The Bank of Follansbee began business with $25,000 capital stock on July 25, 1914. It was located on the first floor of a building on the east side of Main Street, half way between Ohio and Pennsylvania streets. Richard Humes was elected as the bank president. Two other officers were vice president, M. S. Wilson, and cashier, F. D. Armstrong. During the October meeting, the Bank officers set a goal to achieve $100,000 in deposits by November 1, 1915. This amount was viewed as easy to attain since it was only one-twelfth the annual payroll of the town. The city had 3,000 inhabitants with an aggregate $100,000 monthly payroll. Only a small amount was being deposited or spent in Follansbee. The meeting turned into sort of a town boosting campaign. “One speaker declared that Follansbee is good enough to live in… and is good enough to spend your money in.”1914 Bank of Follansbee Safe in original building now City Library.
The Bank of Follansbee was originally located in the building that is now the city library, where the bank’s vault can still be seen.
- Mill Towns Review, “Bank of Follansbee Ready To Do Business,” July 24, 1914, front page.
- Mill Towns Review, “$100,000 Deposits by Next November…,” October 30, 1914, front page.