"The decades from 1890 to 1910 were years of dramatic change for the banking industry in the United States. Capital requirements for the establishment of banks were decreased dramatically, and the number of banks in the nation tripled, with most of the growth occurring throughout the Midwest and the Southern rural areas. Frisco, Texas, became the location of two of these banks.

On an October day in 1902, the First National Bank was opened. It was the height of the cotton picking season, but the people of Frisco gathered at the depot to witness the arrival of the first shipment of money by railroad and its transference to the depot where the bank was to operate for several months. Ed (Spot Cash) Rogers from Hillsboro and Jim White of McKinney were the organizers of the bank. In June of 1903, the bank was moved to the office building at 3rd and Main, the present site of Gaby's Blacksmith Shop.

The First National Bank operated successfully, and in 1909, a Mr. Butts organized the Frisco Guaranty State Bank, located at 4th and Main, site of the present First State Bank. Facts are sketchy between 1909 and 1927, regarding the two banks. Presumably, both banks served the people of Frisco well. Jim Taylor followed Mr. Butts as president of the Frisco Guaranty State, and then in the early 1920's, the bank was sold to C. L. Savage, C. A. Covington, and others, and became the Frisco State Bank. The First National Bank, also, changed ownership during this period with E. M. Rasor, M. L. Mallow, and others as the new owners. The bank was moved to the Jackson-Clayton building (at 4th and Main, east of the Frisco State Bank) in 1921. New fixturewere purchased for the bank and delivered by Jeff Black from Dallas.

The 1927 Texas Bank Directory showed the population of Frisco as 1000, and the banks here with deposits and officers as follows: First National Bank - Deposits: $50,861. E. M. Rasor, President; M. C. Mallow, Vice-President; B. A. Marcom, Cashier; E. H. Robertson, Assistant-Cashier. Frisco State Bank - Deposits: $272,311. C. L. Savage, President; C. L. Bishop, Vice-President; C. A. Covington, Cashier.

In a prelude to the Great Depression, both banks failed. The Frisco State Bank was closed in late 1928, followed by the First National Bank in early 1929. The Frisco State was reopened for a short time under the direction of Joe P. Self, but only to collect outstanding loans and to pay depositors what could be paid. The first National Bank was not reopened but came very close to paying their depositors in full. There was not to be another bank in Frisco for eighteen years." [Frisco Bicentennial Society. The History of Frisco 1902-1976. Frisco, TX: Frisco Bicentennial Socuety, P. 37]