F. Conrad Taylor, President
The Marion Bank and Trust Company was chartered March 15, 1934 and opened for business on the seventeenth day of the same month. The original capital stock of the bank was composed of 500 shares at a par value of $50.00. This stock was sold for $60.00 per share, providing a capital of $25,000 and a surplus of $5,000. Thirty-five original stock holders subscribed for this stock.
Marion Bank and Trust Company had another successful year in 2006 with a net income of $1,359,834.59. Even due to increased expnses, dividends paid per share in 2006 were $5.25, the same as paid in 2005. The book value of Marion Bancshares, Inc. stock increased from $129.06 to $133.89 at year-end 2006. Their capital ratio is in the top 15% of their peer banks.
Marion Bank and Trust Company officers are E.R. Richardson, Jr., Chairman of the Board; F. Conrad Taylor, President; Will H. Stewart, Vice President/Cashier; B. Wayne Middlebrooks, Vice President; Preston L. Nichols, Assistant Vice President. The banks correspondents are AmSouth Bank, Alabama Banker's Bank, and the Federal Home Loan Bank of Atlanta.
The Board of Directors has voted to open a branch bank in Selma, Alabama and has already received regulatory approval to proceed with their branching plans. Marion Bank and Trust is in hopes of having the branch ready to open in late 2007 or early 2008. The Board of Directors feels that the Selma area offers them significant growth opportunities.
The history of Marion Bank and Trust Company reflects its steady growth.
"We know our future growth depends on customers and friends who
have entrusted their business to us. We will continue our efforts to be of
service to the people of this area."
Marion Bank and Trust Company
601 S. Washington Street
Marion, Alabama 36756
|© 2006 Community Bankers Association of Alabama|