With new hire, local bank looks to tap into additional customer base
Published on: November 22, 2017
Meagan Nichols, Memphis Business Journal
A local Memphis bank has hired a new exec to help build on the company’s recent growth.
Financial Federal Bank has added Alex Neale as senior vice president of private banking. A Memphis native, Neale most recently served as managing director at Metropolitan Bank. In his new role, he will focus on private lending and depository relationships for Financial Federal.
William Tayloe, president of Financial Federal, said while the private banking area of the business has experienced growth, the same can be said for the entire bank.
“We have grown the bank by over 50 percent [in total assets] over the last four years,” Tayloe said.
Part of that increase is a function of an improved economy, but the addition of new deposit products and upgraded technology have helped attract new customers, Tayloe said. He expects the positive trajectory to continue in the future, though not at the same rapid pace.
According to the "Community Banks" list in the Memphis Business Journal's Book of Lists, which is ranked by local deposits, Financial Federal came it at No. 4, with roughly $347 million in local deposits. In 2016, the bank was ranked No. 6, with nearly $281 million.
“[Neale] is definitely going to be expanding our base,” Tayloe said. “He has got a lot of experience and a lot of knowledge and in this business — it is a people business — that is how we have had our success. … I think he is going to help us bring a customer base that we don’t have and expand on what we have been doing the last couple of years.”
Financial FedCorp. Inc. is the holding company for Financial Federal. The Memphis-based bank offers private, mortgage and commercial banking services. The bank was established in 1985 when an East Tennessee bank was acquired and recapitalized by its Memphis-based buyers. It was then relocated to Memphis in 1987. The company has 52 local full-time employees, according to MBJ research.
"It is a competitive environment for sure," Tayloe said. "There are a lot of banks out there, and everybody is looking for good relationships and good opportunities."