In 1884 Dr. J.I. Triplett opened the Mt. Jackson National Bank in this building. It was the first national bank in Shenandoah County and the only one for over a decade.
From 1863 until 1935 the Treasury Department allowed certain banks to be chartered through the United States government. They were required to maintain a minimum balance and submit their records to Federal oversight. In a time when there were no bank regulations and failures were common, financial institutions strove to receive this designation to prove they were a reliable place to individuals to deposit their savings.
Triplett’s ability to establish the Mt. Jackson National Bank stemmed from his business success. He operated several stores, hotels, mills, and other commercial establishments in Shenandoah County. The $50,000 in collateral the bank had to possess to open was from his personal accounts.
This house, constructed in the 1830s, served as the bank until 1904 when a new building opened a few blocks to the north. After which the building once again became a private residence which it is today. Mt. Jackson National Bank operated until 1933 when it was acquired by its rival, People’s Bank, after the death of Dr. Triplett.