Only a few banks have a clear mission to make customers their only assets and First Volunteer Bank is one of them. Customers are everything in the banking industry.
Without them, there is nothing to do. This bank takes this motto positively and they never lose focus from the customer. They know what a customer wants from a community bank. That’s why a friendly environment has been made by this bank.
Besides a better and friendly environment, it also focused on fulfilling every type of financial need of the local community. So, they remain attentive and take strategies based on the situation.
Now, they have announced to merge with FBD Holding Co. This merge is for a better future. Let’s know more about it from below.
What Is the First Volunteer Bank?
In 1904, First Volunteer Bank was established in Chattanooga, Tennessee. But this 100-year-old bank doesn’t make itself rich in assets.
Right now it’s handling assets totaling $952 million and deposits totaling $840 million. That means, this financial institute is tagged as a medium-sized bank in this region. But they cover every service that is above average.
They offer live chat features and make them reachable in different ways. Using mobile applications or the web, you can also reach their customer service representative and ask what you need to know. With a variety of products, they are still doing their best for the customer.
What Is The Current Assets and Liability Position?
Assets and liability positions give a clear idea about the financial health of a bank. For this bank, we made a chart. Take a look at it.
| Particulars | Remarks |
| FDIC Insured | Yes |
| FDIC Certificate | # 10307 |
| Date Established | 1904 |
| Assets | $1276.29 Million |
| Loans | $808.17 Million |
| Deposits | $1133.12 Million |
| Capital | $135.26 Million |
What Are The Types of Product Does It Offer?
A community bank like this one is full of different financial products. Here is the list of their products.
Personal Banking
Personal Checking:
- Beyond Checking
- Personal Interest Checking
- Heritage Checking
- Budget Checking
Personal Savings:
- Personal Savings
- Moola Savings
- Health Savings
- Money Market Savings
- Investment Savings
Personal Loans:
- Home Equity Lines of Credit
- Auto Loans
- Credit Cards
- Personal Lines of Credit
- Express Loans
Personal Mortgage:
- Purchase Home
- Refinance Home
CDs & IRAs
- IRA
- Simplified Employee Pension
- Simple IRA
- CoverdII Education Savings
Business Banking
Business & Commercial Checking:
- Business Checking
- Commercial Checking
Business & Commercial Loans:
- Construction Loans
- Commercial Real Estate
- Small Business Loans
- Equipment Loans
- Working Capital
- Lines of Credit
Insurance:
What Is The Rate of The Product?
Based on the rate, you can identify which product will be best for you. All the rates are given below.
Savings and Money Market Rates:
| Particulars | APY | MIN | MAX |
| Saving | 0.03% | $100 | – |
| Money Market | 0.03% | $100 | $9,998 |
| Money Market | 0.03% | $9,999 | $24,998 |
| Money Market | 0.08% | $24,999 | $49,998 |
| Premium Money Market Account | 0.03% | $1,000 | $99,999 |
CD Rates:
| Particular | APY | MIN | MAX |
| 6 Mo CD | 0.35% | $1,000 | $99,999 |
| 6 Mo CD | 0.35% | $100,000 | $250,000 |
| 12 Mo CD | 0.40% | $1,000 | $99,999 |
| 12 Mo CD | 0.40% | $100,000 | $250,000 |
| 18 Mo CD | 0.30% | $1,000 | $99,999 |
| 18 Mo CD | 0.30% | $100,000 | $250,000 |
| 24 Mo CD | 0.25% | $1,000 | $99,999 |
| 24 Mo CD | 0.25% | $100,000 | $250,000 |
| 36 Mo CD | 0.25% | $1,000 | $99,999 |
| 36 Mo CD | 0.25% | $100,000 | $250,000 |
| 48 Mo CD | 0.25% | $1,000 | $99,999 |
| 48 Mo CD | 0.25% | $100,000 | $250,000 |
| 60 Mo CD | 0.25% | $1,000 | $99,999 |
| 60 Mo CD | 0.25% | $100,000 | $249,999 |
Int Checking Rates:
| Particulars | APY | MIN | MAX |
| Int Ckg | 0.02% | $100 | $0 |
Comparison (First Volunteer Bank vs. Others):
| Notable Rates | APY | Vs. Others |
| Savings | 0.03% | 0.85% |
| 1 Year CD | 0.40% | 0.70% |
| 2 Year CD | 0.25% | 0.75% |
| 5Year CD | 0.25% | 1.15% |
| 30 Year Mortgage | N/A | 2.72% |
| 15 Year Mortgage | N/A | 2.36% |
| HELOC | N/A | 2.79% |
How First Volunteer Bank Ensures Service Quality?
When we focus on the overall service quality of this bank, it seems they are doing better. For that, they have 24 branches in Georgia and Tennessee. That means, if you live in these regions, it becomes easy to get in-person service.
But for the consumers who are not able to keep in touch physically, this bank introduced a mobile app and web app. This method becomes popular to manage the money more efficiently from every corner of the country.
They even have a live chat facility that amazed us. Only a few banks have such features to offer to their customers. That means, they can provide helpful service.
What about the Merger Agreement?
As you know, the First Volunteer Corporation and FBD holding company recently announced an agreement for merging. It’s one kind of acquisition. After getting approval from the board of directors of both companies, the merger agreement came to light. But still, there is some obligation.
The agreement is still an ongoing process because it is subject to both regulatory approvals and shareholders. They have given a specific time for it and that is the fourth quarter of 2021.
The President of First Bank’s said that “this merger is more valuable to them because now they can share the community banking philosophy of the two banks.”
They also believe this combination of idea and strategy will give a better result. This result will bring more opportunities and innovation on financial products and services for the community.
With the same level of dedication, customers can experience a better banking environment under a single roof. This merger agreement gets another name and that is a win-win agreement.
Conclusion:
To get an enhanced banking experience, First Volunteer Bank is the ultimate choice. Because of their dedication, they are going to be a successful financial institution in the near future.
For that, they strategized like a merger with another institute. Such steps make them more aggressive in offering innovative and best banking services.
Comparing their product line, rate, and returns, and other features, this bank has shown a higher level of performance. Consumers love to get such opportunities to manage their accounts with this bank.
On top of that, their community-based banking service philosophy works best and this philosophy takes them forward for many years.
