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This town was named after W. A. Rankin, a wealthy landowner in the area.
In 1872, a dispute between him and W. H. Pells ( who was on the board of directors of the Lake Erie and Western Railroad ) over the location of a railroad station.
Ultimately, over the course of several years, Rankin won out over Pellsville, which was located a mile and a half to the west.
There were railroad maintenance shops in Rankin until 1932 when they were moved to Frankfort, Indiana, and some of the residents of Rankin followed.

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