|Peoples Exchange Bank of Monroe County|
Other/Safe Deposit Box
Peoples Exchange Bank was founded in Beatrice, Alabama in 1907 when Lechter Melton of Pensacola, Florida interested a number of local people in its organization. Money was borrowed from a Pensacola bank to start the bank and S.D. Andress was put in charge. The bank has operated continuously since that time except for two days in the mid 1930’s , when President Roosevelt’s “moratorium on banking” resulted in a two-day “Bankers Holiday”.
Peoples Exchange Bank opened its doors for business September 18, 1907 and recorded a 10-percent profit for the first day’s business. Total deposits were $77, total capital $15,000 and total assets $15,077. No loans were made until the second week of business when bank records show a $183 loan.
Two years after the banking moratorium, money for the bank was unobtainable since most of it had been impounded to secure the loan. Captain T. M. Riley, the first president of the bank, was asked to buy up the stock. He agreed to do so if W. R. Sawyer who was then working in the State Auditing Department, could be appointed Vice-President/Cashier.
During the 1930’s Mr. Sawyer retired because of ill health and Mr. Pinkey S. Jackson was named Vice President.
When Captain Riley died in 1935, Mr. Jackson was made President. He served in this capacity until about two years before his death. After retiring as President, he served as Chairman of the Board and Thomas A. Black took the office of President.
* An interesting note about Mr. Jackson is that he served as President of Peoples Exchange Bank and Peterman State Bank at the same time.
The bank was originally operated in a wooden building on the west side of Main Street in Beatrice. In 1909 the bank relocated across the street into a brick building. This building was remodeled and updated several times and then in 1969 a new building was built across the street. The bank has now been housed on three side of the same intersection in Beatrice.
A branch office was opened in Monroeville in 1976 and was first operated from a mobile unit. Later in 1977 a bank building was constructed and opened at the present Monroeville location.
Since that time the bank was been enlarged and remodeled several times.
The bank has had an exciting history of bank robberies through the years. The first robbery that is recalled was in 1967, when the bank was entered during the night and the safe was burned open. Over the past 30 years the bank has had several daytime robberies and several daytime and nighttime attempted robberies. During one attempted robbery, Thomas Black was able to hide in the bathroom in his office and call the telephone operator, who connected him to the sheriff’s department. Law enforcement personnel were quick to respond and captured the armed robbers on the premises as they were making their way out of the bank. The last attempt was at night, when the intruders attempted to remove the hinges from the vault door.
Through the years many distinguished names have made up the Board of Directors of Peoples Exchange Bank. Early directors included W. J. Nettles, S. D. Nettles, W. G. Andress, W. A. Stallworth, T. M. Riley, J. M. Stallworth, and L. J. Robbins. It is interesting to note that in 1926 the bank had two women serving on the board. They were Miss Minnie Robbins, a local hotel owner and Mrs. Mattie E. Massey. In the 1950’s board members included P.S. “Pink” Jackson, Finklea Nettles, Albert Nettles, G.L. Nettles, Richard.A. “Dick” Wible, J. Lindsey Finklea. In more recent years the board has been served by J. Lindsey Finklea, Francis D. Stallworth, G.L. Nettles, J. F. Nettles, A. A. Nettles and Richard A. Wible. Present board members are Becky B. Snyder, Chairman, Andy Black, Anna Laura Brown, James S. Brown, Kenneth M. Smith, Bill Scruggs and Claire B. Stallworth.
Thomas A. Black, Jr. served as President of Peoples Exchange Bank until his retirement in 1983. Mrs. Anna Laura Brown was then appointed President and provided excellent leadership until her retirement in 1995. William M. Franklin served as President after Mrs. Browns retirement through 2003. Becky B, Snyder was elected Chairman of the Board and President in January 2004. Andy Black, Kevin Norris, Harvey Gaston and Bill Rogers as Vice President/Loan Officers. F. S. “Jerry” Steele serves the bank as Vice President in charge of Public Relations and an advisor to the board.
At the present time Peoples Exchange Bank is the only locally owned bank in Monroe County. This bank is owned by Peoples Exchange Bancshares, Inc.
2013 Hwy 21 Bypass
Monroeville, AL 36460
Telephone Banking: 251.575.4400
1112 Main Street
Beatrice, AL 36425
|Title:||Peoples Exchange Bank of Monroe County|
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