Bank of Ray’s Mill

The Bank of Ray’s Mill and the Bank of Milltown

In 1905, local investors including some with Ray’s Mill connections formed the Bank of Milltown.  The bank was  chartered March 14, 1905 and the bank opened for business March 21, 1906.

GOSSIP AT THE CAPITOL
Atlanta Constitution. Feb 7, 1905 pg. 7

 Application was filed with Secretary of State Philip Cook yesterday for a charter for the Bank of Milltown, at Milltown, in Berrien county. The capital stock of the new bank is to be $25,000 and the incorporators are J.V. Talley, W.L. Patton, P.T. Knight and L.J. Clements, Jr.

The Bank of Ray’s Mill was organized around 1908 with George W. Varn as president and Lewis M. Marshall as cashier. Its directors were J.H.P. Johnson, J.H.SwindleC.O. Terry, Y.F. Carter, Harmon Gaskins, and Frank Fountain. Wallace Johnson, son of J.H.P  Johnson, began working for the bank when he was fourteen years old.  Lewis M. Marshall served as the bank’s cashier until he was succeeded in the early 1920’s by John D. Luke who held the position until the bank failed during the great depression – probably around 1931.  In 1909 the bank’s name was changed to Citizens Bank of Ray City.

The Annual report of the Treasurer and State Bank Examiner of the State of Georgia for the year ending 1910, still lists the bank as the Bank of Ray’s Mill, with a capital of $15,000 dollars.  That sum would have been about $6 million in 2007 dollars.

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