First State Bank in Richland Springs
Richland Springs, San Saba County, Texas
Marker Inscription
John M. Burleson (1870-1933) founded the Burleson Bank in 1910 to expand his business interests and provide financial services to the community of Richland Springs. In 1913 Burleson reorganized his institution as the First State Bank; in 1919, W. H. Gibbons became the new director when Burleson left the bank. During Gibbons' tenure, in 1928, the bank was robbed at gunpoint. The First State Bank was renamed the People's State Bank, ruled and protected by federal law, in May 1933. The People's State Bank continued to uphold the standards set by its founder and to serve the community until May 8, 1958, when it was liquidated by the Texas Banking Commission. (1998)
Erected by Texas Historical Commission
The Story
John M. Burleson founded the Burleson Bank in 1910 to serve the small community of Richland Springs, reorganizing it as the First State Bank in 1913. Under later director W. H. Gibbons the bank endured a 1928 armed robbery, and amid the upheavals of 1933 it was renamed the People's State Bank under federal protection. The institution served the town until the Texas Banking Commission liquidated it in 1958.
Why it matters
The rise and fall of a small-town bank captures the fragile, community-rooted finance that underpinned rural America through boom, robbery, the Depression, and mid-century consolidation.
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Related people
- · John M. Burleson
- · W. H. Gibbons
Themes & tags
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