By NEMS Daily Journal
ECRU – By the time BancorpSouth closes its office here in August, another bank could be open.
Last month, Tupelo-based BancorpSouth said it was closing 23 branches this fall, in six states to improve efficiency and profits in a “branch optimization” plan. Among the offices slated to close are eight Mississippi locations. Five of the branches are in Northeast Mississippi – one each in Ecru, Hamilton, Houlka and two in Tupelo.
The BancorpSouth office is the only bank in Ecru, having opened in 1949.
Ecru residents started a petition to convince BancorpSouth to keep the branch open, but that won’t be necessary now.
First National Bank of Pontotoc President Buddy Montgomery announced that his bank will be filling the void left by BancorpSouth.
“It is our intention to have a temporary bank set up in Ecru by the middle of August,” Montgomery said. “We will procure land and build a new bank.
“The board is excited and delighted to make this commitment to provide Ecru and the adjoining communities with a bank more convenient to their location.”
BancorpSouth said the list of closures was compiled after a nine-month study. The targeted closings represent $36 million in loans and total deposits of $239 million.
The Mississippi branches represent more than $84 million in deposits, including about $76 million in the five Northeast Mississippi locations.