Question 1

What is First Century Bank?

Accepted Answer

First Century Bank is a family-owned community bank headquartered in Tazewell, Tennessee, serving the communities of East Tennessee since 1894. With approximately $774.6 million in total assets and 11 branch locations, the bank specializes in personalized banking services for individuals and businesses across rural Appalachian communities. First Century Bank holds a 5-star rating from BauerFinancial, Inc. and has been recognized as a People's Choice Best of the Best in Claiborne County for multiple years.

The bank operates under the motto "Customer First," emphasizing local decision-making and personal relationships over standardized corporate banking approaches.

Question 2

When was First Century Bank founded?

Accepted Answer

First Century Bank was established in 1894 as Claiborne National Bank in the Appalachian Mountains of East Tennessee in the town of Tazewell. The bank's first president was George Montgomery, a Claiborne County native who led the institution to early prosperity.

In 1919, during the bank's 20-year anniversary, the name was changed to Claiborne County Bank. This name remained until the late 1980s when Chairman Glenn Yoakum expanded operations into Hancock and Union Counties, prompting a name change to First Claiborne Bank to reflect the broader service area.

In 1999, the bank celebrated a "Century of Service" and adopted its current name, First Century Bank, to honor this milestone achievement. The institution has remained family-owned throughout its 130-year history.

Question 3

Where is First Century Bank headquartered?

Accepted Answer

First Century Bank is headquartered in Tazewell, Tennessee, located in Claiborne County in the Appalachian region of East Tennessee. The main office is situated at 1780 N Broad St, Tazewell, TN 37879.

Tazewell serves as the historic home base where the bank was originally founded in 1894.

Question 4

Where does First Century Bank operate?

Accepted Answer

First Century Bank operates 11 branch locations throughout East Tennessee, primarily serving rural and small-town communities in the Appalachian region. The bank's footprint spans multiple counties including Claiborne, Hancock, Union, and Knox counties.

Branch locations include offices in Tazewell, New Tazewell, Harrogate, Maynardville, Sneedville, and Powell. The bank has also expanded into larger markets with locations in Knoxville (including Northshore and Market Street offices) and Maryville.

This geographic coverage allows First Century Bank to serve both rural Appalachian communities and growing urban markets in East Tennessee.

Question 5

What services does First Century Bank offer?

Accepted Answer

First Century Bank offers a comprehensive suite of personal and business banking products. Personal banking services include checking accounts, savings accounts, money market accounts, junior savings accounts, holiday savings accounts, and various consumer loan products including personal loans, automobile loans, and residential mortgages.

Business banking services feature business checking accounts, commercial lending, and specialized business products designed for local enterprises. The bank also provides trust and wealth management services through its trust officers.

Digital banking services include online banking with eStatements, mobile banking apps, free online bill pay with recurring payment options, telephone banking (CenturyLine), and wire transfer services. The bank also offers credit cards and debit cards for convenient payment options.

First Century Bank emphasizes accessible banking through extended Friday hours at many locations and drive-thru services at most branches.

Question 6

What makes First Century Bank unique?

Accepted Answer

First Century Bank distinguishes itself through its family ownership spanning three generations of the Yoakum family. Current leadership includes Eleanor Yoakum and her son, CEO Rob Barger, maintaining the legacy established by Glenn Yoakum, who joined the bank in 1936 and led it for decades.

The bank's oak tree logo carries deep symbolic meaning, adopted as a tribute to Glenn Yoakum after his passing in 1990. The local newspaper honored him with the headline "A Mighty Oak Has Fallen," referencing his strong roots, solid core, and dignified leadership. This symbol represents the bank's commitment to strength, stability, and deep community roots.

First Century Bank maintains 100% local decision-making authority, allowing loan officers and branch managers to make decisions based on personal relationships and community knowledge rather than distant corporate algorithms. The bank's 5-star BauerFinancial rating demonstrates financial strength and stability.

The institution has successfully merged with First Covenant Bank, expanding its capabilities while maintaining its community banking philosophy and customer-first approach.

Question 7

What type of financial institution is First Century Bank?

Accepted Answer

First Century Bank is a community bank in the truest sense of the term. Community banks are characterized by local ownership, personalized service, relationship-based lending, and strong ties to the geographic areas they serve.

As a family-owned institution operating for 130 years, First Century Bank exemplifies the community banking model through local decision-making, multi-generational leadership involvement in community affairs, and a focus on serving local families and small businesses. Unlike regional or national banks, community banks like First Century prioritize long-term customer relationships over transaction volumes.

The bank operates as a state-chartered institution regulated by the FDIC, providing deposit insurance protection while maintaining independence from large banking conglomerates. This structure allows First Century Bank to remain responsive to local economic conditions and community needs across East Tennessee's Appalachian region.

Question 8

How has First Century Bank demonstrated community leadership?

Accepted Answer

First Century Bank's leadership has consistently exemplified servant leadership within their communities. Glenn Yoakum, who led the bank for decades, served 28 years on the Claiborne County School Board (many as Chairman), served as Claiborne County Judge, and represented his constituents for two terms in the Tennessee State Senate.

Eleanor Yoakum continued this tradition of public service, working in Tennessee State Government as Commissioner of Personnel and Chief of Staff to the Governor before returning to family banking leadership. This deep involvement in civic affairs reflects the bank's philosophy that strong communities and strong banks are intertwined.

The bank's commitment extends beyond leadership positions to everyday community support, maintaining banking services in rural areas where larger institutions have withdrawn. By keeping 11 branches open across small towns and rural counties, First Century Bank ensures financial services remain accessible to underserved Appalachian communities.

Question 9

What is the bank's approach to navigating economic challenges?

Accepted Answer

First Century Bank has demonstrated resilience through multiple economic crises. When Rob Barger became CEO in 2008, he assumed leadership just before the national financial crisis. The subsequent six years proved to be among the toughest in the bank's 130-year history, with widespread bank failures and economic turmoil affecting the banking industry.

Under Barger's leadership, supported by a strong executive team and Eleanor Yoakum's guidance, the bank successfully navigated these challenges and returned to prosperity. This experience reinforced the institution's conservative banking practices and relationship-based lending approach.

The bank's strong financial performance, reflected in its Return on Assets (ROA) of 1.43% and Return on Equity (ROE) of 16.6%, demonstrates effective management and sound banking practices. These metrics indicate healthy profitability while maintaining the safety and soundness evidenced by the 5-star BauerFinancial rating.

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