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Progressive Bank CEO Steve Rains Found Dead At His Home Monday
April 19, 2017

Stephen L. Rains, CEO of Progressive Savings Bank and Rains Agency, was reportedly found dead at his residence on Monday, April 17.

No other details were available at press time on Tuesday.

On Tuesday morning, Mark Justice, Executive Vice President of Progressive Savings Bank, issued the following statement:

“It is with great sympathy that the Directors, Officers, and Employees of Progressive Savings Bank and the Rains Agency announce the recent death of our President and CEO, Stephen Rains, on Monday, April 17, 2017. Our thoughts and prayers are with his family and our deepest sympathies go out to them. He will be greatly missed by all who knew him. Through this difficult time, Progressive Savings Bank and the Rains Agency will continue its mission of serving our communities.”
Filed Under: News Tagged With: Fentress County, Fentress County Newspaper, Jamestown TN

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The Fentress Courier is a weekly newspaper published in Jamestown, TN. The Fentress Courier is published on Wednesdays and

http://www.fentresscouriernews.com/progressive-bank-ceo-steve-rains-found-dead-at-his-home-monday/

STEVE RAINS, CEO OF PROGRESSIVE BANK, RAINS INSURANCE FOUND DEAD

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Tuesday, April 18, 2017

Steve Rains, CEO of Progressive Savings Bank and The Rains Agency insurance company was found dead yesterday in Fentress County at his residence TBI is investigating. No cause of death has been released yet.
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http://crossvillenews1st.com/steve-rains-ceo-progressive-bank-rains-insurance-found-dead/

AREA BUSINESS MAN FOUND DECEASED IN FENTRESS COUNTY
18 Apr 2017
/Scott Humphrey
/Comments are Off
A well known area businessman was found deceased yesterday in Fentress County. Steve Rains was Chief Executive Officer of Progressive Savings and Loan as well as the Rains Agency. Progressive Savings and Loan and the Rains Agency has locations in Jamestown, Crossville, Homestead, Fairfield Glade, Wartburg and Cookeville.

According to the Fentress County Sheriff’s Department, the Tennessee Bureau of Investigation is in charge of the case. Rain’s body was discovered at his residence in Fentress County yesterday. A cause of death was not released by detectives. Funeral announcements will be released later this week.

http://1057news.com/2017/04/18/area-business-man-found-deceased-in-fentress-county/

Progressive Bank CEO Steve Rains Found Dead At His Home Monday
April 19, 2017

Stephen L. Rains, CEO of Progressive Savings Bank and Rains Agency, was reportedly found dead at his residence on Monday, April 17.

No other details were available at press time on Tuesday.

On Tuesday morning, Mark Justice, Executive Vice President of Progressive Savings Bank, issued the following statement:

“It is with great sympathy that the Directors, Officers, and Employees of Progressive Savings Bank and the Rains Agency announce the recent death of our President and CEO, Stephen Rains, on Monday, April 17, 2017. Our thoughts and prayers are with his family and our deepest sympathies go out to them. He will be greatly missed by all who knew him. Through this difficult time, Progressive Savings Bank and the Rains Agency will continue its mission of serving our communities.”

http://www.fentresscouriernews.com/progressive-bank-ceo-steve-rains-found-dead-at-his-home-monday/

STEVE RAINS, age 54 of Jamestown, passed away on Monday, April 17, 2017 at his home.

Stephen L. Rains was born August 7, 1962 in Louisville, Kentucky to Lyndon & Jo Ann (Foy) Rains. He graduated magna cum laude in English from Tennessee Tech University in 1985 and later received an additional degree in History. He served as the student body association president and received the university's most prestigious student award, the Derryberry Award. After graduating from Tech, he earned a law degree from the University of Tennessee in 1988 before returning to his hometown of Jamestown to practice law and support the family business at The Rains Agency. Following the untimely death of his father in 2004, Steve took over as President and CEO of Progressive Savings Bank and The Rains Agency. He has served on the Fentress County Industrial Development Board and various other community organizations.

Steve was passionate about Tennessee Tech. In 2007, he gave the fall commencement address at his alma mater, honoring his father and talking about the lessons learned as a student and entrepreneur. Steve was the past chairman of the TTU Foundation Board of Trustees and a member of the TTU President's Club 1915 Society.

Steve was personally known for his generosity. In addition to his own giving, in 2004, Steve and his associates formed The Rains Foundation in honor of his father Lyndon, to support scholarship, athleticism, physical vigor, sportsmanship, commerce and entrepreneurship. Since its inception, the Foundation has awarded more than $200,000 in college scholarships to students from the Upper Cumberland.

Steve loved to travel and he attended Bruce Springsteen concerts regularly, but his most gratifying achievement and pleasure was his family, being a loving, caring husband to Emily and the father of his two beautiful children. He would often comment that he was at his best when he was being a loving parent.

Funeral service will be Friday, April 21, 2017 at 7:00 PM at the York Institute Gymnasium. A private burial will be held at a later date.

The family will receive friends on Friday, April 21, 2017 from 4:00 PM to 7:00 PM at the York Institute Gymnasium.

