First National Bank of Gilmer was organized in 1900 when its organizers bought out a private bank which was the first bank in Gilmer and had been in Gilmer about 5 years. Our first bank building was located on the west side of the Gilmer's town square, where it operated for nine years.
When the bank was organized, it had only two employees, L.R. Hall, who served as cashier, and an assistant cashier/bookkeeper. Mr. H.P. McGaughy served as the first president of the bank.
In 1909, the bank moved to a brick building on the square's north side, which served as First National Bank of Gilmer's home until 1981. The scare of 1914 is recalled as one of the bank's most difficult times. Even so, the bank's capital increased from the original $25,000 to $100,000 that year. First National Bank suffered along with others in 1929, but when the oil boom struck East Texas, the bank's profits mounted.