Question 1

What is Bank of Kilmichael?

Accepted Answer

Bank of Kilmichael is a community-focused commercial bank headquartered in Kilmichael, Mississippi. With approximately $325 million in total assets and five full-service branches across rural Mississippi, the bank specializes in serving underbanked communities in the state's central region.

As a certified Community Development Financial Institution (CDFI), Bank of Kilmichael has demonstrated a track record of providing accessible financial services to areas with limited banking options. The institution is a state-chartered bank, operates as an S-Corporation, holds membership in the Federal Reserve System, and maintains fiduciary powers.

Question 2

When was Bank of Kilmichael founded?

Accepted Answer

Bank of Kilmichael was established on September 16, 1904, making it one of Mississippi's oldest continuously operating community banks. The bank was founded to serve the agricultural and small business community in Montgomery County during a period of economic growth in rural Mississippi.

For over four generations, the bank has been owned and operated by the Mortimer family, maintaining its commitment to personalized customer service and community banking principles. This family ownership has enabled the bank to maintain stability and continuity in its mission to serve small-town Mississippi communities through more than a century of economic changes.

Question 3

Where is Bank of Kilmichael headquartered?

Accepted Answer

The bank's main office is located at 120 North Depot Avenue in Kilmichael, Mississippi. Kilmichael is a small town in east-central Montgomery County with a population of approximately 639 residents as of the 2020 census.

The town is situated along U.S. Route 82, approximately 10 miles east of Winona, the Montgomery County seat.

Question 4

Where does Bank of Kilmichael operate?

Accepted Answer

Bank of Kilmichael operates five full-service branches across central Mississippi, all concentrated in rural communities within the state's central region:
• Kilmichael (Main Office) - 120 N Depot Ave, Kilmichael, MS 39747
• Winona Branch - 509 N Applegate St, Winona, MS 38967
• Ackerman Branch - 9060 Mississippi Hwy 15, Ackerman, MS 39735
• Mathiston Branch - 24944 MS Highway 15, Mathiston, MS 39752
• Eupora Branch - 1079 Veterans Memorial Blvd, Eupora, MS 39744

All five branches serve Montgomery County and surrounding areas, focusing on communities often underserved by larger regional banks. The bank employs approximately 49 staff members across its branch network.

Question 5

What services does Bank of Kilmichael offer?

Accepted Answer

Bank of Kilmichael provides a comprehensive range of traditional community banking services tailored to rural Mississippi customers:

Personal Banking: Checking accounts, savings accounts, certificates of deposit, individual retirement accounts, and personal loans including installment loans and credit card services.

Business Banking: Commercial checking and savings accounts, commercial and industrial loans, and business deposit services. The bank maintains a commercial lending specialization with particular expertise in agricultural and small business financing.

Real Estate Lending: Residential mortgages and commercial real estate loans, which comprise a significant portion of the bank's $175.9 million loan portfolio.

Digital Services: Online banking platform, mobile banking applications, enhanced deposit ATMs for cash and check deposits, debit card services with lost/stolen card replacement, and online check reordering capabilities.

The bank also offers financial calculators on its website and provides personalized assistance through its branch network.

Question 6

What makes Bank of Kilmichael unique?

Accepted Answer

Bank of Kilmichael distinguishes itself through its CDFI certification and commitment to underbanked communities. As President and CEO Buddy Mortimer has stated, the bank has "demonstrated a track record of effectively serving these un-banked areas with loan and deposit services."

Family Ownership: Four generations of Mortimer family leadership have maintained a culture of personalized service where employees know customers by name—a hallmark of Southern hospitality banking.

Community Development Focus: The bank received a $47,599 Bank Enterprise Award (BEA) from the CDFI Fund in 2020, recognizing its work in providing financial services to economically distressed communities.

Strong Financial Performance: With a return on assets (ROA) of 1.13% and return on equity (ROE) of 22.25%, the bank demonstrates robust profitability while maintaining its community mission.

Rural Market Expertise: By focusing exclusively on small towns in central Mississippi, the bank has developed deep expertise in agricultural lending, small business financing, and the unique needs of rural communities.

Question 7

What type of financial institution is Bank of Kilmichael?

Accepted Answer

Bank of Kilmichael is a state-chartered commercial bank with a commercial lending specialization. The institution is regulated by the Federal Reserve as its primary federal regulator and maintains membership in the Federal Reserve System.

As a state member bank, it operates under Mississippi state banking law while also adhering to federal banking regulations. The bank holds FDIC insurance (Certificate #9775) and operates as an S-Corporation for tax purposes. With its fiduciary powers (though not currently exercised), the bank has the legal authority to act in trust capacities if it chooses to activate those services.

The bank's CDFI certification further defines its mission as a community development financial institution dedicated to serving low-income and underserved markets.

Bank of Kilmichael

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About Bank of Kilmichael in the United States