Thursday, June 20, 2024

BOM Bank commemorates its 120th Anniversary

by BIZ Magazine

BOM Bank has deep roots throughout Louisiana that are growing into Texas. 2023 marks BOM’s 120th anniversary. 

Bank of Montgomery opened its doors with $15,000 in capital in 1903. 

President and CEO, Ken Hale, said, “My great grandfather and other businessmen in Grant Parish came together to start a bank that would help their community of farmers, teachers, mechanics and their families. A century later, BOM is still committed to serving the same hardworking people now throughout seven parishes in Louisiana and two counties in East Texas.” 

Ken is a direct descendant of the Wardlow family and is the fifth generation of the family to run the bank and the sixth President & CEO.

The bank has grown to 17 locations today, four of which opened in the last four years. The upcoming year will be no different with two locations being constructed in Rapides Parish. These new branches in Pineville and Woodworth will put BOM at nearly 20 different full service locations across Louisiana and Texas. Now surpassing $890 million in assets and $90 million in capital, BOM is eager to continue growing and loyally serving its 30,000 customers. 

The bank opened BOM Financial Services (BOMFS) to offer insurance and investment opportunities to its customers and the community. Celebrating its 15 year anniversary in 2021, BOMFS has grown to over 3,000 customers. 

BOM Bank is a certified Community Development Financial Institution with a focus on volunteerism and servicing the unbanked and underbanked population. It offers tailored resources including a credit builder program and a certified BankOn checking account for those outside of the mainstream financial system and those working to have healthy financial habits.

BOM gives back heavily to the community. In 2022, the bank donated over $600,000 to local causes, and bank-wide its 140 employees volunteered almost 5,000 hours of community service. BOM is honored to serve as the official bank of Northwestern State University, and values that ongoing relationship. The bank is also proud of the impact it has made with financial literacy. BOM employees reached over 1,100 students in 2022 sharing valuable life lessons on budgeting, credit, saving and other important banking knowledge. 

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