Magnolia Bank history

Magnolia State Bank is a state-chartered financial institution, established in 1975 as Jasper County Bank.

Thomas E. Brown joined Jasper County Bank in May of 1977.

The Bank operated in one location until 1980 when the Board of Directors applied for and received regulatory approval to establish a banking center in LaRue County.

On February 2, 1981, the Bank opened its first branch in Hodgenville, KY. Since then, Magnolia Bank has grown to open additional banking centers in Hodgenville and Elizabethtown, KY. Magnolia Bank has also expanded its Mortgage Lending Division with offices located throughout the United States.

In 1982, Brown and Chairman Abney formed The Magnolia State Corporation, a one-bank holding company which continues to own the Magnolia State Bank.

Another branch was opened in Taylorsville in 1989.

In December 1996, the Bank was the successful bidder of a Fifth Third branch office at 606 North Lincoln Boulevard in Hodgenville.

In November 1998, the Board of Directors applied for and received regulatory approval to relocate the 606 North Lincoln Boulevard branch south of Hodgenville near the Parkway Plaza Shopping Center.

In 1999, the Board of Directors decided the time was right for the bank to expand into more communities across 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.

In April 2003, the Board of Directors applied for and received regulatory approval to establish a banking office at 651 West Dixie Avenue in Elizabethtown.

The 3,600-square foot full-service facility opened in February 2004 with a staff of eight bank employees.

In 2005, Magnolia State Bank opened a location in Laurel to serve the residents and businesses of Jones County.

Since 2008 Magnolia Bank has grown its Secondary Market Mortgage Lending Division to now have mortgage offices across the United States.

In 2009, the Bank celebrated ninety years serving our customers and community.

In 2010 the bank established Lease One Magnolia, a subsidiary located in Louisville, KY and specializing in commercial leases.

In April 2016, the Board named Barbara Brown Chairman of the Board of The Magnolia State Corporation and Magnolia State Bank.

The bank’s most recent constructed facility addition is its Hattiesburg office located on Highway 98, which was opened for business in the spring of 2017.

In November of 2018, Magnolia Bank opened Magnolia Center at 649 West Dixie Avenue in Elizabethtown, KY. Magnolia Center is a three-story building comprised of office space for Administration, Loan Services, and Compliance departments.

Deena London was elected the fifth president of Magnolia Bank in 2019 and currently serves as President and Chief Operating Officer.

As of September 2020, Magnolia Bank has grown to over $400 million in total assets and is one of the top producing mortgage originators in the country with over $1 billion in home loans closed annually.