Planters Bank has a rich history and strong future
Planters Bank is committed to providing quality financial services delivered by a friendly and professional staff. As an independent community development financial institution (CDFI Bank), we dedicate our resources to the betterment of our customers, shareholders, employees, and markets we serve.
Planters Bank and Trust Company opened its doors for business in 1920 in Ruleville, Mississippi. In April 1920, the bank had total assets of $268,000.
The bank began to expand into a “system” of banks serving the Central Mississippi Delta region when it opened a branch in Indianola, MS, in 1940. In 1941, a branch office was opened in Sunflower, MS, and in 1951, a branch was opened in Louise, MS. The bank expanded to Greenville, MS, in 1970 and purchased the Inverness, MS bank from Deposit Guaranty National Bank in 1986. The Cleveland, MS branch opened in 1996, and the Greenwood, MS, and Leland, MS offices were opened in 1999. In 2016, Planters Bank acquired Covenant Bank with locations in Clarksdale, Batesville, Tunica, and Southaven. With the acquisition of Covenant Bank, Planters Bank grew to over $1 billion in assets.
In 2021, Planters Bank expanded into New Orleans, Louisiana, with an office on Gravier Street, and in December 2021, Planters Bank acquired First Capital Bank in Germantown, Tennessee. The latest office was opened in Hammond, Louisiana.
A one-bank holding company, “Planters Holding Company,” was formed in early 1981. Planters Holding Company owns 100% of the common stock of Planters Bank and Trust Company. Planters Holding Company operates at the same address of 212 Catchings Street as the bank office in Indianola, MS. The bank has had nine presidents: S. S. Harris, J. T. Thomas, O. H. Levingston, Herman Moore, Sr., Ted Borodofsky, Henry Paris, James H. Clayton, James B. Randall III, and Alan H. Hargett. On September 1, 2019, Alan H. Hargett was named CEO and now serves as CEO/President of Planters Bank and Planters Holding Company. James H. Clayton serves as Chairman of the Board.