125 years ago your word and a handshake meant something, and at FTNB, it still does…
First Texoma National Bank has seen all kinds of changes over the last one and one-quarter century. Some of Durant’s most colorful characters and well-known businessmen have helped steer it to where it is today. Banking has evolved in many ways right along with civilization. Horse and buggy were the primary means of transportation when it first opened, and a good horse was considered excellent collateral on a loan. While scouring the bank’s archives a few years ago, loan documents were discovered that were over 100 years old which listed a horse as collateral. Printed on the document was the horses name, height, sex, color, and notations that it had a friendly disposition and was blind in one eye. It’s unlikely such details would make it on to a loan document today!
Past bank president and shareholder Albert Mason was one of the more colorful characters to run the organization. A stern taskmaster, the employees learned to tread lightly while in his presence. A local pig farmer applied for a loan to fund an expansion of his farm back in the 1960’s. When asked by the loan officer what he wished to list for collateral, he replied: “three acres of hogs,” which was duly noted on the application. During the loan committee meeting sometime later this was noticed by Albert, who informed the loan officer that he was to drive to the ranch and count every one of the hogs. When the officer arrived, he quickly realized that there was no way to accurately count them. He spent the rest of the afternoon trying to dodge the bank president, but Albert finally cornered him toward the end of the day. “Did you make it out to the farm?” he asked. “Yes sir,” he replied. “How many pigs were there?” Albert asked. “It looked like 3 acres of pigs to me,” the loan officer sheepishly replied. The loan was approved, and the farmer went on to achieve great success.
The name of the bank was changed to First Texoma National Bank in 2004 after the organization opened a bank in Sherman, Texas. FTNB is somewhat unusual in that much of the stock is still owned by relatives of the shareholders who bought significant amounts of stock many years ago when they were involved with the bank as employees, officers, or board members. Some of the more notable would be Fred Blalock who was a longtime Durant realtor, local insurance agent Rector Swearengin who was a founding member of the Board of Regents for Oklahoma Colleges and a SOSU Distinguished Alumni recipient, Arthur Alexander, a well-known community leader and the bank’s president for many years, Joe W. Gibson, bank president and president of the local school board, and C.C. Hatchett who was a local attorney and an influential member of the First Baptist Church which named their chapel after him. All these men had deep ties to the community and went out of their way to help anyone in need through the various civic organizations and other causes they participated in, as did their spouses. Employees who participate in the bank’s retirement plan also have significant ownership in the bank. Because of this, there is no single individual or family who has a majority interest. The bank’s board is a working group where everyone has an opportunity to have an impact on the future of the organization. They have chosen to continue the tradition of being a small-town bank instead of expanding into numerous new territories.
Oklahoma Market President Jeff Shattuck has been with the bank for 29 years and started as a teller. Jeff commented: “I am so proud of this accomplishment for our employees, directors, and shareholders. This took a tremendous amount of commitment, loyalty, and hard work from all involved. My heart always goes to the employees. “There are too many to name and count, but none of this could have happened without all who came before, during, and hopefully after us.”
Jill Ford is the Chief Financial Officer and had this to say: “FTNB and the Durant community have been my home for over 20 years. My career began as a teller working at our Motor Bank on 5th and Main while also working towards my accounting degree as a full-time student at SOSU. Upon graduation I was promoted to the Finance Department where I worked my way up to becoming the bank’s first female CFO. What makes my job so fulfilling is the people. From our shareholders to our board members to our employees, every one of us embody our core values that are represented by the word “FIRST.” (F) Be identified by our FRIENDLINESS, (I) Foster INTEGRITY in word and deed, (R) Remain RESILIANT, (S) Find success by SERVING others, (T) Give THANKS.”
“These core values are what have kept us in business successfully serving our communities for the last 125 years and what will continue to drive our success for the next 125,” Jill said.
Art Stauffer, an 18-year employee and the organization’s President and CEO had this to say. “If you look at the current management of First Texoma, we are all relatively young but have been with the bank for a long time. Loyalty and culture are our primary driving forces. When we hire someone, we like to make sure they are a fit for our culture, and that we fit as a team. We believe in accountability and hold ourselves to a certain standard. Having people who care about where they work carries over to our customer service and the pride we take in our organization. Our bank is truly community oriented. We keep everything right here. Our kids go to school here. We spend our money here. This started many years ago before Oklahoma was even a state and was one of the founding philosophies of our organization. When you walk into our lobby, you will see plaques that honor our past Chairmen of the Board, many of whose families are still involved in the ownership and management of the bank. We are steeped in history. I love the statement that 125 years ago your word and a handshake meant something, and at FTNB, it still does.”
-Mark Swearengin