Banking on success: Talbert, Duncan start community bank from scratch

By JAMES CLARK / Editor of the Southern Standard (McMinnville, Tenn.)

Homeland Community Bank president Ray Talbert, left, and chief financial officer John Duncan quit Security Federal over a year ago with the dream of starting their own bank. That dream has come true. (James Clark photo)

They had talked of leaving Security Federal and starting their own community bank for some time. But for Ray Talbert and John Duncan, talking about it and actually quitting their jobs were two different things.

“I got pretty nervous,” said Duncan, who admitted leaving Security Federal was no easy decision.

“It was tough,” added Talbert. “But with all the big banks buying up the smaller banks here, we saw a need for a community-based bank. After seeing the response we’ve had, with so many people buying stock, it’s amazed me really.”

It’s been over a year of paperwork and meeting state and federal guidelines for Talbert and Duncan since they left Security Federal in August, 2002. And their massive project of starting a new community bank completely from scratch is now fulfilled with the official opening of Homeland Community Bank tomorrow.

With a total of 920 stockholders, Homeland Community Bank already has around $8.1 million in assets.

The bank’s remodeled building on N. Chancery Street was designed with an upscale flair, complete with brass chandeliers both inside and out.

Talbert, who is the bank’s president, spoke with pleasure when he said all the lending decisions would be made locally, either by loan officers or the bank’s board of directors.

“The big banks don’t understand the way of life in a small community,” said Talbert, who has 28 years of banking experience. “When I first started, there were six independent banks here. Before we opened, there were just two.”

All last week, Homeland Community Bank conducted what it called a “soft opening.” That’s when stockholders were invited to open their accounts at the bank to allow employees to familiarize themselves with the computer system and other procedures. The soft opening took place without any formal advertising.

Talbert said the four days of training went well, in large part because so many Homeland Community employees have a wealth of banking experience.

“If you take our 20 employees, we have 298 years of banking experience,” said Talbert. “Starting out, we couldn’t afford to train people. We had to have experience.”

Homeland Community Bank offers all the modern banking services customers have come to expect. That includes early morning hours, a 24-hour ATM, and a drive-thru window that features three lanes.

The bank’s drive-thru window opens at 7 a.m. every day except Sunday when the bank is closed. Closing times are 5 p.m. Monday through Thursday, 6 p.m. Friday, and 1 p.m. Saturday.

Talbert said he’s excited to finally get down to banking after spending countless hours on a 1,400-page application required by the state and FDIC. By being endorsed by the FDIC, all accounts at Homeland Security Bank are insured.

“You wouldn’t believe the things they ask you on that application,” said Talbert. “But they won’t let you open until all that is approved.”