The present bank in Normangee - Normangee State Bank - was chartered in 1912. A building committee made up of J.H. Wooley, T.A. Cozart, J.C. Ford and Joe Rogers was given the charge of developing plans and instructions for a bank building, and the bank's first vice president, W.T. Hollis, purchased $6,500 in U.S. two percent bonds and deposited them with the U.S. Treasurer, as required by law to secure the bank's formation. The charter, number 10275, was issued in Washington, D.C., on October 10, 1912, authorizing the bank to begin business. The property at the northeast corner of Main and Second streets was purchased, and the bank home was completed on September 9, 1913, at a cost of about $4,300. Many banks throughout the country failed during the Depression, but the First National Bank kept its doors open. When the town's other bank, the First State Bank, failed, the First National Bank purchased the assets of the First State Bank on May 27, 1936. The liabilities purchased totaled $18,300.00.
During the late 1930s, the directors of the First National Bank were Joe Lagravier, M.L. Bennett Jr., W.L. Martin and Mrs. J.L. Wooley. Otho Youngblood was vice president and chief operating officer of the bank at that time. He was succeeded by Tom Burke in January 1943. In 1946, the directors were Jack Ellison, P.L. Westmoreland, Davis Cozart, Tommy Hill, Carl Martin, Joe Lagravier, Ray Epps, Dr. J.L. Jinkins and Mr. Burke.
Mr. Burke was killed in an automobile accident in 1954, and John R. "Bob" Hines became chief operating officer. Jack McCain was president from April 1955 to January 1961. The bank received a state charter in March 1962, and was renamed the Normangee State Bank. Walter Young was executive vice president from April 1961 to February 1962.
The Normangee State Bank took a major step forward in 1967, when it was purchased by four businessmen: Percy Westmoreland, Mac L. Bennett Jr., Royce Shaw and Doyle Reed. It has been locally owned and operated since that time. Mr. Bennett and Bill Novosad became directors, and Molly Sweeden and Sandra Shaw joined the bank staff.
The assets of the bank at that time were $1,381,074.94. A major push was begun to increase those assets to $2 million. That was accomplished on August 4, 1969. At that time, Novosad, Bennett, Westmoreland, Reed and Shaw were directors, and Rachael Bennett, Molly Bowman, Sandra Shaw and Gary Martin joined Royce Shaw as the bank employees.
The bank continued to increase its assets over the next 30 years. In 1974, they had reached almost $4.5 million, and that figure increased to over $6.5 million at the end of 1976. The next six years saw a jump to almost $15 million at the end of 1982, and six more years saw those assets increased to over $24 million. At the close of business at the end of 2000, the bank had assets of almost $45 million. It has consistently ranked among the top banks in the state among those considered solid financial institutions.
In 2000, Royce Shaw turned the day-to-day operation of the bank over to his oldest son, Joel, giving him the title of executive vice president. In 2001, Royce Shaw relinquished more of the leadership of the bank to Joel, giving him the title of chief executive officer.
In the past 10 years, the bank has twice added space, remodeled both its interior and exterior, and added services to its customers. Under the leadership of the Shaw family, it has adhered to the philosophy that loans should not be made that are secured beyond a reasonable length of time. Distribute your loans rather than concentrate them in a few hands. Treat your customers liberally, bearing in mind the fact that a bank prospers as its customers prosper.
Welcome to the Normangee State Bank. In a continuing effort to better serve our customers, we are now offering internet banking and mobile banking. We hope that you find our website and mobile app to be both informative and easy to use.
Board of Directors