Magnolia State Bank History
Magnolia State Bank is a state-chartered financial institution established in 1975 as Jasper County Bank. A group of local businessmen founded the bank to give residents of Bay Springs and Jasper County an alternative to the one local bank and one savings and loan branch office located in Jasper County. J. I. Jenkins, a long-time local banker, was the first President. Robert L. Abney, Jr., owner of Abney Insurance Agency, served as the Bank's first and only Chairman of the Board until his death in 1990.
The new bank, though faced with many challenges and opposition in its early years, has enjoyed phenomenal growth throughout its history. In 1977, a branch office was established in Heidelberg, on the East Side of Jasper County. In 1989 a branch office, Bank of Taylorsville, was opened in Taylorsville in neighboring Smith County. Then in 2005, Magnolia State Bank opened an office in Laurel to serve Jones County, followed by its most recent expansions to Petal in Forrest County in 2007, Hattiesburg in Lamar County in 2010 and Flowood in Rankin County in 2011.
Thomas E. Brown was elected President and Chief Executive Officer of the Bank in 1979. In 1999 he was also elected Chairman of the Board. In 1982, Brown and Chairman Abney formed The Magnolia State Corporation, a holding company which acquired majority ownership of the Bank.
The bank remains locally owned and is headquartered in Bay Springs.
In 1999 The Board of directors decided the time was right for the Bank to position itself for growth and expansion into other market areas in Mississippi. To facilitate this goal, shareholders unanimously approved changing the bank's name from Jasper County Bank to Magnolia State Bank, effective January 1, 2000.
Magnolia State Bank offers full-service banking to its customers. Drive-Thru service is available on Saturdays in Bay Springs from 8:30 a.m. to 12:00 noon and in Laurel and Petal from 9:00 a.m. to 12 noon. 24-hour ATM service is available at the Bay Springs, Taylorsville, Laurel, Petal and Hattiesburg offices. Customers can check their account balance, transfer funds and pay bills with internet banking and mobile banking services.
Magnolia State Bank's deposits are insured to the maximum allowable amount by the Federal Deposit Insurance Corporation (FDIC).
The Bank's total assets as of June 30, 2014 were $310,627,670.
Each Bank location has a full-service loan department, where all types of consumer and commercial loans are made. The Bank also provides funding to many area poultry farmers, large and small businesses, churches, and city, county and state government entities.
Magnolia State Bank acquired Prime Mortgage, Inc. in January 2010. Then in November 2011, the bank acquired Advantage Mortgage Corp. The two additions allow the bank to offer a full line of mortgage products and services. At the same time, Prime and Advantage will now be able to offer all the traditional banking products, like checking, savings, time deposits and credit cards. Prime and Advantage will also be able to expand its current loan offerings to include construction loans, land loans, lot loans, second mortgages, home equity lines of credit and other types of in house financing. With the addition of outstanding bank products and enhanced mortgage offerings, Magnolia State Bank offers assistance with all financial transactions. Magnolia State Bank is an equal housing lender.
Because of its excellent growth, consistent outstanding performance, and contributions to the communities it serves, Magnolia State Bank has received much recognition and excellent rating from regulatory authorities, performance review organizations, and local government officials. Thomas E. Brown, Chairman, has recently been reappointed by Governor Hailey Barbour to the Mississippi Board of Banking Review for his second five-year term. In 2009, the Mississippi Business Journal selected Magnolia State Bank as one of The Best Places to Work.
The Bay Springs Chamber of Commerce awarded the Bank its 'Community Service Award' in 1994 for outstanding service to, and investment in, the local community. In 2006 Magnolia State Bank was voted #1 Financial Institution by the Readers Choice. The Bank has also been awarded the highest rating of five stars by Bauer Financial Reports, Inc., Coral Gables, Florida, which indicated that Magnolia State Bank is one of the safest in the United States.Magnolia State Bank is proud of its past as Jasper County Bank, and anticipates a bright future as Magnolia State Bank. The Bank opened its doors as an independent bank, making local decisions that are fast and fair. The same tradition continues today. Other hometown banks have disappeared into big corporations but Magnolia State Bank is still here, offering all of the same services. If you want consistency and stability in your bank, if you want to be greeted with a smile and called by your name and not a number, then Magnolia State Bank is the bank for you.