In 1867, the Frankfort Town Company was organized at Marysville with the following members: F. Schmidt, C.F. Koester, J.S. Magill, J. McCoy, P.H. Peters, J. Bollinger, P. Hutchinson, J. Weisbach, R. S. Newell, and J. E. Smith. In August, of the same year, those 10 men purchased section 16, township 4, range 9, and laid out a town site, which was originally called Frank's Ford, but soon adopted its present name of Frankfort.

J.S. Magill, R. S. Newell, and F. Schmidt built the first houses in 1867. O.C. Horr established the first store in December, 1867. In 1868, seven buildings were erected; among them being two business houses by J. Weisbach and O.C. Horr. In 1869 the market increased in the building operations, as there were 54 good substantial buildings erected.

The first baby was born in April 1869 to O.C. Horr. The Population of Frankfort was not known at this time because there had not been a census yet.

A serious affray occurred in Frankfort on the 14th day of August 1869, when a questionable character G. Quarles shot one of the oldest and most respected citizens, J. Vaugham. It appeared there had been for some time previous to the shooting an antagonistic feeling between the two parties. Quarles having circulated the report that Vaugham was a Bushwacker and had served with Quantrell during his raids. On the day of the shooting, Quarles, who had been hunting, stopped in J. Weisbach's store, where he met Vaugham, who desired an explanation in regard to the report circulated by Quarles.