Jay W. Dale, a 25-year banker who has been with First Tennessee Bank for the past eight years, has been named head of Chattanooga's biggest bank.
Dale succeeds Jeff Jackson as the market president in Chattanooga, becoming only the seventh president of First Tennessee's Chattanooga operations since the Memphis-based bank entered the Chattanooga market 42 years ago when it took over the insolvent Hamilton National Bank.
Jackson, who has been First Tennessee's market president in Chattanooga for the past two and a half years, is being promoted to Florida market leader for Capital Bank and will soon transfer to south Florida for his new job. First Horizon Corp., the parent company of First Tennessee Bank, acquired Capital Bank last December for $2.2 billion to become the fourth biggest regional bank in the Southeast.
Dale, a lifelong banker, was named to First Tennessee's Diamond Circle seven times and during his tenure as a commercial loan officer grew portfolios he managed to $8 million in annual revenue, one of the largest in the company.
In his new role, Dale will oversee First Tennessee's 23 area offices and more than 225 employees in Chattanooga, where First Tennessee reported $2.5 billion in local deposits last year, according to the Federal Deposit Insurance Corp. First Tennessee has more than 25 percent of the nearly $10 billion in deposits among the 27 banks operating in metropolitan Chattanooga.
"We recognize it is a competitive business and we have to earn people's trust and confidence every day, but I think First Tennessee has a rich tradition here of community involvement, service and treating its employees well," Dale said. " I recognize that I'm following some strong leaders here who have made a tremendous difference in our community and I'm looking forward to the coming days and the difference First Tennessee will continue to make."
Dale said First Tennessee has the advantages of a major bank with more than $40 billion in assets, "but we also act like a community bank here and try to stay focused on our customers and community."
"We recognize if we can help our community to grow, our economy will grow and that's good for our business," he said.
The 46-year-old banker grew up in Chattanooga, graduated from Red Bank High School and the University of Tennessee at Chattanooga, and has previously worked in a variety of roles for First Union Bank in Nashville and as a commercial lender for both SunTrust and Regions banks in Chattanooga.
Dale is a graduate of Chattanooga Chamber's Leadership Chattanooga program, a board member of the Children's Advocacy Center of Hamilton County and UTC Alumni Association, and he has chaired fundraisers for Silverdale Baptist Academy, where his wife has worked in the preschool and his two daughters have attended.
"Jay is a perfect fit for his new position," First Tennessee's East Tennessee President Dave Miller said. "As a native Chattanoogan, he is well known throughout the community. His knowledge and expertise in the industry will continue to position us well."
During Jackson's tenure as Chattanooga market leader since early 2016, he quadrupled Chattanooga's economic profit from $5 million to $20 million, boosted commercial loans by 75 percent and increased the bank's market share in deposits. In addition, First Tennessee has earned the Times Free Press 'Best of the Best' award for the best bank over the last 11 years and created a stronger commitment to community involvement and visibility.
"Chattanooga has been a great place to call home for my family," Jackson said. "I know this special place will be well-served by my successor and I look forward to working with Jay as we transition into new roles."
In his new role, Jackson will oversee more than 30 locations located throughout south Florida.
"Florida holds tremendous promise for Capital Bank and we have a great company culture and excellent teams in place to exceed customer needs," Jackson said in a statement about his move.
Contact Dave Flessner at dflessner@timesfreepress.com or at 757-6340.