Details for Merchants Exchange Bank (Atlas Number 5507018231)

Historical Marker — Atlas Number 5507018231

Data

Marker Number 18231
Atlas Number 5507018231
Marker Title Merchants Exchange Bank
Index Entry Merchants Exchange Bank
Address East Railroad Avenue and Depot Street
City Benavides
County Duval
UTM Zone
UTM Easting
UTM Northing
Subject Codes
Marker Year 2015
Designations Recorded Texas Historic Landmark
Marker Location Northeast Corner of Intersection of East Railroad Ave. and Depot Street.
Marker Size 18" x 28" with post
Marker Text Francisco Vaello Puig opened the Merchants Exchange Bank in Benavides in 1908. With the success of the Texas Mexican Railroad and the discovery of oil reservoirs, Benavides became a thriving small railroad town with a bright future. The Merchants Exchange Bank grew to reflect the wealth of the times. In 1937, the Vaello family built and relocated the establishment to this sandstone structure. In 1961, financial pressure on the bank ultimately crippled the business. By 1962 the bank closed, and Benavides began a steady decline which the closure of the bank compounded. The remaining structure acts as a testament to the former prosperity of the town. RECORDED TEXAS HISTORIC LANDMARK – 2015