Where We Came From

The History of PriorityOne Bank

To understand where you’re going, it’s important to know where you’ve been. History tells a compelling story of culture, determination, and the resilience behind any successful organization. Ours is no exception.

On October 31, 1905—Halloween—a group of 20 local businessmen and citizens in Seminary, Mississippi, came together to establish an independent community bank: the Bank of Seminary. Initially planning to raise $25,000 in capital, the group was met with overwhelming community support. Stock subscriptions totaled $26,800, and a committee was appointed to politely decline some offers in order to reduce the total back to the intended $25,000.

At the following organizational meeting, 15 of the original 20 organizers were elected to the first Board of Directors. J.M. Graham was named Chairman, F.W. Foote was elected President, J.J. Bethea became Vice President, and J.N. Wright was appointed as Cashier—earning an annual salary of $1,000, making him the bank’s only paid employee at the time.

F.W. Foote, the bank’s first president, also served as President of First National Bank of Hattiesburg and had just completed a term as Chairman of the Mississippi Bankers Association. He later served on the first Board of Directors of the Federal Reserve Bank of Atlanta from 1914 to 1935. His legacy continued through his son, Lawrence Y. Foote Sr., who later became President of First National Bank of Hattiesburg and Chairman of First Mississippi National Bank. His grandson, Lawrence Y. (Larry) Foote Jr., also served as an executive officer with First Mississippi National Bank.

By May 1907, the Bank of Seminary had accumulated significant cash reserves—$8,848—and a vault was built to safely secure the funds. By June 1914, the bank's total assets had grown to $36,450, with $1,133 in cash. Each board meeting included the duty of physically counting and verifying the cash on hand to ensure accuracy.

Growth continued steadily, and by December 31, 1926, the bank’s total assets reached $114,782.

The 1929 stock market crash ushered in the Great Depression. Though the Bank of Seminary survived, profitability and growth became major challenges. In May 1931, the Board implemented new service fees: $0.10 per $100 for out-of-town checks, $0.10 for returned items, and $0.25 for overdrafts or non-sufficient funds (NSF) checks.

On January 9, 1933, the Board voted to apply for membership in the newly formed “temporary” FDIC fund. When the FDIC became permanent on January 1, 1934—insuring depositors up to $2,500—it added a critical layer of protection and confidence that continues today (now insuring deposits up to $250,000).

In August 1934, the Bank of Seminary opened a branch in Collins and decided to relocate its main office to the Covington County seat. The Seminary office became a branch, and the bank was renamed State Bank & Trust Company in September 1934.

Loans remained hard to come by during this era. All lending decisions were made by the Board and required detailed collateral. Board minutes from February 1934 included loans secured by livestock and even named animals—such as a mule named Tom and cows named June and Flossie. Some small loans were declined, including a $50 request secured by a personal residence—today, that individual’s name lives on through a prominent construction company.

Until 1935, all Board minutes were handwritten—typed records began that year.

State Bank & Trust Company operated from Seminary and Collins until 1987, when it was purchased by Bank of Simpson County, expanding operations to five branches across Simpson and Covington counties.

Bank of Simpson County, formed in 1975, shared ownership with a group of local investors who also acquired Citizens Bank & Trust Company of Morton in 1984. Citizens Bank & Trust had been established in 1974 and had grown to five locations across Scott and Rankin counties.

In 1994, all three institutions: the State Bank & Trust Company, Bank of Simpson County, and Citizens Bank & Trust Company—merged to become Citizens State Bank, a name reflecting parts of each original name. At the time, the newly unified bank had $125 million in total assets and ten locations serving Simpson, Scott, Rankin, and Covington counties. The home office was in Magee, Mississippi.

The bank expanded into Lamar County in 2000 and Madison County in 2014.

In March 2003, the bank adopted a progressive and distinct identity: PriorityOne Bank, with the position statement, “Our One Priority is You.” Since then, PriorityOne has experienced significant growth. Today, PriorityOne Bank has over $1.1 billion in total assets and operates seventeen locations across thirteen Mississippi communities: Collins, Seminary, Sumrall, Hattiesburg, Purvis, Magee, Mendenhall, Richland, Brandon, Flowood, Ridgeland, Gluckstadt, Pelahatchie, and Morton. The bank employs more than 250 full- and part-time employees who are dedicated to serving customers with local knowledge and personal attention.

In 1999, the bank acquired The Mortgage Centre, now known as PriorityOne Mortgage, providing long-term mortgage solutions from Hattiesburg to Southaven.

PriorityOne Bank’s Operations Center, located across from the main office, manages centralized banking functions. The bank also operates PriorityOne Financial Services in partnership with Raymond James Financial Services, offering investment options including annuities, mutual funds, stock brokerage services, financial planning, and insurance products.

Our Future

With more than a century of service behind us, PriorityOne Bank remains a proud, independent, community-focused institution committed to meeting the evolving financial needs of Mississippians.

As Maya Angelou once said, “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

At PriorityOne Bank, we believe it’s our relationships that make the difference. When you bank with us, we want you to feel at home—because Our One Priority Is You.