austin national bank

In Part 2, Emmett Shelton Sr tells memories of working with the Austin National Bank to develop Westlake Hills.  One of Emmett's favorite tales is his work buying the land for the Low Water Bridge in 1937 to provide Westlakers access to the City of Austin. 
In 1920, Emmett got his first account at ANB to finance a trip to the first Boy Scout Jamboree in England.  
In 1924, when our rich aunt Lizzie Johnson died, John E. got her $80k on deposit at another bank transferred to ANB -- this gave the Shelton's a good credit rating with ANB. 
And then in the 1940s, Austin banks used to use runners to transfer cash among banks. The system was word-of-mouth and trust.  A Bank Runner at Capital Ntl Bank realized the possibilities! He took $5k from ANB that was intended for CNB and bought a car and left for California -- he got caught and was charged with Theft by False Pretenses and the Shelton's defended the guy. Austin Banks changed their transfer practices.  
Austin Ntl Bank supported us thru the slump in the 1980 and financed the Bull Mountain. In 1983, we sold and took in a check for $1.7mill plus - all debts/taxes paid off. Great Day for All!
Those were the days in Austin Banking - roughly 100 years ago.
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For maps and other info check out our Facebook page: Our Westlake

Stories told by Emmett Shelton / compiled and submitted by Cynthia Shelton.

Emmett Shelton Sr. tells memories of early banking in Austin, in particular Austin Ntl. Bank and its predecessor First Ntl. Bank of Austin -- Roughly 100  years ago. 
In the early 1900s, Emmett's father, John E. Shelton, partnered with AO Sambo and began his law firm in an office on the second floor above the Austin Ntl. Bank on the east side of 5th and Congress. As a young child, Emmett visited the law office often and remembers the early elevator and bank folks. 
One man Emmett remembered in particular was wealthy Mr. Gillfillan who helped Emmett sell bonds for his Boy Scout Troop. Mr. G was also involved in life insurance, and he helped Uncle Crawford's widow get double benefits when he was killed. 
Another interesting story was about ANB president Tom Davis and an early land deal of 80 acres for $3000 in Krause Springs near the Perdernales. He advised Emmett, "Nobody ever went broke by taking a profit." At the time, ANB was holding the 1,000 acre Larson Ranch in WLH valued at $3000 -- which in recent years valued well over $1 million --instead Emmett lost his money on his first land deal at Krause Springs.
And finally, Emmett shares a rare first-person story about O'Henry's early banking job with ANB's, predecessor First Ntl. Bank. 
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#Austinnationalbank
#Austinhistory
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For maps and other info check out our Facebook page: Our Westlake

Stories told by Emmett Shelton / compiled and submitted by Cynthia Shelton.