Clinton County, Ohio - Chapter 14: Banks and Banking, 1915

Chapter 14: Banks and Banking

The first bank in Ohio was established at Cincinnati on January 28, 1817, by the United States Bank. In October of the same year another branch of the United States Bank was opened at Chillicothe, and both institutions were soon doing an extensive business. In fact, so prosperous did they become that in 1819 the state resolved to list them for taxation and scheduled them for fifty thousand dollars each. As might be expected, the banks registered a vigorous protest and the next few months saw the case carried from the circuit court of Ohio to the supreme court of the United States. The final upshot of the matter was that the banks did not have to pay the tax and the state. on its side, debarred the two banks from the state, allowing them no aid in the collection of their debts.

Since the first banking experience, the banks have always been amenable to state supervision and little trouble has been experienced in keeping them under restraint. Constitutional and statutory provisions have been thrown around banks in such a way as to protect the depositors and few, if any, states in the Union have a better banking code at the present time than Ohio.

The banks in existence in Clinton county prior to the establishment of the national banking act of 1863 were mostly banks of issue. The first banks were in the county seat and, according to the best accounts, the first institution which merited the name of bank did not make its appearance until early in the year 1853.

First National Bank Of Wilmington

The First National Bank of Wilmington is the successor of a private bank, established on February 22, 1858, by W. C. Fife and T. L. Carothers in a building on the east side of South street. It was known as the Clinton County Bank and continued under this name until it was merged into a national bank! in 1864. In 1855 Carothers retired from the bank and Fife took in Albert Hockett as a partner. C. M. Bosworth was taken into the firm in 1862 and, with the death of Fife, in December, 1863, the firm was left as Bosworth & Hockett.

On February 22, 1864, the owners of the bank made application to the comptroller of the currency for a charter for the First National Bank of Wilmington. The application was signed by James Fife, John Hendee, Enos L. Lacy, Charles M. Bosworth, David Sanders, Albert Hockett, Abel Walker, Thomas W. McMillan and Elizabeth J. H. Fife. All of these persons are now deceased, but their's were familiar, as well as substantial, names in the early days of the life of the city. 'The application was approved by the treasury department at Washington, D. C., on April 5, 1864, and the new bank given its serial number of 365. It being necessary to publish the comptroller's certificate for two months prior to beginning business, the bank did not open until June 1, 1864. It started with a capital], stock of $50,000, which was increased to $100,000 on September 8, 1871. The following stockholders were the first directors: James Fife, E. L. Lacy, David Sanders, C. M. Bosworth, and Albert Hockett. Bosworth became the first president and Hockett, the cashier.

C. M. Bosworth served as president until his death, October 11, 1888, and was succeeded by his son, Charles A., who held the position until his resignation, on January 8, 1895. Since that time A. J. Wilson has filled the office of president. Mr. Wilson has served as director, vice-president or president since 1878. The bank has had only four cashiers during its whole career, namely: Albert Hockett, June 1, 1864, to September 1, 1865; W. B. Lang, elected cashier on October 23, 1865, died a few weeks later; G.-C; Nichols, January 18, 1866, to January 12, 1910; H. E. Hoskins, January 12, 1910, to the present time. Mr. Nichols had the unique honor of serving forty-four years as cashier, and at the time of his voluntary retirement from the bank was the oldest cashfer in the state in point of service. C. A. Bosworth, the second president of the bank, resigned to become assistant United States treasurer at Cincinnati and later became president of the Second National Bank of that city, a position he still holds. There have been three assistant cashiers: B. B. Lang and T. Q. March, both deceased, and C. M. Hinman, the present manager of the Columbus clearing house. The present officers'of the bank are as follow: <A. J. Wilson, president ; Simeon G. Smith, vice-president; H. E. 'Hoskins, cashier; P. H. Vandervort, teller; Daily Smith, bookkeeper; Thomas Murphy, bookkeeper. The directors of the bank are: A. J. Wilson, Charles A. Bosworth, Simeon G. Smith, Clinton C. Nichols, N. Houston Moore, E. Everett Terrell, Alfred L. Cole and Jervis S. Kimbrough.

The first National Bank does a general banking business and also has a savings department, which was established a few years ago. It also has what is called a Christmas savings club, which has proved a very popular feature. The last public statement of the bank shows that it has deposits of $672,168.00, with a surplus of $45,000.00. This bank, as well as the other two Wilmington banks, honored all checks during the panic of 1907-08. During its whole career of more than half a century the bank has never had to turn down a check for payment or refuse to loan money to responsible persons. Its policy, according to the president, has been to serve the people, and its growth may be attributed to this fact. It has always exhibited those qualities which justly beget public confidence, and because the bank's history of fifty years has been one of conservative, useful work, with an endeavor to conduct business to the satisfaction and convenience of its customers, it merits the high standing which it holds in the county.

