Historic Palestine

EAST TEXAS
NATIONAL
BANK
East Texas National Bank, like many other
full service financial institutions of today, traces
its development to community investors and
enthusiastic area supporters who realized the
need for such a facility in the early 1900s.
The Campbell State Bank was founded
February 11, 1911, with the help of former
Texas Governor T. M. Campbell, J. E. Angly,
T. M. Campbell, Jr., and forty-three other
investors. They invested their money,
(a combined $100,000) along with their
business expertise, to launch the bank. Not
only was the bank their idea, but they had
the support of the entire community to
expand as need dictated.
P. W. Ezell was the first president of
Campbell State Bank, although he was not
active in the day-to-day operations. He
died in 1914, and Governor Campbell
was elected to replace him. By the
time Campbell assumed leadership, the
nation was already in the throes of an
economic depression.
It was easily understood why Anderson
County was hard hit with economic woes.
It was primarily dependent on corn and
cotton as cash crops. In fact, the area was
so depressed that cotton sold for ten cents
per pound, and two year-old yearlings
were only bringing eight dollars a head.
Within ten years after opening, the
bank’s capital totaled $150,000; and it
merged with Guaranty State Bank. In 1924,
it was chartered as a national bank under
the name it bears today—East Texas
National Bank (ETNB).
When T. M. Campbell, Jr., joined the
army as a commissioned officer in 1917,
Governor Campbell sold his shares of stock
to Angly and his associates.
Immediately Angly was selected to
succeed him, eventually seeing the bank
through The Great Depression, until his
retirement in 1946. He continued as
chairman of the board, however, until
his death in 1953. During his tenure,
he displayed exemplary leadership,
expanding the bank into one of areawide
services. According to company
archives, he “did more to promote the
bank’s growth and development than
anyone had previously…” Upon his retirement
and subsequent death, N. C. Woolverton, Sr.,
succeeded him.
With the merger and increasing population
(due largely to job growth and influx of people
in Palestine because of the International Great
Northern Railroad) capital increased to more
than $900,000 with assets totaling $11 million
by the mid-1960s.
Because of financial growth, the first bank
was replaced by a new building in 1966 at
6 2 ✦ H I S T O R I C P A L E S T I N E