On December 12, executive officers of Beaumont-based Producer Bancorp announced their official status as a bank holding company with the closing of their acquisition of Powell-based Powell State Bank. According to Don Legato, president and CEO of Producer Bancorp, the plan is for the bank to continue to operate as usual 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 says. “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.”
With this acquisition, Jerrie Albritton, who previously served as senior vice president and board member of Powell State Bank, has been promoted to market president.
“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 says. “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 $32 million.
