Jefferson Federal Bank
State of Franklin Bank, A division of Jefferson Federal Bank

About Us

About Us

Jefferson Federal Bank was founded in 1963 by a group of Hamblen County businessmen who recognized the need for a bank in their growing community. After 47 years, Jefferson Federal Bank now serves three regions in Upper East Tennessee. With 12 locations serving Morristown, Knoxville and the Tri Cities, Jefferson Federal has grown to approximately $600 Million in assets.

The bank was originally established in Morristown in 1963 as Jefferson Federal Savings and Loan in which it operated out of one file cabinet in the office of Masengill Insurance Company located on Cumberland Avenue. Operating as a Savings and Loan under a thrift charter, the bank focused primarily on building its customer base through certificates of deposit and mortgages and grew from one location to four in Hamblen County. In 1997 Jefferson Federal built its main office in which it now resides at 120 Evans Avenue in Morristown.

In July 2003, Jefferson Federal completed a plan of conversion through which it reorganized from the mutual holding company structure to the stock holding company structure. Jefferson Bancshares, the new holding company for Jefferson Federal Bank, announced July 1, 2003 that it had sold 6,612,500 shares at $10.00 per share, representing an offering amount of $66,125,000. On July 2, 2003, shares of Jefferson Bancshares, Inc. began trading on the Nasdaq National Market under the ticker symbol "JFBI". As part of the conversion, Jefferson Bancshares also formed the Jefferson Federal Charitable Foundation as a way to give back to the community that has been so loyal to them; the foundation was funded with $250,000 and 375,000 shares of Jefferson Bancshares common stock. The Jefferson Federal Charitable Foundation serves as a permanent funding mechanism to make grants and donations to non-profit, community groups and other worthwhile projects located within Jefferson Federal's market area. With capital from the public offering, Jefferson Federal expanded its customer base with the addition of a mortgage office in Knox County in 2004 and later followed with two full service branches in Knox County, Farragut in 2006 and Bearden in 2007.

In October 2008, a merger with State of Franklin Bank located in Johnson City, Tennessee grew the territory from Hamblen and Knox counties to the Tri Cities region adding six service locations in Washington and Sullivan counties. With the merger, Jefferson Federal changed from a National Thrift Charter governed by the Office of Thrift Supervision to a State Thrift Charter governed by Tennessee and the FDIC.

Today, Jefferson Federal maintains four full service locations and two depository locations in Hamblen and Knox counties and State of Franklin Bank operates six full service locations in Johnson City and Kingsport.

With a solid foundation and years of service, our customers have come to rely on us as their trusted financial partner. We are committed to serving our customers with integrity offering competitive products, superior customer service and a watchful eye on the future. Jefferson Bancshares, Inc. strives to be the community's bank of choice in Upper East Tennessee.

Equal Housing Lender FDIC Security Privacy Site Map