One of Nashville’s most legendary bankers is stepping down from his role as chairman of CapStar Financial Holdings’ board of directors.
Dennis Bottorff has informed the homegrown bank that he will not stand for re-election to CapStar’s board, according to a news release. Bottorff has been chairman of CapStar since its founding in 2008.
The board has elected MarketStreet Enterprises Managing Director Jay Turner to replace Bottorff as chairman, following the April 2022 annual meeting of shareholders.
Bottorff is the former CEO of First American Bank and was chairman of venture capital firm Council Ventures. During his more than three decade career, he has led or been closely involved in 29 acquisitions, according to his Capital Council bio, including selling First American to AmSouth for $6.4 billion. He has been a key executive at several banks, including Sovran Bank, Commerce Union and C&S Sovran.
Bottorff has sat on the boards of 11 companies, according to the bio, including Dollar General, where he oversaw the process that led to the sale of Dollar General to KKR for $7 billion.
“CapStar has accomplished much as it has grown from a start-up into a customer focused, high-performing institution,” Bottorff said in the release. “Jay Turner’s abilities and experience uniquely qualify him to lead the board and to partner with [CapStar CEO] Tim Schools and our outstanding associates. CapStar is well positioned for a bright future.”
CapStar (Nasdaq: CSTR) is Nashville’s 12th-largest bank, according to Nashville Business Journal research, with $1.86 billion in local deposits and $3.1 billion in total assets. The bank employs about 400 people.
As managing director at MarketStreet Enterprises, Turner has helped shape Nashville’s Gulch neighborhood into a leading development target. He currently sits on the boards of the Country Music Hall of Fame and the Nashville Downtown Partnership and previously sat on the boards of Cumberland Heights and the Frist Center for the Visual Arts, according to the release. Turner’s grandfather founded Dollar General.
“I look forward to working with Jay in his new role as he leads our board and supports our vision to be the employer of choice and the go-to financial services provider in the markets we serve,” Schools said in the release. “On behalf of the board and the CapStar team, I thank Denny for his leadership the past 14 years.”
The move comes as CapStar has recorded two straight quarters of record earnings, with net income of $13.1 million or $0.59 per share in the third quarter. The bank’s share price has also been on the rise, jumping from around $15.50 per share when Schools became CEO in 2019, to $20.99 per share, as of Friday afternoon.
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