In 1904 T. J. Rogers & Son, bankers, was nationalized, becoming the Rogers National Bank of Jefferson, with T. J. Rogers president and B. F. Rogers active vice-president. In 1904 Herbert A. Spellings was elected cashier, which position he held until 1918 when he succeeded to the presidency by reason of the death of Capt. T. J. Rogers, in the meantime B. F. Rogers, vice president, had withdrawn active participation in the bank’s management. Shortly after Mr. Spellings became president the bank became one of the honor banks of the United States and maintained this position to the present time, and throughout the most depressing period the banks have ever faced the Rogers National Bank of Jefferson under Mr. Spellings’ guidance maintained more than its legal reserve, willingly met the demands made upon his bank and was never embarrassed to the least extent. When the national moratorium was declared and conservators were being appointed for the safety management of national banks. It was freely stated that the Rogers National Bank had had a conservator for many years in the person of Mr. Spellings, therefore the government would not be called upon to appoint one for that bank, and this bank was one of the first in the United States to re-open without a special examination. Mr. Spellings remained as president until the summer of 1935 when he was removed by death and was succeeded by Mr. Rogers Rainey as president. Mr. Rainey being a grandson of Capt. T. J. Rogers, and nephew of Ben F. Rogers, the founder of the bank, which is the only bank in Marion County, and an outstanding one in the State of Texas. ONLY ONE BANK IN FIVE CAN QUALIFY FOR THIS HONOR What is a “Roll of Honor” bank, and what does it mean to you as a depositor, or as a possible depositor, that this institution has been given that rating in the banking “hall of fame?” A “Roll of Honor” bank is a bank that has voluntarily provided double protection for its depositors by building up its surplus and undivided profits account to a point where this reserve fund is equal to, or greater than the capital of the bank. The laws, either National or State, do not require any bank to provide this “extra measure of safety.” As a matter of fact, the soundest banking practice and the legal requirements of some states fix 20 per cent of the bank’s capital as a sufficient reserve fund to maintain for the safety of its depositors. But before a bank can become known as a “Roll of Honor” bank, it must voluntarily build up its surplus reserve fund to an amount at least five times the usual requirements. So severe are the requirements that only one bank in five in the entire country can qualify as a “Roll of Honor” institution. The fact that this bank has achieved this distinction stamps it as one of the strongest institutions for its size in the whole United States.