Peoples Exchange Bank was founded in Beatrice, Alabama in 1907 when Lechter Melton of Pensacola, Florida interested a number of local people in its organization. Money was borrowed from a Pensacola bank to start the bank and S.D. Andress was put in charge. The bank has operated continuously since that time except for two days in the mid 1930s, when President Roosevelt's moratorium on banking resulted in a two-day Bankers Holiday.
Peoples Exchange Bank opened its doors for business September 18, 1907 and recorded a 10-percent profit for the first days business.
The bank was originally operated in a wooden building on the west side of Main Street in Beatrice. In 1909 the bank relocated across the street into a brick building. This building was remodeled and updated several times and then in 1969 a new building was built across the street. The bank has now been housed on three side of the same intersection in Beatrice.
A branch office was opened in Monroeville in 1976 and was first operated from a mobile unit. Later in 1977 a bank building was constructed and opened at the present Monroeville location. Since that time the bank was been enlarged and remodeled several times.
At the present time Peoples Exchange Bank is the only locally owned bank in Monroe County. This bank is owned by Peoples Exchange Bancshares, Inc.