Big Nashville-based bank opens Crosstown Concourse office

Memphis Business Journal
Susan Ellis

FirstBank started as a small community bank in the early 1900s. It's now the third-largest bank in Tennessee, behind Pinnacle and First Horizon.

With locations in East Memphis and the Wolfchase area, it's now eyeing a move into Midtown.

The Nashville-based bank plans to open a mortgage office in Crosstown Concourse in the second quarter.

Jeff Hudson, market president with FirstBank, said that the bank had a presence in Memphis since about 2002, but it wasn't very prominent.

"Our team came over about four-and-a-half, five years ago and kind of ramped up our focus here and our strategy to grow in this market," he said.

True to its roots, the Crosstown mortgage office will have a community focus. Operation Hope, a nonprofit focused on financial literacy, will have an officer working in that location. They will also have a community reinvestment team that will offer services that raise awareness of affordable mortgages.

Beyond that, this FirstBank location will deal strictly in mortgages and will not offer traditional retail bank services such as deposits and loan applications.

Hope Credit Union has a location in the Concourse. Truist (formerly SunTrust) offers a Financial Confidence Center in the Concourse as well. 

FirstBank will be on the fourth floor of the Concourse building.

"When we were talking about putting a mortgage office somewhere in the community, it just fit," Hudson said.

The FirstBank space is roughly 1,600 square feet. Crosstown Concourse was represented in the deal by Phil Dagastino Jr. and Casey Flannery with Commercial Advisors. 

With the FirstBank deal, approximately 97% of the Concourse's office space is occupied. Remaining office space is 17,668 square feet on the first and fourth floor.