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First Federal Community Bank

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First Federal Community Bank

Mission statement:

First Federal Community Bank will serve Northeast Texas as a Community Bank providing the highest level of banking services in a way that enriches the lives of the people in the area and improves the quality of life for all!

History:

A group of local businessmen came together in May 1922 to form Paris Building and Loan Association. The original mission of the organization was to lend money for building, improving, and paying debts on homesteads and to lend money to members of the Association. Originally organized as a state chartered stock company with an initial offering of $5 million, the Association converted to the federal mutual form of ownership in 1934 and remains that way today.

Initially the Association was located in an office in the First National Bank Building in downtown Paris, Texas. The first loan was approved at the very first meeting of the board and given to Mr. and Mrs. Emory Shaw for a home on East Houston Street in Paris. That structure still stands.

The Association's conversion to a federal charter in 1934 followed a national trend. All shareholders received 100% of their investment back - and no one has ever lost on their investment in First Federal. The federal charter opened up funding opportunities through participation in federal programs of the time. This capital, brought by the Association to our area of Northeast Texas, helped fuel the post-depression recovery.

First Federal celebrated its 15th anniversary in 1937 by relocating its offices to a building at 30 Clarksville Street in downtown Paris. At this point in its history the Association had total assets of less than $1 million. By World War II, First Federal had prospered to the point of being able to be a contributor to the war effort as well as a player in keeping the economy at home moving along. First Federal was the leading seller of war bonds and a large purchaser with its excess funds. After the war, First Federal stepped up to meet the housing demands of the returning GI's, aggressively making loans.

In 1966, the Association moved to its current location at 630 Clarksville Street in Paris, and branches were later established in West Paris and in Clarksville, Texas. The Association continued to prosper and surpassed $100 million in assets. The West Paris branch later closed, but the Clarksville branch was later joined by one in Mount Pleasant, Texas, in 1987, and an additional branch in Paris on Loop 286 in 1999.

Throughout its history, First Federal has believed that loaning money in the communities it serves is the highest and best use of its resources. First Federal has grown and contributed to the local economies throughout 84 years, and has strived to be a good public servant.

Stable, consistent management has been an attribute of the Association that has contributed to the long-term success of the operation. Only six men have served as President in the 87-year history.

Henry P. Mayer
1922-1938

O.W. Boswell
1938-1958

Col. J.M. Caviness
1958-1962

Philip Hutchison
1962-1979

Duran Davis
1979-1984

Richard M. Amis
1984-present

Another factor in the continued success of First Federal has been the loyalty of the employees. When the members do business with First Federal, they are often dealing with a trusted friend whom they have dealt with for many years. First Federal has a reputation for taking care of its people and as a result, most of the employees are career employees. It is very common for employees to retire from First Federal with as many as 30 years of dedicated service. First Federal encourages all of its employees to be actively involved in community affairs, and they currently hold memberships in more than 50 different civic clubs and organizations.

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