City Bank & Trust history

The institution known today as City Bank had its beginnings on August 2, 1941, in a small West Texas town where five men founded the First State Bank of Morton.

By the end of 1942, the bank had just over $1 million in assets.

During its first five years, the bank had an armed robbery and a major fire, but by the end of 1946, the bank had more than $2 million in deposits.

After his death, G.H. (Doc) Pierson became President of City Bank & Trust Company and he, too, served until his death in 1951.

During the next 10 years, the bank grew and in May of 1957, moved into its current location in Morton, Texas.

On August 28, 1962, a group of local businessmen and farmers, including D. E. (Gene) Benham, and J. K. Griffith, purchased the bank from its founders.

In 1984, Security National Bank in Lubbock was the first bank in the region to fail.

Benham retired in early 1985, James Dewbre became president.

Loyd eventually agreed to lease space for City Bank in the building and, in 1991, finally bought it from the FDIC for much less than it had cost to build.

By the end of 1994, this family of banks—including Morton and Levelland—had total assets of $200 million.

In 2001, City Bank chartered a bank in Ruidoso, New Mexico, which became the largest bank in Lincoln County.

In 2015, a new location opened in Dallas in the Uptown area.