Magna Bank doubles its private banking staff, looks to grow commercial division
Community bank
Magna Bank has hired three new members for its private banking team, and the institution is looking to grow its commercial banking division in the near future.
"This year, we have doubled our private banking team with the addition of Jodi Scruggs and Donna Edwards," says Lisa Foley, Magna Executive Vice President of Retail Banking. "We’re continuing to grow the assets of the bank and are performing exceptionally well this year."
Magna is the largest SBA lender in West Tennessee and the second-largest in the state of Tennessee, and it is the largest financial institution in terms of single-family residential mortgage lending in the Memphis area.
The bank's three new customer-facing hires include Vice President and Banking Officer Jodi Scruggs, Business Development Officer Jason Hood, and Branch Sales Representative Stephen Ellis. Scruggs brings more than 12 years of experience in the banking industry to her new position, and she spent the past six years assisting high-net-worth clients with all of their financial needs. Prior to joining Magna, Hood held roles as a mortgage consultant and branch manager.
Magna, which now employs more than 175 people, opened in 1999 as a federal savings bank and today is the only community bank in the Mid-South that offers mortgage, commercial, retail, small business administration lending, real estate construction, multi-family lending, private banking and investment services.
The bank controls more than $500 million in assets and operates five branch locations in East Memphis, Germantown and Cordova. Three locations have opened in the past six years, and the bank currently has no plans for further expansion. For the past year, Magna has focused heavily on the introduction of new investment services that include mutual funds, annuities, stocks and bonds and some insurance products.
By Michael Waddell
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