The banking interest and
facilities of Fannin County are second to none in the state, except
perhaps, in those counties in which the larger cities are situated.
For many years, however, merchants and businessmen did without the
conveniences afforded by these useful institutions. Not but what the
business of the county would support them, but because no one ever
saw proper to open a bank.
Fannin County Bank
In 1872, J. R. Russell, S. B. Allen, Charles Carlton, B. E. Brown,
D. W. Poak, Richard White, and R. B. Semple, as a Board of
Directors, applied for, and obtained a charter for the and began
business with a paid up capital of $22.500.00, and with J. R.
Russell as President, S. B. Allen Vice President, D. W. Poak,
Cashier and R. B. Semple, Sec'ty. This was the first bank ever
incorporated in the county, and it has stood the test of time and
financial panics without the faith and confidence in which it was
held by depositors and others in interest, being shaken in the
least. The officers of the bank have ever been first class
businessmen, polite and agreeable to all alike. The first president,
John R. Russell, died in 1881, having lived a long and useful life.
During his lifetime he accumulated, and left to his heirs, a large
fortune, in money and property, who are today among the wealthiest
people in Fannin County. Capt. S. B. Allen, the present president
and cashier, is an old citizen of the county and a man of vast
means. In fact all of the present Board of Directors and
Stockholders are solid men, financially and otherwise. The capital
stock has been increased to $100,000.00, and paid up.
The First National Bank
The second bank of this city was incorporated in December 1883, and
opened business in January 1881, with a paid up capital of
$60.000.00, under the control and business management of a Board of
Directors and officers, consisting of W. A. Nunnellee, President, M.
W. Halsell, Vice President, A. B. Scarborough, Cashier, C. W. T.
Weldon, of Ladonia, John A. Barnard, Smith Lipscomb and J. W. Haden.
The institution is doing a thriving business, the careful and safe
manner of which inspires confidence in every one with whom it
transacts any business. The present management consist of the same
gentlemen under whose control the bank was first opened.
The First National Bank Of Honey Grove
The only other bank in the county at present is at Honey Grove, a
thriving business town, of 2000, inhabitants situated about fifteen
miles east of Bonham, on the Trans-Continental division of T. & P.
By. This bank, no doubt does a larger business than either of the
two just named, on account of having the entire business of a town
doing nearly the trade of Bonham, where the other two are located.
It was incorporated in 1883 and started in business the same year
with a paid up capital of $50,000.00 to which has since been added a
surplus fund of $45,000.00. The Board of Directors are Young
Burgher, T. U. Cole, W. Underwood, J. P. Pierce, C. W. T. Weldon,
with Mr. Weldon as President, and T. U. Cole Cashier.
The merchants and business men of Honey Grove are proud of this
institution, as are the people of Bonham and the County of the other
two, and well they may, for without them, the commercial and general
business of the county would be so awkward and impeded as to render
the situation altogether undesired. These banks passed over the
financial depression of 1884, unscathed, which, together with the
caution exercised by their management and the known integrity of the
boards of directors and officers as well as their vast means, have
inspired the people with almost unlimited confidence in them. With
the rapidly increasing business and development of the County and
continuation of their pact management, their future success is
The Stock of all these banks and other corporations has never been
below par, since they opened business. On the contrary, it has ever
commanded a premium of, from 5 to 25 per cent.
Besides the banking institutions, the county has other companies
somewhat after the same plan, but the stock of which is within the
reach of the poorest class of people. They are not only safe and
convenient, but their peculiar line of business insures a healthy
percent on investments of stockholders.
The Bonham Investment Company
Is the name of a private corporation having its domicile at Bonham,
incorporated under the laws of the state, in February 1885, and
under management of some of the best and most respectable men in the
county. Its principal business consists of investments in notes
secured by vendor's lien on lands in Fannin County. The capital
stock is $50.000.00, which is being paid up by stockholders at the
rate of 2 per cent per month, thus giving the company, by assessment
on its capital stock, $1,000.00 per month, which is at once invested
in land notes. These notes, secured as before stated, are
unquestionably the best class of security, as this lien is superior
to the homestead or any other claim. They are frequently offered for
sale at a discount of 10 to 20 per cent, and as they generally draw
12 per cent on their face, it is easy to see that these investments
No institution in the county has promise of a better success, or is
founded on a surer or safer basis. As the shares, $ 100.00 each, are
paid up at 2 per cent per month, subscription to stock in this
company may be taken by the poor, as well as the wealthy people.
The Building And Loan Association, of Bonham
Another valuable institution, was chartered in 1884, with Charles
Carlton as president, J. P. Holmes vice-president, A. B. Scarborough
secretary and treasurer, and Wm. A. Bramlette and H. E. Taylor,
attorneys. The directors are men of means, ability and integrity.
The capital stock of the association is $100.000.00, and consists of
1000 shares, at $100.00 each, to be paid for in monthly installments
of one dollar per share, and every stockholder is limited to
twenty-five shares. The fund thus accumulated, is loaned on interest
at legal rates, at stated times, but to the stockholders, by
preference. Sometimes the bids for loans exceed legal interest. The
borrower executes his note in favor of the company payable at any
time, not to exceed five years after date. These notes are required
to be secured by mortgage on, or deed to real estate, and lien on
the borrower's stock in the association. The interest and one per
cent of the principal must be paid monthly. The value of the surety
given is to be determined by the directors, or by a committee
appointed for that purpose. One of the prime objects of this
institution is to assist those who are not able, in building
dwellings etc., on lots or land, bought and paid for. By this means,
members of the association are enabled to get a reasonable amount of
money for that, or any other legitimate purpose, on much more
advantageous terms than it can otherwise be had. So far, the
association bids fair to be a success, and a permanent institution
of the county.
The Building And Loan Association of Honey Grove
Organized in March 1885. Its objects and purposes are about as that
of the association at Bonham. It might be well enough to add, that
in addition to the laudable purpose of all these corporations, to
aid and assist in local improvement, the interested parties have a
weather eye to the large percent that accrues continually. The
association at Honey Grove is represented by some of her best and
wealthiest citizens, among whom are Joseph Meyer, President, and P.
C. Cox, Secretary, and others composing the Board of Directors. The
capital stock is fixed $100,000.00, in shares of 100.00 each. These
shares are paid up at the rate of one dollar per month, and
stockholders are limited to twenty-five shares.
The Loan And Exchange Association
Has its domicile at Dodd City, was incorporated in 1885, with a
capital stock of $30,000.00, 300 shares at $100.00 each. I. D.
Beasley is President, and S. D. McDade Secretary.
This institution in its business transactions differs very little
from a bank. The shares are paid up at one per cent a month. Besides
a general loan and exchange business, the association answers for a
mutual savings bank. It is backed by solid men, and is likely to be
a permanent institution of the county.
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