Former Reliant banker raises capital for Sonata expansion

A pair with ties to Reliant Bancorp has raised capital to make a national push with a small bank in the Nashville, Tenn., area.

Dan Dellinger and Farzin Ferdowsi recently raised $20 million for Sonata Bank, while opening an office in Brentwood, according to published reports. It is the second location for Sonata, which recently rebranded Sebree Deposit Bank.

Dellinger is the bank’s president and CEO, while Ferdowsi is chairman. Dellinger was Reliant’s chief financial officer, according to his LinkedIn profile. Ferdowsi was a Reliant director.

The $23 million-asset Sonata plans to offer loans nationwide to restaurant franchises through an app.

“Owners and franchisees in the industry are seeing tremendous growth opportunities but face increasing pressures around employee acquisition and retention,” Dellinger said in a press release.

“We see many possibilities to combine the delivery of banking services and other rewards and benefits to employees via an integrated digital app,” Dellinger added. “Not only will it help the employees meet their financial needs, but it is also a differentiating benefit that employers can offer as they work to attract and retain staff.”

Reliant was sold in January to United Community Banks in Greenville, S.C.

The Bank Slate

Former Reliant banker raises capital for Sonata expansion

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The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

About the author

Paul Davis has 20+ years of experience following the banking industry. He is currently director of market intelligence at SRM, an advisory firm that operates in North America and Europe.

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