Mississippi-based Bank of Commerce has entered into a definitive agreement to purchase Tallahatchie County Bank, the only independent bank in Charleston.
“We are looking forward to this next chapter and feel like it’s a perfect match,” says William McKellar, CEO & President of Tallahatchie County Bank. “They operate the same way we do. We are people-oriented and not just number-oriented. It’s going to be a good opportunity for the employees, stockholders, officers and Tallahatchie County as a whole.”
The acquisition will enable more services for the people of Charleston and Tallahatchie County, with services such as mobile banking, online banking, commercial cash management and the ability to make larger loans.
“We had never really looked at buying another bank,” says Bryan Thornhill, President & CEO of Bank of Commerce. “When we met for the first time it was just such a natural fit.”
Bank of Commerce was founded in 1904 and has five locations across the state: Columbus, Starkville, Oxford and two in Greenwood. Tallahatchie Home Bank was founded in 1913, and rebranded as Tallahatchie County Bank in the 1930’s, following the Great Depression.
“I’m most excited about meeting the people of Tallahatchie County and serving this area,” says Thornhill. “We look forward to taking a good bank and adding additional services and growing it. We already have some good customers and friends in the area, so we can’t wait to grow our presence.”
Over the past 10 years, Bank of Commerce has more than doubled in size, increasing from a $170 million bank to a $400 million bank, which Thornhill attributes to great customers and good employees. The addition of Tallahatchie County Bank will bring the banks total business assets to $460 million.
Closing is scheduled for early 2018. The transaction is subject to regulatory approvals and other customary closing conditions. Both businesses pride themselves on being community-driven banks, making the purchase a smooth transition for both parties and the communities they serve.