Founded in 1911 on the Kansas City, Mexico & Orient Railroad, Rankin saw four immense oil fields discovered in its trade area between 1923 and 1926, and local business expanded greatly. The First State Bank of Rankin, Upton County’s first financial institution, opened on June 4, 1927. Its original officers were president John F. Lane, a business and civic leader, and vice president J.P. Rankin, a rancher. Its directors were Harry Baldwin, an oil man; T.J. Murphy, a rancher; G.W. Newberry, a merchant; W.M. Noelke, a rancher; and B.S. Taylor, a merchant. W.H. Holcombe served as the bank's first cashier.