The railroads came to Union bringing changes, encouraging people to move the business district to the west for easier loading and unloading of goods. Buckwalter Lumber Mill began operation, farmers were growing cotton, and stores began opening for business. As Union grew and people prospered, an established bank became a necessity for these early citizens in the midst of a growing economy.
In April 1904, the Bank of
Union was chartered. It was first located in an old frame building that had only a vault and a desk. In 1905, a substantial bank was built at 114 Main St., the southwest corner of Bank and Main Streets in the Nicholson subdivision where Faye’s Hair Corner is located today. Early pictures show that it was aligned with all the buildings along south Main. Henry H. Chambliss was first cashier, succeeded in 1911 by J.M. Cole with R.G. Cooper as his assistant.
The Bank of Union was the only bank until 1912 when Union State Bank came to Union and erected a stately building across the street at 216 Bank St., the northwest corner of Bank and Main streets. where Herrington Insurance sits today.
However, it liquidated just two years later in Nov. 1914. They advertised that they would settle “dollar for dollar.” The building was sold at auction in Sept. 1915 to G.E. Wilson of Philadelphia for $4,500, one-third of its original cost. In 1918, the Bank of Union bought the building and moved into it in January 1919. Again, the Bank of Union was the only bank in Union.
However, they enjoyed sole business for just a short time. Peoples Bank of Union was incorporated and opened in August 1919. For 10 years, the two banks shared Union’s business. Nevertheless, good times ended with the Stock Market Crash of 1929.
The Bank of Union went into receivership and merged with Peoples Bank in March 1930. Peoples Bank moved into Bank of Union’s building at 216 Bank St. on May 30, 1930, and became the survivor bank, therefore, ending the Bank of Union. Peoples Bank remained on that corner until 1967 when they bought and renovated the Clois Smith Chrysler building at 405 Bank St. for their new location.
Peoples Bank opened its first branch in Decatur in 1935 and called it Bank of Decatur. Its second branch opened in Collinsville in 1967 with the name Bank of Union, Collinsville Branch. Before they opened a branch in Meridian, the bank changed its name to Peoples Bank of Mississippi in Nov. 1969. Then they sold to Eastover in 1986. Next, Eastover sold to Sunburst in Feb. 1992. Union Planters bought Sunburst in Jan. 1995. The final sale was Union Planters to Regions in 2005.
The banks in the previous line enjoyed being the only bank in Union until 1981 when Citizens Bank moved a mobile office trailer to open business at 25025 Hwy. 15 Bypass. Later, they bought the lots where John Bailey’s livestock barn had been on the SW corner of Bank and Horne streets.
Then in 1985, they built a stationary bank at 500-504 Bank St. In earlier days, most merchants provided a book of blank checks on the counter for customers to use as payment for merchandise. To purchase something, a customer filled out a counter check from the bank where he/she had a checking account. The bank cancelled those checks by perforating them by hand and then mailed each one back to the customer at the end of the month. The process of using counter checks ended in 1969 when the bank began to put information on computers.
Although two banks went through hard times and finally failed during the early years, the others showed growth. Even today, Regions and Citizens remain steadfast banks that our community relies on.
I need to make an addition to my last article. Only after I sent it for publishing did I learn that the Board of Supervisors of Neshoba County had voted to buy the Hunter Engineering building built in 1990 at 306 Industrial Circle. Hopefully, Union will be soon be seeing a new industry move into the long empty building.
• Do you know where the first Peoples Bank was located? There is a picture but no
location listed.
• Do you remember anything about a teen center behind Ogletree’s Grocery in the early
1970s?
• When did Wee Care child care on North Street begin, and who was the owner?
If you remember, please contact me at teresablount26@yahoo.com or 601-774-5564.
Thanks again for the responses I had received.
