The History of

COMMERCIAL BANK
W ith $10,000 in ini-
tial resources, one
of the oldest exist-
ing businesses in Parsons was
founded just three years after
Commercial Bank has been
at its present location since
1912, although a new main
bank facility was constructed
at the same location in 1974.
the town was born, eventually Commercial Bank added one
growing to $396,315,000 in to- of the first drive-in bank fa-
tal assets. cilities in Kansas in 1959, and
The Parsons Savings Bank the branch at 2227 Main was
was founded and chartered on remodeled in 1980.
May 30, 1874. The new busi- Commercial Bank bought
ness changed its name to Par- the State Bank of Parsons,
sons Commercial Bank in 1878 merging that bank with its own,
and held that title for over 100 on Sept. 24, 1985. The former
years. In August 1990, the name State Bank drive-up facility at
was changed to Commercial 16th and Corning remained
Bank. open until May 2009 when it
The Sept. 3, 1874, edition of was demolished and replaced
The Parsons Eclipse newspaper with an ATM, but its main
included an advertisement for bank building was closed about
Parsons Savings Bank touting a month after the purchase.
it as the first savings bank in Commercial Bank later took
Labette County with $100,000 on the assets of other banking
in capital. It listed its directors facilities. First National Bank of
as S.B. Abbott, A.J. Dirr, D.B. Oswego was bought from the
Wood, C.G. Wickershem, G.W. Everhart, A. Wilson and J. Hill. Federal Deposit Insurance Corp. in 1989, becoming a branch
Wilson, who was further identified in later editions of the Par- of Commercial Bank. In May 1990, the deposits and certain
sons Sun as Augustus Wilson, was listed as the president and assets of Mid-America Federal Savings & Loan in Parsons,
Joshua Hill the cashier. The ad referred to the new bank as “A Erie and Independence were purchased from the Resolution
home bank of the people – for all.” Trust Corp. along with Peoples Savings & Loan of Parsons.
“We allow on deposits, the highest rate of interest the build- Later, the Mid-America building at 1909 Main along with the
ing up for you of a sound, permanent bank will allow,” the ad Erie and Independence locations were bought from the RTC.
stated. The location was on Riggs Avenue (now Central Ave- The former Peoples drive-in facility at 1821 Parsons Plaza was
nue) between Johnson (Main Street) and Forest (Broadway). bought by Commercial Bank and remained open.
A news brief in the same edition informed the public that In the summer of 1990, the former State Bank’s main build-
M.G. Brown was the teller. According to the ing was remodeled for use as Commercial
brief, the bank expected its new building to Bank’s operations center, later becoming the
be ready for occupation two months later. data center. The April 19, 2000, EF-4 tor-
Although Parsons Savings Bank claimed nado that tore through Parsons’ downtown
to be the first savings bank in the county, area caused heavy damage to the former
First National Bank was opened on June 19, Mid-America building, which adjoined Com-
1871, according to the March 14, 1874, edi- mercial’s main banking facility. Commercial
tion of the Parsons Weekly Sun. The bank Bank had the building demolished in De-
was opened under the firm name of Craw- cember 2000, and a new addition was built in
ford, Matthewson & Co., but later adopted its place in September 2001.
the First National Bank name. That bank, Commercial Bank continued to expand,
however, was later sold, and eventually Great acquiring three branches of Bank of Amer-
Southern Bank bought the bank and remains ica in Independence, Caney and Coffeyville.
at the southwest corner of Central and Main Commercial Bank today serves Parsons,
across the street from Commercial Bank’s Oswego, Erie, Independence, Chanute, Cof-
main facility. feyville, Caney and Altamont.

54 Labette County Community Guide • 2021