The Milledgeville State Bank opened for business January 2, 1942. First Board of Directors was composed of A.H. Wagner, W.A. Litwiller, Fred W. Werner, Samuel Livengood, and Albert Anderson. In addition to serving as a director, Anderson was also the bank's cashier.
On opening day, the bank had deposits of $47,000, capital accounts of $32,500 and total resources in excess of $79,000. No loans had yet been made.
A bank has existed in Milledgeville since the early 1900's, except for the period from 1932 to 1942. The present bank's predecessor, the Shumway State Bank, closed in January of 1932, having gone into receivership prior to the moratorium of 1933.
It is interesting to note, however, that when the receiver closed his books, he was able to sell the building fixtures to a group of interested citizens for $3,500 with the expressed purpose of holding the building until such time that another bank could be obtained for the community.
This group of interested citizens included A.B. Puterbaugh, J.H. Shirk, C.E. Derr, S.O. Crom, J.H. Cheeseman, E.V. McGrath, W.R. Clough, Ida Miller, C.A. Straka, J.O. Kerch, C.C. Goldthorpe, Henry Walker, Samuel Livengood, and Maude and Marie Fryer.
Three years after the bank was organized in 1942, it purchased the building and fixtures that the above group of citizens had bought after the Shumway Bank had closed.