Planters Bank & Trust

What Planters Bank & Trust does

Planters Bank & Trust Company is a privately held community bank founded on April 10, 1920, in Ruleville, Mississippi, and headquartered in Indianola, Mississippi. It operates as a U.S. Department of the Treasury-certified Community Development Financial Institution (CDFI), providing personal and business banking services through a multi-state branch network that is expected to reach 32 locations across Mississippi, Louisiana, Tennessee, and Texas following its pending merger with Cross Keys Bank (BSJ Bancshares, Inc.), announced May 1, 2025.

The bank's product portfolio spans consumer deposit accounts (five personal checking variants including a 5.00% APY Achievement Checking product, plus savings, money market, and CDs), consumer and home equity lending, a dedicated Mortgage Division launched in May 2025, and a comprehensive business banking suite including small business loans, agricultural/farm loans, commercial real estate, construction loans, equipment financing, and treasury management services (ACH/wire, Positive Pay, Remote Deposit Capture, Mobile Deposit, Merchant Card Processing with Apple/Google/Samsung Pay support, and AutoBooks invoicing). The technology stack combines an in-house digital banking platform with iOS/Android mobile apps (Card Suite Lite for debit card security) and third-party integrations including Abrigo, LaserPro, and DocuSign.

Revenue is generated primarily through net interest income on loans (mortgage, commercial, agricultural, consumer) and secondarily through deposit account fees, treasury management fees, mortgage origination fees, merchant card processing, and service charges (wire, stop payment, overdraft, ATM). Distribution is sales-led and community-focused via full-service branches, online account opening, mobile and telephone (EZ Touch) banking, and a six-person mortgage originator team. The customer base is horizontal and diversified across individual consumers, small-to-medium businesses, agricultural operators, non-profits, and homebuyers, with no disclosed large-anchor enterprise clients.

Name

Planters Bank & Trust

Legal name

Planters Bank & Trust Company

Website

https://planters-bank.com

Company type

Private

Founded year

1920

Operating status

Operating

Headcount range

251–500 employees

Short description

Planters Bank & Trust is a privately held, CDFI-certified Mississippi-based community bank serving consumers, small businesses, agricultural customers, and non-profits through 32 branches across MS, LA, TN, and TX, offering deposit, lending, mortgage, and treasury management services.

Ownership category

akta.pro rank

Headquarters

HQ city

Indianola

HQ country

United States

HQ region

North America

Offices33 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income: Primary revenue from interest earned on loans including mortgage loans, commercial loans, agricultural loans, and consumer loans. The bank offers competitive rates on various loan products.
2. Deposit Account Fees: Monthly maintenance fees, minimum balance fees, and service charges on checking, savings, and money market accounts. Fee structures vary by account type.
3. Mortgage Origination: Revenue from mortgage loan origination including purchase mortgages, refinances, and home equity loans through the Mortgage Division.
4. Commercial Banking Services: Treasury management fees, business credit card income, and commercial lending services for business customers.
5. Service Charges: Various service charges including wire transfer fees, stop payment fees, overdraft fees, and ATM fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

Planters Bank & Trust operates as an Independent Community Development Financial Institution (CDFI) offering personal and business deposit accounts, consumer and commercial lending (including mortgage, agricultural, and small business loans), treasury management services, and digital banking tools through 31+ branches across Mississippi, Louisiana, Tennessee, and Texas, complemented by online and mobile banking channels.

