End of an era for Henry at Peoples

Published 12:00 am Wednesday, October 17, 2007

The Selma Times-Journal

The end of an era came Monday when the current Peoples Bank & Trust Board of Directors was dissolved following Thursday’s merger agreement with BancTrust Financial Group.

That action also ended 40 years of service for Ted Henry, who had most recently served as chairman of the board. Henry became a director of Peoples Bank in January 1968.

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The biggest change residents will see is that the Peoples Bank name will be gone.

Speaking as the former chairman of the board, Henry said the work being done on the consolidation of the two banks will result in a few people losing their jobs, but those plans are still being finalized.

Henry said there are some talented people there who will continue to play a key role in the future of the organization.

Henry and Bibb Lamar Jr., CEO of BancTrust, have known each other for many years. &8220;He has Selma ties and has spent some time here over the years, so he knows the role Peoples Bank has played in this community,&8221; Henry said.

During his tenure at Peoples, Henry has seen a lot of changes. When he first came on board, the assets were $30 million.

He said Rex Morthland had developed a strong capital base in the 1960s and 70s and that paved the way for expansion in the 1980s and 90s under Richard Morthland.

While the current board had some tough decisions to make in recent years, Henry said he appreciated their dedication to what was best for the future of the bank, its stockholders and employees.

A recent bank slogan, &8220;Your Future Looks Great From Here,&8221; seems especially appropriated for the outlook of the bank, he said, as it moves into a new era as part of the BancTrust Financial Group.