There were two hotels in the town; one was called the "Lafayette" (known locally as the 'Lay-flat') which was close to the railroad, and the 100-room "Dun Glen", which opened in 1901, became a nationally known resort, and burned down in 1930, marking the beginning of a decline that saw Thurmond a virtual ghost town by the 1950s. The Thurmond National Bank (owned by Thurmond) closed in 1931 and the New River Bank (owned by the McKells) moved to Oak Hill in 1935.