It was a little over sixty years ago that the Cotton Belt Railroad was built through Gilmer. And early in this century, another railroad was built from Winnsboro to Elysian Fields and came through Gilmer. It was called the Marshall and East Texas Railroad, or the M. & E. T., and the service was so poor it was dubbed, from its initials, “Misery and Eternal Torment.” I have made trips on the M. & E. T. when the passengers had to go to the woods and help bring up pine knots to fire up so we could continue our journey. Or, if someone had a nice orchard, we would stop and gather peaches, and in the fall, the train would stop so that those aboard could get ribbon cane to chew. Gilmer’s Banks In the story of the growth and development of Gilmer’s banks, is a living history of the growth and development of Gilmer and Upshur County. Gilmer’s first bank was a small private bank, opened up in the early 1890’s, located on the west side of the square near the northern corner, and was known as the Sasser’s Bank. Mr. Walter Boyd was president of this bank and Mr. Sasser cashier. Prior to this time the citizens of Gilmer did their banking from a distance. Many of them at that time banked at Tyler. But a bank failure in that city, in which a number of Gilmer residents lost their savings, was a discouraging factor. These things, added to the increasing need and demands for the service of a substantial bank in Gilmer, led to the establishing on April 13, 1900, of the First National Bank. On organization the bank was capitalized at $25,000. Capital stock is now $100,000. Of much interest is the first statement of condition which was published April 26 of the same year, less than two months after the bank was founded. It shows that deposits were less than $40,000.00. (They are now two or three million), and since the slack summer season was approaching, the next two statements showed decreases in deposits. September showing the lowest deposits of $24,000.00. Then in August, 1901, three months after Mr. C. T. Crosby had organized the Farmers & Merchants National Bank, the combined deposits of both banks were less than $54,000.00. On December 31, 1940, they were $2,718,464.24. At the close of business, June 30, 1945, the combined deposits of the two banks were $5,240,864.01. Contrast that with the figures, $82,264.21 of April 26, 1900, and you have in a nutshell, the story of the banking growth in Gilmer. But to go back to some more of the history of the banks and the men in them. The next significant date in Gilmer’s banking history is May 1, 1901. On this date the Farmers & Merchants National Bank was organized by W. B. Womack of Whitewright, W. C. Barnwell, J. L. Croley, T. H. Briggs, W. O. Boyd and N. M. Harrison, in the office of T. H. Briggs, in the southeast corner of the courthouse yard. The above named men were elected as directors and in turn the directors elected the following officers: