Worthington bank sets grand opening for next Thursday

Mortgage company acquired firm based in Virginia

Worthington Federal Bank, a new locally owned and chartered community bank, has launched operations here, and will hold a grand opening next Thursday at its offices at 4040 Balmoral Drive.

"We are already accepting deposit accounts and making loans in the local community," said Will Worthington, the chief executive officer of Worthington Federal Bank. "We are very excited about our regional campaign for deposit and loan growth."

The bank has online banking and deposit origination capability, Worthington said, and its local board of directors is familiar with the community's needs.

Worthington Financial Holdings Inc. received Office of Thrift Supervision approval to acquire Franklin Security Bank, which was based in Virginia Beach, Va., on May 15, and the sale closed on May 18.

The operations and charter were relocated to Huntsville, and the name of the bank was changed to Worthington Federal Bank.

Worthington Mortgage Group Inc. and the bank's loan operations have been relocated to 700 Airport Road to make room for the bank's retail branch at Balmoral Drive, said Worthington.

He founded Worthington Mortgage Group Inc. in 1997.

Gulf Shores office

Other locations for the bank include loan production offices in Gulf Shores, Virginia Beach, Va., and Brentwood, Tenn., and a full-service branch in Elizabeth City, N.C.

Worthington said that future plans call for building a new corporate office and branch at South Memorial Parkway and Shoney Drive, at the old Shoney's restaurant site.

Management for the bank includes Kim Russell, executive vice president of retail deposit operations; Marc Scarbrough, senior vice president of commercial lending; Judy Worthington, executive vice president of business development and marketing; Kathy Cribbs, branch manager; and Bob Davis, accounting operations.