The Pre-Banking Era and Early Formation

In the 1880s, Winnsboro was a railroad town of approximately 800 to 900 residents supported primarily by timber and cotton. Despite the production of "money crops," the town lacked a formal banking institution. Citizens relied on informal methods to secure wealth, such as using money belts, hiding cash in secret locations, or utilizing out-of-town banks. Local merchants stepped in to fill this void; Will Pierson allowed friends to use his mercantile safe at the corner of Main and Elm, and hardware merchant Tom Shelton began issuing loans based on collateral.

The arrival of the Morris family from Georgia changed this landscape. After establishing the Camp County Bank in Pittsburg in 1892, S.S. Morris and his sons, Charles H. and R.A. (Lon), identified Winnsboro as a viable location for a new venture. On March 10, 1893, they opened the Merchants and Planters (M&P) Bank at the southeast corner of Main and Elm with $15,000 in capital.

Growth and Nationalization

Initial local reception was characterized by skepticism, as residents feared the "out of town" owners might close the bank and vanish with their savings. However, within a few months, these fears subsided as the bank demonstrated its utility by offering secure deposits and loans at fixed interest rates. In 1895, S.S. Morris divided his interests, granting Charles Morris control of the Winnsboro branch.

The institution reached a major milestone on January 1, 1901, when it was nationalized and renamed the First National Bank (FNB) of Winnsboro, increasing its capital stock to $50,000. By 1905, its assets exceeded $300,000, and it became known locally as the "Old Reliable Bank". Following the acquisition of Farmers National in 1907, FNB became the primary financial institution for a town that had grown to nearly 3,000 people.

1912 Renovation and Market Competition

By 1911, the bank had outgrown its existing space at 220 N. Main. In 1912, rather than relocating, the bank launched a comprehensive renovation program for the building. The project transformed the site into an elegant two-story office building extending from Main to Market Street. The lower floor was dedicated to banking operations, while the upper floor provided office space for local doctors and lawyers.

By 1914, the banking market in Winnsboro had become oversaturated with five competing institutions: FNB, Merchants and Planters State Bank, Exchange Bank, Peoples State Bank & Trust, and the Shelton Bank. This proved unsustainable as the town had "more banks than money," and before the year ended, FNB absorbed the assets of the Exchange Bank and Peoples State Bank and Trust.

Survival Through the Great Depression

The Great Depression of the 1930s posed a significant challenge to the bank's survival. As hundreds of banks across the country failed, FNB remained one of only three national banks in Wood County to stay open. During this era, the bank played a critical role in local agricultural survival. President Alf Morris issued $35 loans to farmers for seed—often with little collateral other than land that had significantly depreciated in value. FNB also assisted in stabilizing the regional banking system by absorbing the First National Bank of Pickton and assisting with the closure of the Como National Bank in 1932.

Post-War Expansion and Modern Era

The 1943 oil boom in Winnsboro, followed by the end of World War II, shifted the bank's focus toward consumer credit. Returning veterans required financing for homes, appliances, and automobiles, and FNB expanded its services to meet these needs.

Under the leadership of Gordon Wilkinson, who became president in 1965, the bank experienced further growth and constructed a new complex at 315 N. Main in 1968. By September 1993, the bank’s assets had reached $112,343,741.03. The leadership transitioned to Jan Mills in 2003, marking a continuation of the family-managed legacy that has served the tri-county area since 1893.

Leadership Timeline

Charles Morris - Oversaw the initial opening and 1901 nationalization

Alf Morris - Managed the bank through the Great Depression

Gordon Wilkinson - Led the 1968 construction of the 315 N. Main complex

Jan Mills - Current President and Chairman of the Board