FNB Will Open Branch In WV
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FNB will open a new branch in Water Valley.
WATER VALLEY – The site of the original Bank of Water Valley will be the location for a new FNB branch. FNB President and CEO John Barrett told the Herald that the bank will open at 400 North Main Street and operate as FBN Water Valley.
FNB began as First National Bank of Oxford in 1910 and has grown to four locations in Oxford and one location in Tupelo that opened over a decade ago. FNB currently employs around 90 people.
“We don’t do this very often and don’t take it lightly,” Barrett said about expanding outside of Oxford. “We are committed to the communities we serve. We want to play a role in improving the quality of life where we serve. Not only helping with the banking needs, but also with involvement in the schools, churches and youth programs.”
FNB signed a lease-purchase agreement for the building last Friday with White Brothers Investments, owned by brothers Tommy White and John White.
Barrett reported work at the building will start immediately. The building is expected to be opened to customers by the end of the month.
“We will apply for a full-service branch application, but hope to initially open a deposit production office by the end of October. That goal may be a bit optimistic, but we are ready to get there,” he added.
The opening follows a series of changes in the banking business in Water Valley dating back to August, 2020, when Regions Bank closed its branch in the city. Over a year later, in November, 2021, Oxford University Bank (OUB) announced it would expand their services with a new branch in Water Valley scheduled to open in mid-2022. The bank did not open a branch in the city last year.
Also in 2022, Mechanics Bank announced a merger with BankFirst. The merger will be completed this month and the bank will operate as BankFirst.