Product overview

Planters Bank & Trust operates as an Independent Community Development Financial Institution (CDFI Bank) offering a comprehensive suite of banking products through both traditional branch banking and digital channels. The core product portfolio includes multiple personal checking variants (Preferred, Achievement, Essential, Boost, and Opportunity Checking), savings accounts (Basic Savings, Money Market, and High Yield Money Market), and certificate of deposit products ranging from 1-month to 5-year terms. The bank has expanded into specialized lending with a dedicated Mortgage Division (launched 2025) offering home purchase and refinance products alongside traditional consumer loans, home equity loans, and comprehensive business lending including small business loans, term loans, lines of credit, agricultural loans, commercial real estate, construction loans, equipment financing, and professional office loans. Treasury Management Services round out the offering with ACH/wire transfers, Positive Pay fraud protection, Remote Deposit Capture, Merchant Card Processing (supporting Apple Pay, Google Pay, Samsung Pay), AutoBooks invoicing, and Mobile Deposit. Digital banking capabilities including online and mobile banking apps with Card Suite Lite for debit card security management support the product ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• Preferred Checking Premium personal checking account with ID Protect identity theft monitoring, cell phone protection up to $600, complimentary debit card and internet banking, bill pay, and a complimentary safety deposit box.
• Achievement Checking High-yield personal checking account earning 5.00% APY on balances up to $20,000 with up to 10 ATM refunds per statement cycle when qualification criteria are met (e-statements enrollment, ACH debit/credit, 12 debit card purchases per cycle).
• Essential Checking Basic personal checking account with no minimums, free monthly e-statement, free debit card, free internet banking with bill pay, and no minimum balance requirement.
• Boost Checking Interest-bearing personal checking with tiered APY rates (0.45% for $100K+, 0.35% for $25K-$99,999, 0.25% for $10K-$24,999, 0.20% for $1K-$9,999) and an $8 service charge if balance falls below $1,000.
• Opportunity Checking Basic personal checking account with $25 minimum opening deposit, $5 monthly service charge, and free Planters Bank official checks.
• Money Market Account Personal interest-bearing money market account with $500 minimum opening deposit, $6 monthly fee, competitive interest rate with immediate access to funds, and monthly interest crediting.
• High Yield Money Market Account Personal high-yield money market account with tiered rates (up to 2.95% APY), $25,000 minimum opening deposit, unlimited in-person withdrawals, and transaction limits on transfers.
• Basic Savings Account Personal savings account with $100 minimum opening deposit, $8 quarterly service charge waived with $250 minimum balance, and $3 withdrawal fee after 9 withdrawals per quarter.
• Time Deposits (CDs) Personal certificates of deposit with terms from 1 month to 5 years, $500 minimum opening deposit, and rates such as 2.02% APY for 1-2 year terms.
• Mortgage Division Dedicated mortgage lending division offering purchase mortgages, refinancing, and home equity loans for first-time homebuyers, homeowners, and investors, supported by local loan originators across Mississippi, Tennessee, and Louisiana.
• Consumer Loans and Home Equity Loans Personal consumer loans and home equity lines of credit for various personal financial needs of individual borrowers.
• Visa Credit Card Personal Visa credit card offered through creditcardlearnmore.com with identity theft protection and fraud monitoring.
• Small Business Checking Small business checking account with $100 minimum opening deposit and a $2,500 minimum balance to avoid the $10 monthly fee.
• Business Analysis Checking Customizable business checking account with fees based on monthly activity and average collected balance, including an earnings credit option to offset service charges.
• NOW Account Interest-earning checking account for eligible organizations including non-profits, government units, and qualifying businesses, with $500 minimum opening deposit.
• Non-Profit Checking Checking account designed for non-profit organizations with $50 minimum opening deposit and $6 monthly maintenance fee.
• Business Lending Comprehensive business lending portfolio including small business loans, term business loans, business lines of credit, agricultural/farm loans, commercial real estate loans, commercial construction loans, equipment financing, and loans to professional offices.
• Business Credit Card Business credit cards with options including low rate, cash back, or flexible rewards, featuring zero fraud liability and no fee for additional employee cards.
• Treasury Management Services Comprehensive cash management solutions for business clients including ACH and wire transfers, Positive Pay fraud protection, Remote Deposit Capture, Merchant Card Processing, AutoBooks invoicing, and Mobile Deposit.
• Digital Banking Internet and mobile banking platform enabling account access, transfers, bill pay, e-statements, mobile check deposit, and account management through web and mobile apps for personal and business customers.
• Card Suite Lite Mobile app for debit card management providing transaction alerts, card controls, and security features, replacing the bank's previous SecurLock app.

