Organization of Banks in Fairmount Township
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In 1883 Dr. A Henley and Levi Scott, perceiving the need of local banking facilities, proceeded to organize the Fairmount Bank as a private institution. They purchased ground on South Main Street and erected a two-story brick building.
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On June 24, 1886, the capital stock was increased to twenty-five thousand dollars and the bank was reorganized and incorporated under the laws of the State, and became known as the Farmers and Merchants State Bank, with Dr. A. Henley, President and Levi Scott, Cashier. The directors met in 1887 and decided to increase the capital stock to fifty thousand dollars.
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The institution continued to operate successfully as the Farmers and Merchants State Bank until June, 1893, when the panic of that year brought disaster to many enterprises throughout the country, carrying this bank down in the general crash.
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On July 15, 1893, the Citizens Exchange Bank was organized with Nixon Winslow, President; John Selby, Vice-President, and W.C. Winslow, Cashier. Other stockholders were A.A. Ulry, John Seale, Sr., and William J. Leach.
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On June 10, 1911, this bank was reorganized and incorporated as a state Bank, with John Selby, President; Charles F. Naber, Vice-President, and Victor A. Selby, Cashier.
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The Fairmount Banking Company was organized as a private institution on December 18, 1902, with Aaron Morris, President; John Flanagan, Vice-President; R.A. Morris, Cashier, and C.R. Small, Assistant Cashier.
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In 1905 the bank was organized under the laws of the State and the name changed to the Fairmount State Bank. John Flanagan was elected President; Aaron Morris, Vice-President; and R.A. Morris, Cashier. The present (1919) officers are W.F. Morris, President; R.A. Morris, Cashier, and Tony Payne, Assistant Cashier.