Founding PEB

Peoples Exchange Bank was founded in Beatrice, Alabama in 1907 when Lechter Melton of Pensacola, Florida interested a number of local people in its organization. Money was borrowed from a Pensacola bank to start the bank and S.D. Andress was put in charge.

The bank has operated continuously since that time except for two days in the mid 1930’s, when President Roosevelt’s “moratorium on banking” resulted in a two-day “Bankers Holiday”. Two years after the banking moratorium, money for the bank was unobtainable since most of it had been impounded to secure the loan. Captain T. M. Riley, the first president of the bank, was asked to buy up the stock. He agreed to do so if W. R. Sawyer who was then working in the State Auditing Department, could be appointed Vice-President/Cashier.

During the 1930’s Mr. Sawyer retired because of ill health and Mr. Pinkey S. Jackson was named Vice President. When Captain Riley died in 1935, Mr. Jackson was made President. He served in this capacity until about two years before his death. After retiring as President, he served as Chairman of the Board and Thomas A. Black took the office of President.

Did You Know?

An interesting note about Mr. Jackson is that he served as President of Peoples Exchange Bank and Peterman State Bank at the same time.

Buildings & Branches

The bank was originally operated in a wooden building on the west side of Main Street in Beatrice. In 1909 the bank relocated across the street into a brick building. This building was remodeled and updated several times and then in 1969 a new building was built across the street. The bank has now been housed on three side of the same intersection in Beatrice.

A branch office was opened in Monroeville in 1976 and was first operated from a mobile unit. Later in 1977 a bank building was constructed and opened at the present Monroeville location.

Since that time the bank has been enlarged and remodeled several times.

Did you know?

The bank has had an exciting history of bank robberies through the years. The first robbery that is recalled was in 1967, when the bank was entered during the night and the safe was burned open.

Over the past 30 years the bank has had several daytime robberies and several daytime and nighttime attempted robberies. During one attempted robbery, Thomas Black was able to hide in the bathroom in his office and call the telephone operator, who connected him to the sheriff’s department. Law enforcement personnel were quick to respond and captured the armed robbers on the premises as they were making their way out of the bank. The last attempt was at night, when the intruders attempted to remove the hinges from the vault door.

Distinguished Leaders

Board of Directors

Through the years many distinguished names have made up the Board of Directors of Peoples Exchange Bank. Early directors included: W. J. Nettles, S. D. Nettles, W. G. Andress, W. A. Stallworth, T. M. Riley, J. M. Stallworth, and L. J. Robbins. In the 1950’s board members included P.S. “Pink” Jackson, Finklea Nettles, Albert Nettles, G.L. Nettles, Richard.A. “Dick” Wible, J. Lindsey Finklea. In more recent years the board has been served by J. Lindsey Finklea, Francis D. Stallworth, G.L. Nettles, J. F. Nettles, A. A. Nettles and Richard A. Wible.

Did you know?

It is interesting to note that in 1926 the bank had two women serving on the board. They were Miss Minnie Robbins, a local hotel owner and Mrs. Mattie E. Massey.

Present Board Members

Becky B. Snyder, Chairman, Harvey Gaston, Kenneth M. Smith, Tommy Cobb, Daniel Sawyer, Claire B. Stallworth, Doug Smith, and Marshall Black.

Executive Officers

Thomas A. Black, Jr. served as President of Peoples Exchange Bank until his retirement in 1983. Mrs. Anna Laura Brown was then appointed President and provided excellent leadership until her retirement in 1995. William M. Franklin served as President after Mrs. Browns retirement through 2003. Becky B. Snyder was elected Chairman of the Board and President in January 2004.

Current Bank Officers

Harvey Gaston, CEO; Kevin Norris, President; Marshall Black, Executive Vice President/Loan Officer, Rachael Boutwell, Executive Vice President and Bill Rogers, Executive Vice President/Loan Officer. Mrs. Becky Snyder still serves as Chairman of the Board.

At the present time Peoples Exchange Bank is the only locally owned bank in Monroe County. This bank is owned by Peoples Exchange Bancshares, Inc.