History of Community Bank
(formerly known as Community National Bank)
In 1978 a group of Alva businessmen met to discuss the possibilities of opening a new bank in Alva. Many in that group felt that there were banking needs that were not being met in the community. The group hired the firm of Lawrence Brock and Associates to conduct an independent survey to determine if the group’s feelings were correct. Mr. Brock delivered a report back to the group that supported the need for a more community minded bank in our community. However, the group decided for various reasons not to pursue the new bank at that time.
In 1982, some of the original businessmen along with some new ones (total of 20 individuals) met to pursue the chartering of a new bank in the Alva community. Once again, Lawrence Brock and Associates was retained to assist the group in preparing and submitting the application to charter a new bank. In August 1983, the group was granted its temporary charter as “Community National Bank”. On November 1, 1983, Terry L. Ross started working for the organization as its President and he began to gather staff and implement procedures to establish the bank. On July 16, 1984, the bank opened its doors for business with $2,000,000 in capital. The bank originally opened in the suite of offices located in the south end of the building just north of its current location.
The board of directors began planning a new facility even prior to the actual opening of the bank. Shortly after the bank opened, ground was broke to build a 5600 square foot facility with 3 drive-in lanes. The building was completed and opened in September 1985. The bank currently owns and operates two cash dispenser which are located in the Student Center of Northwestern Oklahoma State University and the other one at the Ampride Convenience store.
In June 2006 the bank charter was converted to a state chartered institution and its name was changed to Community Bank. This change allowed the bank to be regulated by the State Banking Department and the Federal Deposit Insurance Corporation.
The board of directors has always been committed to serving Woods County and the surrounding communities. This is evidenced by the bank only having one facility and not branching into larger cities away from Alva. The bank’s board members are very active in local civic organizations as well as local churches. Several directors have been and still are very involved in economic development arenas to help the community to grow and prosper.
The bank has experienced very satisfactory growth since its opening in 1984 and as of March 31, 2012, the total assets of the bank exceeded $75 million. Our capital base now exceeds $6 million.