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FirstBank taps six local execs for new advisory board

APRIL 11, 2019

FirstBank taps six local execs for new advisory board 

 

By Meg Garner  – Reporter, Nashville Business Journal

FirstBank has recruited six local executives to bolster its push into private banking.

The Nashville-based lender on Wednesday announced the formation of a new advisory board to offer guidance to the bank’s private-banking team, which is led by former Avenue Bank executive Steve Jaynes and launched in 2016. Several of FirstBank’s new advisers have ties to the city’s hallmark music industry, including chairman Mark Wright, president of Living Wright Entertainment, according to a news release.

Other members include:

  • Derek Crownover, an entertainment attorney with Dickinson-Wright PLLC
  • Jana Davis, founder of Integrit Consulting
  • Steve Moore, former CEO of the Country Music Association and founder of Shalom Foundation
  • Clarence Spalding, partner at Maverick Management Group
  • Jesse Willoughby, Nashville general manager of Kobalt, an independent rights management and publishing company

FirstBank’s desire to ramp up its private-banking team comes as Nashville’s economy continues to soar, with the pool of available local deposits growing by more than 50 percent over the past five years, according to federal data. That growth has intensified the competition between the city’s lenders to cater to an increasing pool of high net-worth clientele.

“We were intentional about adding board members who have accomplished careers in a multitude of industries and possess knowledge about various markets across the Nashville area,” Tim Douglas, FirstBank’s Nashville market president, said in a statement. “Their expertise will allow FirstBank to grow our professional relationships by providing innovative financial solutions to our clients.”

To be sure, FirstBank isn’t the only local lender latching onto the city’s music industry. Pinnacle Bank continues to build its music brand, investing last year in Nashville-based music startup Artist Growth. Meanwhile, Studio Bank, Nashville’s newest homegrown lender, also has an advisory board filled with music industry heavyweights to help it snag new business.

FirstBank is Nashville’s second-largest homegrown lender, with $5.1 billion in total assets. The downtown bank is Greater Nashville’s 12th-largest depositor, with $1.2 billion in local deposits.

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