About The First National Bank of Bastrop

Our History – Time Line

March 1889
Three out-of-town venture capitalists open Bastrop County Bank.

August 1889
First National Bank of Bastrop, chartered by local businessmen, buys out Bastrop County Bank and elects J. C. Buchanan, President.

 

January 1890
B. D. Orgain elected President of First National Bank.

June 1890
Work on a new bank building begins.

November 1890
Fueled by a brisk norther, fire breaks out in A. B. Reynolds livery stable, quickly jumps Spring Street, engulfs three additional buildings and threatens the entire business district. Using a new engine to pump water from the recently installed “water works,” volunteers climb to the bank’s roof and throw a steady stream upon the fire. Because of the bank’s new brick building, Main Street was saved.

 

 

1898
First National Bank installs the first telephone in Bastrop — Phone No. 1.

December 1899
Bank’s assets reach $200,000.

1913
First National Bank joins the Federal Reserve System.

1913
First National Bank installs “toilet accommodations” for its employees.

1916
The bank’s Cashier is ordered to install a “septic tank for the bank toilet,” which was installed three years earlier.

September 1928
Cotton sells for 20 cents per pound.

February 1929
Night watchman Joe Jenkins discovers a man having broken into the First National Bank about to enter the customers vault. Jenkins alerts Sheriff Woody Townsend and Deputy J. S. Milton. As the burglar climbs a fence behind the bank “attempting to escape,” he is shot and killed. The directors grant a reward of $150 to be divided amount the three lawmen.

October 1929
Stock Market crashes and the Great Depression begins. During the next ten years, 9,765 banks — 1/3 of all U.S. commercial banks — would fail.

February 1930
W. B. Ransome is elected President, after the death of W. A. McCord.

March 6, 1933
President Franklin D. Roosevelt declares a National Bank Holiday. Banks are not to reopen until approved by the federal government.

March 15, 1933
First National bank is issued license to re-open.

June 1933
President Roosevelt signs Glass-Steagall act creating the Federal Deposit Insurance Corporation (FDIC), which will insure depositor’s money up to $5,000.00.

December 1941 Pearl Harbor attacked by Japanese; America enters World War II.

1942
Construction of Camp Swift begins.

1943
90,000 soldiers are stationed at Camp Swift. The first female employees, Evohn Rosanky and Lillian Murchison, are hired to help manage the increased lobby traffic.

August 1948
Bastrop businesses suffer an economic letdown with the end of the war and the deactivation of Camp Swift. To rejuvenate business activity, annual Homecoming celebrations begin.

February 1951
W. B. Ransome passes away; Earl Erhard is elected president.

May 1965
G. B. Mack is elected president. Bank assets total $2 1/2 million.

January 1967
At the death of Earl Erhard, Cecil Long is named chairman of the board.

December 1972
G. B. Mack dies suddenly. Cecil B Long succeeds him as President.

1973
First National Bank enters the computer age. Computers replace posting machines. Data processing is performed by correspondent bank, Austin National.

1978
Inflationary pressures begin pushing interest rates to double digits.

December 1980
Prime rate peaks at 21.50% Assets total $30 million.

1983
First National Bank purchases its first personal computer, a Zenith, for $21,000.00.

1984
First National Bank introduces its first automated teller machine (ATM).

1988
Financial crisis racks the savings and loan industry due to government deregulation and unscrupulous investments in the 1980’s and early 1990’s. Liquidation of the assets of the failed thrifts further depresses the real estate market, resulting in scores of bank failures.

1989
Bank celebrates 100th anniversary. Assets total $86 million.

1990
Asset exceed $100 million.

December 1991
First National Bank converts to its own in-house computer system for data processing.

1993
Highway 71 branch opens.

1993
Cecil B. Long passes away. James B. Kershaw succeeds him as Chairman of the Board.

February 1994
Reid Sharp is elected President and Chief Executive Officer.

December 1995
Assets exceed $125 million.

March 1996
First National charters the “Save for America” school savings program in Bastrop Schools. Ten years later, over 3100 children participate in the program.

October 1997
First National Bank’s first branch located outside of Bastrop opens in Elgin in a temporary facility affectionately known as “bank-in-a-box.”

April 1999
Elgin branch moves into its permanent facility.

1999
Assets total $178 million. Bank expands downtown facility upstairs, again operating out of the same building in which it started 110 years earlier.

January 2000
Problems from the “Y2K Bug” fail to materialize as the millennium clock rolls over to January 1, 2000. Nearly three years of hard work by bank employees pays off.

Picture 2000
First National introduces Internet Banking.

July 2002
Community Bank of Central Texas became First National Bank’s Smithville location.

April 4, 2005
Cedar Creek location opens with Grand Opening & Ribbon Cutting held on April 16, 2005.

February 21, 2006
First National moves its Main bank operation to Highway 71, having completely renovated the “old HEB building”. See the “Bastrop History Mural” in our spacious lobby which depicts pivotal moments in Bastrop’s rich history.

 

March 19, 2006
Grand Opening and Ribbon Cutting of First National Bank new main bank facility at 489 Highway 71 W. Pictured are employees, officers and directors of First National Bank. Our customers enjoyed entertainment by renowned jazz composer & musician Hannibal Lokumbe, performances by Bastrop Children’s Choir, and Corázon de Mexico Balét Folkórico with presentation of colors by NJROTC.

October 10, 2006
First National’s downtown location is renovated and moves across the street to 1021 Main Street.

 

 

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