The financial institutions in Spring Valley have been, from the beginning of their history, the heart of the commercial life of the village. 

     The Co-Operative Savings and Loan Assoc. (later to become the Spring Valley S&L Assn) was established in 1889, with resources of $4,000. Fifty years later, when the association celebrated its golden anniversary, it stood as one of the strongest Savings and Loan Associations in the State. 

     The First National Bank first opened its doors on June 14, 1900. Peter Tallman was the first president. The bank started with $25,000 capital and no surplus. Twenty Five years later it had a surplus fund of $100,000. That was a record in its time equalled by few banks. 

     In 1910 the First National Bank erected a building still standing at the corner of Main and Lawrence Streets. 

     Charles W. Hawkins, who had been cashier of the bank since 1933 was elected a director and vice-president of the Bank in January 1937. He was elected president on September 12, 1938, he is remembered as the last of the "old fashioned" bankers who lent money out on character, and knew who would pay him back and who wouldn't. His style won customers and friends for life.