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[JEFFERSON FEDERAL LETTERHEAD]
FOR IMMEDIATE RELEASE: CONTACT:
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JULY 11, 2006 STACI WILKERSON
JEFFERSON FEDERAL BANK
(865) 288-1460
GEORGE PIPER
AKINSCRISP PUBLIC STRATEGIES
(865) 637-0251
JEFFERSON FEDERAL CELEBRATES OPENING
OF FIRST KNOXVILLE LOCATION IN FARRAGUT
RETAIL STYLE OF SERVICE OFFERS UNIQUE BANKING EXPERIENCE
KNOXVILLE, Tenn.-- Jefferson Federal Bank, the wholly owned subsidiary
of Jefferson Bancshares, Inc. (Nasdaq:JFBI) celebrated the opening of its first
Knoxville retail location in Farragut with a ribbon cutting ceremony this
morning. Community leaders, bank officials and new customers celebrated the
milestone and new customers and guests had an opportunity to observe the design
of the new facility.
"We've been planning our expansion into the Knoxville market for over
eighteen months and I think the result of this careful preparation will bring
the Knoxville market and Farragut a whole new look and feel to retail banking,"
said Andy Smith, President and CEO of Jefferson Federal. "From the leadership
we've chosen to run the Knoxville market, to the new approach to convenience and
customer service, we've tried to cover every detail to make this bank unique and
what the Knoxville market wants in a bank."
The bank is expecting to bring 50 new jobs to the Knoxville market with
three locations planned for West Knoxville by 2008. The bank held the
groundbreaking for its Knoxville headquarters, located on Bearden Hill, at the
end of June. The third Knoxville location, planned for the Cedar Bluff area, is
expected to open in 2008.
From the moment you walk in the door of the Farragut branch, it is
evident that this is not your typical banking experience, said Charles
Robinette, chairman of the Knoxville-region banking
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operations. It does not resemble a typical bank atmosphere--instead, we have
taken a retail approach to service.
When customers come into the bank, they will be greeted by a concierge,
who will introduce them to the person who can handle their needs. And instead of
facing a row of tellers, customers will be offered the convenience of talking
with a sit down teller in a more personal and private environment. For those in
a hurry, there is a stand up service area to cash checks and make deposits
quickly.
"We believe our customers will both see and recognize the difference in
the way we serve them. For instance, if everyone that can assist you is busy,
you'll be offered a chair and a beverage. That's not something people are used
to, and we hope to continue to surprise people with our approach to service,"
said Robinette. "I have been in the Knoxville banking market for years, and I
know this will fill a niche in the marketplace and is something that is greatly
needed."
The Farragut branch of Jefferson Federal is a full-service bank
offering mortgages, commercial loans, and retail lending, along with a variety
of retail and commercial deposit products.
Customers will also have access to an ATM system that allows for free
transactions at all ATM locations in the United States. Another major point of
difference from other banks is Jefferson Federal's local lending authority for
more than $10 million in commercial loans, as well as timely and flexible
service for commercial accounts.
A continued dedication to customer service is one of the reasons
Jefferson Federal has been in business since 1963 and has over $75 million in
stockholders' equity, said Tony Carasso, the president for the Knoxville-region.
"Our job is to make the business of banking easier than it has ever
been before," said Carasso.
Jefferson Federal's Farragut branch is located at 11916 Kingston Pike.
Jefferson Federal Bank is a shareholder owned financial institution
that has been part of the Hamblen County Community since 1963. Jefferson Federal
is committed to the people, families and businesses who depend on us for support
and guidance. Our dedication to quality people, services and products has helped
to forge lasting relationships with customers. We strive to uphold a personal
and professional responsibility to the community. For more information, please
call 684-1001. or visit www.jeffersonfederal.com.
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This news release may contain forward-looking statements, which can be
identified by the use of words such as "believes," "expects," "anticipates,"
"estimates," or similar expressions. Such forward-looking statements and all
other statements that are not historic facts are subject to risks and
uncertainties which could cause actual results to differ materially from those
currently anticipated due to a number of factors. These factors include, but are
not limited to, general economic conditions, changes in the interest rate
environment, legislative or regulatory changes that may adversely affect our
business, changes in accounting policies and practices, changes in competition
and demand for financial services, adverse changes in the securities markets,
and changes in the quality or composition of the Company's loan or investment
portfolios. Should one or more of these risks materialize, actual results may
vary from those anticipated, estimated or projected. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as
of the date of this press release.
Specific factors that could cause future results to vary from current management
expectations may be detailed, from time to time in the Company's filings with
the Securities and Exchange Commission, which are available through the SEC's
website at www.sec.gov.
Jefferson Bancshares, Inc is a NASDAQ traded company with the symbol JFBI.
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Contacts:
Jefferson Bancshares, Inc.
Anderson L. Smith 423-586-8421
Jane P. Hutton 423-586-8421