After Yoakum incorporated on May 13, 1889, its growing population and business created a need for a banking house. W.O. Richardson recognized this need and, with the assistance of other community leaders, organized a commercial bank in Yoakum. On June 19, 1890, the First National Bank of Yoakum was established with a board of directors consisting of J.M. Bennett, J.P. Morris, A. May, B.P. Stephenson, W. Heuermann, Jr., W.S. Boothe, and W.O. Richardson. The bank opened for business on July 10, 1890, in rented space, purchased a permanent lot in August 1890, and relocated to a two story building sometime before May 1892. It prospered and grew, even withstanding the panic of 1893 that devastated most small banks. In early 1907, the shareholders changed the name to Yoakum National Bank. The bank often considered the community's and area's interests, including investment in the local cotton and tomato industry and later the leather industry. In 1971, it moved to this location to better serve the community. From its earliest years, the First National Bank of Yoakum and later the Yoakum National Bank played a vital and major role in the growth and development of Yoakum and the surrounding areas by supporting individuals and businesses and aiding the financial prosperity of the town's citizens and industries.