When one door closes, often another door opens. For Archer City the door closing is Pilgrim Bank’s and the door opening for the community will be the First State Bank headquartered in Graham. Barry Gober, the President of First State Bank, was in town last week making plans for the bank branch in Archer City.
On September 3, 2019 First State Bank filed an expedited application with the Texas Department of Banking for a temporary branch location at 103 S Center. That storefront is under the black sign which reads Millwright Marketplace on the west side of the Courthouse Square. An application has also been filed for a permanent location where Pilgrim Bank at 201 S Center is currently located. A branch office opening date cannot be set until applications are approved, but they hope to be open prior to Pilgrim Bank closing on October 17, 2019.
First State Bank has 2 locations in Graham. They also have branches in Woodson, Olney, and Throckmorton. David Parkey will be a Vice President in charge of lending operations at the Olney and Archer City branches. They plan to offer a full range of loan products including mortgages, 1-4 family residence loans, acreage loans, agricultural, commercial and consumer loans. The branch will offer a full range of banking services as well. Pending approval by the Texas Department of Banking for the Archer City locations, all banking services are now available at the Olney location located on Hwy 79 just north of the Hwy 114 intersection. Any account opened in Olney can be transferred to the Archer City branch as soon as the locations are able to open.
As Gober explained, “Our focus is on small communities and providing full service. We want to offer full service banking in Archer City just as we do in the other communities that we serve. The trend in banking over the last ten years has seen many banks consolidating and shifting the attention to the major metropolitan areas. We are extremely proud of the fact that we have maintained consistent ownership since the bank was founded in 1983 and remain an independent community bank in every sense of the word.” First State Bank is locally owned with stockholders in Graham, Throckmorton, and Woodson. Gober felt local ownership was a big advantage since they understand rural communities and their needs. Gober said, “Something we do is support the communities we are in. I just want to make people aware we are coming.”