DUANE
Duane's take
Here's my telling of what the official marker has to say about the First National Bank of Cameron. Now, before we get to the bank that survived, let me tell you about the two that didn't. Cameron had already seen a financial institution come and go — the Buckholts Exchange Commission, a small frontier deposit office that faltered during the Civil War.
Then came the Milam County Bank, which closed during the panic of 1895. Two banks, two hard endings. You'd think a town might get a little gun-shy after that.
But Cameron was growin', and a growin' town needs somewhere to put its money. So on August 22, 1889, the First National Bank of Cameron opened its doors for business — in a rented building, mind you, while construction was already commencing on a permanent structure at the corner of First Street and Houston Avenue. John M.
Hefley and a circle of businessmen had seen the necessity plain as a Texas sunrise, and they started this institution with fifty thousand dollars in capital. Hefley himself was elected the bank's first president, and he stayed on as a director and stockholder until his death in 1903. The bank grew slowly at first.
Slowly. But then came the late nineteen-tens and early nineteen-twenties, and with them came record cotton prices and the discovery of oil in the county. That kind of thing has a way of changing a bank's story in a hurry.
Then the Great Depression arrived and took a swipe at nearly everything standing. Several other banks in Milam County didn't make it through. This one did — reorganized, yes, and renamed in the process to First National Bank in Cameron, but open.
Still open. In 1921, during construction of a newer, larger structure at the bank's original site, the whole operation temporarily relocated to the former post office building — because when you've outlasted a civil war, a panic, and a depression, a little inconvenience is just part of the story. By 2007, the institution had grown enough that its name changed again, this time to Classic Bank, reflecting an expansion to several cities that already had their own First National Banks.
From a rented building on a dusty corner to a regional presence spanning multiple cities — the institution that opened its doors in Cameron on that August morning in 1889 is still out there, still serving the community. Some things, it turns out, are built to last.
What the marker says
Two banks operated in Cameron prior to the establishment of the First National Bank. The Buckholts Exchange Commission, a small frontier deposit office, faltered during the Civil War, and the Milam County Bank closed during the panic of 1895. On August 22, 1889, the First National Bank of Cameron opened its doors for business in a rented building, while construction commenced on a permanent bank structure at the corner of First Street and Houston Avenue. John M. Hefley and other businessmen realized the necessity of a new financial institution for the growing town of Cameron, and they began the bank with $50,000 capital. Hefley was elected as the bank’s first president, and continued to serve as a director and stockholder until his death in 1903. The bank grew slowly at first, but record cotton prices and the discovery of oil in the county during the late 1910s and early 1920s helped the bank to develop. The bank temporarily relocated to the former post office building during construction of a newer, larger structure at the bank’s original site in 1921. Although the bank reorganized during the Great Depression, it remained open, unlike several other banks in Milam County. As a product of the reorganization, the bank was renamed First National Bank in Cameron. In 2007, the bank’s name changed again to Classic Bank, to reflect the expansion of its holdings to several cities which already had First National Banks. Today, the institution that began as the First National Bank of Cameron continues to serve the citizens of its community.