UMB makes plans to buy Commercial Bank

Published 12:00 am Thursday, August 14, 2003

WOODVILLE &045; Commercial Bank of Woodville has tentatively agreed to accept a buyout offer from the Natchez-based United Mississippi Bank, UMB President Sammy Porter said Tuesday.

&uot;We’ve tendered an offer that they’ve indicated they are willing to accept.

That’s all still subject to regulatory approval,&uot; said Porter.

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Boards of directors at both banks must agree to the merger before the proposal is submitted to state and federal regulators for review.

Final approval of the plan could come as early as mid-October, according to a press release issued by both banks.

&uot;UMB is a community bank just like Commercial BankŠWe have a lot of friends in Wilkinson County.

This is not a mega-bank taking over a small one,&uot; said UMB Executive Vice President John Christian.

Commercial Bank, founded in 1913, currently operates at two locations in Woodville and a branch office in Centreville.

With the merger, UMB will expand its operations to nine locations in Centreville, Fayette, Natchez and Woodville.

Christian said there are no plans to change employees at Commercial Bank.

No decision has been reached regarding a possible name change for the bank.

Commercial Bank President Mark Thompson said customers will benefit from the merger.

&uot;This will give our customers many more options and products that we have just not been able to provide at this time,&uot; Thompson said.