Garrard County History

National Bank of Lancaster established 1865 – 1986

The Articles of Association for the National Bank of Lancaster was signed the 8th day of April, 1865 by 18 stockholders, with a capital stock of $100,000. The stockholders elected the following as the original directors: Lewis Y. Leavell, George W. Dunlap, John S. Gill, Walter C. Bailey, George Denny, Josiah Burnside, and John Owsley. After the directors had been sworn in by N. Sandifer, Judge of the Garrard County Court, Lewis Y. Leavell was elected President. William H. Kinnaird appointed Cashier and W. C. Price, Teller. Mr. Leavell passed away in July, 1870, at which time John Y. Leavell was elected President to fill the unexpired term of Lewis Y. Leavell.

On January, 1872, George Denny was elected President, an office he held until 1885. One rather interesting event during his tenure was the sale of a piece of land to satisfy a debt. 338 acres were sold at a price of $11,350.00 Mr. John S. Gill was elected President and Mr. J. W. Bruce, Secretary at the organizational meeting January 13, 1885. Mr. Gill died in July, 1889, and was succeeded by Alex R. Denny. Mr. William H. (Squire) Kinnaird was still serving as Cashier of the bank that now had its fifth President. In those days the President of the bank was more or less a figurehead with the Cashier actually the person who ran the bank, which it is understood that Mr. Squire Kinnaird did quite well. It was said that if there were two places that Mr. Kinnaird ran, they were the Presbyterian Church and The National Bank of Lancaster. Alex Denny only served as President until the annual election January 14, 1890 at which time William R. Robinson was elected President and John E. Stormes was elected Secretary. However, upon the death of Mr. Robinson in May, 1897, Alex Denny was again elected President with John E. Stormes being elected Vice-President. Mr. William H. Kinnaird resigned his position as Cashier in 1898 due to advanced age but remained as a director until his death March 1906. In the resolutions spread upon the minute’s book of this institution, the following was said of him: “This county has lost one of its best men, and this bank a wise counselor, and a most devoted friend. Large interests were enlisted to his care and management and he was faithful in their discharge for the nearly 40 years he was Cashier of this bank. We shall miss his presence and kind words of advice in the meetings of the board of directors.”

At the annual meeting of stockholders on January 13, 1914, the National Bank of Lancaster joined the Federal Reserve Bank by purchasing a specified amount of the Capital Stock of the Federal Reserve Bank. At that meeting the following directors were elected for the year 1914: A.R. Denny, S.C. Denny, J. H. Posy, J.S. Gill, S.D. Cochran, W.M. Elliott and J.E. Stormes. In a letter received during this year from the Comptroller of the Currency, it was stated that the maximum interest rate a bank my charge for notes is seven per centum. It was further noted that many banks were violating the usury law and were admonished for doing so. In February, 1922, Mr. Alex Denny died after serving as President for 25 years. On the minute’s book it is spread: “That during his years of service as President of The National Bank of Lancaster, he was courteous and kind and his interest in the welfare of the bank and all its customers will be remembered by his business associates.”

Mr. John E. Stormes, who had served as Vice-President and Secretary for many years, was elected President with Mr. S. C. (Cabell) Denny still serving as Cashier since the death of Squire Kinnaird. In January, 1923, the following directors were elected: S. C. Denny, W. M. Elliott, George B. Robinson, A. T. Sanders, G.B. Swineboard, W. R. Kelley, and J. E. Stormes. On September 4, 1928, Mr. S. C. Denny submitted his resignation after serving as Cashier for about 30 years and was replaced by C. M. Thompson, who had been hired as Assistant Cashier in 1925. Paul P. Elliott was hired as Assistant Cashier and James Nevius was employed as bookkeeper. A resolution was passed upon the resignation of S. C. Denny states: “The resignation of S. C. Denny as Cashier of this bank brings to its officers, directors, and patrons of the institution a profound sense of personal loss of a friend whose unfailing clear conception and practical wisdom have been manifest in all his relations with this bank and he has given it the benefit of his broad outlook and his high conception of financial responsibility.” Upon the death of Mr. John E. Stormes in October, 1932, S. C. Denny was elected President to replace him and Paul P. Elliott was elected to the Board of Directors filling the vacancy created by his death. These same officers and directors served for ten years until Mr. Cabell Denny’s death I December of 1942.

