"One of the more significant developments in Nacogdoches's commercial history was the formation of several large banks. Soon after the arrival of the railroad in 1883, retail trade began to expand and the need for institutionalized banking became evident. The foundation of financial institutions made it possible to do business locally, without traveling to Houston. The first bank in Nacogdoches was privately owned. Operated as A. Wettermark and Son, this banking house was established in 1883 and operated until 1903 when its proprietor, Colonel Benjamin S. Wettermark, fled Nacogdoches after allegedly embezzling $500,000. He was never caught, yet the immediate closure of this bank and the loss of funds dampened the immediate economic progress in Nacogdoches. The first public bank was established in 1890, but soon closed. Between 1890 and 1899, the First National Bank (the first nationally chartered bank operated in Nacogdoches) provided much-needed loans and financial services. It was replaced by the Commercial National Bank (1901) and the Stone Fort National Bank (1903), both of which still operate. In 1901, the Commercial National Bank opened at the corner of East Main and Church Streets, in a brick building designed by Dietrich Rulfs. The bank was led by a diverse group of investors, including T. J. Williams of Beaumont, Pete and H. H. Youree of Shreveport, W. B. Chew and James A. Baker of Houston, and R. S. Lovett, president of the Southern Pacific Railroad.129 In 1902, E.A. Blount purchased the controlling interest. In 1910, the Commercial National Bank re-organized under the State Guaranty System (precursor of the Federal Deposit Insurance Company, 1933), changing its name to Commercial Guaranty State Bank. With F. Hal Tucker as cashier, Blount ran the bank until his death in 1914. He was succeeded as president of the bank by his son, Eugene H. Blount. Later bank presidents included Thomas E. Baker (1928-1945) and Thomas W. Baker (1945). In a continued effort to counter the deleterious effects of the Wettermark scandal, the Stone Fort National Bank opened in 1902. While the Commercial National Bank was originally owned by a group of outside investors, the Stone Fort Bank was organized and ran [run] by local businessmen. Captin I. Link Sturdevant, Charles Hoya, William U. Perkins, and J. J. Hayter were early leaders. Later bank presidents included William B. Mast and E. W. Monk."

There were three national banks in Nacogdoches:

 

The First National Bank of Nacogdoches (Charter # 4405) opened August 8, 1890 and closed December 30, 1899. It printed $33,600 in Brown Backs. In 1910, $380 were still in circulation. Officers of the bank.

The Commercial National Bank of Nacogdoches (Charter # 5991) opened October 14, 1901 and was liquidated February 28, 1910. It printed $46,500 in Brown Backs and 1882 Date backs. In 1910, $8,850 were still circulating. Neither of these banks has any recorded notes. Officers of the bank.

The Stone Fort National Bank of Nacogdoches (Charter # 6627) opened February 14, 1903 and lasted to the end of the national bank period. It printed $877,470 in 1902 Red Seals, Date Backs & Plain Backs. Only one of these large notes is in the Kelly census. The remainder of the bank's issue was in 1929 Type 1 & 2 $5 notes. One uncut sheet and 20 notes are recorded by Kelly. These $5 Stone Fort notes are what one sees from Nacogdoches.