Banking-Past and Present
McCrary Store- Pearson Store
Semmes First Bank
Banks were limited in pioneer days. Bartering was often the method of exchange for goods or services. Cash money was limited and often hidden or buried on the property of the early settlers.
This is evident in the fact that Federal lands were essentially given away to citizens over age twenty-one and heads of households who were willing to work to develop the land. The Homestead Act of May 20, 1862 stated the each adult head of household could receive up to 160 acres of land worth no more than $200, for a ten dollar fee.
The first bank in Semmes when it was known as Albritton Precinct was at the McCrary Store. Hoyt Pearson bought the McCrary Store and changed the name to C.K. Pearson Store. Hoyt reported that when he purchased the store, Mr. McCrary had a large cast iron safe that had small drawers in it where citizens placed money for safe keeping.
The Population Explosion has brought numerous banks to Semmes.
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Preserving our History