"Merchants & Farmers National Bank (the original name for First State Bank & Trust Co.) starts as a private bank in February 1902. The bank is located in the middle of the west side of the square on North St. Mary St. and publishes its first statement of condition in July 1902. Two years later the state constitution is amended to permit state banks. The financial Panic of 1907 creates a climate for banking reform that will provide security for depositors. Thomas Boren presided over the bank for one year, followed by R. E. Trabue from 1903 to 1910. From 1902 until 1910, local deposits increase from $6,021 to $93,239 as the Merchants & Farmers National Bank serves Panola County depositors ... On March 7, 1910, the Merchants & Farmers National Bank, with R. P. "Pink" Ash as president, changes its name to Guaranty State Bank and continues to grow, more than doubling deposits to a total of $233,318 in 1921. " (http://www.carthagetexas.com/center/businesses/fsb1902_02.htm )

[Secretary of the Treasury Annual Report 1910]

Guaranty State Bank was not a National Bank and issued no currency.

This is the same block circa 1900.