Frank E. Worley was the bank's owner and operator, starting with $40,000 in capital after the death of his father, Hiram Worley, in the early 1870's. He had owned a mercantile business. Worley later married Laura Davis, who may have been a niece of Jefferson Davis.
The bank prospered over the next decade and the Worleys acquired much land and a large home in Ellettsville. But the bank was caught up in the Panic of 1893 and Worley lost several thousand dollars in personal wealth, damaging his credit badly. On May 29, 1893, the bank closed its doors, roughly $30,000 short of cash needed to continue operations.
Most of the Worleys' remaining personal assets were sold off so depositors could recover their money. In 1897 they left Indiana for St. Louis. Neither the bank building nor the Worley's personal home are still standing.