History of the Bank of Gleason
Bank of Gleason - Gleason, TN
Bank of Gleason - McKenzie, TN
On February 25, 1901, Bank of
Gleason was granted a charter by the Tennessee Department of Banking. The first
order of business was the purchase of a lot on Front Street facing the railroad
for $150.00. The original bank facility constructed on the lot is now occupied
by Jozelle's Beauty Shop. The oldest available records of the bank's financial
condition shows total assets of $75,533.28.
In 1907, another bank was
organized in Gleason, Farmers & Citizens Bank. It was located on the northeast
corner of Main Street, just across the street from the present location of the
Bank of Gleason. In 1930, the directors of the two banks reached a merger
agreement and the merger officially occurred on December 31 of that year. The
newly merged bank operated from the original Bank of Gleason building under the
name and charter of the Bank of Gleason. Some difficult years soon followed, but
through the depression years, Bank of Gleason was able to remain open while many
area banks were forced to close.
In 1940, after years of
disagreement between the stockholders and directors, Bank of Gleason moved from
its original location to the building occupied by the former Farmers and
Citizens Bank at the corner of Main and Front streets. Bank of Gleason remained
in that location until 1963, when the present facility was erected at 203 Main
Street. In 1989, the bank was renovated and combined the 1963 structure and an
adjacent building which had housed the bookkeeping department since 1971.
Another structure, between the bank and the Gleason Superette had been
demolished in 1978 to create a drive-through facility.
Bank of Gleason opened its
branch office in McKenzie in 1990 at 105 South Highland Drive in the Highland
Mall. In 1998, a new facility was erected in McKenzie at 15865 North Highland
Drive to house the growing branch office.
Cash dividends have been paid
to stockholders throughout the years. In 1965, 1973, 1985, 1987, 1990, 1994, and
1996, 100% stock dividends were declared, each time doubling the number of
shares held by each stockholder. In 1983, Bank of Gleason formed a holding
company called Bancshares of Gleason, Inc. In 2000, Bank of Gleason reported
total assets in excess of $90 million.
Bank of Gleason is proud to
have served this community for an entire century and is committed to continuing
its tradition of excellence in financial products and services for many more
years to come. The directors, officers, and staff of the Bank of Gleason
appreciate the support of our loyal customers throughout the past 100 years.
Presidents of the Bank of
In Memory of . . .
Source: Bank of Gleason ~ 100 Year Anniversary
Calendar (Provided to Gleason Online by Woody (Pat) Dewberry