A History of Norman's “Bank Corner” at Main Street & Peters Avenue

A History of Norman's “Bank Corner” at Main Street and Peters Avenue. . The Land Run of April 22, 1889, brought tens of thousands of settlers to the Unassigned Lands of the Indian Territory, in what is present-day central Oklahoma. Norman was founded on that day and its new residents brought a demand for all types of businesses, including banking services. The intersection of Main and Peters, located one block east of this plaza, soon became the center of Norman's financial district. , Commercial State Bank . Citizen's Bank . City National Bank . First Fidelity Bank. Commercial State Bank was established in 1889 as Norman's first bank and its officers constructed a building at the northwest corner of Main and Peters in December of that year. The grand two-story structure was built from rough-faced, square-cut stone which varied in shape and color. It had stone arches over the windows and a street-corner entrance and was topped with highly ornamental white stonework. Citizen's Bank was founded in 1890; the following year its officers acquired the Commercial State Bank building for $4,000. After numerous mergers over the next three decades, the bank emerged in 1922 as City National Bank. That same year bank officers demolished the 1889 building and constructed a new white limestone structure, at the cost of $110,000, which remains standing today as First Fidelity Bank. , Norman State Bank . First National Bank . Chase Bank. Norman State Bank was founded in 1890 and its officers dedicated a two-story building at the southwest corner of Main and Peters in 1892. The structure, which cost $8,000, was built from locally-quarried red sandstone trimmed with white Kansas limestone. Its arched corner and side entrances were supported by granite columns and the building was crowned by a cupola which made it one of the tallest structures in downtown. The bank became First National Bank in 1900 and was known by this name for more than eighty years. In 1958 bank officers built new offices one block south of ‘Bank Corner’ and demolished the 1892 building to make room for a parking lot. The clock at this plaza was salvaged from the First National Bank building prior to its demolition. Eventually the bank was acquired by Chase Bank and its offices were relocated to the west side of town. , Security State Bank . Security National Bank . Arvest Bank. Security State Bank was established under a state charter in 1914 and became Security National Bank in 1921 when it received its national charter. The bank was originally located a few doors east of ‘Bank Corner’ on the south side of the street. In 1923 a disastrous fire struck downtown Norman destroying several buildings including the Security National building. The bank lost everything except the contents of its vault. Bank officers rented temporary space and were able to reopen the day after the fire due to help from City National and First National, who provided the use of their vaults for several weeks. In 1924 bank officers purchased the southeast corner of Main and Peters and built a new $75,000 building on that site. In 1987 the Security National Bank became Arvest Bank. , Throughout much of the twentieth century, City National, First National, and Security National were the premiere financial institutions of Norman. They provided capital during the city's growth booms and stability during economic downturns. As Norman grew, so did its banking industry; eventually newer banks broke away from the tradition of downtown locations and began to appear in other parts of the city. Even so, the former and remaining institutions on ‘Bank Corner’ will always hold a special place in Norman's history both for their architectural contributions and for their financial history during Norman's formative years. , Essay by Ty Hardiman . Research assistance by Bob Rice.