The Farmers & Merchants’ Bank was opened July 2, 1890 by Judge G. Terry, who was President; Dr. E. Stuart of Fairview, who was Vice President and S.H. Perkins, who was Cashier. The Bank of Elkton was organized and chartered on February 7, 1866, with a capital stock of $50,000. Business began in a small office on the northwest side of the Public Square, presently housing Knuckles Insurance.
On December 22, 1932, the Bank of Elkton and the Farmers & Merchants’ Bank announced plans to consolidate. The corporation would be known as the Elkton Bank & Trust Company, effective December 31, 1932. The directors were: H.E. Williams, J.O. Street, J.D. Standard, John N. Williams Jr., Russell Maynard, Saint Millen, E.L. Traughber, A.A. Lindsay, C.E. Gill, Thomas E. Johnson, E.B. Weathers, L.G. Boone, S.Y. Trimble and I.D. Jones.

The “new” bank used the Bank of Elkton building on the south side of the Public Square (later Hurt’s Grocery and Dollar Store). The Farmers & Merchants’ building was used for insurance, real estate transactions and to house safety deposit boxes.

On May 4, 1934, the directors of the Guthrie Bank announced the sale of the institution to Elkton Bank & Trust Company. The Board of Directors of the Elkton Bank would manage the Guthrie Bank as well and the Guthrie Bank would become an agency of Elkton Bank & Trust Company. The sale was affected when the Board of Directors of the Guthrie Bank approached those of the Elkton Bank with the proposal.
The South Main Branch of Elkton Bank & Trust Company was opened in 1979 and the Highway 79 Branch was opened in 1990.