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Richton Bank & Trust Company

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Richton Bank & Trust Company

History:

The Bank of Richton closed in 1930 and a new bank was organized that year with E.M. Gavin as President and T.W. Milner as vice president. This was the first organization of the Richton Bank and Trust Company.

However in 1932 the Richton Bank and Trust Company was reorganized with B. M. Stevens appointed President, C.S. Bentley as Vice President and J.D. Hinton, L.D. Roberts, and W. P. Boutwell as Directors.

John Stevens served as President for one year with T.J. Bentley as Vice President and C.N. Pooley, Vice President and Cashier. T. J. Bentley became President in 1935. Mr. Bentley and Mr. Pooley sold their interest in the bank in 1940 to O. B. Bowen and D.P. Granberry, at which time J.W.Pope became President and O.B. Bowen Vice President, Cashier.

Mr. Bowen served in this capacity until his death in 1947 when active management was assumed by J.W. Pope, O.B. Bowen, Jr., and W.F. Bowen.

Richton Bank &Trust Company has grown from an $8 million bank in 1971 to a $84 million bank in 2008. Presently Richton Bank and Trust Company has 26 full-time and 10 part-time employees.

Richton Bank & Trust Company has expanded in the last 8 years to include 3 branches as well as a freestanding ATM. The North Branch was established in November 1997 and the Runnelstown facility opened in September 1998. The full service New Augusta Branch was operational in February 2001 and ATM service became available at Sandhill in August 2001.

In 2004 Richton Bank & Trust Company purchased the old Western Auto lot in New Augusta in anticipation of a permanent, larger structure to be built in the future. The Main Office of Richton Bank & Trust Company began remodeling in 2004 and expanded its facility from 6,000 square feet to 11,500 square feet. The Town of Richton began leasing the Town Square property from Richton Bank & Trust for $1 a year in 2004, as well. In May 2005 Richton Bank & Trust Company purchased a lot in Petal located on Highway 42 in order to build a branch to better serve its customers in the Petal area.

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