Heritage, Volume 15, Number 2, Spring 1997 Page: 16
35 p. : ill. ; 28 cm.View a full description of this periodical.
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W. E. McLAUGHLIN, PRESIDENT J. EDD McLAUGHLIN, CASHIER
F. M. McLAUGHIIN, VICE-PRESIDENT CARL D. I.EWIS, ASS'T CASHIEI
Statement of the Condition of
W. E. McLAUGHLIN, BANKER
UNINCORPORATED
OF RALLS, TEXAS, ON JANUARY 26, 1918
THIS DAY ENDS OUR SIXTH YEAR OF BUSINESSRESOURCES
Loans and Discounts...... $147,228.43
Overdrafts, Secured and
Unsecured ............... 30,260.94
Banking House and Fixt's 30,000.00
Liberty Bonds ............... 3,733.00
AVAILABLE CASH...... 215,150.87
TOTAL $426,373.24LIABILITIES
Capital ............... ....... $60,000.00
Profits .......................... 12,769.26
INDIVIDUAL DEPOSITS 353,603.98
TOTAL $426,373.24THE ABOVE STATEMENT IS CORRECT.
J. EDD McLAUGHLIN, CASHIERThis 1918 sixth anniversary statement of condition was issued by W. E. McLaughlin, whose banking operation
later became the Security Bank and Trust in Rails.First State Bank in Tuscola
In July 1912, the First State Bank of
Tuscola opened for business. Seeking to
attract as many local shareholders as possible,
no one was allowed to invest more
than $1,000 in the bank stock. When all
was said and done, 15 stockholders bought
in at $100 per share. At that time, customers
made their deposits through grills of
chicken wire and all posting was done by
hand.
Through drought and the Great Depression,
the tiny Texas bank, near Abilene,
has survived and even grown. One of the
milestones in the development of the bank
occured on November 30, 1931, when the
First State Bank of Ovalo and the Security
State Bank of Lawn were consolidated with
the First State Bank of Tuscola. That consolidation
increased the capital stock to
$20,000 and the total combined deposits
grew to $168,000.
Another important event in the
institution's 85-year history was a fire in1956 that completely destroyed the downtown
bank building. Even while the old bank
building was smoldering and workmen were
trying to break open the vault doors, the First
State Bank had reopened for business three
blocks down in temporary quarters in the
front of a store. A newspaper account reported
that "Home Style Cafe" signs were
replaced with temporary bank signs.
Sheer grit and determination were not
enough, however, and in 1966 following an
examination by the State Banking Department
and the Federal Deposit Insurance
Corporation, the First State Bank of Tuscola
was closed, making it the seventh bank failure
in the country that year. A week later, an
application was filed with the State Banking
Board seeking a new charter, and the bank
continued to operate under oral commitment.
The new name of the bank was the
First State Bank in Tuscola.
In 1979, the majority of stock in the bank
was sold to Brownwood Savings and Loan
executives, Robert H. Simmons and his father, Roy Simmons. Three years later, a
group of stockholders purchased controlling
interest in the bank, where it remains
today.
First National Bank ofLampasas
In 1994, the First National Bank of
Lampasas celebrated its 100th anniversary
of serving the people of this community,
located less than 100 miles from Austin. In
1884, cotton was the primary crop of the
area, and many of Lampasas County's early
farmers depended upon the fiber to provide
for necessities for the family. Cotton fueled
the local economy.
The Articles of Association proposing
organization of the bank are dated October
2, 1884, and minutes of an organizational
meeting on that same date show that the
the institution was capitalized with $50,000.
Though it began operating in rented
headquarters in downtown Lampasas, the
bank soon purchased the building, which it
sold by order of the directors in 1898, but
leased back space for a period of five years
at a fee of $30 per month.
After several more moves, the board of
directors in 1906 determined that the bank
should own the building in which it operated
and authorized officials to negotiate
for the purchase of the building located at
Third and Liveoak Streets for a price of
$16,000. More than 90 years later, the
bank still occupies this same site, though
the original building was demolished for
construction of a new bank in 1966.
A look back at the official minutes of
the bank board reflect some interesting
facts about the emergence of the First State
Bank of Lampasas. For instance:
* The Texas Bankers Association was
organized in Lampasas in 1885 by First
National's cashier Frank R. Malone and
assistant cashier E.N. Longcope. The first
two meetings of the TBA were held in
Lampasas, and Malone was elected organiG GILMER
NATIONAL
BANKGARY PATTERSON
PRESIDENT and C.E.O.Box 460
16 HERITAGE -SPRING 1997
Phone 903-843-5653
Gilmer, Texas 75644
* HISTORY MUSEUM IN BUFFULO GAP, JUNE-JULY 1997
* DALLAS ITY HALL, OCTOBER 1997
* IMAGE GALLEY, LONGYIEW, NOVEMBER 1997
* LUBBOCK CHRISTIAN UNIVERSITY, JANUARY 1998
* OPTIONS GALLERY, ODESSA, MARCH 1998
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Texas Historical Foundation. Heritage, Volume 15, Number 2, Spring 1997, periodical, Spring 1997; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth45402/m1/16/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas Historical Foundation.