What would later become the First National Bank of Hancock began when E. H. Towar founded his own private banking institution in November of 1872 with $28,000 in capital. In May of 1874, this bank became the First National Bank of Hancock, and the capital was raised to $100,000. The first bank building was located on the corner of Hancock and Reservation streets, and the first bank president was Seth D. North. In January of 1889, the bank would move to the former location of the Northwestern Mining Journal at the intersection of Quincy and Reservation streets; around 1904 another story and a rearward extension would enlarge the building. However, the bank would move one more time to the much-celebrated building on the corner of Quincy and Ravine in 1913. This large building, 240 Quincy, was originally erected in 1905, but was given its impressive classical façade in a renovation just before the bank relocated there. At this time W. R. Thompson was the bank president. In the 1940’s, a third story would be added to the building. On the day of August 22, 1934 the bank would be merged with the First National Bank of Calumet, the First National Bank of Laurium, and the Merchants and Miners National Bank of Ironwood (all members of the First Bank Stock Corporation) into the National Metals Bank of Hancock, thus forming the largest financial institution in Copper Country. W. R. Thompson would become the president of the new bank. However, this union lasted only seven years, the new bank being dissolved by its board of directors in 1941; by this time, only the Hancock and Ironwood locations seemed to be active.