2019 Journal of Community Bank Case Studies

University of Tennessee at Martin

THIRD PLACE:

team is more like family and FirstBank’s talent management is the key to all the bank has accomplished. As in any business, financial performance is necessary to succeed. FirstBank delivers elite financial performance as compared to its peers based on its performance across its markets—both community and metropolitan. As a publicly traded company, a portion of FirstBank’s vision is to “provide superior long- term returns for [its] shareholders” (“About Us”). Importantly, FirstBank believes it is successful as a community bank because it empowers its market presidents to serve their respective communities. FirstBank’s markets are led by “local people with local knowledge and local authority” (Holmes). Market presidents are empowered to make decisions within their markets. For example, Troy Buttrey, a market president in rural Paris, Tennessee, John Blade, market president in a transitional market in Fairview, Tennessee, and Jeff Hudson, market president of the Memphis, Tennessee, market are all empowered to serve his individual market to deliver upon the mission and vision to the people, customers, communities, and shareholders. FirstBank reveals its commitment to the communities it serves in many of its values and in its vision. As previously stated, FirstBank exists for the customer. Furthermore, FirstBank values, “treat[ing] people with respect, and do[ing] the right thing” (Holmes). These values all lead to FirstBank’s vision to “deliver trusted

FirstBank reveals its commitment to the communities it serves in many of its values and in its vision.

solutions to [its] customers,” as well as “invest in [its] communities” (“About Us”). By following the values and vision of FirstBank, employees know exactly how to serve their communities, succeed financially, and build deep and long- term relationships with their coworkers and community. The FirstBank Story and Represented Markets A. FirstBank’s Beginning and Growth From FirstBank’s humble beginning to becoming a publicly traded company, its community bank story is nothing short of unique. FirstBank’s story started with the company having a single, rural bank in Scotts Hill, Tennessee. In 1984, Jim Ayers and Steve White purchased Farmers State Bank, chartered in 1906, in Scotts Hill for $1.5 million when the bank totaled $14 million in assets and had only seven employees. After Ayers decided to purchase the assets of First National Bank of Lexington in Lexington, Tennessee, in 1986, the

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