Aaron Dorn had something very specific in mind when he decided in 2018 to call his new business Studio Bank.
“Human beings have an unparalleled ability and urge to create,” says Dorn, who serves as the bank’s chairman and CEO. “And a studio is where creators create.
“In our country, 95% of the time, when people need capital to create something, they turn to a bank like us to help bring that creation to life,” he adds. “So it’s kind of a sacred role we believe we play — it’s a special thing and speaks right to our purpose as a company.”
Dorn launched Studio Bank in Nashville seven years ago, but says he’s always had an expansion to Chattanooga in mind. He did just that this past May.
“It’s a growing, attractive market in a very business-friendly state,” he says. “(Chattanooga) has the flywheel of economic prosperity running.”
But Chattanooga also had a specific emotional appeal as well, he says.
“I, and several other (Studio) executives, have brought our kids to Chattanooga many, many times,” he says, adding that the Creative Discovery Museum and Tennessee Aquarium have been, and remain, go-to destinations. “There’s a great food scene and it’s a cultural, family town. We have more of a connection to Chattanooga because of that.”
When Studio opened its doors at Warehouse Row last May, it did so with Jeff Bridgman at the helm as executive vice president and senior banking executive. Bridgman brings 28 years of Chattanooga-area banking experience to his new post.
“I was born and raised here,” he says. “My dad, Terry, was a banker for 45 years. I was raised in banking.”
Dorn says that combination of experience and roots in the community made Bridgman a perfect fit for Studio’s Chattanooga location.
“Primarily, veteran bankers bring a depth of expertise,” he says, “and maybe they were born and raised in the community. Jeff knows Chattanooga inside and out, and that’s really valuable.”
Studio Bank is off to a fast start, Dorn says — the bank has reached a billion dollars in its first seven years, hitting its benchmarks about 15% early along the way.
“Not many banks are able to grow that fast,” he says, “and we’ve done it profitably, which is important because that’s capital. A big part of a bank’s safety and soundness is the ability to earn its own capital. … Our clients (will say) that we’re the perfect combination of a thoroughly modern, tech-forward bank combined with the intimate client experience you’d expect at a community bank.”
Bridgman adds that he and his staff of 10 in Chattanooga are on pace to hit the $100 million mark in loan production by year’s end.
Studio Bank’s current location is not yet a branch — it’s a loan production and deposit production office, with a build-out and approval from state regulators necessary to become a branch. Dorn says his intention is for that branch to remain in Warehouse Row.
Studio Bank’s mascot is the French bulldog – smart, active and adaptable, according to its website. Bridgman adds that when the Chattanooga branch is up and running, the staff will strive to make it true to the Frenchie in another aspect — a natural companion.
“We’ll be welcoming,” he says. “We’ll want the community to come use the space — nonprofits and other organizations can have meetings (at our offices).”