Lebanon, TN – Efforts are underway to launch a new bank in Wilson County announced Bob McDonald, who recently left his position with SunTrust Bank in Wilson County to form the leadership team for the proposed CedarStone Bank. McDonald, who has more than 17 years of banking experience, is the proposed president of the new bank.
A local group of citizens filed their notice of intention with the Tennessee Department of Financial Institutions to form the new bank in Lebanon, Tennessee, on May 7, 2003. The group expects the application approval process to take up to seven months. The Department of Financial Institutions should accept the proposed bank's notice of intention in the next few weeks. The bank expects to offer a full range of financial services to the market area. McDonald anticipates that the bank will begin to serve the community by the end of the year. CedarStone Bank (in organization) will have organizational offices located at 770 Maddox Simpson Parkway, Lebanon, 37090; and the mailing address is P.O. Box 724, Lebanon, 37088. The office phone number is 615/443-1411. Once open, the main office will be in Lebanon with its first branch in Mt. Juliet.
"Everyone involved in this effort is very excited about the opportunities CedarStone Bank will offer to the residents and businesses of Wilson and surrounding counties," said McDonald. "CedarStone Bank is being organized based on a committment to the community, to long-term relationships, and to the vibrant growth of our region."
Seven prominent business and community leaders in Wilson County have joined McDonald as Organizers of CedarStone Bank and will serve as bank's initial Directors. They are: Kevin Bay, Vice President and Chief Financial Officer of Bay's Southern Bread Company, Inc., Lebanon; Jacqueline West Cowden, Chief Executive Officer of Custom Packaging Company, Lebanon; Fran Moscardelli, currently the owner and managing partner of PFP, LLC, and previously the General Manager of Rock-Tenn Company, Lebanon; Bancroft O'Quinn Jr., M.D., a physician in Lebanon; Nelson Steed, a co-founder of Steed Brothers Contractors, LLP, a Lebanon construction services firm; Brownie Vantrease, CPA, a partner in accounting firm of Dempsey, Vantrease and Follis, in Lebanon and Murfreesboro; and Bobby Wood, President of RE/MAX Carriage House Real Estate, in Lebanon, Mt. Juliet and Hermitage.
"I believe that the experience, strength and community ties of the people involved in this effort are an indication of the quality service that will soon be offered by this new financial institution," said McDonald.
McDonald, comes from a well-known family in the Middle Tennessee banking community. His father, William "Willie" McDonald, was associated with SunTrust Bank for 50 years; he is now the vice president of business development with Regions Bank.
After graduating from the University of Tennessee with a B.A. in Economics, Bob McDonald worked in Washington, D.C., as a Legislative Assistant. Upon moving back to Nashville, he began his banking career at Nashville City Bank, and then was recruited to First American National Bank as Mortgage Loan Officer. Later he was named Vice President and Manager for statewide sales and processing units for the Mortgage Department and Manager of the Residential Construction department for Nashville. In 1994, McDonald accepted a position with a local bank in Wilson County and then was quickly recruited by SunTrust Bank to become Community President for its Wilson County operations and Chairman of the Community Board of Directors. Under his leadership, total deposits increased approximately $30 million.
McDonald was the recipient of 2001 Wilsonian of the Year Award presented by the Mt. Juliet/West Wilson Chamber of Commerce. His numerous community activities include service as past president and board member of the Wilson County Community Help Center, past Chairman and board member of the Lebanon/Wilson County Chamber of Commerce, and past president and board member of the United Way of Wilson County. He is a board member of the Wilson County Chapter of the American Heart Association, board member of Wilson County Promotions, member of the Board of Trust of Cumberland University and member of the Lebanon Rotary Club. His wife, Susan, and their sons, Robert, 15, and Michael, 12, are residents of Mt. Juliet.
The new bank proposes to raise $7 - $10 million in order to capitalize the bank. After the Commissioner of the Tennessee Department of Financial Institutions approves the notice of intention, the proposed directors will initiate a stock offering to raise the required capital for the new bank. Before any investment decision is considered with respect to the securities of the bank and any subscriptions are accepted, reference should be made to the bank's offering circular, copies of which will be available from the proposed directors probably during May 2003. This press release is not to be considered an offer to sell or the solicitation of an offer to buy any securities.