Central National Bank in a commercial bank based in Alva, Oklahoma. It was built in 1901 and was listed on the National Register of Historic Places in 1984. It had been owned and operated by the Myers family since 1919.
History
The opening of the Cherokee Strip in 1893 brought a boom of numerous businesses and banks. One of the institutions that survived from that time is The Central National Bank of Alva. Only after several mergers in the early years did the bank take the name it has today. The Alva National Bank was established in 1899. In June 1907, Alva National had a capital stock of $40,000 and was fully equipped with the latest improved steel, fire and burglar proof safes and vaults. This equipment guaranteed depositors that their money would be absolutely safe, and deposits amounted to $200,000. Officers of Alva National Bank in 1907 were George A. Harbaugh president, and J.H. Schaefer, vice president. During the years between 1907 and 1913, the Alva Security Bank purchased Alva National Bank with George Harbaugh as bank president.
In August 1913, G.A. Harbaugh, E. Anderson, T.F. Fennessey and H.E. Noble, owners of Alva Security, organized a new banking institution under the name Central State Bank. The newly named bank continued to operate at the location of the former Alva Security Bank. With new management and capital of $25,000, Central State Bank maintained the high standards set by Alva Security in Oklahoma banking circles. Since Central State Bank was considered a "state bank," the deposits were insured by the Depositors Guaranty of the State of Oklahoma. This guarantee, in addition to the strong financial standing of the stockholders, made Central State Bank a successful institution, with deposits of about $200,000. The bank rapidly flourished, and on October 31, 1917, Central State Bank absorbed the Woods County Union Bank. Harbaugh and George Meade had controlling stocks of the Union Bank at that time.
The situation remained much the same until January 1919, when a young man by the name of W.D. Myers purchased a large interest in Central State Bank. By March 1922, Myers was president of Central State Bank and in July 1923 the thriving institution was converted to a national bank. The Central National Bank of Alva (CNB) maintained steady growth in the early years and in 1926 saw the capital stock at $50,000 with surplus and profits amounting to $40,000. At the time, CNB was the largest bank in northwest Oklahoma and had resources of more than $1,300,000. The 1926 bank officers included Myers, president, and Edna Myers (W.D.'s wife), vice president. CNB continued to grow under Myers' direction and the acquisition of the Dacoma Bank took place April 9, 1932.
W.D. Myers' wife, Edna Earle, served as one of the directors of the family owned bank until her death in 1959. The couple had five children, all of whom worked at the bank as young adults.
Upon their father's death in 1951, Gertrude Myers became chairman of the board and CEO of the bank, and her brother, W.D. Myers,Jr., became President. W.D. served as President until his death in 1987, and Gertrude made the prosperity of the bank her lifelong career until her death on Feb. 4, 2000. W.D's wife, Lillie, served on the board of directors until she died in 1979. They had one daughter, Mary Margaret, currently a director of the bank.
L.W. Myers and his wife, Grace, had two sons and a daughter, Leo, Steve, and Marilyn. Grace Myers died on September 19, 1994, and L.W. served the bank in various capacities, including director, until his death on September 30, 2000. Leo and his wife, Colleen, have two children, Natalie and Phillip. Leo retired on December 31, 2002. Steve, his wife, Suzie, and their three children live in Arizona, and Steve serves on the board of directors. Marilyn serves on the board of directors as Chairman of the Board. She has two children, Grace and George.
Upon the death of W.D. Myers, Jr., in 1987, William R. Buckles was elected President of the bank, and was named CEO following Gertrude's death. At the time of Gertrude's death, L.W. became Chairman of the Board and served until his death.
The Woodward County branches of NationsBank were acquired by CNB on March 13, 1998. That bank had gone through a series of purchases and mergers beginning with the sale of the Bank of Woodward to Bank IV in Wichita, Kansas on May 28, 1993. This purchase increased the total assets of CNB from $100 million to approximately $172 million.
After 38 years of service, William R. Buckles retired in 2007. Following Mr. Buckles's retirement, Kyle D. Hughbanks was named President and CEO; he also serves as a director.
References
External links
- Central National Bank official website
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