Little and Loving It
Graves County bank qualifies as smallest bank in the U.S.

With assets right at $1 million and 486 customers, the Bank of Lowes is almost certainly the smallest bank in the U.S. But when it comes to heart, the humble financial institution ranks right at the top.

For more than 60 years, the Bank of Lowes has been run by the Wilkerson family. In late December the tiny bank’s six stockholders sold the institution to Barry Hurley, a Georgia lawyer/banker. However, Bank President Jack Wilkerson and his sister Dorothy McClellan (the bank’s vice chairman and treasurer) will retain the jobs they’ve held for years,

The community of Lowes (population about 200) is in Graves County, about 12 miles northwest of Mayfield. The bank is one of five major businesses in the community, with the others being a funeral home, a general store and two beauty parlors. The financial institution still uses its original wrought-iron teller windows and black safe. The Bank of Lowes’ small-town charm and excellent customer service standards have resulted in some devoted customers.

“We do banking for people from Paducah, Mayfield, and as far away as Kansas and Texas,” said Dorothy McClellan. “But most of them are from right here in Graves County. I know most of them personally.”

Dorothy McClellan has worked for the bank for 42 years. “The first year I worked, I wasn’t paid,” she said. “That was the arrangement, so I could learn banking.”

McClellan’s father, Col. Paul Wilkerson, purchased a majority interest in the bank almost 60 years ago. He also founded a real estate and auction company that operates out of an office in the bank building.

McClellan said that health concerns and a desire to slow down a bit led she and her brother to the decision of selling the bank. One new addition is the installation of the bank’s first-ever computer system (two computers) in early February. Prior to that, the bank used “pen and ink and calculators,” says McClellan.

“We’re doing real well with them,” she said of the new computers. “Until about two weeks ago, I had never turned one on. It’s going to really cut down on the work.”

Claude Hammond is editorial director of The Lane Report.
claudehammond@lanereport.com

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