Tri-State Bank of Memphis in Tennessee has hired Christine Munson, formerly of First Tennessee Bank, as its chief executive.

Munson takes over as CEO from Jesse Turner Jr., who had been president and chief executive. He retained the title of president.

Munson retired as head of corporate banking at First Tennessee and its parent, First Horizon, in 2012 after 31 years at the company. Her hiring as Tri-State's CEO was first reported on Thursday by the Memphis Business Journal.

The $111 million-asset Tri-State also said that First Tennessee had purchased 88,000 shares of Tri-State preferred stock at the end of 2015, for a total of $1.5 million. The purchase did not affect Tri-State's ownership but did make the bank eligible for a $1.5 million match from the U.S. Treasury Department's Community Development Financial Institution Fund.

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