Quantifiable outcome

• 5.00% APY on Achievement Checking balances up to $20,000
• +2 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• BSJ Bancshares, Inc. / Cross Keys BankcoreStrategic or Co-development Partner · 1 May 2025Cross Keys Bank, headquartered in Saint Joseph, Louisiana, will merge with Planters Bank through a definitive agreement. Cross Keys Bank operates 9 full-service branches (8 in North Louisiana, 1 in East Texas) with approximately $598 million in total assets as of December 31, 2024. Upon completion, the combined entity will have 32 branches and approximately $2.6 billion in total assets.
• Mississippi Center for JusticeminorStrategic or Co-development Partner · 30 October 2024Joint financial literacy program hosting classes in Indianola where experts shared tips on managing money and building credit. The partnership also provides opportunities for attendees to open bank accounts and apply for small-dollar, low-interest loans through the Credit Up Program.
• Federal Home Loan Bank of Dallas (FHLB Dallas)coreStrategic or Co-development Partner · 2 May 2024Planters Bank serves as a member institution for FHLB Dallas, distributing SNAP (Special Needs Assistance Program) grants to eligible homeowners. The partnership provides grants of up to $8,000 for repair and rehabilitation of owner-occupied housing for elderly and disabled individuals. FHLB Dallas allocated $2 million for SNAP in 2024.
• TurboTax (Intuit)minorGTM or Marketing PartnerPlanters Bank partnered with TurboTax offering customers a 10% discount on TurboTax Federal products through the bank's website.
• Junior AchievementminorStrategic or Co-development PartnerPartnership for JA in A Day educational program at local schools, teaching students about entrepreneurship, work readiness, and financial literacy. Planters Bank employees volunteer as instructors.
• CreditUp Program PartnersminorStrategic or Co-development PartnerThe CreditUp Program allows participants to build and maintain positive credit history through small-dollar, low-interest loans. Planters Bank financial experts present financial education to program participants.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Pinnacle Financial Partners: Nashville-headquartered super-community bank (~$50B assets) with strong Tennessee, Carolinas, and Virginia presence. Comparable relationship-driven commercial banking model and is the natural scale-benchmark for Planters' Memphis/Germantown operations.
• Trustmark National Bank: Mississippi-based community bank (~$18B assets) with deep MS Delta history, similar multi-state MS/AL/TN/FL/TX footprint, comparable commercial, mortgage, and treasury management product suite. Direct competitor in Planters' home market.
• Renasant Corporation: Mississippi-headquartered super-community bank (~$17B assets) operating across MS, TN, AL, GA, and FL with similar relationship-based banking, commercial, and mortgage focus. Closest in-market peer to Planters with overlapping Mississippi Delta and Memphis MSA presence.
• Simmons First National Corporation: Arkansas-headquartered community bank (~$28B assets) with active M&A-driven expansion across AR, MO, KS, TN, TX, and MS. Closely comparable multi-state community-banking strategy and overlapping MS Delta presence via recent acquisitions.
• Home BancShares: Arkansas-based community bank holding company (~$22B assets) operating across AR, FL, AL, LA, MS, and TX. Very similar multi-state community banking footprint to Planters' post-Cross Keys map, with comparable commercial and treasury offerings.
• Guaranty Bancshares: Texas-headquartered community bank (~$3.5B assets) operating across Texas through Guaranty Bank & Trust. Most similar in scale and asset size to Planters, and a directly comparable community-bank model serving SMB and consumer customers.
• First Financial Bankshares: Texas-based super-community bank (~$13B assets) operating across TX through multiple bank charters. Highly disciplined multi-market community-banking operator and a relevant acquirer/peer benchmark for Planters' East Texas Tyler branch.
• BankPlus: Mississippi-headquartered community bank (~$5B assets) operating across MS, AL, LA, and TN with similar relationship-driven consumer, commercial, and mortgage banking. Closest in scale and Mississippi Delta geography to Planters' core franchise.

Broad incumbents

• Cadence Bank: Formed via BancorpSouth merger; ~$50B-asset super-community bank with Mississippi, Texas, Alabama, and other Southeast operations. Larger incumbent competing for the same commercial, treasury, and mortgage relationships Planters targets.
• First Horizon Corporation: Memphis-based super-regional bank (~$80B assets) and the dominant institution in Planters' Germantown/Memphis market. Significant overlap in commercial banking, mortgage, and treasury products with much greater scale and product breadth.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xx.com/plantersb
• Facebookfacebook.com/PlantersBankandTrustCompany
• LinkedInlinkedin.com/company/18842963/admin/dashboard
• Instagraminstagram.com/plantersbank/?hl=en

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles24 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Planters Bank & Trust