The first bank in Hubbard was a small private operation started soon after the town was founded in 1881. In 1895, two banks opened: Rod Oliver and H.B. Allen's private firm and Joe McDaniel's First National Bank. To house their enterprise, Oliver and Allen built a two-story Victorian stone building across the street from this site. After their firm failed in 1903, the structure was occupied by the First National Bank until 1946. It then became quarters for the First State Bank, organized in 1909, which moved to that location in 1961. The historic bank building was destroyed by a storm in 1973.