Wellington-based Wellington State Bank recently held the 35th annual stockholders meeting of its current ownership group, commemorating a significant milestone as the bank celebrates its 120th anniversary. Established in 1906, Wellington State Bank is recognized as the second-oldest state-chartered bank in Texas.
In celebration of the bank’s 120th anniversary, stockholders received commemorative gifts, including cedar plaques shaped like the state of Texas and engraved with each Wellington State Bank location alongside the anniversary logo, as well as commemorative drinking glasses featuring the 120th anniversary mark. Adding to the celebration, five lucky attendees were selected to each receive $120 in recognition of the milestone year.
The meeting brought together 25 stockholders and 13 guests. Richard Sims, president and CEO, chaired the meeting and Toni Cummings, senior vice president/real estate lender, served as secretary. During the business session, stockholders reflected on the bank’s unique ownership history and longstanding commitment to local control. In 1990, 25 local stockholders came together to purchase Wellington State Bank. The overall purchase price was approximately $2.1 million. That laid the foundation for the ownership group now marking 35 years together. Under its leadership, Wellington State Bank has grown to 14 locations and more than $650 million in assets, making it the fourth-largest headquartered bank in the 26 counties that make up the Texas Panhandle.
The meeting also included a discussion of the changing banking landscape across the Texas Panhandle. In 1990, Panhandle counties were home to 60 banks headquartered locally. Today, that number has declined to 18, illustrating the significant consolidation that has taken place in the industry over the past several decades.
