New bank picks Poplar site

Commercial Appeal, The (Memphis, TN)

Matthew Craig
The Commercial Appeal

Will Chase (from left), president and CEO, B. Lane Carrick, chairman of the board, and Michael McCarver executive VP and COO, have joined to form Triumph Bank

Triumph headquarters to be built in upscale retail center

By David Flaum
Contact
July 27, 2005

Triumph Bank has a home: Poplar Pointe.

What organizers hope will become Shelby County's newest bank next winter agreed to put its headquarters in the planned upscale retail center at 5679 Poplar.

"We think this prime location is unsurpassed real estate in Memphis," said Triumph chief executive officer Will Chase.

Belz Enterprises announced plans earlier this month for a 25,000-square-foot shopping center on the site of the old Ridgeway Inn, nestled between the eastbound and westbound legs of Poplar near I-240.

Triumph Bank will be in a separate two-story, 7,500-square-foot building on the site, Chase said.

Triumph organizers are waiting for the green light from the Tennessee Department of Financial Institutions to start selling stock -- $22 million of it at $10 a share with a 1,000 share minimum for any investors.

"Based on the calls we're getting, $22 million is a very achievable number for us," said Triumph chief operating officer Michael McCarver.

"That will provide us with enough capital to make larger loans and make a reasonable rate of return on capital for our investors," Chase said.

Jeff Davis, banking analyst with FTN Midwest Reasearch in Nashville, said Triumph organizers could raise that amount of money in a couple of weeks.

"The market is very hot to raise capital for new banks," he said.

One reason: On the publicly owned bank side, smaller, community and regional banks in good to growing markets "are eating the lunch of the super-regionals and large banks," Davis said.

If efforts to get clearances from the state, Federal Reserve and Federal Deposit Insurance Corp. go smoothly, Triumph could open Feb. 1, McCarver said. If the new building isn't finished, the bank may operate in a temporary facility, he said.

Chase acknowledged the market is competitive -- about 40 banks have offices in the Memphis area compared with about eight when he started in the banking business nearly 30 years ago.

Survival and prosperity, Davis said, will depend on how good the bank's business plan is, how well management executes the plan and how well-connected directors and managers are in the business community.

Chase doesn't believe the last factor will be a problem.

"Our directors have the contacts," he said. "If they bring their business associates and families, we'll be off to a great start."

-- David Flaum: 529-2330

TRIUMPH BANK
Parent company: Triumph Bancshares Inc.
Top people: Will Chase, chief executive officer, Michael McCarver, chief operating officer.
Planned headquarters: 5679 Poplar Ave.
Projected opening: Feb. 1, 2006.
Capital target: $22 million.
Phone: 820-4500