the region that focus on enhancing the lives of
fellow Tennesseans. The overall goal of the
Foundation is to improve human relations and to
create a more enlightened citizenship. The
Foundation hopes to meet these goals through the
success of its programs, which include: the Scholars
FIRSTBANK SENIOR EXECUTIVES
Program, Rising Seniors and a program to provide a
better quality of life for those in need through the
Community Foundation of Middle Tennessee. The
Ayers Foundation also finances the cost of pursuing a
master’s degree for any Decatur County teacher.
The Scholars Program was organized to recognize and
aid students who wish to attend college. This program
was implemented at Riverside High School in Decatur
County, Tenn., in 1999 by Dr. Michael Price, vice
president of the Scholars Program and director of
Decatur County schools; Carolyn Franks, coordinator;
and Annette Haggard, career counselor. The program
was designed to give up to $4,000 per year to every
graduating senior accepted to college with the goal of
sending 75 percent of graduating seniors to college.
Winnie Bunch
Suzanne Reed
Sam Long
Chief Financial Officer
Senior Vice President of Marketing
Camden City President
Scooter Clippard
Johnny Clements
Curtis Mansfield
Chief Development Officer
Huntingdon City President
Jackson City President
Cindy Gore
Bruce Cotton
Albert Wade
Senior Vice President of Operations
Linden City President
Paris City President
Jeff Lewis
David England
Senior Vice President of Lending
Dickson City President
FIRSTBANK BOARD
OF
DIRECTORS
Back row, standing (l-r): Jimmy Exum, James M. Smith, Curtis
Mansfield, Henry B. Gibson and Jeff Lewis.
Front row, sitting (l-r): Jon Ayers, James W. Ayers, Steve White, Wib
Evans and Scooter Clippard.
First Bank-Annual Report
9/12/11
2:33 PM
Page 4
Robert S. White
Steve White joined FirstBank in 1983 and is currently president and CEO of the bank. He
also serves on the board of directors. A native of Parsons, Tenn., White is a graduate of
Parsons High School. He is a graduate of Lambuth University in Jackson, Tenn., where he
earned a bachelor’s degree in business. White also earned a certificate from the Louisiana
State University Graduate School of Banking.
In addition to his position at FirstBank, White is president of First South Bancorp, Inc., and
Tennessee Central Bancshares, Inc. He is vice-chairman and a director of Community
South Bank in Parsons. White is also on the boards of directors of F.B. Financial Services,
Inc., in Lexington and Premier Bank in Brentwood.
White is on the Board of Trustees and serves as vice chairman of the finance committee
for Lambuth University. He is a board member of Financial Products and Services Inc.,
a subsidiary of the Tennessee Bankers Association, and is a member of the Bank
Collateral Pool Board as well as the Credit Life Insurance Advisory Committee for the
state. White and his wife, Benita, live in Lexington and have three children.
Wilburn J. Evans
Wib Evans, a Parsons, Tenn., native, is the executive vice president of FirstBank. He is a
graduate of Riverside High School in Parsons, and received his bachelor’s degree in
accounting from the University of Tennessee at Martin. Evans also earned certificates from
the Graduate School of Banking at Louisiana State University and the Tennessee School
of Banking at Vanderbilt University.
He began working at FirstBank in 1987 as chief financial officer after two years as a
certified public accountant with BDO Seidman in Memphis. In 1996, Evans became
executive vice president. He also serves on the boards of directors of FirstBank, F.B.
Financial Services, Inc., in Lexington, Tenn., and Tennessee Business and Industrial
Development Corp. in Paris, Tenn. Evans is also on the boards of directors for Independent
Bankers and Plateau Insurance Company. He and his wife, Joellen, live in Lexington and
have two children.
J A M E S W. AY E R S
The Ayers Foundation Scholars Program contributed
more than $400,000 to students in 2000, more than
doubling the number of graduating seniors enrolling in
higher education.
Rising Seniors is another program focused on assisting
high school students across the region. This program is
coordinated in conjunction with Jackson State
Community College, Columbia State Community
College and the University of Tennessee. It was
organized in 1997 to allow representatives from area
colleges to teach classes that focus on encouraging and
motivating high school seniors to pursue higher
education. High schools in seven counties in Middle
and West Tennessee participating in the program have
seen a 20 percent increase in the number of students
attending college since Rising Seniors began.
In addition to its educational programs, the Ayers
Foundation also contributes to a number of civic and
social
services
agencies,
to
organizations
dedicated to the conservation of natural resources and
to the endowment of museums. Some of the key
recipients of Ayers Foundation funds include: St. Jude
Children’s Research Hospital, West Tennessee
Council of Boy Scouts of America, United Way of
Middle Tennessee, The Renaissance Center in
Dickson, The Center for Living and Learning in
Williamson County, the Nashville Symphony, Union
University, Freed-Hardeman University, Jackson State
Community College, Columbia State Community
College, the University of Tennessee at Knoxville and
at Martin, Fellowship of Christian Athletes, The
Salvation Army and the YMCA of Middle Tennessee.
The Ayers Foundation is a 501 (c)(3) and 170 (c)(2) organization.
