Bank marks its past, looks to future of technology, service
By DONNA THORNTON, Editor
First Bank of Boaz celebrated 120 years in business Friday, inviting customers for snacks and giveaways, conducting a live radio broadcast, hosting a performance by Gary Waldrep, and recalling the bank’s history for visitors.
Former bank President Ricky Ray said he worked to assemble documents and artifacts from the earliest days of the bank when FBB marked its 100-year anniversary.
He said the bank decided to celebrate 120 years because it seemed to coincide well with the 250th anniversary of the signing of the Declaration of Independence.
What is now First Bank of Boaz originated as Farmers and Merchants Bank, which was granted a state charter March 12, 1906, in downtown Boaz. In 1920, the bank’s charter was changed to a national Charter.
Ray said because it was a national charter, it had to have “national” in the bank’s name, so it became the National Bank of Boaz. The bank remained at its first location until 1967, when a new building was built at the present site.
In 1981, the bank’s charter was changed back to a state charter, and the name of the bank was changed to First Bank of Boaz. Also in 1981, the bank had a major expansion at its current site.
“I had so much fun with the 100th anniversary,” he said. The bank brought in customers who had banked with the business for 50 years or more for a photo. “That’s what I miss,” Ray said now that he’s retired, “Seeing the people.”
Current bank President Corey Ray, son of Ricky Ray, said while they celebrate the bank’s history, the staff works to meld modern banking technology with traditional customer service.
“We were one of the first local banks to do mobile banking, 10 or 12 years ago,” Corey Ray said, “But when you call us, you’re going to talk to Ms. Lois at the front desk” not an automated answering system. He said there will be people at the bank to answer questions and provide help with those higher-tech methods of banking.
Ricky Ray said over the years a number of banks have changed ownership — with a trend of buying a bank, growing business and then selling.
Corey Ray said First Bank of Boaz’s board of directors is committed to investing in the community.
“We’re all local shareholders,” he said.
Past and present employees and customers gathered at First Bank of Boaz gathered Friday at the bank to celebrate 120 years since its founding as Farmers & Merchants Bank in 1906. Former bank President Ricky Ray brought out old documents celebrating the bank’s history. LAUREN RAY l Special to the Leader
