Lineage Bank Reports Remarkable Q3 Growth

FRANKLIN, TENN. November 3, 2022 – Today, Lineage Financial Network, the parent company of Lineage Bank, announced the extraordinary growth in assets, deposits, and loans the bank experienced during the third quarter of 2022.

On September 30, 2022, Lineage Bank’s assets grew to $230.8 million, compared to $163.7 million on June 30, 2022. This three-month growth totaled $67.0 million, a quarterly increase of 40.9%. During that same timeframe, deposits grew to $207.9 million from $141.8 million and loans increased by $14.4 million, a quarterly increase of 46.6% and 14.8% respectively.

Yearly growth was also very impressive for Lineage Bank. Since September 21, 2021, assets have increased by $161.8 million (234.8%), deposits have increased by $153 million (280.9%), and loans have increased by $81 million (268.2%).

The extraordinary quarterly growth in deposits was fueled by “Banking as a Service” (BaaS) deposits, which is a unique product line that allows companies to provide financial services to their customers by partnering with Lineage Bank. The companies are typically referred to as Fintechs that either have “niche” financial services or look to become a “neo bank”. In either case, the Fintechs need a bank sponsor to provide traditional banking services, and Lineage Bank fulfilled that need when it entered the market in early 2022.

Since entering the market, Lineage Bank has inked partnerships with several fintech organizations such as Synctera and Synapse, who both operate industry-leading Banking as a Service platforms, as well as several companies focused on creating apps that deliver financial services to consumers. Lineage Bank also joined the newly launched Banking as a Service Organization in June of this year.

“This is a very exciting growth period for our bank,” explained Kevin Herrington, President of Lineage Bank. “Not only are we building our technology-driven traditional bank in Franklin and Middle Tennessee, but we’re also adding low-cost deposits through our innovative Banking as a Service products.”

“It’s rare for a start-up bank to experience this magnitude of growth in such a short period of time,” added Richard Herrington, Chairman of Lineage Financial Network. “We’re very impressed by these numbers and glad to see our commitments to technology, building a superior traditional bank, and participating in Banking as a Service networks are paying off.”

About Lineage Bank and Lineage Financial Network:

Lineage Bank is a new commercial bank located in Franklin, Tennessee.  The bank’s focus is serving the banking needs of the Williamson County community.  Lineage Bank is part of the Lineage Financial Network, a multi-bank holding company that empowers community banks with the technology and local customer focus to create a unique banking experience for customers.  Lineage Financial Network is where the bank of today unites with the bank of tomorrow.  Lineage Financial Network is headquartered in Franklin, Tennessee.

Comments are closed.