Banks

The Greenbrier Valley Bank was established in Alderson in 1884. Its president was Matthew Mann and the cashier was James E. Mann. In 1891 the Bank of Alderson was organized and was located on the site of the present Post Office. In 1898 the Bank of Alderson built the two-story building now occupied by the First National Bank. T. H. Jarrett was the first president of the Bank of Alderson, E. Frank Hill was cashier, J. M. Alderson, vice-president. Later, E. Frank Hill became president.

The Bank of Alderson became the First National Bank in 1903. In 1909 the Greenbrier Valley Bank consolidated with the First National Bank as the First National Bank of Alderson. The first president of that bank was L. E. Johnson., James H. George was cashier and H. B. Rowe, assistant cashier.

In 1910 the Alderson National Bank was chartered. It was located in North Alderson in the brick building on the corner of North Monroe and Riverside Avenue. O. D. Massey was president of that bank. Alderson National Bank failed on September 20, 1931, during the depression. The Federal Bank Receiver who then took charge of settling the bank’s affairs had a most appropriate name - U. S. Seal. The First National Bank was then the only bank.

The First National Bank’s president after L. E. Johnson’s death in 1948 was H. B. Rowe, a prominent figure in Alderson. Mr. Rowe resigned in 1962 and died shortly thereafter. Carl Bivens, long an officer in the bank, became president in July 1962. John M. Alderson, III is vice-president. Ted B. Law, a Federal Bank examiner, came to Alderson as executive vice president and cashier. J. Tracy Leach and Betty Pennell are assistant-cashiers. The assets of the First National Bank are $4,200,000.00. In 1963 the bank was extensively remodeled and modernized.

Next: Milling

The contents contained in this series is copyrighted and the sole property of The Greenbrier Historical Society - Lewisburg, WV
Used by permission - November 18, 2008