S.P. Drake was a hardware merchant in Lovington in the late 1870's when the town was without a bank, and Mr. Drake's hardware store had the only fireproof safe. Customers and friends began asking permission to leave valuable papers, as well as sums of money, in its safekeeping. Mr Drake was a kind and trusted man. His only requirement was that such items of value be placed in envelopes and the owner's name be written thereon with the date to identify the owner. This courtesy soon grew to unexpected proportions and Mr. Drake was encouraged by friends to start a bank.

Mr. Drake had been a school teacher which, in addition to other business experience, helped him readily develop his unexpected expertise. In casting about for a name, and to identify it from the hardware store, he chose the title "Hardware Bank". In those days a private bank was not uncommon and several farmers joined him as partners in a venture of mutual trust.

Throughout its 110 year history,Hardware State Bank has survived the great depression, two world wars, the farm crisis of the 1980's and a fire in 1985. The bank has served the community continuously with a tradition of trust and confidence throughout the years.

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