Question 1

What is Bank of Wiggins?

Accepted Answer

Bank of Wiggins is a community-focused commercial bank serving Stone County, Mississippi, and the broader Gulfport-Biloxi metropolitan area. As a state-chartered, FDIC-insured institution not affiliated with the Federal Reserve System, the bank operates with approximately $225 million in total assets and $201 million in deposits.

With three full-service branches across Stone County, Bank of Wiggins specializes in providing personalized banking services to individuals and businesses in rural Mississippi communities. The bank maintains a strong focus on real estate lending, commercial and industrial loans, and construction financing.

Question 2

When was Bank of Wiggins founded?

Accepted Answer

Bank of Wiggins was founded on December 4, 1916, following the liquidation of the former Peoples Bank in Wiggins. The bank's first cashier, Murphy Cooper, famously arrived by train on the evening of December 3, 1916, carrying the cash necessary to open the bank under his pillow overnight due to the train schedule.

S.E. Dunlap served as the bank's first President, while Murphy Cooper started as cashier before advancing to Vice President in 1930 and President in 1945. In its opening year, the bank closed with just $30,098 in total assets, $19,443 in deposits, and $3,499 in loans.

For more than half a century, Bank of Wiggins was the only banking institution in Stone County, giving it a unique position in serving the community. The bank received FDIC insurance coverage on January 1, 1934. Over its 100+ year history, Bank of Wiggins has grown from a small-town operation without electricity—where records were kept by hand and pencil—to a modern financial institution with over $225 million in assets.

Question 3

Where is Bank of Wiggins headquartered?

Accepted Answer

Bank of Wiggins is headquartered at 109 Pine Avenue West in Wiggins, Mississippi. The bank's original location was on First Street in what is now occupied by the Stone County Enterprise newspaper.

Question 4

Where does Bank of Wiggins operate?

Accepted Answer

Bank of Wiggins operates exclusively within Stone County, Mississippi, serving the communities of Wiggins and McHenry. The bank maintains three full-service branch locations throughout the county:
• Main Office: Downtown Wiggins at 109 Pine Avenue West
• South Branch: Highway 49 South (Frontage Road Branch at 1115 Frontage Drive East)
• McHenry Branch: Located in McHenry

All three locations offer drive-through services, and the bank provides access to ATMs at each branch. As part of the Gulfport-Biloxi metropolitan statistical area, the bank serves customers in one of Mississippi's coastal regions while maintaining its commitment to rural community banking.

Question 5

What services does Bank of Wiggins offer?

Accepted Answer

Bank of Wiggins offers comprehensive personal and commercial banking services designed for community needs:

Deposit Products: Multiple checking and savings account options, certificates of deposit (CDs), tax-deferred annuities, and safety deposit boxes. The bank offers Premium and Premium Plus Relationship Accounts with enhanced ATM benefits.

Lending Services: The bank's lending portfolio includes residential mortgages (1-4 family residential loans comprising approximately 30% of the portfolio), commercial real estate loans (20%), construction and development loans (17%), commercial and industrial loans (15%), small business loans (15%), consumer auto loans, and farm loans. The bank specializes in construction lending with significantly higher exposure than typical Mississippi banks.

Digital Banking: Online banking platform with comprehensive account management features, mobile banking apps for iOS and Android devices offering mobile check deposit, bill pay, fund transfers, and transaction monitoring. The bank provides 24/7 digital access to accounts.

Card Services: MasterCard-branded debit cards accepted at NYCE, Cirrus, and Maestro network locations. Bank of Wiggins participates in the SUM Program, providing surcharge-free ATM access at over 2,800 locations nationwide.

Question 6

What makes Bank of Wiggins unique?

Accepted Answer

Bank of Wiggins stands out through its remarkable longevity and unwavering commitment to Stone County. Operating continuously since 1916, the bank served as the county's sole financial institution for over 56 years, establishing deep roots and lasting relationships within the community.

The bank's motto, "Safety and Service since 1916," reflects its century-long dedication to conservative banking practices and personalized customer service. This commitment has enabled the bank to weather multiple economic challenges, including the Great Depression, Hurricane Camille in 1969, and Hurricane Katrina in 2005.

Bank of Wiggins maintains an exceptionally strong capital position with a Tier 1 Leverage Ratio of 14.39%, well above regulatory requirements, demonstrating financial stability and capacity for growth. The bank's Community Bank Leverage Ratio qualification reflects its focus on traditional community banking activities.

The institution's specialization in construction and development lending—representing nearly 17% of its loan portfolio compared to much lower percentages at peer institutions—demonstrates expertise in supporting local real estate development and economic growth.

Question 7

What type of financial institution is Bank of Wiggins?

Accepted Answer

Bank of Wiggins is a State-Chartered Commercial Bank that operates under state banking regulations without Federal Reserve membership. The bank is supervised by the Federal Deposit Insurance Corporation (FDIC) as its primary federal regulator.

As a commercial bank, the institution accepts deposits and makes loans to individuals, businesses, and organizations. Unlike national banks chartered by the Office of the Comptroller of the Currency, state-chartered banks like Bank of Wiggins operate under Mississippi state banking laws while maintaining FDIC insurance coverage for depositor protection.

The bank qualifies as a Community Bank under federal definitions, emphasizing relationship banking, local decision-making, and service to the specific geographic community in which it operates. With 44 employees and three offices serving a single county, Bank of Wiggins exemplifies the community banking model focused on personalized service and deep knowledge of local market conditions.

Question 8

How has Bank of Wiggins performed financially?

Accepted Answer

Bank of Wiggins demonstrates solid financial performance with consistent profitability and conservative lending practices. As of recent reporting periods, the bank generated net income of approximately $1.1 million with a Return on Assets (ROA) of 0.69% and Return on Equity (ROE) of 6.94%.

The bank maintains a healthy loan portfolio of approximately $92 million with a conservative loan loss allowance of 1.40% of total loans. The allowance to noncurrent loans ratio of 231.58% indicates strong coverage for potential problem loans.

Bank of Wiggins experienced remarkable growth following Hurricane Katrina in 2005, when assets stood at $145 million. By 2011, assets had grown to $188 million—an increase of $43 million in just over five years, averaging $8.6 million annually. This growth reflected the bank's role in supporting community rebuilding and economic recovery.

The bank's deposit base of over $200 million provides a stable funding source for lending activities, while the institution's strong capital ratios ensure it remains well-positioned to support customer needs and absorb potential losses.

Bank of Wiggins

in the United States 🇺🇸

Crypto-Friendliness

All done!

About Bank of Wiggins in the United States