In accordance with the bylaws of the association, the board chose its first four officers to oversee the new business. They were: R.E. Stanley, president; James Goble, vice president; J.M. Weddington, cashier; and L.P. May, assistant cashier. The wisdom of the directors was evident in those choices as R.E. Stanley remained president for some 13 years and J.M. Weddington maintained a leadership position well into the next decade.
The directors immedately selected a somewhat convenient space to begin the business of banking. The First National Bank’s first location was in a spare room, upstairs, at the May & May Law Firm. Two weeks later on Wednesday, June 8, 1904 they opened for their first day of business - from 9:00am to 3:00pm – in just a spare upper room.
As confidence grew in First National Bank, so did the necessity for more office space. By April 1907, space had become such a concern that the Board moved to consider the advisability of buying real estate for the location of a “Banking House”. The records show that “lot #3 of Old Public Square” could be bought for the sum of $1,900.00. The lot was a prime piece of real estate, being located next to the river and the bridge linking downtown Prestonsburg to the railroad. Urgent though their needs may have been, it was not until the next April (1908) that the association provided a means to erect the structure. A committee of William R. Callihan, Andrew J. May, Beriah M. Spurlock and R . E.. E. Stanley were chosen to secure plans for the erection of said building. By April 1909, the committee had selected one of four bids and presented it to the board, whereupon the board authorized the committee to sign and deliver a contract to begin construction.
Although the date when they moved into the new headquarters is unclear, we know that by June 1920, another committee was formed to oversee the construction of an addition to the "Front and Bridge Street Bank Building". In October 1920, the board directed the cashier to "buy and install the latest and improved posting machine" ostensibly to keep up with the higher volume of work being required. Although the word "technology" didn't exist in 1920, Bank President Hiram Harris was setting the tone for his successors in providing the necessary tools to meet the future banking needs of the Big Sandy Valley.
In 1923, realizing the impact of both telegraph and rail transportation, the board directed that a ticket office for C&O Railway be added to the bank. In 1925 the board and Bank President Andrew J. May made arrangements to lease a portion of bank space to the Western Union Telegraph, whose office was to be located next to the bank’s director’s office.
The Stock Market Crash of 1929 and the Great Depression of the 1930s did not devastate Floyd County or First National to the extent it did Wall Street, but they were not immune from it. In 1931 there was enough confidence in the economy to raise rent of bank-owned offices from $36 to $50 per month – plus utilities. Ultimately, however, First National in 1934 and 1935 sustained losses in bonds that necessitated a reduction in salaries to avoid layoffs. Perhaps as a result of the 1930's experience, a remodeling contract for the 1st floor of the bank included an order of 230 safe deposit boxes dated 1935.
During the remainder of the 1930s, and through the war years, the bank underwent a period of growth to position itself for the prosperity of the 1950s. Serving as president during those years were B.F. Combs, Henry Stephens, Jr., and Beriah M. Spurlock.
In 1944 a new shareholder joined the bank. Over the next 28 years, Burl Spurlock would serve on the board as executive vice president and later as one of the bank’s most influential and progressive presidents.
Seeing the post-war population growth on the horizon, as well as the need to once again provide customer convenience, the Board of Directors on July 28, 1952, resolved "to relocate the main office to the northeast corner of the intersection of North Lake Drive (Broadway) and Court Street." The logic of this move was obvious. No longer were the railroad and river the prime modes of transportation. The heavily traveled US 23, also known as the Mayo Trail, would soon be at the new building’s doorstep.
In September of 1953, the new banking headquarters on North Lake Drive and Court Street opened for business. At this time total assets of the First National Bank were approximately $5 million. Just three short years later, in February 1957, the new headquarters was submerged under nine feet of water from one of the most devastating floods of the Big Sandy River in the 20th century. It took many months for the bank, the community and the region to recover from the effects of the flood.
During the 1960s under the direction and leadership of Burl Spurlock, the bank grew and prospered with total assets growing to almost $15 million by the end of 1966. This period saw much growth in Floyd County, including the birth of Jenny Wiley State Park & Theater, Prestonsburg Community College, The Mountain Parkway, the Emma Wells May Cultural Center and an increase in flood control for residents along the Big Sandy River.
During the 1970s the bank continued to assert its leadership in the community as evidenced by its continued asset growth. Russell Hagewood, a long time senior officer of the bank, become president in 1972 after the death of Burl Spurlock, and served in that capacity until his passing in 1976. During this period, the bank grew from around $36 million (1972) to over $63 million (1976).
The Board of Directors of the bank serving at that time consisted of Burl Wells Spurlock, Mrs. Burl “Peggy” Spurlock, A.B. Meade, Clifford B. Latta and Marvin Music. In 1976 they picked Burl Wells Spurlock to be the next president. Prior to that, Mr. Spurlock, oldest son of former president Burl Spurlock Sr., practiced law in Prestonsburg from 1964 until he entered the bank in 1969, and served as executive vice president of the bank from 1972 to 1976.
In 1980, the Board of Directors authorized the conversion of the bank from one with a national charter to one with a state charter and accordingly, upon surrender of the national charter, the First National Bank of Prestonsburg became the First Commonwealth Bank of Prestonsburg on April 7, 1980. Total assets at that time had grown to over $98 million. Not long after, land was acquired with the stated purpose of constructing a new banking headquarters. The main office on North Lake Drive and Court Street was no longer adequate because of the substantial asset growth and number of employees. The planning and construction time took several years, but in October 1986, the main office was opened for business. The new 5-story building returned to a location next to the river, the railroad and the bridge, just two blocks downriver from the original First National Bank. The location was also of historical significance being the former site of the “Old Garfield Place” which had been the January 1864 headquarters of Major James A. Garfield of the Union Army during the Battle of Middlecreek.
The present bank headquarters is considered to be very efficient and serves its customers with a wide variety of financial services including three full-service branches in Prestonsburg, Martin, and Betsy Layne. In 1999, First Commonwealth Bank opened Loan Production offices in Pikeville and Morehead.
On April 24, 2000, Greg A. Wilson became President and Chief Executive Officer of First Commonwealth, and remains as such to this day. Former President Burl Wells Spurlock continues to manage affairs of the bank as Chairman of the Board of Directors. Total assets of First Commonwealth Bank as of 2001 were over $150 million.
