In 1978 a group of Alva businessmen met to discuss the possibilities of opening a new bank in Alva. Many in that group felt that there were banking needs that were not being met in the community. The group hired the firm of Lawrence Brock and Associates to conduct an independent survey to determine if the group’s feelings were correct. Mr. Brock delivered a report back to the group that supported the need for a more community minded bank in our community. However, the group decided for various reasons not to pursue the new bank at that time.
In 1982, some of the original businessmen along with some new ones (total of 20 individuals) met to pursue the chartering of a new bank in the Alva community. Once again, Lawrence Brock and Associates was retained to assist the group in preparing and submitting the application to charter a new bank. In August 1983, the group was granted its temporary charter as “Community National Bank”. On November 1, 1983, Terry L. Ross started working for the organization as its President and he began to gather staff and implement procedures to establish the bank. On July 16, 1984, the bank opened its doors for business with $2,000,000 in capital. The bank originally opened in the suite of offices located in the south end of the building just north of its current location.
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