Tennessee Banks Continue Forays into Insurance
More banks are competing head to head with independent insurance agents in Tennessee. In December, Memphis-based First Tennessee Bank announced it was buying Synaxis, one of the 20 largest privately owned insurance brokers in the U.S, with a network of regional and community-based agencies in Georgia, Kentucky and Tennessee. Larry Martin, First Tennessee's business banking president, said this about Synaxis: "Their established expertise and excellent reputation will give First Tennessee a solid foundation for expanding its presence in the insurance industry."
Just recently in late April, the Georgia-based Synovus announced its purchase of The Bank of Nashville's parent company, Community Financial Group. Synovus sells insurance through 38 affiliate banks in Georgia, Alabama, South Carolina and Florida, and this deal marks its first incursion into Tennessee. Synovus chairman James Blanchard said, "Synovus has not only added another strong banking organization to our roster, but we have also added a fifth southeastern state to our footprint."
Footprint is the right word. With deep pockets and aggressive tactics, these large corporations plan to trample independent agents in the dust. Our best defense is a bomb-proof offense, and that's where Insurors Bank of Tennessee comes into play. Independent agents have strong personal ties with customers. If you can offer the same full range of financial services as the big guys - with preferential prices and more personal attention - you'll protect your customer base from this powerful new onslaught of banking competition.
