Thread Bank’s parent company strengthens operations by joining one of the nation’s premier FinTech hubs

Thread Bancorp, Inc. (“Thread” or the “Company”), the parent company of Thread Bank (the “Bank”), announced the opening of its new corporate headquarters, located in Nashville, Tennessee. Thread is the anchor tenant in “The Pitch,” a newly opened office building located at 1621 Ensley Blvd. in the city’s Wedgewood-Houston neighborhood.

Thread’s new office, which will serve as a Loan and Deposit Production Office (LPO/DPO) for the Bank, represents both the Company’s steadfast growth and its burgeoning status as a leading innovator in the community banking industry. Since Thread, formerly known as Volunteer Bancorp, Inc., was recapitalized and rebranded in 2021, the Company has seen a 35% year-over-year increase in deposit growth through Thread Bank’s personal, business and branch banking (from roughly $100 million in deposits in 2021 to over $700 million currently), a 200% increase in mobile and online banking adoption, and a 30% reduction in operating costs through digital process automation. In addition, Thread has experienced strong employment growth in East Tennessee, as well as the Nashville area.

Thread’s tech-forward Embedded Banking approach has expanded its reach across the nation from its Tennessee origins. By opening a state-of-the-art office in Nashville, Thread is joining a rapidly growing FinTech hub to further its growth while staying true to its East Tennessee roots.

“We’re thrilled to be opening our new headquarters in the fast-growing Wedgewood-Houston neighborhood of Nashville,” said Chris Black, CEO, President, and member of the Board of Directors of Thread. “We were drawn to the innovative culture of the city, which allows us to be at the forefront of the FinTech industry while still being able to serve the Tennessee residents who rely on our services. We view this new office as a critical development that will launch us into our next phase of redefining community banking.”

In addition to evolving as a leader in the Nashville FinTech community, Thread’s new headquarters will allow the Company to more effectively serve consumer and small business banking clients in the city. Thread currently serves more than 2,000 small businesses and 3,000 consumers in the Nashville area and plans to expand outreach efforts in the city through its new location.

The Company’s headquarters were formally opened with a ribbon-cutting ceremony on April 23, featuring Thread’s leadership team and Bank employees. Tennessee congressional representatives, along with representatives from the Tennessee General Assembly, the Nashville mayor’s office, Tennessee Department of Financial Institutions, and Division Street Development, the real estate development company that built and manages The Pitch, were in attendance to mark this significant milestone.

“We’re very excited to be welcoming Thread to Nashville as the anchor tenant for The Pitch,” said Robert Echols, Nashville Businessman & Real Estate Investor in The Pitch. “The Company’s innovative culture and approach perfectly match the entrepreneurial spirit of the Wedgewood-Houston neighborhood. We’re confident that Thread will be a valuable addition to the Nashville community and the city’s rising FinTech industry.”

The new office occupies the entire third floor of the building, spanning a total of more than 20,000 square feet. Thread Bank will be maintaining its main office in Rogersville and its branch in Sneedville, Tennessee and shift its LPO/DPO operations from Brentwood to the new Nashville location.

To learn more, please visit the Thread website.

About Thread Bank

Thread Bank, a wholly owned subsidiary of Thread Bancorp, Inc., is an FDIC-insured bank providing embedded and digital banking services nationwide and local community banking in Eastern Tennessee. To learn more about Thread Bank, visit thread.bank and connect with them on LinkedIn.

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