GREENWOOD, Miss. – Bryan Thornhill, president of Bank of Commerce, is announcing that Peoples Bank & Trust Company is in the process of merging with Greenwood’s oldest bank. They each have long histories as hometown financial institutions, and according to senior officials at both banks, that will not change. Thornhill said, “We’ve always kept relationships at the center of what we do, and we know that Peoples Bank has done the same, so it feels like the perfect fit.” The official change is set to take place on May 1, 2019, with the transition of all banking services for Peoples Bank & Trust customers to begin on June 17, 2019. The merger will bring the total assets of the Bank of Commerce to more than half-a-billion dollars.
“There is so much we have in common, from our culture and philosophy about putting customers first, that we knew it was a good match,” said Pate Shackelford, president of Peoples Bank. Shackelford added, “We see this as a good opportunity to grow and expand our services with another good local bank.” Bank of Commerce was founded in 1904, with Peoples not too far behind in 1917, and both survived the Great Depression. Bank of Commerce is headquarted in Greenwood and has locations in Oxford, Starkville, Columbus, and Charleston.
“In looking for ways to bring more resources to our bank in terms of loan and affordable housing options, it was crucial that it be a group we knew would take care of our customers,” said Shackelford, who will remain as president of the Carroll County locations. He stressed that the change is intended to be seamless and that their customers will not have to change account numbers, loans, direct deposits, or ACH drafts.
“Every one of our board members was in agreement that this was a good move,” said Shackelford. According to him, another benefit for customers of Peoples Bank is gaining options for locations and ATMs. He added, “Our customers’ contacts at the bank will not change, and that’s what matters most to us.”