Neighborhood Service Meets Convenient Offerings
With a collection of local, regional, and national banks, the Chattanooga area provides individuals and businesses an array of banking options. From savings organizations to credit unions, loan institutions, and more, you’ll find exactly what you need.
The Scenic City boasts numerous organizations where residents can enjoy a variety of financial services. Whether you have traditional banking needs or you’re looking for assistance with wealth management, there are physical and digital offerings available. Standard personal banking services include everything from deposits and loans to mortgages and investment programs. In addition, business services include cash flow and treasury management, employee benefits, and even succession planning. For those looking for long-term solutions to their money matters, wealth management services extend to 401K plans, portfolio management, insurance, financial planning, pensions, trusts, and more.
To offer these extensive banking services, institutions are homing in on the needs of their clients and patrons. Today, they provide a perfect mix of customer service sought after by baby boomers and the convenience millennials prefer. Organizations continue to add digital components for their services and place a renewed focus on security as online banking continues to gain popularity. To further cater to their markets’ needs, many banks are opening their doors on Saturdays and lengthening drive-through hours.
Mirroring national trends, banks with representation in Chattanooga are also experiencing mergers, acquisitions, and name changes. In 2019 alone, SmartBank announced its acquisition of Progressive Savings Bank and Entegra Bank, and First Tennessee Bank expanded operations and subsequently changed its name to First Horizon Bank. In addition, FirstBank acquired several Atlantic Capital Bank branches in East Tennessee and North Georgia, and banking giants SunTrust and BB&T merged late in the year to create Truist. Reliant Bank is also expanding throughout the state with its aquisition of Community Bank & Trust.
While mergers and acquisitions are taking center stage across Chattanooga and the rest of the United States, several long-standing, established brands are also represented in the city. Among the 28 commercial banks in the Chattanooga area, local institutions that have served the area for decades include First Horizon Bank (formerly First Tennessee), First Volunteer, Regions, and Tennessee Valley Federal Credit Union. Meanwhile newcomers, such as the proposed RockPoint Bank, aim to provide hyper-local and innovative solutions to various banking needs.
Did You Know?
Following the SunTrust and BB&T merger that created Truist, the company will be the sixth-largest bank in the United States by assets and deposits.