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The bank was organized in July 1906, as the Tom Bean State Bank with a capital of $10,000. The bank was opened for business on September 22, 1906 and is nearing the end of 100 years of valuable service to the Tom Bean community.

It was organized by C. C. Walsh, who later served as Federal Reserve agent and chairman of the Board of Directors of the Federal Reserve of Dallas. Dr. W. Jackson was the first president, F. P. Thompson was vice-president and F. E. Douglas was cashier. Members of the first Board of Directors included C. C. Walsh, G. W. Hay, W. Jackson, H. Dickson, S. P. Bush, T. J. Miller, F. P. Thompson and A. S. Lackey.

In 1917 the bank was chartered as the First National Bank of Tom Bean, with a capital of $25,000 and a surplus of $5,000. Jackson served as president of the institution until 1920, when he resigned after going west to make his home. J. H. Dickson was elected president and held that office until the time of his death in June, 1935. He was succeeded by E. B. Scott, thus its first 30 years of existence the bank had only three presidents.

An article from The Tom Bean Times, dated July 17, 1936, says, "During its 30 years of existence the First National Bank has cared for the financial need of the community during both hard times and good, and is recognized as one of the strongest small-town banks in the state. It is one bank which has been through such a long span of years with so little change in management. The prosperity of Tom Bean has been dependent on the prosperity of its bank, and for that reason it is one of our most valuable institutions." It holds the record of being one of the few banks in the country that did not close during the big depression of the 1930's.

A photo of the interior of the old bank building taken around 1916 shows Ruth Ball Foster and Claude Lackey. The caption states that the banks counters and partitions are now at the Six Flags Over Texas amusement park.

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