THE HISTORY OF PEOPLES BANK
In 1988, a group of successful entrepreneurs formed Texas Peoples National Bancshares, Inc. (“TPNB”) to take advantage of the opportunity to buy bank assets and liabilities from the FDIC. In 1988, TPNB acquired the assets and assumed the liabilities of the failed First National Bank – Bogata from the FDIC. The assets and liabilities were acquired into a new wholly owned subsidiary of TPNB known as Peoples Bank. People's Bank was a newly chartered bank through application with the Office of the Comptroller of the Currency (“OCC”). Twelve million dollars in assets were acquired subject to $1,343,000 of purchase discount on a total loan portfolio of seven million dollars. Initial equity of $1.1 million was used to capitalize this new bank. One of the original entrepreneurs, Ronald E. Abbott, the present Chairman and CEO, still serves as a director today. In 1990, PNB moved its home office to Paris, Texas, retaining Bogata as a branch location. Terry Christian was hired as the President of the Bank, bringing a strong local customer base from a competing bank in Paris. PNB began to experience rapid growth as a result of a local board of directors with a commitment to serving the local community. Also in 1990, PNB built and opened another branch and drive-thru facility at the corner of Collegiate Drive and Lamar Avenue in Paris.
In 1995, PNB opened an additional branch at the newly constructed Wal-Mart Supercenter in Paris. PNB was the first local bank to offer the convenience of three locations to its customers.
On March 3, 2004 Texas Banking Commissioner Randall S. James issued a state charter for Peoples Bank, Paris, Texas. Chairman Abbott stated, “We believe that Peoples Bank can best serve its community as a state bank and look forward to operating under a state charter.”
Peoples Bank Board members include:
Ronald E. Abbott, Chairman and CEO
Terry L. Christian, President
T. Bradley Perry, Executive Vice President / CFO
Dr. John Miles
Don McCaskill, Investments