FNB Oxford Purchases Bank Building
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Officials with FNB Oxford Bank pause for a picture after closing on the purchase of the bank building at 400 North Main in Water Valley. FNB opened the new branch, FNB Water Valley, last November after leasing the building, and completed the purchase from White Brothers Investments Friday morning. Linda and Tommy White (right) hand the keys to FNB Water Valley VP, Market Manager Justin Canterbury as (from left) realtor Lee McMinn; FNB SVP, General Counsel/CDFI Coordinator James Harper and FNB President and CEO John Barrett witness the exchange.
WATER VALLEY – Ownership of the building located at 400 North Main changed hands Friday as FNB Oxford Bank became the third owner of the property since 1892. FNB Oxford Bank opened a branch, FNB Water Valley, last November after initially leasing the building from White Brothers Investments.
“This is the next step, we are excited and look forward to the days, months and years ahead,” FNB President and CEO John Barrett reported after the closing. “We are a long-term player in Water Valley and we are very thankful for the warm welcome we have received from everybody in the community.”
“My brother, John White, and I wish to express our appreciation to FNB Oxford, for the way they have made this transaction happen for the betterment of the Water Valley community,” Tommy White noted after the closing. “Because this was the former bank building for The Bank of Water Valley, it was a perfect fit for FNB,” White added.
The Bank of Water Valley first opened at the location in 1892. The original building was demolished in 1984 and the current building was constructed on the same site. The Bank of Water Valley merged with The Peoples Bank and Trust in 1988 and continued operating in the building until 1997 when the bank moved to a new location on Central Street in Water Valley.
The White brothers were only the second owners of the property since the Bank of Water Valley acquired the property in 1888.
Barrett also reported the next step is installing a drive-thru for the new branch. Barrett said plans are to install an Interactive Teller Machine (ITM). FNB purchased the building from White Brothers Investments.
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 over 90 people.
