Tolu Bank History

 Let's follow along with the Crittenden Press items and learn of Tolu's new bank. The old bank building is only a brick decayed shell today, but so important in it's day.

Happenings at Tolu in October 1903 - A new bank for the town of Tolu.

Mr. P. M. Whitt, of Owenton, Ky., was here working in the interest of a bank at this place, and succeeded Monday in organizing with the following stockholders: P.M. Whitt, Forest Harris, Wm. Barnett, E. R. Dowell, P. B. Croft, L. A. Weldon, Mrs. A. S. Bennett, S. S. Sullenger, W. D. Sullenger, Dr. I. H. Clement and J. B. Perry. The new bank will have a capital stock of $15,000.

P. B. Croft was chosen president; J. Bethel Perry, vice-president; E. F. Smith of Owenton Ky. cashier. Tolu is in a rich agricultural section and a bank there is need and should pay.

January 21, 1904. The new bank has been named the Farmers and Merchants Bank.

Until the new bank building can be built they will conduct business from Harris and Co.'s store house. They will be ready for business at noon Tuesday, Jan. 18^th.

February 4, 1904, John W. Weldon of Croften, Ky. was here examining the plans and specification of the new bank building. Mr. Weldon will be in charge of construction.

March 17, 1904, one of the stockholders, W. E. Dowell, went to Henderson this week to purchase and bring back the first load of brick for the erection of the new bank building.

March 31,1904 another load of brick has arrived at our landing, which makes 1,000 bricks shipped here from Henderson for the erection of the new bank. Work on the building will begin at once by the contractor, J. W. Weldon.

April 14, 1904 Ground was broke last week for the new bank. Supplies are beginning to arrive at the landing. Fifty lbs. of lime was shipped to this place to be used in building the bank. A. C. Melton has charge of the brickwork, while J. W. Weldon was in charge of doing the carpenter work.

The impressive iron front for the bank has arrived at our landing and will be ready to sit in its proper place in the building as soon as the brickwork is finished.

July 1, 1904, the furniture was put in the bank building today and the key turned over to the big Cashier E. F. Smith, who can be found during banking hours in his new quarters near the post office.

July 28, 1904, The Farmers and Merchants Bank have moved into their new building and are now fully equipped to attend to all portions of the banking business. They have the finest bank building in the county and the bank furniture is simply grand. Everything would be a credit to a large city.

The cashier, Edward F. Smith, will take pleasure in showing you everything of interest and especially the fine screen door, burglar proof safe, etc.

All are welcome and for those who wish to start a savings account no amount is too small to be accepted.

The Board of Directors are the very best businessmen in this part of the country. They are: P. B. Croft, J. B. Perry, L. A. Weldon, S. S. Sullenger, W. D. Sullenger, T. F. Harris, E. F. Smith, W. E. Dowell and I. H. Clement.

Our community is proud of the bank and will give it a liberal support.

(This bank mysteriously burned on the night of August 2, 1923. Things were never the same after this event.)