One of the founders of Beckley National Bank, Smith served as its President from 1917 until his death in 1962. He was a leader in business, civic, government and education fields. He had an exceptional political career, having served as Mayor of Beckley, State Senator, and eight consecutive terms as a member of Congress. The fund was established by Beckley National Bank and his son, former Gov. Hulett C. Smith, to benefit historic Beckley College. As of 2013, it aids University of Charleston-Beckley.