One of the fastest growing community banks in the South, MidSouth Bancorp, Inc. has carefully executed a plan to meet the growing needs of its customers. MidSouth has also developed an attractive case finance product designed around the specialized needs of law firms. MidSouth President & CEO Rusty Cloutier explains how his bank got to be the institution it has become.
MidSouth is a community bank serving Louisiana and Texas. Thirty years ago, Rusty Cloutier moved to Lafayette, Louisiana to help start the bank, which opened in February, 1984. He was the CEO and President of the bank. The bank started out in a small building, but it has since grown to become a thriving business with 61 locations. It serves southern Lousiana (except New Orleans), all of northwest Louisiana and most of eastern Texas.
MidSouth is very much a community bank, with strong ties to the communities it serves. One of the services that sets MidSouth apart in the banking industry is the program of lawsuit financing it has developed to work with lawyers and clients to help them succeed in their litigation. The case financing service developed as an offshoot of Rusty Cloutier’s involvement with trial lawyers who were handling Jones Act cases, sort of a workers’ compensation system for seamen.
MidSouth’s leadership realized that it would be a valuable service to trial lawyers and their clients. Lawyers are comfortable explaining the case financing system to clients, who can deal with a local bank that can help them establish credit (something that can be a problem for litigants). Everyone involved is happier dealing with local bankers you can sit down and talk to.
MidSouth’s core philosophy is to be a good citizen of every community they serve, to give good service at reasonable rates, and that approach helps communities and the bank both to do well.
C. R. “RUSTY” CLOUTIER has served as President and Chief Executive Officer of MidSouth Bank, N.A. and MidSouth Bancorp, Inc. in Lafayette, Louisiana since 1984. MidSouth Bancorp, Inc. is a bank holding company headquartered in Lafayette, Louisiana with assets of $1.4 billion. MidSouth Bank has 40 locations in Louisiana and Texas.