Bank of Fairhope

Fairhope's first two decades were a struggle for survival amid the pine forests of Baldwin County. Lacking traditional agricultural opportunities, the community very quickly grew to depend on vacationers for its livelihood. By 1915 Fairhope had established a firm foothold on the Eastern Shore; the community had incorporated in 1908 and by 1912 there were over 500 people living there permanently. The commercial district consisted of frame buildings on dusty streets. A grocery, hardware store and general.store were among the earliest businesses. Yet as late as 1916 Fairhope had no bank. In an effort to correct this, a group of citizens, including founder E. B. Gaston, approached a bank in Robertsdale in 1917 and requested assistance in organizing a financial institution for Fairhope. The Robertsdale bankers freely offered their help and the Bank of Fairhope was chartered August 8, 1917. Fairhope's new bank opened with a capital stock of $10,000 and occupied a small building on South Section Street. Over $5,000 was deposited the first business day. As the bank and Fairhope grew, plans were drawn up for a new bank building. The prominent local contractors M. Dyson & Company (the Gaston Bid., 1924 and the Bloxham Bid., 1932) began construction in 1926 on a design by Mobile architect William March. On January 20, 1927 the Courier noted, "Good progress on new bank building. The two big pillars extending the height of the two stories are in place and give an idea of how attractive architecturally the front is to be."

Like so many other, commercial buildings in town, the walls were constructed with hollow clay tile provided by the local firm of Clay Products Company. By March the new bank building was complete. The Courier noted that the "whole community takes a just pride." (Courier, 3/31/27). The Bank of Fairhope celebrated its tenth anniversary by moving into the building. Optimism was quickly dimmed by the Crash of '29 however. Fairhope felt the strain as people moved in from more impoverished areas seeking opportunity. In addition, the opening of the
causeway into Mobile in 1927 diverted tourist traffic from Florida to the north. The Florida Land Boom, during the late 1920s convinced many Fairhopers that the Single-Tax experiment was working to their advantage by foiling such unbridled speculation in their area. Despite hard times, the Bank of Fairhope weathered the Depression without closing. It was the only bank out of seven in Baldwin County to do this. With the return of a more stable financial environment, the Bank of Fairhope flourished. In 1959 it moved into a larger building and in 1962 merged with another bank. The splendid building on Fairhope Avenue served as a loan office from 1959 to 1971 when the Mobile Press Register opened its Baldwin County office in the building. They continue to occupy the first floor while the second is used as a real estate office.