Franklin Financial, which was recently freed from a memorandum of understanding, has installed interim leaders following its founding CEO's retirement and his son's resignation.
The Tennessee company is pleased with loan growth. It has also been able to reduce its dependence on brokered deposits as it brings in new customers following its purchase of Capital Bank.
The company is selling 14 branches, including several around Chattanooga, Tenn., and its mortgage business to FB Financial so it can focus on its Atlanta operations and national lending businesses.
Bankers complain that the quasi-governmental system's new program designed to make more residential loans in four states goes well beyond its original mission.
One-time items included $43.2 million of second-quarter expenses related to the Capital Bank acquisition, but First Horizon executives forecast sizable savings from the deal.
