After the Civil War, on February 12, 1869, the State of Tennessee issued articles of incorporation to the Brownsville Savings Bank, of Brownsville, Tennessee.
With initial capital of $100,000, the Bank prospered and paid its first semi-annual dividend of fifteen percent in May, 1871. Two years later, the Bank constructed a new building, just as the panic of 1873 struck and closed the doors of some of the strongest institutions. The Brownsville Savings Bank stood firm during that crisis, as well as during the financial panics of 1883 and 1893. In 1899, the bank was reorganized under the name of Brownsville Bank, and its fine leadership continued, especially during the Great Depression, when it was one of only a few banks never to close its doors.
Meanwhile in 1912, in an adjoining county, community leaders also recognized the need for expanded banking capabilities; and on December 12, Union Savings Bank of Tipton County was chartered in Covington, with capital stock of $30,000. Assets by yearend that year stood at $174,000; and Union Savings continued to grow and prosper. Even during the Depression, the Bank did not close except for a one-time six hour period when all banks in the county were closed. No one ever lost a penny during the Depression at Union Savings Bank.
Moving into the second half of the 20th century, both banks grew in their communities, adding branch locations on Main Street in Brownsville with the Holly Park and Peachtree locations in the 1970s, and along Highway 51 in Covington in 1974. Our South Tipton County office in Atoka was opened in1998 which strengthened INSOUTH’s customer service from Covington to Millington along Hwy 51.
In the merger-oriented banking environment of the 1980s, Brownsville Bank and Union Savings Bank were brought under the umbrella of Independent Southern Bancshares, Inc., “INSOUTH”, a privately owned holding company headquartered in Brownsville. Tennessee Bank and Trust based in Millington, Tennessee joined the bank family in 1988. They operated as separate financial institutions until January 1, 1998, when all three banks were consolidated under the original 1869 bank charter of the Brownsville Savings Bank. INSOUTH Bank today boasts locations in three counties in Tennessee.
With over 138 years in business, INSOUTH Bank stands ready to fulfill our Mission as “a team committed to assisting our customers, employees, and communities in achieving their goals.”