LCUB May Buy First National Bank Building

Monday at special called meeting of the LCUB power board, board members heard a proposal from LCUB manager, Freddie Nelson, suggesting that LCUB buy the down town First National Bank building. Nelson told the board, meeting at the bank, that he had had preliminary discussions with FNB board members about the possibility of LCUB buying the building. While no specific price was stated for the building, Nelson did state that the building had been appraised at 3.5 mil. Mayor Matt Brookshire stated that he had been contacted a couple of months ago by FNB president, David Allen, about the possibility of LCUB buying the bank building.


The bank is the second site LCUB officials have considered buying. Earlier this year, LCUB officials had seriously considered buying the Save-O-Lot Shopping Center. That deal has now been put on the back burner.

Allen noted that even if the deal does happen, it could take up to a year for the bank to relocate. He also stated that he plans for FNB to continue to have a presence in down town Lenoir City. He told the board that with the changes in the banking industry, banks just no longer needed the large buildings with large lobbies. With the advent of online banking, direct deposit and debit cards, Allen said, after opening an account, many customers sometimes never have the need to return to the bank for service. 


The board may vote at their next meeting to allow Nelson to begin negations on the purchase of the bank.