Beaumont-based Producer Bancorp, the holding company for Powell-based Powell State Bank, has announced that the bank will officially become Producer Bank of Texas on August 25. As reported in Bankers Digest in January, Producer Bancorp announced its official status as a bank holding company with the closing of its acquisition of Powell State Bank. According to Don Legato, president and CEO of Producer Bancorp, the plan is for the bank to convert to Producer Bancorp over the weekend of August 22–24, but remain in its current location with the addition of new banking products over the coming months.
“This acquisition will enable us to bring these customers enhanced products and technology and increased capital to better serve their lending needs,” Legato said in December 2024. “Our plan is to hire top talent and develop strong partnerships with individuals and businesses in our communities to build something great together. We will offer fast, local decisions and unmatched local service.”
Jerrie Albritton, who previously served as senior vice president and board member of Powell State Bank, has been promoted to market president for Producer Bank of Texas.
“After having served Powell State Bank for 22 years, I am thrilled about this new chapter and what’s in store for our bank,” Albritton said last December. “We look forward to offering new and exciting products while still maintaining that small-town customer service everyone has come to know and love.
Powell State Bank was established in 1910 to serve the farmers and small businesses in the Powell area. It currently has assets of approximately $47.4 million.
