First National Bank of Cameron
Cameron, Milam County, Texas
Marker Inscription
Two banks operated in Cameron prior to the establishment of the First National Bank. The Buckholts Exchange Commission, a small frontier deposit office, faltered during the Civil War, and the Milam County Bank closed during the panic of 1895. On August 22, 1889, the First National Bank of Cameron opened its doors for business in a rented building, while construction commenced on a permanent bank structure at the corner of First Street and Houston Avenue. John M. Hefley and other businessmen realized the necessity of a new financial institution for the growing town of Cameron, and they began the bank with $50,000 capital. Hefley was elected as the bank’s first president, and continued to serve as a director and stockholder until his death in 1903. The bank grew slowly at first, but record cotton prices and the discovery of oil in the county during the late 1910s and early 1920s helped the bank to develop. The bank temporarily relocated to the former post office building during construction of a newer, larger structure at the bank’s original site in 1921. Although the bank reorganized during the Great Depression, it remained open, unlike several other banks in Milam County. As a product of the reorganization, the bank was renamed First National Bank in Cameron. In 2007, the bank’s name changed again to Classic Bank, to reflect the expansion of its holdings to several cities which already had First National Banks. Today, the institution that began as the First National Bank of Cameron continues to serve the citizens of its community.
Erected by Texas Historical Commission
The Story
After two earlier banks failed during the Civil War and the Panic of 1895, businessmen led by John M. Hefley opened the First National Bank of Cameron in 1889 with $50,000 in capital. Record cotton prices and the discovery of oil in Milam County helped it grow, and it weathered the Great Depression when other local banks did not. Renamed over the years, it became Classic Bank in 2007 and still serves the community.
Why it matters
The bank's survival through panics and depression tells the story of finance as the backbone of a growing agricultural and oil economy in Central Texas.
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Related people
- · John M. Hefley
Themes & tags
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