John Burleson founded the Burleson Bank in 1910 to expand his business interests and provide financial services to the community of Richland Springs. In 1913 he reorganized it as the First State Bank, and in 1919 W.H. Gibbons became director after Burleson left the bank. During Gibbons's tenure, the bank was robbed at gunpoint in 1928. In May 1933 it was renamed the People's State Bank and was ruled and protected by federal law. The People's State Bank continued serving the community under the standards set by its founder until May 8, 1958, when the Texas Banking Commission liquidated it.