Merchants and Miners Bank was opened its doors on January 1, 1906 (it was actually established January 1, 1905). It would later merge with Bank One in September 1981.
Per History of Oak Hill by: Shirley Donnelly (published 1953)
The Merchants and Miners National Bank was organized as the Merchants and Miners bank in the year of 1905. The state issued a charter to do business on February 9 of that year. However, the institution did not open its doors until January 1, 1906. Curiously enough, the bank opened on a National holiday – New Year’s Day. The organization of this bank was effected in the home of J. S. Lewis. The Lewis house stood on the site now occupied by the business covered by the Woolworth Store and adjacent properties.
The original capitalization of this bank was $50,000.Latter on the amount was increased to $60,000. Subsequently the new capitalization was raised to $100,000, at which figure the amount remains. Of the initial 500 shares of stock in the bank, 105 were held by C. T. Jones, fifty-five by Joe S. Hill, and fifty-two by George W. Jones, brother of C. T. Jones. Eighty-seven stockholders comprised the bank at the time of organization. Deposits on the opening day of the bank totaled $38,000. C. T. Jones was president of the bank and remained in that capacity until his death at Jacksonville, Florida, March 26, 1911. The first cashier was T. H. Hooper, a native of Buckingham County, Virginia. Mr. Hooper served as cashier until the close in 1915, when W. R. Hayes succeeded him in that capacity. Joseph S. Lewis was the vice president, in which office he was to serve for over thirty years. Lewis, like Hopper, was from Buckingham, Virginia.
The bank building was constructed of native stone. The rock used in the building was quarried in the hollow above the Whipple mine shaft. E. L. Booth, then in employ of C. T. Jones on his Lundale Farm at Oak Hill, hauled the stone in a wagon to the building site. The lot and the adjoining one on which the cashier’s house was built were bought from M. C. Bibb. The consideration was something like $500 for both parcels of land.
Following the nationwide banking holiday in 1933, the Merchants and Miners Bank was changed from a State to a National Bank. The effective date of this change was December 21, 1933.
Per the US Bank Profiles:
Merchants & Miners National Bank of Oak Hill
FDIC Certificate #: 11626
Closing history: Merger – Without Assistance
Acquiring institution: Bank One, West Virginia, Beckley, National Association (#25078)
Federal Reserve ID: 776538
Date Established: January 01, 1905
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 2 (Interstate: No)
FDIC’s unique #: 7433
Numeric code: 3
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: No
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: August 30, 1991
Last Structure Change Process Date: September 18, 1991
Last Data Update: September 18, 1991
Data Source Date: April 05, 2012
Address: Main Street, Oak Hill, WV 25901
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Scott Depot
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Northeast
Combined Statistical Area (CSA): Beckley-Oak Hill, WV (#138)
Core Based Statistical Area (CBSA): Oak Hill, WV (#36060)
CBSA Micro Statistical Area: Yes
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