|History of the Bank of Vernon
The Bank of Vernon was chartered on November 11, 1911 on the corner by the courthouse at the location now known as the City Hall. The officers were J. C. Milner, President; Joe R. Pennington, Vice President, R. N. Cartwright, Cashier, and Mrs. E. N. Clearman, Assistant Cashier.
In the 30's The Capital and Surplus of the bank totaled $50,000. In the 40's Judge S. G. Johnson became the majority stockholder, chairman and President following Mr. Milner.
With the death of Probate Judge S. G. Johnson in 1958, his wife Lilly Pearl soon became President of the bank. During the 50's the assets of the bank were approximately $2,500,000.
In the original location the bank grew from the area occupied now by the museum to the area located where the library is and the area where the offices are on the West side of the city hall. The first automation that the Bank of Vernon acquired was a proof machine in 1968 or early 1969.
Samuel F. Johnson was hired in 1968 and became President in 1969. At that time the bank had assets of around $4,000,000.
In 1969 the Westside Branch was opened on Highway 18. It was a full service branch with loan offices, tellers and safe deposit boxes. When it was built it only had one drive in window. Later remodeling added 2 more drive-in windows. This branch has been remodeled several times since then and is now an express service branch.
The main office of the bank was moved to the current location in 1978 and the old building was donated to the City for the city hall. Lilly Pearl Johnson cut the ribbon on September 24, 1978 and at that time there were 16 employees with $18,000,000 in assets.
Another innovation for the Bank of Vernon was the addition of 2 ATM's (one at the branch and one at the main office). In 1995, the Bank of Vernon assets were $47,000,000. As of December 31, 2007 bank assets were $191,012,000 with 29 full time employees.
As you can see the Bank of Vernon is continuing to grow and serve the community with modern facilities and technology.