Bank of Peterman building is one of the most historic commercial buildings in all of Monroe County

Old Bank of Peterman building. 

Members of the Peterman Historical Society were kind enough to invite me up to Peterman last Thursday afternoon to give me a guided tour of the old Bank of Peterman building. This old building is located near the corner of Main Street and Railroad Street in “downtown” Peterman, directly across from the railroad tracks that have so much to do with the town’s early history. Gone now are the two buildings that once sat on each side of the old bank, which now stands alone as the sole reminder of the town’s once bustling commercial center.

Some local history buffs will remember that the town’s first post office was established near here in 1900, the same year that the Louisville & Nashville Railroad was laid down through the town. Before the railroad, most of the town’s stores were located “up the hill” from the new tracks, but on an agreed upon moving day, teams of oxen were used to move three or four store buildings closer to the tracks. In the heyday of heavy rail traffic, Peterman thrived as a busy railroad stop between Repton and Beatrice.

According to historical society officers Meagan McDonald and Alice Chandler, the bank was built around 1915 and was established with around $14,000 in start-up money. Like many small banks across the country, the original bank was forced to close during the Great Depression. The bank was later reorganized and reopened under the new name of Peterman State Bank in 1934.

The Peterman State Bank moved into a more modern building in the 1960s, and the late William White began using the building for his personal business, Commercial Printing. Years later, relatives of White donated the old bank building to the Peterman Historical Society. Today, the society operates a “This & That” thrift store out of the building as a means to fund society projects.

Last Thursday, Meagan and Alice (who is a distant cousin of mine) took the time to show me the bank’s old vault and a number of old photos taken by local photographer, Max McAliley. The building also features an antique metal drop ceiling that looks to be made of tin or aluminum. A close look at the building’s interior brick walls also shows that the building has undergone many changes over the years.

Meagan and Alice went on to explain that over the years the building’s roof had fallen into terrible disrepair and that the building suffered from bad leaks. The society recently replaced the roof, removing rotten wood and sealing the sides and tops of the building’s walls. Total cost for the work was around $16,000.

As you would imagine, this large expense has hit the society’s funds pretty hard, especially in light of the pandemic. The society’s biggest fundraiser traditionally is its annual arts and crafts festival, but that event hasn’t been held for a couple of years due to COVID-19. The society does make a little money from its sales at “This & That” but not nearly enough to cover the $16,000 bill.

In the end, the society is seeking help to pay for the roof repairs, and all donations are welcome. Donations can be mailed to the Peterman Historical Society, c/o Meagan McDonald, 424 Walkers Creek Road, Peterman, AL 36471. For more information, e-mail petermanhistoricalsociety@yahoo.com.