About MCB »
MCB: A History of Innovation; Solid Foundation for the Future
In 2005, Bill Edwards, Jim Friddell, and the Mountain Commerce Bank board of directors had the vision to develop one of the fastest growing, state-chartered banks within the state of Tennessee.
In early 2006, Bill and Jim raised $35 million in capital for the new bank holding company, setting a state record. The fact that they worked out of a one-room office with very few operational capabilities was of no consequence. They had the foresight and ambition that initial investors were looking for in a bank. Their business plan proved to be one of accelerated growth coupled with a sound strategic plan. Mountain Commerce Bank was born.
On September 1, 2006, Mountain Commerce Bank acquired Erwin National Bank (ENB) and set up headquarters in the 96-year-old bank in Erwin. Established in 1910, Erwin National Bank was the market leader in Erwin and Unicoi County. Its management team had grown market share and capitalized on the financial needs of the consumers and businesses in Unicoi County. When Mountain Commerce Bank acquired Erwin National Bank, total assets for the company were approximately $80 million.
By the end of December 2006, MCB opened a new location in Johnson City and grew total assets to $122 million. The company continued to exceed the aggressive growth goals over the next few months and as of August 2007, MCB had over 90 employees with $250 million in total assets.
In 2006, the initial brand and image for Mountain Commerce Bank was established. An acorn was featured in the logo, representing both an established company like Erwin National Bank and one that is positioned for future growth. Upon further evaluation in 2007, the acorn was transformed into a golden key, which represented the image of MCB within the banking industry. It signifies security, strength, and access to financial success. The personality, brand, and image of MCB was solidified in 2007 with the inclusion of the golden key.
In 2007, Mountain Commerce Bank opened locations in Knoxville, Seymour and Johnson City. Several more locations in Boones Creek, Bearden and Erwin are scheduled to open in the upcoming months. MCB also hired some of the top talent in the regional banking industry during 2007, ensuring the company’s continued expansion and success. At the end of December 2007, MCB had $276 million in Total Assets and $238 million in Total Deposits and employed more than 90 individuals.
The founders of Mountain Commerce Bank could not have envisioned the company would achieve such a rapid level of growth so early in its development. The exceptional employee base and sound company strategy ensures that MCB will achieve its goals in both the short and long term.
