Paul Rainey

One of Union county’s most legendary characters, Mr. Paul J. Rainey, played a role in the history of New Albany’s banks. Mr Rainey was a multimillionaire from Ohio. He was an avid hunter and purchased several thousand acres in Tippah and Union County, where he built quite an elaborate hunting lodge.

A small portion of Mr. Rainey’s money found its way to Bank of New Albany. In 1906 he purchased 105 shares of stock, making him the largest single stockholder owning 17.5% of the bank’s total stock. On January 8, 1907, Mr. Rainey was elected to the bank’s Board of Directors. Although he only attended one meeting, he served on the Board until January, 1911, when he was replaced by Mr. R.E. Roland at Mr. Rainey’s request, citing his inability to attend the meetings. Mr. Rowland served on the Board, voting Mr. Rainey’s stock, until January 12, 1915, when he was not reelected.

Mr. Rainey had been the principle investor in The Merchants & Farmers Bank in 1903, and at the time of his death on September 10, 1923, he was 69% owner of The Merchants & Farmers Bank and 30% owner of Bank of New Albany.