Grapeland State Bank
Grapeland State Bank
In the summer of 1911, a group of local citizens, having seen the need for a second bank in the northern part of the county, raised the sum of $15,000 and incorporated the Guaranty State Bank of Grapeland, Texas, on June 14 of that year. The following officers and directors were elected: Dave Walling, president; M.P. Herod, 1st vice president; J.B. Thomas, 2nd vice president; Charlie Kennedy, Jim McLean, J.L. Jordan and C.O. Glenn, directors. Arrangements were made for the construction of a new brick building on the west side of the railroad, the site to be where E.O. Buckalew formerly occupied a building. Mr. U.M. Brock was elected cashier.
Stockholders were C.W. Kennedy, E.G. Walling, J.R. Pennington, Jim McLean, J.E. Bean, C.P. Smith, J.B. Thomas, Julian Walling, W.E. Kerr, Blanche Kennedy, J.C. Cunningham, R.T. Bobbitt, T.E. Edge, U.M. Brock, W.H. Holcomb, W.H. Holcomb Jr., Frank Harris, J.W. Young, P.H. Blalock, F.J. Price, J.L. Jordan, and T.M. Campbell.
Following the death of Mr. Walling on June 27, 1911, new officers were elected. They were Jim McLean, president and Ex Governor T.M. Campbell of Palestine was a new vice president.
The bank opened for business on September 9,1911 in the rear of Mr. A.S. Porter’s drug store, and occupied the new building in November 1911.
In February 1912, J.R. Pennington was elected president of the bank and C.W. Kennedy, J.E. Bean and J.B. Thomas were directors. After a year E.G. Walling was elected president and served as such through 1913 when C.W. Kennedy was elected president and served until his death in 1952. He was succeeded by J.E. Long who serviced until his death in 1958. C.W. Kennedy Jr. served as president from that time until April, 1980. U.M. Brock left the bank in January 1927 and A.O. Dannelley became the cashier; he was succeeded by H.A. Layne in 1929; and he served as cashier until he was succeeded by J.E. Long who served as cashier until he was elevated to the presidency as above stated, at which time Lucille K. Leeds became cashier and served as such until her retirement in December 1973. In January 1974 Beatrice Franks was elected cashier and in April 1984 she was elected vice president. She has been an employee of the bank since March 1957.
Sam Kennedy was elected president in January 1975 to replace C.W. Kennedy Jr. who retired in December 1974; however, he remained chairman of the board until his death on April 13, 1980 after which Sam Kennedy was elected chairman of the board. After Dan Hill’s death in March 1978 Harry Pridgen was elected to replace him as director.
No one was elected to replace Ira Rials after his death January 30, 1980.
After C.W. Kennedy Jr.’s death April 13, 1980 Troy Jones was elected as director.
On February 8, 1983 C.W. Kennedy 3rd (Chuck) was elected as a member of the board of directors.
At the regular meeting of the stockholders of the Grapeland State Bank in January 1983, the following directors were elected; Sam Kennedy, Harry Pridgen, Troy Jones, Frank Dailey, John Kennedy, Sr. (until his death in March 1984), C.W. Kennedy 3rd (elected February 8, 1983). On February 10, 1987, C.W. Kennedy 3rd was elected vice president. There have been no further changes in the directors since that date. Each year in January these five directors have been unanimously re-elected. Present officers and employees are: Sam Kennedy, president; Beatrice Franks, vice president and cashier; C.W. Kennedy 3rd, vice president; Aileen Huff, assistant cashier; Tanya Musick, assistant cashier; Sue Moffett, employee; and Maye Garrison, part time employee.
In 1925 the name of the bank was changed from Guaranty State Bank to Grapeland State Bank. During the years the total capitalization of the bank has increased, and in 1987 has reached $453,000 as compared to $15,000 in 1911, and $280,000 in 1972 when the Crossroads to Progress Book 1 was published.