Rhea County's biggest bank is expanding to Meigs County with a new branch scheduled to open in downtown Decatur by March.
The Dayton, Tennessee-based SimplyBank is renovating the site of the former Meigs County Bank, later Regions Bank, at 120 N Main Street in downtown Decatur, which also houses the Meigs County Chamber of Commerce.
"Decatur is a perfect fit for our style of banking," said Geoff Robinson, president of SimplyBank. "We've done business with many people in Meigs County for years and believe in knowing our customers, knowing our communities and being a reliable partner for both."
Rich Wade, a native and lifelong resident of Decatur who is a vice president at SimplyBank, will lead the new 3,200-square-foot Decatur branch, which officials expect will be staffed with five or six full-time bankers. Wade began his banking career at Meigs County Bank in 1994, in the exact space where SimplyBank will soon set up shop, and is a volunteer on the Meigs County-Decatur Economic Development Corp.
"My desire is for the town and county to grow, thrive and prosper," Wade said. "SimplyBank investing in Decatur and the people of Meigs County is a testament that rural America is still relevant and important."
Meigs County Bank started in 1907 and was acquired in Regions in 1999, which closed the Main Street branch about four years ago. The Knoxville-based SoutheastBank has operated a branch in Decatur since 2002.
Robinson said the people in Meigs County are eager for a community-oriented bank.
"We go where we see a niche we can serve and our niche is in serving the community with people we know," Robinson said.
The new branch will be the seventh office for SimplyBank, which was formerly the First Bank of Tennessee until directors decided last year to change the name to avoid confusion with FirstBank, which also operates in downtown Dayton. SimplyBank traces its roots back 1890 when it began as Hamilton Bank of Rhea and later the Bank of Rhea County.
Simply Bank has grown to more than $368 million in assets and Robinson said he is eager for the bank to continue to grow in a smart, disciplined manner.
"We will always take opportunities to serve surrounding communities, especially when it makes geographic and economic sense," he said.
Jeremy Bivens, mayor of Decatur, welcomed Simply Bank to town.
"We've had several wins in recent years with businesses choosing to expand into Decatur and open their doors here," he said. "We've always known what we have here in our city, and it's encouraging to see that folks from neighboring areas also recognize it and want to be part of the good things happening here."
Simply Bank also operates offices in Dayton, Harriman, Rockwood, Spring City and Benton.
Contact Dave Flessner at dflessner@timesfreepress.com or at 757-6340.