HATTIESBURG, Miss.--(BUSINESS WIRE)--
What’s the difference between a community bank and a Wall Street bank? A community banker will tell you it is the difference between night and day.
The educational TV series In View, hosted by former CNN anchor Larry King, provides the nation a clear picture of the difference and the powerful economic impact of community banks on local economies. This Saturday, March 30th, at 3:30 p.m. CDT the program will air on Fox Business Network and it features The First, a south Mississippi bank headquartered in Hattiesburg. The First was chosen among twelve community banks across the nation to tell the community bank story to a national audience. The half hour documentary was produced by Profiles Series an award winning production company.
In explaining the role of a community bank on In View, The First CEO and President, Hoppy Cole, says, “The community bank follows a simple business model, we gather deposits locally, we reinvest those in our local communities to people we know, people that we sit on boards with, people that we go to church with, that we see out Friday night at the football games. So all our resources, all of our profits center and stay locally. If we followed that model country-wide we would really just be getting back to what built the nation…local banks funding local economies that grow strong independently, building a strong foundation for a nation to go forth and prosper.”
Also featured in the program are coast developer Joe Cloyd, Cloyd and Associates, and Hattiesburg auto dealer, Tony Petro, General Manager Petro Nissan.
Cloyd says, “Community banks get to know you as a person and know your business specifically because you are dealing with the decision maker and the folks that provide access to credit that businesses so desperately need these days. They can invest in the things that provide true economic sustainability like downtown redevelopment.”
Petro says, “It is very easy to go to the local folks because we know them all and they didn’t have to run our request up the flag pole to New York City or Chicago or Charlotte to get approval for what we needed to do. I don’t need to wait for large corporations with guys in backboard rooms making those decisions as to whether I can be loaned the money or not.”
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Miss., is the parent company of The First, A National Banking Association. Founded in 1996 near Hattiesburg, Mississippi The First has grown rapidly through south Mississippi and Louisiana providing services competitive to those found at larger regional banks. The First has approximately $720 million in assets and currently has 18 locations operating in south Mississippi and Louisiana. The company’s stock is traded on Nasdaq Global Market under the symbol FBMS. Information is available on the company’s website www.TheFirstBank.com.
- Society & Culture
- community banks
- Fox Business Network
M. Ray Cole, Jr., President and CEO, 601-268-8998
Jennifer Trussell, Marketing Director, 601-268-8998