In the early 1900's there were two banks in the town of Letcher. The Citizens Bank,Which was located where Terry Grene's office is now and First National Bank was located where Livestock State Bank is now located, and after the 1931 fire it rebuilt where Huey's Bar is.
The Citizens Bank of Letcher was organized in 1906. Joseph Dodd was one of the principal stockholders and became its first Vice-President and in 1916 was made managing director.
L. M. Doyle was the cashier in 1906. In 1914 S. E. Morris was the President and W. C. Botkins the cashier. The Citizens Bank suspended business April 25, 1924.
The exact date that the Letcher State Bank opened is not known but it was aroound 1901. In 1903 O. L. Branson was the President, Ed Welch was the Vice-President, F. D. Ward the cashier and H. V. Shanley the assistant cashier. The capital and surplus was $6,000. Interest was paid on time deposits and money ws sent to any part of the world. They paid taxes and handled Real Estate for non-residents. All collections were given prompt attention. In 1906 they had $15,000 in capital stock. Directors were Branson, Welch, Ryan, Crawford and Ward.
The stockholders decided to Nationalize on May 25, 1908 at which time the name was changed to the First National Bank. They have always been under a conservative management, otherwise they would not have lived through the various periods of depression. The community could be proud of being one of the few that has a bank which weathered many storms of panic and depression, while other towns of large size have felt keenly the loss of banking facilities. A community without a bank is unfortunate indeed, and Letcher may congratulate itself upon having a financial institution which is locally owned and interested in the welfare of the town and its territory.
In 1911 O. L. Branson was the President, Wm. Ryan was Vice-President, and F. D. Ward the cashier. Directors were Guy Crawford, and Annie G. Welch. W. A. Anderson the President in 1928 with Ryan as the Vice-President and Frank Winsor the cashier. Barry Anderson was an officer between the years of 1911 and 1928.
The exact date that this bank closed is not known, but the "old timers" claim that it didn't last more than a year and a half after the 1931 fire.