Local bank provides a century of service to East Tennessee
The bank reinvests profits back into the community rather than paying dividends to stockholders.
Home Federal Bank, a cornerstone of the East Tennessee community, is celebrating its 100th anniversary this year. Founded in 1924 by a group of bankers with a vision to create more homeowners, the bank has grown from its humble beginnings to become a financial institution with almost $3.5 billion in assets.
“We are a local bank, founded right here in downtown Knoxville. Our first office was in the Farragut Hotel on Gay Street,” said Home Federal Bank President and Chief Executive Officer David Reynolds. “We are grateful for the support our community has shown us and are proud to reach this exciting 100-year milestone.”
The bank’s mutual charter sets it apart from other financial institutions, allowing it to reinvest profits back into the community rather than paying dividends to stockholders.
“It is important to note we are a mutual bank, chartered to give back to those who have made us the strong institution we are today,” Reynolds said. “That means instead of having stockholders, we get to focus on investing in our community. I believe this is what sets us apart from other banks and is a significant reason we are still going strong today.”
Customer service remains a cornerstone of Home Federal Bank’s operations.
“Customer service is key, as it has been for 100 years,” Reynolds emphasized. “The biggest asset we have is our people. It takes a lot of different people with unique talents to create a successful, growing, 100-year-old company.”
Founded in 1924, Home Federal Bank is now the largest mutually owned community bank in Tennessee, serving East Tennesseans through 23 offices in Knox, Anderson, Blount, and Sevier counties. As the bank celebrates its centennial, it remains committed to the values and community focus that have been the foundation of its success.
Like what you've read?
Forward to a friend!