BOM Bank (formerly the Bank of Montgomery) was established in 1903 in Montgomery, Louisiana by local businessmen who saw a need for a financial institution to meet the needs of Grant Parish. Today, the bank remains a family owned institution that provides old-fashioned community banking. But BOM is also an innovator, which enhances the community banking experience with modern conveniences such as mobile banking. It has been a winning formula for the bank, which has enjoyed rapid growth in recent years, from $18 million in 1996 to over $209 million in 2014.
The efforts of CDBA Members United Bank of Alabama, BankPlus, and Bank of Montgomery to address the entrenched problems of high rates of unbanked or underbanked individuals in the rural south are highlighted in this recent American Banker article.