On December 11, 1942, the board met and passed the following resolution upon the death of Mr. Samuel Cabell Denny: “That in the death of Mr. Denny, the Board feels deeply the loss sustained. His long and faithful service to this bank in which he was so vitally interested will ever be appreciated by his fellow directors and co-workers. His wise counsel will be greatly missed by all his associates. The community has lost an upright, Christian gentlemen and his wife a devoted husband.” At the same meeting the Office of Chairman of the Board was created. Thereupon, J.S. Askins was elected the first Chairman of the Board, C. M. Thompson was elected President, Paul P. Elliott was elected Cashier and James C. Nevius Assistant. At the regular Annual meeting of the shareholders of The National Bank of Lancaster on January 12, 1943, the following seven directors were elected: J.S. Askins, W. R. Kelley, A. T. Sanders, C. M. Hullet, (who remains as a director now), John K. Moberly, Paul P. Elliott and C. M. Thompson. Gertrude Huffman (who is now Assistant Cashier) was employed as assistant bookkeeper on June 1, 1943. The Undivided Profits Account on June 30, 1944 reached $69,371.85.

At the meeting on August 6, 1946, Nancy Clark was employed as a bookkeeper. Assistant Cashier Jimmie Nevius passed away in January, 1947. At the January 14, 1947 meeting all officers remained the same with the exception of Willie Hugh Sanders (now Chairman of the Board) who was elected Assistant Cashier. At the March meeting of the same year Paul P. Elliott was elected Vice-President and W. H. Sanders Cashier. W. H. Sanders and F. D. Elliott (now a director) were elected to the Board. Mr. J.S. Askins, Chairman of the Board, passed away in April of 1950 and was replaced by Mr. W. R. Kelley. In February 1951, the Capital Structure of the bank was as follows: Capital-$50,000, Surplus-$250,000 and Undivided Profits-$89,768 At the November meeting in 1952, it was voted to enter into an agreement with the Citizens National Bank, Lancaster, Kentucky to assume the liabilities of said bank and to purchase a like amount of assets to offset, subject to their approval and the approval of the Comptroller of the Currency.

At a called meeting the same month the Board passed a resolution to make application to the Comptroller of the Currency to increase the Capital stock of the bank from $50,000 to $150,000 by the declaration of a 200% stock dividend payable in common stock. At the December meeting the board authorized the President of The National Bank of Lancaster to assume the liabilities and purchase the assets, said agreement to be effective at the close of business 31st of December, 1952. At the regular annual meeting on January 13, 1953, resolutions were passed increasing the Common Stock to $150,000 and a complete new set of Articles of Association was adopted. At this meeting Joe J. Walker was elected to the Board and was named Vice President. R. L. Guyn (presently Vice President and Cashier) was named Assistant Cashier. Norma Zanone (presently employed) was hired as a bookkeeper. These three were previously employed at the Citizens Bank. Mr. Charles M. Thompson died in April, 1953 and was replaced by Paul P. Elliott as President. In the resolutions regarding Mr. Thompson’s death, it was said: “It is with extreme regret that we record the untimely death of our President and co-worker and we desire to bear testimony to his honest and upright character, his fidelity to duty and his true friendship to those associated with him. He was a capable official and a good citizen.” Minnie Lee Arnold (presently employed) was employed as a bookkeeper on November 1, 1953.

W. H. Sanders was elected Vice President and Cashier on January 10, 1956. J. K. Sanders was added to the Board of Directors at this meeting also. Present employee Betty Jo Woods was employed as bookkeeper on March 4, 1958. Joe J. Walker, Vice President passed away March 1959. Royston Ray and Ray Wilson were added to the Board of Directors on January 9, 1062 with all officers remaining the same. At the annual meeting on January 8, 1963, W. H. Sanders was named Executive Vice President and R. L. Guyn Cashier. In September of this year, W. R. Kelley, who had been Chairman of the Board for thirteen years, passed away and was replaced by A. T. Sanders. Upon resolution by the board it was said of Mr. Kelley: “We desire to bear testimony to his honest and upright character, his fidelity to duty and his true friendship to those associated with him.”

