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COFFEEVILLE – The announcement that Renasant Bank will close the Coffeeville branch in April prompted input from county officials during the first Board of Supervisors meeting of the year.
“People have called me or stopped me and wanted to know what the board is going to do about the bank closing,” District 4 Supervisor Eddie Harris reported during Monday’s meeting at the Coffeeville courthouse. “I just want to go on the record and say we are aware of it. Whatever we can do to get another bank in Coffeeville, we will try,” Harris noted.
Officials at Renasant reported in December that the Coffeeville branch will be consolidated with the Water Valley banking operations and the last day of business in Coffeeville will be Friday, April 2.
“I wonder if another bank would think about opening a branch here?” District 5 Supervisor Gaylon Gray asked during Monday’s discussion.
“I have reached out to a local community bank about it,” Board President Cayce Washington answered. “But that is a decision they will have to make. I don’t think this board has any influence, one way or another, about what a private business wants to do. We certainly can encourage that and I think we would, but at the end of the day it is really a business decision. Does it make financial sense?” Washington added.
“It is a pretty busy branch,” Gray continued. “The problem we have is with the elderly population, they are going to have to go to Water Valley, Bruce or Oakland,” he noted about in-person banking in neighboring towns.
Monday’s meeting also coincided with the annual opening of depository bids and marked the first time in years Renasant did not submit a bid to bank the county’s funds. Supervisors awarded the bid to Mechanics Bank, the sole bidder. In years past, both Mechanics Bank and Renasant Bank submitted bids. While most years Mechanics Bank was the high bidder, offering to pay the highest interest rate, supervisors also awarded an alternate bid to Renasant to allow county departments located in the Coffeeville courthouse to make daily deposits locally.
Without the bid from Renasant, supervisors noted that employees in the departments at the Coffeeville courthouse will have to make daily deposits at Mechanics Bank in Water Valley.