46 – Buffalo Bulletin, Heritage 2019

continued from page 13

their own scrip to stand in for the currency, “even though they had
no legal right to do so.” Holt wrote that First National Bank had
scrip printed and ready, but did not have to resort to using it.
Just 12 years later, another, more serious crisis loomed when
a severe drought led to a glut in the cattle market. The market
was so depressed that cattle were not worth the cost of feeding
them through the winter and paying to ship them off. Instead
the government bought the cattle for $18 a head, and many
were disposed of.
“There were six banks in Johnson County – four in Buffalo and
two in Kaycee – and only two left when the panic was over,” Holt
wrote.
In 1942, the bank moved to its present-day quarters on north
Main Street. It has been extensively remodeled over the years, and
additional office space has been added on both the north and south
sides of the building.
In July 2012 after 127 years as First National Bank of Buffalo,
the bank filed an application with the Wyoming Department of
Banking to convert from a national banking charter to a state
charter. The change required the removal of the word “National”
from the bank’s name, and the bank became First Northern Bank
of Wyoming, reflecting the bank’s original history as the first bank
north of the Platte River.
Despite the passage of time, one thing that hasn’t changed is the
bank’s commitment to Johnson County and the community.
“All of us, we describe ourselves as a community bank,” said
bank President Scott McBride. “We’ve grown because the commu-
nity has grown. And what is good for the community is good for
us.”
Chairman of the Board Tom Holt attributes the bank’s long-term
success to their focus on the community.
“At our core, we are a community bank,” Holt said. “All com-
munities, in order to have opportunities to grow and succeed, need a
community bank that has a vested interest in the success of the com-
munity.”
McBride and Holt agreed that being a part of the communi-
ty means working closely with their customers to find solutions
to financial challenges – including during the farm crisis of the
1980s, when many ranchers faced the real possibility of financial
ruin.
“The ‘80s were the hardest I’ve ever worked,” McBride said.
“We worked through a lot of stuff with a lot of people. It’s harder
in a small town, because we’ve known these people their whole
lives, so you bend over backwards trying to keep them in business.
I did find out though that when times get tough, people will dig
deep to do what they need to do.”
The banking landscape is changing, Holt said. Increasing regu-
latory oversight and reporting requirements, along with changing Bulletin file photo
demographics in rural areas, have resulted in banks seeking econ- In 1942, the First National Bank moved to its current location on
omies of scale through mergers. Since the 1980s, the number of Main Street. Since then, the bank has expanded to both the north
community banks has declined by two-thirds from over 16,000 to and the south.
right around 5,000.
But Holt is bullish on northeastern Wyoming.
“I am optimistic about this area,” Holt said. “We’re fortunate in
this area that our economy is diversified – we’ve got agriculture
and energy and tourism.”
Not only does the economic diversity of the community affect
the health of the bank, Holt said the bank needs to be able to
attract and retain qualified employees – something that is made
easier in an attractive community like Buffalo that has amenities to
offer employees and their families.
“People want to move here,” Holt said. “They pick places like
this for the amenities, and we’re fortunate, young people want to
come here. They want to raise their families here, and that allows
us to hire top-notch employees.”
From its humble beginnings with $50,000 in starting capital,
First Northern Bank has grown into a bank with $340 million in
assets and $309 million in deposits, branch offices in Sheridan and
Gillette, and more than 80 employees – 47 of them in Buffalo.
“We see a continuing opportunity,” Holt said. “A tremendous
opportunity.”