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.  A branch was opened in Laurel in 2005 to serve Jones County. 

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.

Management of the Bank has remained consistent, with no major changes in senior management since 1985. 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 from its main office and drive-thru facilities in downtown Bay Springs, and from its branches in Heidelberg and Taylorsville. Banking hours are from 8:30 a.m. to 4:00 p.m. Monday through Thursday, and 8:30 a.m. to 5:00 p.m. on Friday. Drive-Thru service only is available in Bay Springs on Saturday from 8:30 a.m. to 12:00 noon. 24-hour service is available to the Bank's customers at ATMs located in short Stop #1 in Bay Springs, and an on-site ATM at the Taylorsville office.

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 February 25, 2008 were $201,224,324.00 

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 makes housing loans to all credit-worthy applicants, and 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. 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. 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 with its new name. 'A New Name for an Old Friend'  Magnolia State Bank.

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