James W. Ayers learned the value of hard work as
a youngster working on his family farm and developed an entrepreneurial spirit while shining shoes
on the streets of his hometown of Parsons, Tenn.
In the years since, Ayers has become one
of the state’s leading businessmen and
philanthropists, with holdings in a wide
variety of businesses, including such areas as
financial services, real estate, manufacturing and
health care.
Ayers, a 1961 graduate of Parsons High School,
received a bachelor’s degree in business administration with a major in accounting from Memphis
State University. After working in the accounting
departments of several companies, he founded
American Health Centers Inc. in 1979. Fifteen
years later, he transferred ownership of the
company to employees.
In 1986, Ayers teamed up with Parsons banker
Steve White to buy Farmers State Bank in Scotts
Hill. After moving the operations to Lexington
and acquiring First National Bank of Lexington,
Ayers changed the bank’s name to FirstBank and
also became its sole owner. He also is a major
shareholder and chairman of the board of
CommunitySouth, a community bank in Middle
and West Tennessee.
In addition to his business interests, Ayers is active
in a number of civic, educational and charitable
organizations. He is a chairman of the Board of
Trustees for the Jackson State Community
College Foundation; a member of the Board of
Trustees of Union University; a member of the
Alexis de Tocqueville Society of the United Way
of Middle Tennessee; and a recipient of the
national Silver Beaver Award from the Boy Scouts
of America, the highest honor that can be
bestowed to a non-Scout. Ayers holds honorary
doctorate degrees from Freed-Hardeman
University and Union University.
In 1999, Ayers and his wife, Sharon, started the
Ayers Foundation, which supports a wide range of
programs and institutions both in their home county of Decatur and across the state.
First Bank-Annual Report
9/12/11
2:32 PM
Page 3
FIRST B A N K H ISTO RY
Rebecca Vineyard
H U M A N I TA R I A N O F T H E Y E A R
FirstBank employee Rebecca Vineyard was named the recipient of the first
James W. Ayers Humanitarian Award at the FirstBank Christmas party, held on Dec. 16.
The award, named after FirstBank chairman and local philanthropist Jim Ayers, was
created to emphasize to employees of all levels the importance of giving back to the
community. FirstBank decided to implement this award because it wanted to recognize
the employee who best exemplifies kindness to others and humanitarian deeds.
Employees of all branches were able to nominate co-workers for this first-time award.
As the award recipient, Vineyard receives $1,000 to be given to the charity of her
choice, $1,000 to be given for a student’s scholarship, and $500 to her personally.
Vineyard is a teller at the Lexington branch, where she has worked for 15 years. She
is fondly called “Ms. Rebecca” by her friends and co-workers and is known for
spending hours each day at the local nursing home visiting with the elderly. Customers
of FirstBank often comment on how friendly and helpful she is as she helps them,
according to Steve White, FirstBank president.
The Humanitarian Award illustrates the philosophy behind FirstBank’s Ayers
Foundation. The Foundation was created as a means to provide contributions to
schools, organizations and agencies across the region whose efforts focus on enhancing
the lives of others, with the goals of improving human relations and creating a more
enlightened citizenship.
Formed in 1988 through the merger of Farmers State Bank and First National Bank of
Lexington, FirstBank has rapidly grown into one of Tennessee’s leading community
banks, expanding in 2001 to 24 banking locations in West and Middle Tennessee with
total assets of $740 million. The bank’s growth, highlighted this year by FirstBank’s
acquisition of The Bank of Huntingdon and the opening of a branch in Memphis, has
allowed FirstBank to offer its customers product options found at larger banks while
maintaining friendly, small-town service based on relationships and trust. It is now the
third largest community bank in the state.
FirstBank’s community-service philosophy has been a cornerstone of its operations ever
since businessman James W. Ayers and banker Steve White, both of Parsons, teamed
up in 1986 to buy Farmers State Bank, which was started in 1906 by a handful of
investors from the small Henderson County town of Scotts Hill.
While FirstBank has adopted modern-day technologies and services to better meet the
needs of its customers, it has remained rooted to the legacy of Farmers State Bank,
which through most of the early 20th century was responsible for financing ventures
and supporting the primarily rural, agricultural communities it served.
As the century progressed and the economic focus of the area shifted from
agriculture to manufacturing, Farmers State Bank remained a constant in the town.
By 1986, the bank had assets of approximately $14 million and was owned by a group
of shareholders who were mainly descendants of the original investors.
It was that year that Ayers, a successful entrepreneur with a wide range of business
interests, and White, a highly respected Parsons banker, purchased Farmers State Bank
and moved the headquarters from Scotts Hill to Lexington. In 1988, Farmers State
Bank purchased assets and assumed liabilities of First National Bank of Lexington, and
at that point changed its name to FirstBank. During this time, Ayers purchased White’s
interest and became sole owner of the bank. White remains as president, while Ayers is
chairman.
