Meridian Star

Business

April 6, 2014

First State Bank reports record assets

MERIDIAN —     First State Bank has reached $517 million in total assets as of Dec. 31, 2013.  This is a record number for First State Bank.  

    “Our bank performed well in 2013 despite the challenging interest rate environment and the expense of complying with the ever-changing regulations from Washington,” said Joel C. Clements, Chairman, CEO and President of First State Bank. “We had good loan and deposit growth and were able to improve our loan quality. Our low loan charge-off ratio is a reflection of the bank’s historically strong underwriting standards and the resilience of our customers in these difficult economic times.”

    Clements concludes, “First State Bank remains a well-capitalized community bank and is in a strong position for 2014. Our positive momentum, combined with our strong foundation, puts us well placed to grow and enhance shareholder value.”

    Founded in 1934, First State Bank is headquartered in Waynesboro, with additional offices in Buckatunna, Clara, Leakesville, Lucedale, Meridian, Quitman, and State Line.

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