Question 1

What is First National Bank of Quitaque?

Accepted Answer

First National Bank of Quitaque is a locally owned and operated community bank specializing in agricultural lending and rural banking services. With approximately $151.9 million in total assets and three locations across the Texas Panhandle, the bank serves the agricultural communities of Briscoe and Swisher Counties.

The institution operates as a national commercial bank under federal charter, supervised by the Office of the Comptroller of the Currency (OCC) and is a member of the Federal Reserve System. As an FDIC-insured institution since 1934, the bank focuses on providing personalized banking services to farmers, ranchers, and rural residents in southeastern Texas.

Question 2

When was First National Bank of Quitaque founded?

Accepted Answer

First National Bank of Quitaque was chartered on August 20, 1920, during a pivotal time in the town's development. The bank's founding coincided with Quitaque's growth as an agricultural center in the Texas Panhandle.

In the 1920s, bank president Amos Persons played a crucial role in the community's expansion by successfully lobbying to bring the Fort Worth and Denver South Plains Railway branch line through Quitaque. This railway connection, which arrived on November 20, 1928, transformed the local economy and solidified the bank's position as a cornerstone institution serving the region's agricultural community. The bank has remained locally owned and managed throughout its more than century-long history.

Question 3

Where is First National Bank of Quitaque headquartered?

Accepted Answer

The bank is headquartered at 320 East Main Street in Quitaque, Texas, a small rural community in southeastern Briscoe County. Quitaque is located on State Highway 86, approximately 45 miles east of Tulia and 100 miles northeast of Lubbock in the Texas High Plains region.

The town sits along the eastern Caprock escarpment and serves as the gateway to Caprock Canyons State Park. Quitaque has a population of approximately 432 residents and was officially designated as the Bison Capital of Texas in 2015.

Question 4

Where does First National Bank of Quitaque operate?

Accepted Answer

First National Bank of Quitaque operates three banking offices serving Briscoe and Swisher Counties in the Texas Panhandle. The bank's locations are in Quitaque, Silverton, and Tulia, Texas.

The bank's assessment area encompasses primarily rural and agricultural regions characterized by cotton farming, wheat production, grain sorghum cultivation, and cattle ranching. These communities are situated in the High Plains agricultural zone, where the economy is heavily dependent on farming and ranching operations. The bank's service territory experiences an annual precipitation of 18 to 20 inches and features terrain ranging from 2,100 to 3,350 feet in elevation.

Question 5

What services does First National Bank of Quitaque offer?

Accepted Answer

First National Bank of Quitaque specializes in agricultural lending, including crop loans, cattle loans, agricultural real estate financing, and farm equipment loans. The bank's primary focus is serving the non-cash nature of agricultural businesses, making it convenient for farmers and ranchers throughout the region.

Lending Services: Agricultural loans, commercial and industrial loans, real estate-secured loans, and consumer lending including personal loans and credit products.

Deposit Services: Traditional deposit accounts, checking accounts, savings products, and treasury management services designed for agricultural operations.

Digital Banking: Online banking platforms and electronic services, though the bank maintains a strong emphasis on in-person, relationship-based service. With a staff averaging 19 years of experience, the bank prioritizes face-to-face interactions with customers.

Question 6

What makes First National Bank of Quitaque unique?

Accepted Answer

First National Bank of Quitaque distinguishes itself through its unwavering commitment to traditional, relationship-based banking. The bank describes itself as "a throwback to a different era" and proudly markets itself as the bank "Where everybody knows your name."

Deep Agricultural Expertise: With agricultural specialization designation from federal regulators, the bank possesses specialized knowledge in farm and ranch financing that spans generations. The institution understands the seasonal cash flows and unique financial needs of agricultural operations.

Exceptional Employee Tenure: The bank's staff averages 19 years of experience, providing continuity and deep knowledge of customer relationships. This stability ensures that customers work with the same familiar faces year after year.

Local Ownership and Control: Unlike many community banks that have been acquired by larger institutions, First National Bank of Quitaque remains locally owned by Quitaque National Corporation and locally managed, allowing for quick decision-making and flexibility in serving customer needs.

Strong Financial Performance: The bank maintains a Return on Assets (ROA) of 1.43% and Return on Equity (ROE) of 13.56%, demonstrating efficient operations and profitability. The institution holds a Tier 1 Leverage Ratio of 10.8%, well above regulatory minimums, indicating strong capital position.

Question 7

What type of financial institution is First National Bank of Quitaque?

Accepted Answer

First National Bank of Quitaque is a National Commercial Bank with agricultural specialization. As a federally chartered institution operating under OCC supervision, it maintains national bank powers while focusing specifically on agricultural lending.

The bank operates under charter number 11706 and holds FDIC certificate number 3401. It is classified as a commercial bank with federal charter and Federal Reserve membership, distinguishing it from state-chartered institutions. The bank is not an S-Corporation and does not exercise fiduciary powers.

Its designation as an agricultural specialist bank by regulators reflects its loan portfolio composition and customer base, which is predominantly comprised of farmers, ranchers, and agribusinesses. This specialization allows the bank to develop deep expertise in agricultural finance, including understanding crop cycles, livestock markets, and rural real estate values.

First National Bank of Quitaque

in the United States 🇺🇸

Crypto-Friendliness

All done!

About First National Bank of Quitaque in the United States