Magnolia expands with Prime acquisition
by Wally Northway
Published: January 11,2010
HATTIESBURG — Magnolia State Bank is opening a new location in Hattiesburg, and also has acquired Prime Mortgage Inc. for an undisclosed sum.
The new, full-service bank is set to open Jan. 19 at The Village shopping center on Weathersby Road. Magnolia State Bank removed a wall between the two locations in order to combine space with its new partner, Prime Mortgage. Prime Mortgage will operate as a division of Magnolia State Bank. The newly renovated space will house a combination of nine employees. A ribbon-cutting ceremony, celebrating the opening of the new bank and the acquisition of Prime Mortgage, will be held Jan. 26.
Marcus Robinson, Magnolia president and CEO, called the addition of Prime Mortgage ta perfect fit. “Adding mortgage products and services is something that we have wanted to do for years and this acquisition is the perfect scenario,” he said. “We are very pleased that we can now offer our customers these extended services.
“We’re also excited to welcome Dick, Wanda and Owen Munton, as well as the other Prime employees, into the Magnolia State family.”
Dick Munton will serve as senior vice president of the Mortgage Division of Magnolia State Bank.
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