On October 31, 1905, a group of about 20 local businessmen and citizens in Seminary, MS, came together to establish the Independent Bank of Seminary, with the goal of serving the needs of the community. Initially planning to start with or capitalize at $25,000, the response from the community exceeded expectations, with stock subscriptions totaling $26,800. To meet the planned capitalization, a committee was appointed to persuade some individuals to reduce their stock subscriptions, ultimately bringing the total back to $25,000. At the subsequent organizational meeting, 15 of the original 20 organizers were elected to the first Board of Directors. J. M. Graham became the Chairman, F. W. Foote assumed the role of President, J. J. Bethea was elected Vice President, and J. N. Wright became the Cashier, earning an annual salary of $1,000—the only paid employee in the bank. F. W. Foote, the bank’s first President, was a prominent figure in the banking community. He also served as President of First National Bank of Hattiesburg and had completed a term as Chairman of the Mississippi Bankers Association. Notably, Foote later became a member of the first Board of Directors of the Atlanta Federal Reserve, serving from 1914 to 1935. The Foote family continued to play significant roles in the banking industry, with Lawrence Y. Foote, Sr., and Lawrence Y. (Larry) Foote, Jr., each contributing to the leadership of various banks.