On July 24, 1902, the Marion State and Savings Bank was incorporated with a capital of $60,000 in which Mr. C.H. Dennison as the largest and Mr. J.H. Burnett the second largest stockholder. In the first four years, the bank increased its capital to $100,000.00 from net profits.
At incorporation the Board Members were as follows; C.H. Denison, President; W.W. Whittington, Vice President; Earl B. Jackson, Cashier; M.W. Baker, Director; Thomas A. Cox, Director; William T. Newton, Director; W.G. Cochran, Director; J.H. Burnett, Director; W.J. Aikman, Director and Frank M. Barton, Assistant Cashier.
The original Marion State and Savings Bank building was erected in 1903 by Gill & Pride, contractors and builders and was located in the northeast corner of the Square at 100 Public Square. The second story was occupied as the City Hall and Council Chamber and the justice court and law office of Judge R. P. Hill. No. 1 Justice Court in the rear of the bank is occupied by Ed Durham as a first class barber shop.
The original bank furnishings were of mahogany and had no superior in material or finish in Chicago, St. Louis, or any other city in the United States. The work was done by Kloak Brothers, Cincinnati, Ohio, in July, 1903, at a cost of $1,200.
It had been furnished before but the burning of the Benson block next to it in February, 1903, destroyed the interior by the falling of the whole adjacent wall by which a 2-foot brick wall, two stories in height was precipitated into the bank through its glass partition on the south side, crushing the whole internal fixtures into kindling wood. This was followed by fire and then by a deluge of water by which combination it was pretty effectually wiped out but was later replaced.
C. H. Denison was president from 1890 to the time of his death on June 26, 1908. After his death, J.H. Burnett took over the Presidency and remained so until the bank closed. He was well into his eighties when the bank closed.
In 1914, the Marion State and Savings Bank completed the construction of their new building on the west side of the square. The new white terra cotta, five story building was the tallest building in the city and cost $125,000 to build. The following year of 1915, they sold their old location in the corner of the square to the City of Marion.
In 1915, the bank held present capital, surplus and profits of $142,000.00, and resources of $1,400,000.00
With the advent of the depression in 1930, on Monday, April 14th the bank closed after $145,000 had been withdrawn in runs on the bank. By the end of the year, there would be no banks in Marion and the city wouldn’t see another bank until 1937 when the Bank of Marion opened.
The building was later sold to Harry Norman who decided to convert the top three floors into a hotel and the Hotel State was born.
(Extracted from 1905 Souvenir History, WCHS; Williamson County in the World War; Compiled by Sam Lattuca on 03/05/2013)