On July 20, 1919, twenty-eight local men and women invested $15,000 to charter the Bank of Magnolia. On September 29, 1919, the Bank opened for business in a new 500 square foot building in the center of the town of Magnolia, KY. This building was expanded in 1958 and again in 1968.
The Bank's first president was Logan S. Lamkin who served from 1919 to 1957. Howard L. Lamkin succeeded Logan S. Lamkin as president and served in this capacity until 1977. Herbert E. Peace served as the Bank's third president from 1977 until 1983. Ronald L. Sanders was elected the Bank's fourth president in 1983 and retired December 31, 2017, after 34 years.
The Bank operated in one location until 1981. In 1980, the Board of Directors applied for and received regulatory approval to establish a banking office in Hodgenville, KY, the county seat of LaRue County. On February 2, 1981, the Bank opened its first branch, a 2,400-square foot facility, in Hodgenville. This office was enlarged to 3,600 square feet in 1987.
In December 1996, the Bank was the successful bidder of a Fifth Third branch office at 606 North Lincoln Boulevard in Hodgenville. Bank of Magnolia acquired the deposits and building in the transaction. Upon completion of this acquisition, the Bank reached a milestone of 60 million dollars in total assets.
In November 1998, the Board of Directors applied for and received regulatory approval to relocate the 606 North Lincoln Boulevard branch south of Hodgenville near the Parkway Plaza Shopping Center. The 2,500-square foot full-service facility opened in June 2000.
In April 2003 the Board of Directors applied for and received regulatory approval to establish a banking office at 651 West Dixie Avenue in Elizabethtown. The 3,600-square foot full service facility opened in February 2004 with a staff of eight bank employees. As a reflection of this expansion into Hardin County, the bank changed its name to Magnolia Bank. The change honors the bank's past, but also reflects the bank's progressive philosophy of serving new markets.
Since 2008 Magnolia Bank has grown its Secondary Market Mortgage Lending Division and now has twelve offices dedicated to this line of business in eight states.
In 2010 the bank established Lease One Magnolia, a subsidiary specializing in commercial leases. The Lease One Magnolia office is located in Louisville, KY.
In May 2016, the Bank was successful in purchasing the Citizens Union Bank branch located at 637 South Lincoln Blvd. in Hodgenville. Magnolia Bank acquired the deposits, a portion of the loan portfolio and the building in the transaction. The South Lincoln Branch remained a deposit branch of Magnolia Bank until August of 2016, when it was consolidated with our Parkway Plaza location. At this time, construction began on the building to transform it into an Operations Center. In November of 2016, the construction was completed and Operations had a new location.
In September of 2016, the Bank hired Scott Conway as CEO. Scott brings 26 years of banking experience to Magnolia Bank.
Board of Directors
|Ron Sanders||serving since 1979|
|Glenn Catlett||serving since 1991|
|James Mason||serving since 2000|
|Reggie McCubbin||serving since 2000|
|HY Davis IV||serving since 2005|
|Eric Garrett, Chairman||serving since 2005|
|Rebecca Irvine||serving since 2010|
|Lowell Stokes||serving since 2014|
|Scott T. Conway||serving since 2016|
|Deena London||serving since 2017|
|Ken Adams||serving since 2017|
Magnolia Bank has remained an independent community bank serving the local area since its founding in 1919. In 2009, the Bank celebrated ninety years serving our customers and community.
As we look to our rich tradition of the past, we also look to the future with great expectations for our community, our customers, and our Bank. Our motto, "We Have A Personal Way", is demonstrated by the actions of our employees everyday.
Our Mission Statement
Magnolia Bank is committed to providing quality products and services to our customers, nurturing our employee's professional growth, maximizing the return to our shareholders, and encouraging community involvement through our time and corporate resources.