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,” said William McKellar, CEO and president of Tallahatchie County Bank. “They operate the same way we do. We are people-oriented and not just number-oriented.”
McKellar praised the marriage of TCB and Bank of Commerce, explaining, “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,” said Bryan Thornhill, CEO and president of Bank of Commerce. “When we met for the first time it was just such a natural fit.”
Bank of Commerce was founded in Greenwood in 1904 and currently has five locations across the state: one each in Columbus, Starkville and Oxford, and two in Greenwood.
Tallahatchie Home Bank was founded in 1913 in Charleston, and rebranded as Tallahatchie County Bank in the 1930s, following the Great Depression.
“I’m most excited about meeting the people of Tallahatchie County and serving this area,” said 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 attributed to great customers and good employees. The addition of Tallahatchie County Bank will bring the bank’s 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.
For more information on Bank of Commerce, visit www.bankcom.com.
IN THE PHOTO: From left, Tallahatchie County Bank Vice President Rob Rowland, Tallahatchie County Bank CEO and President William McKellar, Bank of Commerce CEO and President Bryan Thornhill and Bank of Commerce Vice President Zach Luke pause for a photo during a recent meeting in Charleston. (Photo special to The Sun-Sentinel)
