 The name comes from Walter Drummond, Dean of Dunblane in 1500, originally called "Deans Town".After his appointment as Dean of Dunblane, he acquired the lands now known as Deanston from the Haldanes of Gleneagles.Deanston Cotton Mill was built by the Buchanan brothers of Carston, Killearn near Glasgow, in 1785,
and utilised the River Teith to power the mill.