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“Bite-Size Bits of Local, National, and Global History”
“Bite-Size Bits of Local, National, and Global History”
Eastland in Eastland County, Texas — The American South (West South Central)
 

Early Banking in Eastland

 
 
Early Banking in Eastland Marker image. Click for full size.
By Mark Hilton, July 7, 2017
1. Early Banking in Eastland Marker
Inscription. The evolution of Eastland banks reflects local economic conditions and global influences. Soon after the Texas and Pacific Railway reached town in October 1880, a Mr. Berry of Stephenville opened the first bank in Eastland in Jacob Alexander's dry goods store. Eastland National Bank began in the fall of 1890 on the square, with Major W.H. Parvin as president and John T. Yeargin as cashier. Eastland County Bank ran from the late 1890s to 1904 in the same location. City National Bank opened in 1905, with G.H. Connell as the first bank president and T.E. Downtain as vice-president.

First State Bank opened in 1909 as the first state-chartered bank in Eastland. The next surge in new banks followed discovery of the Ranger Oil Field in 1917. In two years, Eastland's population grew from 1,000 to 9,368, and banks in the county numbered eighteen. In 1919-21, First State Bank built a new headquarters on this site, designed by architect Henry T. Phelps. Oil production declined in the early 1920s, and First State absorbed smaller banks. City
Former Eastland National Bank (lower floor now the Eastland County Museum). image. Click for full size.
By Mark Hilton, July 7, 2017
2. Former Eastland National Bank (lower floor now the Eastland County Museum).
National Bank closed in 1921 after a brief incarnation as Security State Bank and Trust. First State Bank failed in January 1924, with Texas State Bank taking over the building and assets.

A few months after the stock market crash of 1929, the county's banks had decreased to seven and Texas State was Eastland's only bank. After a run on deposits on October 1, 1931, Texas State Bank closed its doors for good. The town was without a bank until a new Eastland National Bank opened on this site in November 1934, as the city and nation slowly emerged from the Great Depression with strengthened banking regulations and a more diverse economy.
 
Erected 2006 by the Texas Historical Commission. (Marker Number 13711.)
 
Location. 32° 24.068′ N, 98° 49.085′ W. Marker is in Eastland, Texas, in Eastland County. Marker is at the intersection of South Seaman Street and East Commerce Street, on the right when traveling north on South Seaman Street. Touch for map. Marker is at or near this postal address: 112 South Seaman Street, Eastland TX 76448, United States of America.
 
Other nearby markers. At least 8 other markers are within 8 miles of this marker, measured as the crow flies. The Bankhead Highway (here, next to this marker); Eastland (a few steps from this marker); Eastland County Courthouse (a few steps from this marker); Camp Salmon / Texas Civil War Frontier Defense (within shouting distance of this marker); Early Settlers of Eastland County (about 400 feet away, measured in a direct line); First Christian Church (about 400 feet away); Hargus Farm (approx. 1 miles away); Merriman Baptist Church (approx. 7.1 miles away). Touch for a list and map of all markers in Eastland.
 
Additional keywords. banks, bankers, banking topics
 
Categories. Industry & Commerce
 
 
Credits. This page was last revised on July 9, 2017. This page originally submitted on July 9, 2017, by Mark Hilton of Montgomery, Alabama. This page has been viewed 67 times since then. Photos:   1, 2. submitted on July 9, 2017, by Mark Hilton of Montgomery, Alabama.
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