Bank of Anguilla
For 110 years, The Bank of Anguilla has served Mississippi's rural Sharkey and Issaquena counties. The economies of the two counties are primarily agricultural, benefiting from rich farming soil along the Mississippi River. As the only bank operating in Sharkey and Issaquena, The Bank of Anguilla plays a vital role in providing financial services to these rural, low-income communities. Bank employees and the Board proudly serve in various civic organizations and leadership roles.
Andy Anderson has been with the Bank of Anguilla since 1983. He is now the CEO and President of the very bank that foreclosed on the house in which he and his mother lived when he was a child after his parents divorced. This is but one fascinating story found throughout Anderson's career and also one that demonstrates how far the bank has come and speaks to its' mission and purpose today. "We try to lend to people that other banks might not even talk to, primarily because of where we live and the fact that we know everyone in the area. Certainly you have to say ‘No’ sometimes, but we go out of our way to try and find a way to help any customer that comes through our doors who truly want to help themselves.”
While they aren't synonymous—although there is some overlap between the two categories—community development financial institutions and minority depository institutions have common roots in a shared historical purpose. “The roots of the CDFI banking sector began with the minority depository institutions,” says Jeannine Jacokes, chief executive of the Community Development Bankers Association. “In the early 20th century, when it was legal to refuse service to a customer on the basis of race, Black business people began organizing financial institutions that were Black-owned and committed to serving Black customers—and as populations of other communities of color grew, the diversity of the minority depository institutions grew as well.” Southern Bancorp and Bank of Anguilla are mentioned.
Andy Anderson of Anguilla has been elected Chairman of the Mississippi Bankers Association (MBA) for 2020-2021. As MBA Chairman, Anderson chairs the association's Board of Directors and Executive Committee. The membership of the 132-year-old statewide trade association includes commercial banks and savings institutions operating in Mississippi. MBA members hold more than 95 percent of bank deposits in the state. Anderson serves as President, Chief Executive Officer, Chief Financial Officer and Director of Bank of Anguilla. He has over 37 years of banking experience, all with Bank of Anguilla.