Progressive Bank celebrates 40 years of growth

When George Cummings Jr. founded Progressive State Bank and Trust Co., the first office was located in a trailer in Winnsboro.

“I remember my dad telling me one of the big farmers told him that he would love to bank with my dad, but he couldn’t make himself put his money in a bank that somebody could back up a truck to and drive off with,” said George Cummings III, laughing.

Other original directors included Lantz Womack (Chairman), Clovis C. Bringol, William D. Brown, Wilson O. Gwin, Alton Johnston, Elmer C. Lolley, Quinten McLemore, James D. Mays, Sr., Harry D. Richardson, J.H. Scogin Jr.

“It took a lot of courage for a group of men to come together and open a new bank in a rural community,” Cummings said of the founding directors.

It took almost two years to raise the $1 million required then to open a bank, a capital campaign complicated by a flood in Franklin Parish, but the doors finally opened on Oct. 10, 1975.

This month Progressive Bank, which is now headquartered in Monroe and run by George Cummings III, is celebrating its 40th anniversary.

It’s grown from that initial $1 million to more than $560 million in assets and another $260 million manged by the company’s investment division.

While his dad was growing Progressive in Franklin Parish, Cummings III was building his own entrepreneurial career in banking. He was part of two start-ups, one in Baton Rouge and another in Monroe.

Cummings III was making plans to start a third bank or partner with an existing one when he showed the business plan to his father.

“Dad asked, ‘Why didn’t you come to me and do this with us?’” Cummings said. “I said, ‘You didn’t ask.’”

After Cummings’ colleague presented the plan to the Progressive board, a vision of a major expansion in which the bank would enter the region’s commercial hub of Monroe, he called George.

“He said, ‘You better get down here; they liked your plan; your dad stepped down; you’re the new CEO,’” Cummings said.

“My dad was so entrepreneurial that he never hesitated after he and the directors liked the plan,” he said.

The younger Cummings led a capital campaign to fuel the expansion and doubled down with a second round after some of the market’s top banking talent became available following the sale of another bank.

“We built a formidable team,” he said.

Since then Cummings has led the bank into the Shreveport-Bossier City market and eventually plans to enter the Dallas-area market during Progressive’s next growth phase.

“When we go into a market we invest in the community with human and capital resources,” Cummings said.

And while Cummings has elevated the bank’s assets and technology, he said the company’s foundation remains grounded in his father’s “Progressive Pledge”:

“To treat every person with respect, regardless of their station in life ... recognizing that I may not be able to do business with every person, nor can I accept every request that someone brings to me; however, I can look for ways to serve, rather than look for ways not to serve that person, and I can thank them for giving me the opportunity.”

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