At the organizational meeting January 10, 1967 there were several changes in the management of the bank. A. T. Sanders was given the title of Chairman Emeritus of the Board, and Paul P. Elliott to be active Chairman of the Board. W. H. Sanders was elected President and R. L. Guyn, who had been elected to the Board of Directors earlier in the day, was named Cashier. Homer L. Profitt was hired as Vice President, his duties to be assumed February 1, 1967. In a very unfortunate accident, Paul Elliott and his mother-in-law, Mrs. Hallie Dunlap, both died in a fire at their home on Lexington Street on February 14, 1967. Thereupon, A. T. Sanders resumed the title of Chairman of the Board. It is spread upon the minutes of this official board of its resolution regarding Paul Elliott “that he was a capable official and good citizen and his presence on this board will be greatly missed.” At the annual meeting held on January 14, 1969, the following nine directors were elected: A. T. Sanders, W. H. Sanders, John K. Moberly, C. M. Hulett, F. D. Elliott, Royston Ray, Ray Wilson, R. L. Guyn and Homer L. Profitt. Beginning in October of 1971 and in the fourteen months following death was to claim five members of our Board of Directors.

Ray Wilson was the first to pass away after a short illness. He was replaced on the Board by his nephew Samuel H. Wilson, and he attended two meetings before he was stricken with a heart attack and died at the age of 48. Mr. S. T. Sanders passed away in April, 1972 after having served on the board almost 50 years, followed in July by the death of Royston Ray. John K. Moberly died in December of this same year in his 30th year as a member of the board. On January 8, 1974, W. H. Sanders assumed the title of Chairman of the Board as Homer L. Profitt was elected President. R. L. Guyn was named Vice President and Cashier. Woodie Leavell, Assistant Cashier and Gertrude Huffman, Assistant Cashier. The total resources of this bank have reached slightly over $11,000,000.00 with Capital. Surplus and Undivided Profits over $1,200,000.00. In 1986, the National Bank of Lancaster was acquired by First Southern Bancorp, Inc., a bank holding company located in nearby Stanford, Ky.

Peoples Bank of Paint Lick established 1901 – 1989

On the 23rd of February, 1901, W.B. Smith, E.L. Woods, W.C. Fish, and A.B. Estridge met with other stockholders to organize the Peoples Bank of Paint Lick, Kentucky. Capital stock was to be 160 shares of common stock with par value of $100.00 per share, with an opening date as July 1, 1901. A charter was granted by the Secretary of State July 5, 1901 with Articles of Incorporation approved as of July 29, 1901. At the first recorded stockholders’ meeting, E.L. Woods, W.C. Fish, A.B. Estridge, H. Green, J.B. Woods, R.G. Guyn, and R.L. Arnold were elected as directors to serve for one year or until their successors were chosen.

E.L. Woods was elected the first president and held that office until his death in 1946. B. M. Brook was elected the first cashier, but resigned and was replaced in March by W.G. Kemper. He resigned in 1911 and was succeeded by R.G. Woods, who held that office until his death in January of 1939. W.C. Caldwell then served as Cashier until he was chosen President at the death of W.B. Roop. Those who served as president of the bank between the terms of E.L. Woods and Mr. W.C. Caldwell are: E. P. Jones, 1946 – Resigned in 1947 due to health conditions G.M. Treadway, 1947 – Resigned in 1948 for health conditions Earle B. Combs, 1948 – Accepted a position with Kentucky Banking Commissioner in 1958 F. H. Smith, 1958 – Resigned 1958 due to health conditions W.B. Roop, 1959 – Passed away in 1969 W.C. Caldwell 1969 In 1974, capital account consists of 250 shares of common stock with par value of $100.00 per share, surplus fund of $110,000, and undivided profits approximately $73,500, making the total capital account $208,500. First Southern acquired the Peoples Bank of Paint Lick in 1989.


When First Southern National Bank says, “We Believe In You,” it means we also believe certain things about you. We believe that you want to live a life of margin, where you can balance spending, saving, and giving. We believe that you want to make wise financial decisions to enable that kind of living.

Because we believe in you, we are here for you every step of the way.