Banking Strong Since 1911
The Bank of Vernon (“BOV” or the “Bank”) is a locally owned and operated Independent Community Bank since November 11, 1911. It is a Community Development Financial Institution (CDFI) and Community Development Entity (CDE) Bank as is its holding company First Vernon Bancshares, Inc.
Mission Statement
The Bank’s mission is to improve social and economic conditions of the residents and businesses in its Target Markets by offering a full range of financial products, financial services, and development services tailored to the needs of its Target Market residents and businesses.
Vision Statement
The Bank of Vernon will offer innovative and traditional products and services striving for a high level of responsiveness and superior customer service delivered promptly in order to achieve our strategic goals.
Core Values
Accountability: We will acknowledge and assume responsibility for our actions, decisions, policies, and products.
Accuracy: We shall strive to get it right the first time. Quality continues to be paramount to the Bank and an integral part of its long history.
Initiative: We take the initiative to offer comprehensive, competitive products and services to the communities that we serve.
Integrity: We will gain trust by being honest, having strong moral principles, and being consistent with our actions.
Ownership: We will take pride in our financial institution and care of our customers as if they were our own family.
Resourcefulness: We will be self-reliant as problems, situations, or opportunities arise and attempt to resolve them before enlisting the help of others while supporting co-workers as needed with no reservations. At times, outside resources may be necessary for the Bank to achieve its goals.
History of The Bank
The Bank of Vernon was established November 11, 1911, and was the first bank chartered by the Alabama Banking Department and also carries FDIC Certificate Number 51. The original location of the bank was on the northwest corner of the Lamar County Courthouse town square.
Controlling ownership of the bank was accumulated during its early decades by Judge S.G. Johnson who helped establish the bank as its community lender. His wife, Lilly Pearl Johnson, owned and operated the bank after the Judge’s death, until her son Samuel F. Johnson was ready to take the reins. Mr. Johnson brought forward-thinking technology and products to the bank, which helped it grow its position as the leading bank in the county.
In 1969, to accommodate the thriving local manufacturing economy, the Westside Branch was opened as a full-service branch and is today an express branch with drive-up service and a modern ATM. In the mid-1970’s the bank needed more room for employees, computer systems, and drive-through services and built what is now its headquarters just to the north on Highway 17 (formerly Pond Street). The original location was eventually donated to the City of Vernon and has seen use by it and the County governments for programs and office space.
The bank continued to grow in the 1980’s and 1990’s, despite recessions, and the negative impact of globalization on local manufacturing, due to its reaction to bank mergers in nearby Lowndes County, Mississippi. This created opportunities for the bank to provide much-needed personal service to small businesses and their owners, despite having no branches in the immediate area.
During the next couple of decades, the bank grew to just over $200 million in Assets due to its aggressive calling and lending programs, while maintaining its leadership in its Alabama markets. During this time the bank promoted new leadership as Samuel A. Johnson became Chairman, Co-CEO (with Joy Spencer, President), and CFO, and Mr. Samuel F. Johnson remains in a Senior Advisory Role for management. New leadership had established the bank’s certification in the CDFI program which drives much of its decisioning for growth and other opportunities.
Recessions following the Dot-Com and Great Financial Crisis would limit opportunities for more growth and the bank would return to a $140-150 million asset size and operate in much of the same manner until new laws allowed for branching out of state without De-Novo formation.
This led to its first branch outside of Vernon being established in Caledonia, MS in 2017. Caledonia had no bank for over 20 years and is today growing as a residential community thanks, in part, to having a thriving community bank.
In late 2019 the bank would open a full-service branch in North Columbus, MS, that is one of its strongest lending branches today. The branch opened just prior to the COVID pandemic and was unable to have its grand opening until the end of 2020 due to municipal rules during the time. But the branch was able to spur much growth due to its PPP lending during the crisis thanks to proximity to small businesses.
Then, in 2021, the bank established a full-service branch in East Columbus, MS, that was recently expanded to double in size in 2025 due to its success.
Today, we are nearing the completion of a new branch in West Point, Clay County, MS, which is a neighboring county that will allow the bank to further its CDFI programs and develop more Ag and Consumer Lending to its already burgeoning small business lending. Due to growth from these branches the bank currently has $415 million in Assets with a 90% loan to deposit ratio and expects to have 65 FTE employees by mid-year.
Bank of Vernon is a full-service Community Development Financial Institution with locations in Mississippi and Alabama.