First United Bank

Infobox Company
name = First United Bank & Trust

type = Public
foundation =(as "Durant National Bank")
Durant, Oklahoma (1900)

location = Durant, Oklahoma, United States

key_people = Greg Massey, Chairman/CEO
industry = Banking
products = Financial services
assets = $1.9 billion (2007)
num_employees = 550 (2007)
homepage = [http://www.firstunitedbank.com www.firstunitedbank.com]

First United Bank, headquarted in Durant, Oklahoma, is one of the largest privately owned banks in the United States, with more than $1.9 billion in total assets. First United has a network of 30 community bank locations throughout Oklahoma and North Texas to serve approximately 75,000 customers.

Locations

Locations in Oklahoma are Ada, Bokchito, Calera, Colbert, Durant, Holdenville, Hugo, Madill, Oklahoma City, Pauls Valley, Sapulpa, Seminole, Shawnee, Tecumseh, and Wewoka. Texas locations include Dallas, Denton, Krum, McKinney, and Sanger.

History

First United Bank & Trust was chartered on October 2, 1900, as Durant National Bank. The bank was established with $50,000 in capital from its initial investors. Originally located at Third and Main Street, it was one of the ten banks established in Durant during the turn of the century. In 1916, a new bank building was constructed at Second and Main Street. During the early days of statehood, when many banks were failing, Durant National Bank absorbed banks located in Kingston, Kenefic, Tishomingo, Aylesworth, Achille, Bokchito, Milburn, and Calera. In 1915, Durant National Bank was the first bank in Bryan County to reach deposits of $1 million.

One of the most important figures involved in the history of the bank was Mr. W.C. (Bill) Slaughter, who joined the bank in 1918. It was during Mr. Slaughter's career that the country experienced some of its most difficult times. From 1919 to 1925 the Southwest region of the US experienced deflated land values and very low market prices for crops, especially cotton, the main cash crop in the county. Efforts by men like Mr. Slaughter and other business leaders in the community helped diversify the economy. The bank endured through the 1933 Great Depression and the "Bank Moratorium" issued by President Franklin D. Roosevelt.

Mr. Slaughter was a dedicated banker, and we attribute much of our early success to him. He continued to manage the bank until his death in 1940. He was a man remembered by his friends, customers, and business associates as being an outstanding community, civic, church, and business leader during his lifetime.

In 1963, Durant National Bank became Durant Bank & Trust (DB&T) and as such, became one of the first banks in the state of Oklahoma to have full trust powers. It was also at this time that the bank changed from a national charter to a state charter.

In 1963, State Senator John Massey became a stockholder in the bank, and in 1965 he joined the Board of Directors. Hard times still lay ahead for the banking industry. It was in the 1980s that many Savings & Loans failed, and many banks were closed due to the decline in the oil industry and the aggressive energy lending that had taken place leading up to this "bust." In 1986, during these difficult times, John Massey took over leadership of the bank. At that time, DB&T was just under $100 million in assets.

In 1986, the bank moved to its new facility at Washington and Main streets in Durant. The Second and Main streets location was later donated to Southeastern Oklahoma State University. On January 1, 1998, the bank changed its name to First United Bank. Construction on the new Operations Center adjacent to the existing facility started in 1999, and opened later in 2000. In 2008, First United started construction on another expansion that is also adjacent to the original building, this addition is three stories tall. The other two buildings of the headquarters are two stories.