McClain County National Bank was chartered on March 8, 1922, right here on Main Street in Purcell. Officers at the time consisted of John H. Perry as President, E.L. Sheets as Vice President, and John H. Wells as Cashier. Six months later, at the close of business on September 15, the Bank had total assets of $298,212.95. In 1927, the Bank purchased Chickasaw National Bank of Purcell.
Pictured (l-r): Earl Sherman, V. V. Haney, Neil Sherman and Almer Ellison
The Sherman family's involvement with the Bank began in 1935 when Earl Sherman began working here. The next year, he convinced his brother Neil, who was teaching in Lexington, to come work with him. That same year, 1936, the Bank purchased the First State Bank of Wayne. In 1941, the Bank also purchased the Byars State Bank.
By 1955, control of the bank was vested in two families - the Wells and the Shermans. But in 1980, the Sherman Family acquired complete control of McClain County National Bank.
In 1990, the FDIC closed the First National Bank of Purcell and First State Bank of Lexington. The Bank purchased both from the FDIC.
A new millennium brought a new name, with McClain County National Bank changing its name to McClain Bank in 2001 in preparation of increased presence in Norman and Cleveland County. On October 22, 2002, the McClain Bank Norman Branch held its ribbon cutting at 2900 W Lindsey. The facility is located on five acres. On April 4, 2007, the McClain Bank Noble Branch held its ribbon cutting at 213 N Main Street.
Bank Logo Progression: Logos used beginning in 1922, 1994 and 2001, respectively.
It's been a long time since Earl began working at the Bank in 1935. He served as President from 1955 to 1977 and then served as Chairman of the Board until his death in 1998. Neil succeeded his brother as President and served in that capacity until his death in 1988.
Pictured (l-r): Donald Sherman, Don Sherman, Steve Sherman and Charlie Sherman
Neil's son, Don, has over 55 years of service at McClain Bank. He served as President from 1988 to 2001, and currently serves as Chief Executive Officer and Chairman of the Board, a position he has held since 1998. Meanwhile, Earl's son, Charlie, began his career with the Bank in 1974. Following in his father's footsteps, he has been McClain Bank's President since 2002.
Steve, who is Neil's grandson and Earl's nephew, was born in Purcell but raised in Arkansas City, KS after his father Jim (Don's brother) was transferred there with the railroad. After attending K State and graduating with a Finance degree, he came back to Purcell and joined the Bank in 1983. He currently holds the position of Executive Vice President and Head of Lending. Don's son, and Neil's grandson, Donald worked at the Bank throughout high school and then pursued an accounting degree followed by working for the OCC as a bank examiner, as well as working for Price Waterhouse and Liberty National Bank. He rejoined the family business in 1992 as Controller. He currently serves as Executive Vice President, Chief Financial Officer and Chief Operating Officer.
To date, McClain Bank has had six Presidents:
McClain Bank currently operates locations in Purcell, Norman, Noble and Lexington. For location information, please click here.