History
Merchants and Planters Bank traces its roots back to 1946 in Tupelo, Arkansas, when the nation was recovering from World War II.
Businesses and agricultural operations were expanding, and the financial needs for local farmers and merchants were also growing as the economy was on a post-war fast track.
To help meet those financial needs, several community leaders had a dream of a local community-minded bank serving the local community. That philosophy began a tradition that hasn’t changed in nearly 60 years.
J.H. Snapp, owner of the Bank of Tupelo, acquired permission to move the Bank of Tupelo charter to Newport and rename the organization Merchants and Planters Bank. The Bank of Tupelo brought a rich tradition of customer banking principles to Newport. The founding fathers: D.H. Burton, W.A. McCartney, Ralph McDonald, Sr., P.K. Holmes, Jr., R.C. Biggadike, J.A. Thompson, Jr., Fred M. Pickens, Sr., Robert G. Holden and P.L. Copeland had a dream, and that was a bank owned by the people, for the people. That dream prompted others, 43 to be exact, to raise the capital necessary to finance Merchant and Planters Bank.
Since those early days, Merchants and Planters Bank has grown and expanded into three counties, with a total of nine locations, and another four with their affiliate bank Greers Ferry Lake State Bank.
In addition to full service banking, Preferred Choice Financial Services offers a full array of financial planning services. Insurance needs are met through McCartney, Manning, McDonald & Guinn Insurance. Both companies are under the umbrella of M&P Community Bancshares, the holding company for Merchants and Planters Bank.
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