Planters Bank and Trust Company is a United States branch bank that was founded in 1920. This was the part of Union Planters Bank, which was a financial institution and multi-state bank holders. This Planters Bank and Trust Company is one from the 760 branch of banking centers in the US.
Back in the past
Planters Bank and Trust was founded by William Farrington, he was a Businessman during the Civi War. At that moment, Planters Bank and Trust were the part of Union Bank and the Branch Planters Bank. Causing by the Civil War, the Union Bank had ceased to exist, but on September 1, 1869, Union Planters Bank was officially opened to business for once more.
To stimulate bank and trust growth, in late 1906, Union and Planters merged with the Tennessee Trust Company to form a new Union Planters Bank and Trustcompany. They were offering a wide range of services, including a brokerage for stock exchange and bonds.
Here comes the years of the Depression on the early 1930. This bank stuggled until the economy was spent by military during the Second World War. Everything went well until the early 1960, when the bank finally opened a lot of branches in all across the states. Until in 1984, Benjamin W. Rawlins, Jr., vowed to return the Union Planters Bank and Trust to its normal, and traditional banking services. The pace of growth was aggressive in 1993, when the bank had picked up thirteen banks and added some assets for around $1.5 billion, and slowly attracted the attention of Wall Street Company. Until the deaty of Rawlins in 2000, the bank had grew from its $2 billion to a $34 billions of assets and already operating more than 800 branches in twelve states.
In early 2004, Regions Financial Corp. of Birmingham entered a negotiations with the Union Planters Bank and Trust. Regions prepared a $5.9 billion transaction, with over 1.400 of their branches through the Midwest. Both of the banks were given the even number of seats on the board of director, and finally, the merger was went in a good way. The Union Planters Bank and Trust was the thirty-ninth largest bank in the US, with a consolidated assests for around $31.5 billion and controlling deposits for around $22.8 billion. After the completion of merger, this banks finally became the 21st largest bank in the US. This merged bank used the Union bank’s old logo, the young cotton plant.