John M. Burleson (1870-1933) founded the Burleson Bank in 1910 to expand his business interests and provide financial services to the community of Richland Springs. In 1913 Burleson reorganized his institution as the First State Bank; in 1919, W. H. Gibbons became the new director when Burleson left the bank. During Gibbons' tenure, in 1928, the bank was robbed at gunpoint. The First State Bank was renamed the People's State Bank, ruled and protected by federal law, in May 1933. The People's State Bank continued to uphold the standards set by its founder and to serve the community until May 8, 1958, when it was liquidated by the Texas Banking Commission. (1998)