Originally chartered on July 14, 1937, Medina Valley State Bank opened for business in the old Adams National Bank Building, which had closed sometime in the late 1920's, in downtown Devine, Texas. Banking business in Devine was conducted by the Adams Company, a mercantile store, until the Depression of the 1930's forced it to close.
The city of Devine was without a bank until James H. Bain, Sr., a banker and rancher from Stockdale, Texas, with the support of the local community braved the economic times of the depression years to organize Medina Valley State Bank. Medina Valley State Bank officially opened for business on Monday, July 17, 1937.
Medina Valley State Bank was organized with a capital of $25,000.00 and a certified surplus of $5,000.00. Officers were authorized to approve loans up to $250.00 and only if a loan was adequately secured. Any loan over $250.00 had to receive loan committee approval.
James H. Bain, Sr. intitially served as President. Travis W. Bain became President and served until the spring of 1941 when he was called into the navy as an intelligence officer, a position earned while he had served as a special agent with the F.B.I.
William W. Bain, brother of Travis W. Bain, was then promoted to President where he served until his death in 1968.
Frank L. Bain, Sr., brother of William and Travis Bain, then became President and served in that capacity until his retirement in December 1984 at which time his son, William T. "Bill" Bain, was promoted to President, a position in which he continues to serve today.
From its inception in 1937 until today, Medina Valley State Bank continues to be a family owned financial institution. It has grown from a humble beginning of $90,000 in total assets to in excess of $78,000,000 today. |
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