On Nov. 13, SimplyBank and First Financial Corporation jointly announced a merger agreement. The announcement ushered in the next exciting chapter for SimplyBank as it becomes part of one of the oldest community banks in America. Below, our team has put together responses to commonly-asked questions.
Have a question not listed here? Feel free to ask us by emailing questions@simply.bank.
Why did you decide to sell? Why is this happening now?
SimplyBank ownership has decided that it’s time to retire and wanted to make sure the bank, our team, and our customers are in a position to continue our legacy as a bank that’s deeply rooted in local communities.
What makes SimplyBank a good fit for First Financial?
Like SimplyBank, First Financial is a strong, community-focused bank with a 190-year history of supporting communities and helping people with their financial needs. First is committed to community banking and quality customer service.
Will my local branch stay open?
Our branch network and the locations in our footprint are important pieces of our growth plan with First; there are no plans to close any locations currently. They do not have any other locations in our area, so they are excited to expand their customer base in southeast Tennessee and northwest Georgia.
Will there be any branch overlap?
No! First Financial has locations in Indiana, Illinois, Kentucky, and Tennessee; our SimplyBank locations will be the first locations in the metro-Chattanooga and metro-Knoxville areas.
Will decisions still be made locally? If not, who will be making them and will there be any local leadership or management?
In most cases, yes. As we work together in the coming months to merge our teams, we will determine how we will move forward and make decisions together. As a customer, you should see no changes in how decisions are made.
Will your products and services change?
When we merge, we will take great care to match your current accounts to First Financial accounts with similar benefits and features. To give you time to familiarize yourself with your new accounts once we merge, we’ll waive the monthly service charge for your first two monthly statement cycles after the transition date. If you feel a different account may better suit your needs, simply let us know.
Will my money still be insured?
Yes. Your money will still be insured up to the $250,000 insurance limit under the FDIC. Your accounts and your money will still be as safe. Check out the FDIC EDIE tool or call your local branch and banker to find out more.
Will my account number change? What about my online banking and bill pay?
Your checking, savings, CD and IRA account numbers will remain the same, unless you’re notified otherwise.
What’s the timeline for the merger?
We are diligently working together with the team at First to navigate the process of carefully merging our businesses. We anticipate this process will be completed and effective on April 1, 2024.
When can I start banking with First? Do I need to open an account with them?
Our merger is set to be effective on April 1, 2024. Your account will be converted to a First Financial account near that time. There’s no need for you to do anything. We’ll make sure everything is done for you.