Historic Bank Site
Hubbard, Hill County, Texas
Marker Inscription
The first bank in Hubbard was a small private operation started soon after the town was founded in 1881. In 1895 two banks were opened -- Rod Oliver and H. B. Allen's private firm and Joe McDaniel's First National Bank. To house their enterprise, Oliver and Allen built a 2-story Victorian stone building across the street from this site. After their firm failed in 1903, the structure was occupied by the First National Bank until 1946. It then became quarters for the First State Bank (organized 1909), which moved to that location in 1961. The historic bank building was destroyed by a storm in 1973.
Erected by Texas Historical Commission
The Story
Banking in Hubbard began as a small private operation soon after the town's 1881 founding, and by 1895 two rival banks had opened. Oliver and Allen raised a two-story Victorian stone building for their firm, which failed in 1903 and passed to the First National Bank, and later to the First State Bank. A 1973 storm finally destroyed the historic building that had anchored the town's commerce for generations.
Why it matters
The rise and fall of small-town banks mirrored the fortunes of the farming communities they served, financing the cotton economy of central Texas through boom and bust.
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