Merchants Exchange Bank
Benavides, Duval County, Texas
Marker Inscription
Francisco Vaello Puig opened the Merchants Exchange Bank in Benavides in 1908. With the success of the Texas Mexican Railroad and the discovery of oil reservoirs, Benavides became a thriving small railroad town with a bright future. The Merchants Exchange Bank grew to reflect the wealth of the times. In 1937, the Vaello family built and relocated the establishment to this sandstone structure. In 1961, financial pressure on the bank ultimately crippled the business. By 1962 the bank closed, and Benavides began a steady decline which the closure of the bank compounded. The remaining structure acts as a testament to the former prosperity of the town. RECORDED TEXAS HISTORIC LANDMARK – 2015
Erected by Texas Historical Commission
The Story
Opened in 1908 amid the boom brought by the Texas Mexican Railroad and nearby oil, the Merchants Exchange Bank rode Benavides's early prosperity and in 1937 moved into this handsome sandstone building. Financial strain shuttered it in the early 1960s, and the town's fortunes declined along with it.
Why it matters
The bank's rise and fall mirrors the boom-and-bust rhythm of the South Texas railroad and oil towns of the early twentieth century.
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Related people
- · Francisco Vaello Puig
Themes & tags
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