He is survived by his:
Wife, EMILY (PHILLIPS) RAINS
Son, JACK PHILLIPS RAINS
Daughter, LYNDON KATE RAINS
Nieces, REGINA BOYCE
RACHEL BOYCE
A Host of Aunts, Uncles, Cousins
Mother & Father-in-Law, CINDY & OTTIS PHILLIPS

He is preceded by his:
Father, LYNDON RAINS
Mother, JO ANN (FOY) RAINS
Sister, MICKEY PENNINGTON-BOYCE
Infant Brother, MICHAEL RAINS


IN LIEU OF FLOWERS, THE FAMILY HAS REQUESTED DONATIONS TO BE MADE TO THE RAINS FOUNDATION AND DONATIONS CAN BE LEFT AT JENNINGS FUNERAL HOMES OR THEY CAN BE MAILED TO:
Rains Foundation
c/o Progressive Savings Bank
500 North Main Street
Jamestown, TN 38556


JENNINGS FUNERAL HOMES OF JAMESTOWN IN CHARGE OF SERVICES FOR STEVE RAINS OF JAMESTOWN.

Service Information

http://www.jenningsfh.com/notices/Steve-Rains



Progressive Savings Bank taps new CEO
By
Liz Engel -
April 21, 2017
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“It’s business as usual. He wouldn’t have wanted it any other way”

COOKEVILLE – Progressive Savings Bank has chosen a new chief executive officer following the passing of its long-time leader, Steve Rains.

Rains, 54, passed away Monday at his Fentress County home. He was 54.

Bank officials issued a release Thursday announcing the succession plan and changes.

Below is that statement; it is reprinted in its entirety:

Following the recent passing of Progressive Savings Bank CEO Steve Rains on Monday, officials at the Cookeville branch paused to speak privately with employees, but otherwise it was business as usual. That’s because Rains would have wanted it that way, said his CFO, Gary Hicks.

Rains’ father, Lyndon Rains, founded Progressive Savings Bank in Jamestown in 1980. After his passing in 2004, Lyndon was succeeded by his son.

“If you knew Lyndon and Steve, you knew they were loving, caring people, and that’s how they expected us to treat customers,” Hicks said. “The vision is there. We’re an extension of Steve and Lyndon, and that’s not going to change. Tragic as this has been, it’s business as usual. He wouldn’t have wanted it any other way.”

As part of the bank’s succession plan, Hicks has moved into the CEO position. Another long-time peer, Scott Edwards, is stepping forward as chairman of the PSB board of directors. Edwards and Rains were schoolmates; Edwards, CEO of the manufacturing firm Micro Metals Inc., has also been a PSB shareholder for years.

“I’ve known Steve a long time, but I’ve only been part of the bank proper for the past few years,” Edwards said. “Throughout our meetings this week, there has been a common thread – that we have the utmost confidence in staff and executives. Any organization of this size has to be able to withstand the loss of one person. Steve knew that. He had a succession plan, because the worst thing you can do is not plan for the worst-case scenario.”

The roots of PSB lie in the Rains Insurance Agency, a company founded in 1927 and operated by Steve’s father and uncle for a number of years before Lyndon Rains and other Fentress County business leaders formed a savings and loan. PSB opened in 1980 in Jamestown with capital assets of $1 million. It’s since grown to six branches with assets totaling more than $280 million. From the original insurance agency and bank and its branches, the operation has added subsidiaries, including Cravens and Company Advisors LLC as well as the Rains Foundation Charities.

The Rains family has always been fiercely proud that the operation is independent and locally owned. Most of the current management team members have been with PSB for 30 years or more. That includes community presidents Karen Cole, who runs the three Cumberland County branches, and John Davis, who manages the Wartburg branch – the first established outside Fentress County.

“It’s basically the same management team that’s been here since Steve took over after his father passed away,” Hicks said. “Most of us went through that. The operational portion won’t change. Steve’s management style was to let us do our jobs, and that’s going to hold us in good stead as we move forward.”

Marilyn Mullinix, president of the Cookeville branch, is a relative PSB newcomer, joining the firm 13 years ago in business development.

“It was his daddy’s vision to come to Cookeville,” Mullinix said. “I remember we were sitting in the board room one day, a few months after I started, and he said, ‘I’d really like to open a bank in Cookeville,’ and I said, ‘Would you like me to go run it for you?’ and he said, ‘Would you?’ Steve was a great boss, compassionate. He was a good man, loved everybody. He wanted to help people monetarily. We’ve flourished under his leadership.

“I’m hurting, I’m sad, but I feel like we’re going to be OK, because this is what he wanted,” Mullinix said. “We know what he wanted us to do, and we’re going to do it. I very much respected him and he respected me as a banker, and that meant a lot to me.”

Edwards has spent time with bank employees over the past few days as a show of support and to underscore the shared loss.

“The senior staff – and the whole board – have the utmost confidence that we’ll continue to work with the vision of Lyndon and Steve,” said Edwards. “We have a certain level of service we want to provide to this community. We’re not just serving customers, we’re serving this community. We’re continuing the legacy the Rains family established.”

The Rains family will receive friends from 4-7 p.m. Friday, April 21, at the York Institute Gymnasium in Jamestown. A private burial will be held at a later date.
http://ucbjournal.com/progressive-savings-bank-taps-new-ceo/