First Federal Community Bank

First Federal Community Bank. . On April 27, 1922, a group of 15 Paris businessmen joined together to form a state-chartered financial institution, the Paris Building and Loan Association. Its goal was to lend money to its members for building, improving and paying debts on homesteads. At a board meeting in May, the loan association approved its first loan to the Paris High School music teacher for construction of a new home. Two days later, the association began public operations in the First National Bank building. In 1925, it relocated to a ground-floor office on South Main Street. By this time, they financed more than 100 homes. , With the onset of the Great Depression, Congress took steps to help save the building and loan industry with the Home Owners' Loan Act and the Home Owners' Loan Corporation. In 1934, the association converted to the First Federal Savings and Loan of Paris, the first of its kind in the city. During World War II, First Federal began participating in the national war bond sales campaign and, after the war, committed to helping American servicemen through G.I. Bill of Rights home loans. , In 1963, First Federal made plans to construct a new office building on Clarksville Street, moving to their new building in 1966. The 1970s and 1980s were a productive time for the savings and loan, opening new branches in West Paris, Clarksville and Mount Pleasant. In 1997, they celebrated their 75th anniversary and established the First Federal Community Foundation, a source for contributions to worthwhile community projects. A year later, they changed their name to First Federal Community Bank, continuing to assist the community with economic development.