Magna Bank began as 1st Trust Bank for Savings, a federal savings bank, on January 27, 1999. Initial organizers still actively involved include Kirk Bailey and Ron Stimpson, two experienced thrift industry executives, and Harold Crye and Richard Leike, two veteran real estate executives.

Messrs. Bailey and Stimpson had been executives at Leader Federal Bank for Savings, Leader Financial Corporation, and Union Planters Bank. Today, Mr. Bailey serves as Magna Chairman, President and CEO and Mr. Stimpson is Vice-Chairman. Messrs. Crye and Leike founded Crye-Leike, the largest real estate firm in the region. Both men also serve on the Magna Board.

From the beginning, the Bank has been focused on profitable growth.  Expansion plans were accelerated when the Board asked William Menkel to join as president in August, 2005, which he served in this capacity through August, 2008.  During this three year period the Bank expanded into commercial lending, private banking, and significantly increased its retail banking footprint.

Since mid 2008, our focus has changed due to economic conditions. Our focus in this challenging operating environment is to remain a safe, strong bank by preserving capital, maintaining liquidity, prudent lending, controlling expenses, and continuing to serve our communities.  While many challenges lie ahead, we are well capitalized, have a quality loan portfolio, experienced managers, and a growing brand position.
 
The recent sale of our Brentwood, Tennessee branch to Reliant Bank allows the Bank to focus our future retail branch growth plans in the Memphis area, while maintaining a regional mortgage banking presence. 

Each step we take moves the Bank toward our objective of being the dominant community bank based in Memphis.