April Business of the Month - Heritage Bank
At the heart of every great company is principle, performance, and potential. Heritage Bank is that company.
Through the years, generations of bankers and neighbors who have represented this exceptional company, both individually and collectively, have exhibited a commitment to both the company they work for and the community in which they live and work. And it is because of that devotion to both banking and the betterment of their hometowns that Heritage Bank has grown and thrived.
Since its beginning as a Building and Loan, bankers have served their friends and neighbors with products to help preserve earnings and loans to help customers move ahead in life. Thousands of customers through the 134 years of Heritage Bank’s history have been the beneficiaries of a passionately committed company. That company is alive and well in the 21st century!
In December, 1879 twelve businessmen in Hopkinsville met to organize the Hopkinsville Building and Loan Association “to aid members in procuring homes and to give opportunity for safe investment of savings at reasonable interest.” The following day papers were filed incorporating the business with $250,000 in capital stock.
Today, 134 years later, the holding company, HopFed Bancorp, Inc., manages 18 community-banking operations in Kentucky and Tennessee and records more than $960 million in assets.
“I am awed by the successful longevity of this company,” says John Peck, President and CEO of Heritage Bank, which changed its name in 2002 from Hopkinsville Federal Bank and is one of a select few locally owned banks in the region. “I feel so privileged to be a part of a financial institution which has logged more than a century of continuous operation during times when many, many banks and other businesses failed. It’s an incredible testament to the sound leadership of past generations who managed to weather the cultural and economic storms of the past century and survive.”
The bank has occupied five locations in Hopkinsville and has changed its name three times. In 1940, the bank converted to a federal charter and obtained federal insurance of accounts. In 1983, the bank became a federal mutual savings bank. Since that time, the bank has grown into a full-service banking institution with deposits of more than $760 million and net loans of more than $525 million.
Since 1998, the common stock of HopFed Bancorp, Inc. has been quoted on the NASDAQ Stock Market under the symbol HFBC. We are proud to be the only publicly traded company headquartered in Christian County.
The most significant development is the announcement of a definitive agreement to purchase Sumner Bank & Trust’s Tennessee holdings. The company has offices in Gallatin, Hendersonville, Lebanon, Franklin, and Jackson, Tennessee.
"This is a very exciting time for all of us affiliated with Heritage Bank,” adds CEO John Peck. “We are a dynamic, growing company and we are optimistic about the future of our industry and our local involvement in the neighborhoods we serve. As with most businesses in our generation, technology and the demands of our customers are constantly changing which requires us to be adept at changing along with them. I think our history proves unequivocally that we’ve been able to do that for more than a century.”
"If you know the people at Heritage Bank, you know that what we say we truly believe,” says Market President Betsy Shelton. “We’re more than a bank, we’re your friends, neighbors and fellow chamber members, among many other things. We are committed to being more than a neighborhood bank. We strive every day to be a good citizen of the communities we serve.”
Heritage Bank bears this out with its many and varied contributions to the people, places, and organizations around the region. For example, in 2012 the employees of Heritage Bank contributed more than 12,000 hours of volunteer service to programs and projects in every market they serve. From United Way to the American Cancer Society to the Heart Association to the MANY local charitable and support groups in a host of communities, Heritage Bank is quick to meet the challenges faced by groups and associations in need of both financial and hands-on help.
“We also believe the building of a future citizenry is vital to the success of our communities,” adds Marlene Dade, Director of Marketing at Heritage Bank. “We are really very proud of our Heritage Bank Scholarship Fund, which provides tuition money for college-bound students in all of the counties in Kentucky and Tennessee in which we have offices. To date, Heritage Bank has contributed more than $194,000 to nearly 400 high school seniors since 2003. It is our hope that these exceptional students come back home and become a part of the wonderful fabric of all our regional neighborhoods.”
And of course, you’ll also find all the essentials that make Heritage Bank a 21st century institution. From strong products in every aspect of personal and business finances to exceptional personal service to online and mobile banking, Heritage Bank takes great pride in delivering contemporary banking with neighborly attention.
For a complete look at the many and varied ways Heritage Bank is at work for both customers and communities, visit www.bankwithheritage.com!