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COFFEE COUNTY BANK
The History of Coffee County Bank
Mr. Powers and Mr. Threet came up with the following names to be directors of or organizers of a new bank to be known as Coffee County Bank. The original directors were: Charles E. Powers, Jr.; Ewing J. Threet; J.D. Riddle; Charles Eldon Powers, Sr.; Buster Bush; Edward Henley; Alfred White; and Pete Phillips.
Mr. Phillips advised the group on how to organize the bank and had a good rapport with the banking association. This group went to the State Banking Commissioner with a proposal and data needed to establish the new bank. Mr. Talmadge Gilley, then Commissioner, determined $1,250,000 was needed as initial capital, which was raised with 250 stockholders. A reverse stock split took place in 2001, and Coffee County Bank became an S Corporation, currently containing 31 shareholders.
In 1975, Coffee County Bank received its charter. The bank was opened in August of that year in a trailer located at 102 Church Street, which is part of the lot at the bank's present location. The current address is 301 Murfreesboro Highway. Additional property was purchased for parking from G.B. Morton is 1980. The first depositor was Lois L. Ballard, who remained a depositor until her death in 1981.
Ewing J. Threet served as the bank's first President, Howard Vanden Jr. served as the first Executive Vice-President; C.E. Powers, Sr. served as the first Chairman of the Board; and Buster Bush served as the first Secretary to the Board of Directors. Kenneth C. Kirby currently serves as the President and Chief Executive Officer of the bank. Within 30 years, the bank has accrued assets of $73 million, with a goal of $100 million.
The primary goal of Coffee County Bank has not changed, we are still owned by local businessmen for the purpose of servicing local businessmen and individuals in our community.
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