FRANKLIN FINANCIAL NETWORK, INC. (NYSE:FSB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) On April1, 2018, the board of directors (“Board”) of Franklin Financial Network, Inc. (the “Company”) appointed Dr.Anil Patel to the Board for a term expiring at the Company’s 2018 annual meeting of shareholders. Dr.Patel has not yet been appointed to any Board committees.
Dr.Patel has been providing gastroenterology services to his patients at his endoscopy center in Clarksville, Tennessee since 1993. Dr.Patel has also been involved with the construction of several Marriott hotels and retirement communities in the Middle Tennessee area, and in 2005, he helped organize Civic Bank& Trust (“Civic”). He served as Chairman of the board of directors of Civic since Civic’s organization until its merger with and into Franklin Synergy Bank, a wholly owned subsidiary of the Company (the “Bank”), effective April1, 2018. Dr.Patel was elected to the board of directors of the Company and the Bank to the requirements of the Agreement and Plan of Reorganization and Bank Merger dated December14, 2015, by and among the Bank, Civic, and the Company, as amended by Amendment No.1, dated May9, 2016, Amendment No.2, dated March30, 2017, and Amendment No.3, dated September29, 2017 (the “Merger Agreement”).
Dr.Patel will be compensated in accordance with the Company’s existing Board compensation policy.
There are no arrangements or understandings between Dr.Patel and any other person to which he was selected a director of the Company other than his appointment to the Board to the requirements of the Merger Agreement. There are no family relationships between Dr.Patel and any of the Company’s directors or executive officers. There are no transactions between Dr.Patel and the Company that would be required to be reported under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934.
About FRANKLIN FINANCIAL NETWORK, INC. (NYSE:FSB)
Franklin Financial Network, Inc. is a financial holding company. Through its bank subsidiary, Franklin Synergy Bank (the Bank), a commercial bank, the Company provides a range of banking and related financial services. The Company focuses on the provision of services to small businesses, corporate entities, local governments and individuals. It operates through approximately 10 branches in Williamson and Rutherford counties within the Nashville metropolitan area. The Company’s loan portfolio consists of real estate loans, including construction and land development loans, commercial loans and residential loans; commercial and industrial, and consumer and other loans. The Company’s investment securities portfolio consists of both securities classified as available-for-sale and securities classified as held-to-maturity. The Company’s primary sources of funds include deposits.