The First National Bank of Corsicana
Corsicana, Navarro County, Texas
Marker Inscription
An institution whose history reflects rise of a landmark city. Corsicana was founded about 1850. In 1871, when the Houston & Texas Central gave the town rail connections with national commerce, two former H. & T. C. employees established this bank as a private concern. The men were Capt. James Garitty (1842-1925), experienced as a bank clerk, and Joseph Huey (1827-1904), a tin and hardware dealer. The firm was called Garitty, Huey & Company, and served cotton growers as well as ranchers and cowboys driving cattle to the railroad. By 1886 their business had expanded so greatly that they incorporated and obtained a charter for the First National Bank of Corsicana, with capital of $125,000 and surplus of $75,000. Drilling for a new municipal water well in 1894 brought first major oil and gas discovery in Texas. The pioneer field developed first use in the state of natural gas in lighting and heating, first use of petroleum for railroad locomotives, first use of oil in highway surfacing. Texas' first refinery was built in Corsicana. During and after the years of petroleum industry development, the city gained other business and cultural advantages, with this bank giving aid and leadership in many phases of civic progress.
Erected by Texas Historical Commission
The Story
Founded as a private firm in 1871 by former railroad men Capt. James Garitty and Joseph Huey, this bank served cotton growers, ranchers, and cattle drovers as Corsicana grew into a rail hub. Chartered as the First National Bank in 1886, it soon witnessed a turning point in Texas history: in 1894 a crew drilling for city water instead struck oil and gas, opening the state's first major petroleum field. That discovery brought Texas its first refinery and pioneering uses of natural gas and oil.
Why it matters
Corsicana's accidental 1894 strike launched the Texas oil industry, and the bank's story ties the state's transition from cotton-and-cattle economy to the petroleum age that would define its future.
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Related people
- · James Garitty
- · Joseph Huey
Related events
- · 1894 Corsicana oil discovery
Themes & tags
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