Merchants & Planters Bank

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Merchants & Planters Bank
(731) 658-7788
411 W Market St, Bolivar, TN

Mission Statement
The mission of Merchants and Planters Bank is to be the financial institution of choice in the communities in which we operate and serve while providing a fair return to our stockholders, offering quality financial services and products to our customers, and a work environment which encourages professional development of each of our employees and aggressively strive to become a successful team.


M&P Bank History
Merchants and Planters Bank was organized on July 18, 1905 when sixteen shareholders met and elected the bank’s first Directors. Mr. A. S. Anderson was elected as President, Mr. W. T. Smith was elected as Vice-President, and Mr. S. P. Harris was elected as Cashier.

In October 1905, a charter was granted from the State Banking Department in Nashville and the bank opened its doors for business. During the Depression Years (1930s), Merchants and Planters Bank qualified for Federal Deposit Insurance that was established by Congress to insure depositors against loss up to $5,000.

In 1958, the bank completely renovated the first established locality in Toone to serve its customers better and expanded its facilities by purchasing the Bradford building next door. In 1973, the Bank undertook an extensive remodeling program by combining the present building in Toone and the Bradford building into one bank office.

In September 1982, the bank branched into Bolivar, Tennessee. Later in October 1996, the bank opened its second branch in Bolivar, Tennessee. This branch is known as the “West Branch” and serves as the operations center of the bank.

In an effort to continue to serve the banking needs of Hardeman County, the bank opened a third branch in Whiteville, Tennessee in July 1999 and a fourth branch in Middleton, Tennessee in April 2000.

A change in ownership was consummated in February of 2008. The new ownership group continues to have Hardeman County residents serving on the Bank’s Board of Directors with Dr. Jerry Wilhite, DVM serving as Chairman of the Board and Nancy Nelms Wilson serving as Vice Chairman. This ownership change brought with it several leadership changes with Chuck Newell being named as President and CEO of Merchants and Planters Bancshares, the sole bank holding company for Merchants and Planters Bank and Tommy Sain, a lifelong resident of Hardeman County, being named President and CEO of the bank.

In May of 2009, permission was granted by the State Department of Banking for the opening of a loan production office in Jackson, Tennessee. Mr. Chuck Newell will serve the Jackson community from this new office on 1143 Rushmeade.

The bank continues to look for growth opportunities and ways to improve delivery channels of products and services to our customer base. The staff at Merchants and Planters Bank is thankful for the many relationships they are privileged to have with the fine folks of Hardeman County and the surrounding areas.