In 1902, the first bank in the city was opened. Until the sovietization of Armenia in 1920, Alexandropol had 31 manufacturing centers including beer, soap, textile, etc. After the October Revolution of 1917 and the Russian withdrawal from the South Caucasus, the Ottoman forces launched a new offensive capturing the city of Alexandropol on 11 May 1918, during the Caucasus Campaign in World War I. However, the Ottomans withdrew from the city on 24 December 1918, as a result of the Armistice of Mudros.