The First National Bank was chartered in June, 1956. The original Board of Directors were M. R. Prestridge, Mose Cauthen, H. H. Stevenson, C. F. Loggains, P. B. Hendricks and George Abbott who served as Chairman of the Board until 1986.
The original capital stock of 20,000 shares was issued to 79 local residents as shareholders. The bank began its operations in a small remodeled doctor’s office at 414 Tenth Street, Alamogordo, New Mexico. The original bank building, still located on Tenth Street has seen several renovations which have resulted in the building you see today. First National Bank has expanded its service area with branches in Alamogordo, Cloudcroft, Ruidoso, Tularosa, and Artesia National Bank in Artesia, New Mexico.
In 1982 a holding company, First Alamogordo Bancorp, Inc. was formed by the Board of Directors and the majority of the outstanding shares of First National Bank were retired and reissued to the shareholders as holding company stock and debentures. In 1990 the Board of Directors purchased the majority of the holding company stock from the minority shareholders and now holds the majority of the shares of the holding company and First National Bank.
The present Board of Directors are: James Lynch, Chairman of the Board, S.W. Atkins, Kenneth Eaton, Mark Eaton, Bert Atkins, and Harris Blankenship.
First National Bank has grown from a 3.6 million dollar bank in 1956 to a 300 million dollar bank today. As a full service community bank we serve families and businesses throughout Otero, Lincoln, and Eddy Counties. First National Bank is consistently rated as one of the safest, most secure, and best performing banks in the United States by Veribank, Inc., Bauer Financial Reports, Inc. and BankRate.Com.