Farmers State Bank was founded in 1906 by a small group of Scotts Hill investors. In its early years, it financed ventures and supported the mainly rural, agricultural communities it served. As the area's economy shifted from agriculture to manufacturing, the bank remained a constant in Scotts Hill. By 1984, it had approximately $14 million in assets and was owned by shareholders, most of whom were descendants of the original investors. That year, Jim Ayers and Parsons banker Steve White purchased the bank and moved its headquarters to Lexington. In 1988, it bought First National Bank of Lexington and changed its name to FirstBank. In the years that followed, FirstBank became one of the largest community banks in Tennessee and, with the original charter branch still operating in Scotts Hill, the oldest bank in Henderson County. Across a century of change, the Farmers State Bank nameplate in Scotts Hill remained, reflecting FirstBank's commitment to the same community banking philosophy under which its charter first operated.