Growing a bank from the ground up

By By William F. West / community editor
Feb. 16, 2003
Chuck Nicholson believes Community Bank is probably the most unique bank in Mississippi.
The bank dates back to 1905 and grew from its origins as Farmers and Merchants Bank in Forest.
But Nicholson said the important year to remember is 1969, when the bank's board chairman, Thomas Colbert, took a $500 million to $600 million financial institution and began developing it.
Community Bank is now owned by a holding company, Community Bancshares of Mississippi Inc., headquartered in Brandon. It is also affiliated with Pinnacle Trust Co., a Jackson-based wealth management firm led by economist Stacey Wall.
Currently there are seven Community Banks in the state with combined assets more than $1 billion.
They are:
Community Bank of Forest and Raleigh.
Community Bank of Jackson, Brandon and Flowood.
Community Bank of Meridian.
Community Bank of Laurel, Hattiesburg, Ellisville and Sandersville.
Community Bank of Indianola.
Community Bank of Southaven, Olive Branch and Hernando.
Coast Community Bank, which serves Biloxi, Gulfport and Ocean Springs.
The banks share ownership of an operations center in Forest.
Nicholson said all of the banks' presidents are members of the advisory board of the holding company, which meets monthly.
But Nicholson said there's no major hierarchy because all of the banks are independently chartered with their own boards of directors. Each is managed according to its community's needs, an underlying philosophy of local decision-making that he said guides his bank's operations.
Community Bank of Meridian has more than $100 million in assets and 25 employees.