Case 87 SmartFinancial

SmartFinancial was established in the year 1934. The company has over 70,000 members. SmartFinancial is a bank holding company which is registered under the Bank Holding Company Act of 1956. SmartFinancial owns and operates SmartBank. The bank is federally insured by NCUA and is an equal housing lender. The Tennessee-based chartered bank was established in the year 2007. The bank attracts deposits from general public and offers commercial loans, commercial and residential real estate loans, leases, consumer loans, and residential and commercial construction loans. The major source of income for the bank is interest and fees collected on loans and leases, fees collected on deposit accounts, and interest and dividends collected on other investments. The principal expenses of the bank include interest paid on deposits, employee compensation, benefits, office expenses, and other overhead expenses. As of March 2023, SmartBank has 41 full-service bank branches and 1 loan production office. By December 31, 2022, the bank employed 583 full-time and 13 part-time associates.