Since its inception, FirstBank has set and met aggressive growth goals aimed at
bringing Ayers’ and White’s vision of community-based banking services to more
locations throughout the state. A new branch opened in Camden in 1992. In 1996,
FirstBank purchased and merged with The Bank of West Tennessee, which led to fullservice locations in Lexington and Jackson. Also in 1996 FirstBank increased its Benton
County presence by acquiring the NationsBank branch in Camden. In 1999 new
branches were opened in Paris and Dickson, and FirstBank purchased First State Bank
in Linden. In the first quarter of 2001, FirstBank completed the acquisition of The
Bank of Huntingdon, adding branches in Huntingdon, Bruceton, Waverly, Hollow
Rock and Clarksburg. In a significant market move, FirstBank opened a branch at the
new Super Wal-Mart store in Memphis.
First Bank-Annual Report
9/12/11
2:32 PM
Page 2
BRUCETON
JACKSON
PA R I S
120 Maple St.
Bruceton, TN 38317
Phone: (731) 586-2081
11 Channing Way
Jackson, TN 38305
Phone: (731) 668-5442
1068 Mineral Wells Ave.
Paris, TN 38242
Phone: (731) 641-6400
CAMDEN
139 Old Hickory Blvd.
Jackson, TN 38305
Phone: (731) 664-5444
PA R S O N S
126 Hwy. 641 North
Camden, TN 38320
Phone: (731) 584-8006
15 W. University Parkway
Jackson, TN 38305
Phone: (731) 664-9191
410 Tennessee Ave. South
Parsons, TN 38363
(Drive-thru Branch)
21 N. Forest Ave.
Camden, TN 38320
Phone: (731) 584-6121
LEXINGTON
SCOTTS HILL
CLARKSBURG
200 North Main St.
Lexington, TN 38351
Phone: (731) 968-4211
Hwy. 22 South
Clarksburg, TN 38324
(Drive-thru Branch)
101 W. Church St.
Lexington, TN 38351
Phone: (731) 968-5206
DICKSON
53 E. Church St.
Lexington, TN 38351
Phone: (731) 968-5711
416 W. Main St.
Waverly, TN 37185
Phone: (931) 296-5747
164 Hospital Drive
Lexington, TN 38351
(Drive-thru Branch)
WILDERSVILLE
345 Hwy. 46 South
Dickson, TN 37056
Phone: (615) 446-4445
H O L L OW R O C K
28915 Broad St.
Hollow Rock, TN 38342
(Drive-thru Branch)
HUNTINGDON
19685 E. Main St.
Huntingdon, TN 38344
Phone: (731) 986-5026
123 Second Ave. North
Huntingdon, TN 38344
(Drive-thru Branch)
20340 E. Main St.
Huntingdon, TN 38344
(Drive-thru Branch)
679 E. Church St.
Lexington, TN 38351
(Drive-thru Branch)
LINDEN
120 W. Main St.
Linden, TN 37096
Phone: (931) 589-2161
MEMPHIS
7525 Winchester Rd.
Memphis, TN 38125
Phone: (901) 737-6036
Farmers State Bank
20 Hwy. 114 South
Scotts Hill, TN 38374
Phone: (731) 549-3111
WAV E R LY
Parkers Crossroads
45 Wildersville Rd.
Wildersville, TN 38388
(Drive-thru Branch)
First Bank-Annual Report
9/12/11
2:32 PM
Page 1
rmation
hope you find that it contains useful info
Welcome to our first Annual Report. I
state.
the
in
k
the third largest independent ban
about our growing bank, which is now
2 4 L O C AT I O N S
l was
Bank 15 years ago in Scotts Hill, our goa
When we started out as Farmers State
focus
the
banks that would never lose sight of
to build a strong network of community
ness
same time, we wanted to grow our busi
on down-home customer service. At the
at
nly
mai
d
l of products and services foun
foundation as a means of offering a leve
larger banks.
t Steve
from our executive team, led by Presiden
Thanks to the hard work of everyone –
staff –
Evans, to our tellers and other frontline
Wib
t
iden
Pres
Vice
ve
cuti
Exe
and
ite
Wh
we have done just that.
ting time in the evolution of FirstBank.
This year has marked an especially exci
ially
k of Huntingdon, which added substant
We completed the acquisition of The Ban
ily is a
nty. This addition to the FirstBank fam
to our market coverage in Carroll Cou
wledge
kno
l
loca
of
branches but also a wealth
perfect strategic fit, adding not only new
are
the senior executives and managers who
and banking experience on the part of
staying on.
ket
ence in the dynamic Shelby County mar
Also this year, we have established a pres
an
(Lo
LPO
an
Super Wal-Mart store and
with the opening of a branch at the new
Production Office) in Memphis.
s to grow, either through expansion or
We will continue to look for opportunitie
iding
East Tennessee. But our priority of prov
acquisitions, especially in Middle and
ised
prom
com
ting customers will never be
the highest level of service for our exis
as we proceed down this path.
customers
erely thank all of our more than 22,000
On a personal note, I would like to sinc
I am
y choices when it comes to banking, and
for doing business with us. There are man
want to
k for their financial service needs. I also
very honored they have chosen FirstBan
k
tBan
ence and dedication. In each town Firs
thank all of our employees for their dilig
serves, they are the key to our success.
FirstBank
Lexington, TN 38351
Phone: (731) 968-5711
www.firstban.com