Question 1

What is First State Bank (Paint Rock, TX)?

Accepted Answer

First State Bank is a community bank headquartered in Paint Rock, Texas, serving customers in west-central Texas. With approximately $168 million in total assets and 2 domestic offices, the bank maintains a strong presence in rural Texas communities with deep roots in agricultural and ranch lending.

The bank specializes in providing personalized banking services to ranchers, farmers, and business owners in the region, emphasizing relationship-based banking and customer privacy. First State Bank demonstrates exceptional financial performance with a return on assets of 2.33% and return on equity of 17.27%.

Question 2

When was First State Bank (Paint Rock, TX) founded?

Accepted Answer

First State Bank's history began on October 18, 1909, when all subscribers to the $25,000 capital stock of a proposed new state bank met in the offices of W.C. Montgomery Co. in downtown Paint Rock, Texas. The stockholders were area ranchers and businessmen who desired an independent community bank that no single stockholder could dominate.

The bank opened for business in April 1910 as the Guaranty State Bank of Paint Rock. The founders wisely structured ownership so that no single stockholder owned more than 30% of the bank's stock, a principle that continues to this day with no majority shareholder ever controlling the institution.

In February 1925, the bank changed its name to First State Bank of Paint Rock in reflection of changes by the state banking department replacing the old guaranty system of chartering and regulating state banks. This occurred during the era before the Federal Deposit Insurance Corporation was created, when the character of bank officials was paramount to depositor confidence.

The bank was fortunate to have distinguished leadership including R.T. Trail, a respected area rancher who served as President from the organizational meeting until his death in December 1930, followed by J.M. Patton who led the bank for the next 30 years. The bank successfully navigated the Great Depression and has operated continuously for over 110 years.

Question 3

Where is First State Bank (Paint Rock, TX) headquartered?

Accepted Answer

First State Bank is headquartered in Paint Rock, Texas, a small community in Concho County in west-central Texas.

Question 4

Where does First State Bank (Paint Rock, TX) operate?

Accepted Answer

First State Bank operates 2 full-service locations in west-central Texas:
• Paint Rock (headquarters) - The historic location serving Concho County and surrounding areas
• San Angelo - Branch opened in May 1997 to expand service to the larger regional market

The bank's trade area encompasses a diverse agricultural region including cotton, wheat, milo production, as well as cattle, sheep, and goat ranching operations throughout west-central Texas.

Question 5

What services does First State Bank (Paint Rock, TX) offer?

Accepted Answer

First State Bank provides comprehensive banking services tailored to the needs of its rural and small-town customer base:

Deposit Accounts: Personal and business checking accounts, savings accounts, certificates of deposit, and money market accounts with competitive rates.

Lending Services: Agricultural loans, ranch financing, cattle loans, commercial real estate loans, business loans, personal loans, auto loans, and residential mortgage lending designed for the agricultural economy of west Texas.

Digital Banking: Online banking platform accessible from computers, mobile banking app with remote deposit capabilities, mobile check deposit allowing customers to deposit checks from their mobile devices, and electronic bill pay services.

Card Services: Debit cards with fraud protection, ATM access, and card management controls for security.

Traditional Services: Safety deposit boxes, cashier's checks, money orders, wire transfers, and notary services.

Business Banking: Commercial checking, business savings, merchant services, and cash management solutions for local businesses and agricultural operations.

The bank emphasizes personalized service and has maintained a strong commitment to customer privacy since its founding, with original 1910 bylaws explicitly addressing confidential treatment of customer information.

Question 6

What makes First State Bank (Paint Rock, TX) unique?

Accepted Answer

First State Bank stands out for its remarkable 115-year history of independence and continuous operation under the founding principles established in 1909. The bank's unique ownership structure, with no single majority shareholder, has ensured stability and prevented dominance by any individual or group.

The bank's exceptional financial performance is notable, with a return on assets of 2.33% and return on equity of 17.27% - significantly above industry averages. This strong profitability reflects prudent management and deep expertise in serving the agricultural economy.

First State Bank's commitment to customer privacy was remarkably forward-thinking. Section 21 of the original 1910 bylaws established strict confidentiality standards that have guided the bank for over 110 years, stating that disclosure of customer information except when legally required or necessary for customer affairs would be grounds for removal or discharge of employees.

The bank has demonstrated steady growth, rising from $350,000 in assets by 1920 to over $168 million today, passing major milestones including $1 million in the 1940s, $2 million in the 1960s, $10 million in the early 1980s, and $20 million in the early 1990s. The San Angelo branch expansion significantly accelerated growth while maintaining the bank's community focus.

The guiding philosophy remains that of its founders: to provide the best possible banking service to all customers and promote the welfare of the communities served.

Question 7

What type of financial institution is First State Bank (Paint Rock, TX)?

Accepted Answer

First State Bank is a State Chartered Commercial Bank supervised by the FDIC. As a state-chartered institution that is not a member of the Federal Reserve System, the bank operates under Texas state banking regulations with FDIC oversight as its primary federal regulator.

The bank qualifies as a community bank with a strong agricultural and commercial banking focus, making it particularly well-suited for ranchers, farmers, and rural business customers in west-central Texas. The bank's independent ownership structure, with no holding company control and broadly distributed ownership among local shareholders, exemplifies the traditional community banking model while maintaining strong capital ratios and exceptional profitability metrics that position it for continued growth and stability.

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