Bank of Franklin CEO Brad Jones said a number of factors convinced the bank to expand into Pike County.
Speaking before the McComb Lions Club Tuesday, Jones said the plan is to open a temporary branch office on Apache Drive this year.
“It was a combination of things as to why we chose to come to Pike County,” Jones said. “We already go into Lincoln County. Our population in Franklin County is 8,000. We had more relationships with Lincoln County because of traffic patterns. That was the first step out of Franklin County in 95 years. ... Pike County is probably the second most attractive market for various reasons. ... In Pike County, we felt we’d be a part of the community.”
Bank of Franklin board vice chairman Buddy Prestridge and Jake Burris, its new city president, also attended the meeting.
Jones said the branch will start with seven employees.
Prestridge has been in the banking business for 53 years. He started work in McComb with Mechanics Bank in 1960. In 1976, he left McComb to work in Hazlehurst.
“I’m glad to get back to McComb,” he said. “I think the Bank of Franklin has a lot to offer McComb. We’ll have full service and lock box operations, which are unique. We’ll also take (C Spire Wireless) payments.”
The 33-year-old Burris is a North Pike graduate.
“Mr. Buddy and I are eager to get over here. I feel like we’ve got a great spot over there for a footprint in McComb,” Burris said. “I’ve been doing a lot of loans on tops of cars, so it will be nice to finally have a branch.”
The Bank of Franklin was established in 1912 by founder Dan R. McGehee.
Jones said McGehee’s influence prevented a run on the bank during the 1930 when the Great Depression was under way. He said residents felt the institution was stable because of McGehee.
“We then became known as the bank that can’t be busted,” Jones said.
