"Carthage was named for Carthage, Mississippi, and became the Panola County seat in 1848. In 1902, the businesses included cotton gins, cement and brick plants, and 2 banks." (lkcaarchives.com)

 

There were two national banks in Carthage:

The Merchants & Farmers National Bank of Carthage (Charter # 6152) was chartered March 10, 1902 and liquidated April 11, 1910. It printed only $23,950 with $3,750 outstanding in 1910. According to Kelly, the issue consisted entirely of 1902 Red Seal notes. Only one large note from this bank is listed in the Kelly census.

The First National Bank of Carthage (Charter # 6197) was chartered April 8, 1902. It lasted until the end of the national bank period and printed $207,010 of which $12,200 were circulating in 1935, but only 3 large notes and 6 small are noted in the Kelly census.