The building now occupied by the bank is located on the southeast corner of South and Main streets. It was erected in 1872, at a cost of thirty thousand dollars, by C. M. Bosworth, the president of the bank, and James Fife, one of the largest stockholders. Its banking rooms are equipped with every modern appliance .for insuring prompt and accurate banking service.

The Clinton County National Bank is the outgrowth of a private bank established in the fall of 1859 by the following stockholders: Thomas W. MeMillan, Abel Walker, Isaac C. MeMillan, R. BE. Doan, Jediah McMillan and William Harlan. The bank started out with a capital of fifty thousand dollars and was operated under the title of the Clinton County Bank until it was merged into the Clinton County National Bank, on June 11, 1872. The first cashier of the bank, upon its organization in 1859, was Jediah MeMillan.

The Clinton County National Bank was started with a capital stock of one hundred thousand dollars, and this remains the capital stock to the present time. The original stockholders were thirty in number, as follow: Thomas W. McMillan, J. W. Haws, Matthew Rombach, J. W. Denver, Arthur S. Denver, William IF. Harlan, Mrs. Tamson Kibbey, S. Robinson, Amelia Evans, Seth Linton, Cornelius Douglas, A. H. Miars, Mary Thorn, Henry Stix, Haines Moore, Hannah Chadwick, Sarah A. Linton, Joseph R. Moon, Milton L. Hunt, Rhoda C. Morris, D.-J..Foland, Abel Walker, Eliza J. McMillan, Lewis Bebymer, Harland F. Walker, Mary McMillan, William Cleveland, Jacob Burst, R. E. Doan and Madison Betts. Of these thirty stockholders, only two are now living, D. J. Foland and R. H. Doan.

The bank opened for business in the rooms of its predecessor, on the southeast corner of South and Locust Streets. In the spring of 1873 the bank moved to its present location, on the east. side of South street, between Main and Locust streets. In 1915 the bank erected one of the finest and most complete bank buildings in the state; in fact, no expense was spared in an effort to make it the equal of the best in the country. The building was erected by the Western Building Company of Buffalo, under the architectural supervision of the Emmett E. Bailey Company, Oil City, Pennsylyania. The building has a frontage on South street of twenty-seven feet and a depth of one hundred and fifteen feet. Massive granite monolith columns in front give the building a massive appearance and a dignity thoroughly in keeping with the stability of the institution itself.

This bank prides itself on the fact that during the panic of 1907-08 it never refused to honor a single check presented for collection. It rejoices in knowing that in 1911 it appeared in the Rol) of Honor of the national banks in the United States. It was | accorded first rank in the county and sevéhth in the state of Ohio. This standing was based upon the amount of security for depositors provided by the surplus fund.

During the forty-three years which have elapsed since this bank was established it has had only four -presidents: R. E. Doan, June 11, 1872, to August 2. 1873: F. M. Moore, August 2, 1873, to February 20, 1889; Matthew Rombach. July 2. 1889. to January 18, 1908; Matthew R. Denver, Jonuary 13, 19038. to the present time. There have also been but four cashiers namely: Jediah H. McMillan, May 10, 1872. to May 22. 1873: Madison Betts. May 22, 1873, to July 18. 1888; Col. J. W. Denver, Jr., January §. 1880. to the time of his death. November 26, 1898: Edwin J. Hiatt. January 10, 1899, to the present time. The present cashier. Mr. Hiatt, has been with the bank since January 2. 1890, and is now the oldest stockholder and director in'point of service connected with the bank. The following directors have served the bank: Matthew Rombach, Thomas H. MeMillan, Abel Walker. Robert IX. Doan. Jediah H. McMillan. Amos Huffman, Frank M. Moore, William Cleveland, Madison Betts. Gen. J. W. Denver, 8S. G. Smith. Jacob Burst. Enos 1. Lacy, D. B. Van Pelt, Milton L. Hunt, Albert I. Bailey, Matthew R. Denver, Edwin J. Hiatt, Horace G. McMillan and Dr. G. W. Wire.

The present officers of the bank are as follow: Matthew R. Denver, president ; Albert I. Bailey, vice-president; Edwin J. Hiatt, cashier; Robert C. Lawhead, teller; Orville W. Hale, general bookkeeper; Harold C. Hiatt, individual bookkeeper. The directors are: Matthew R. Denver, Albert I. Bailey, Edwin J. Hiatt, Horace G. McMillan and George W. Wire.

Citizens National Bank Of Wilmington

The Citizens National Bank, the youngest financial institution of the county. received its charter from the comptroller of the currency on June 25, 1906, and on the 4th of the following August opened for business. The bank started with a capital stock of $60,000, which was later increased to its present capital of $100,000.00. The thousand onehundred-dollar shares into which the capital stock was divided were taken by .one hundred and fifty-seven stockholders. It is a noteworthy fact that all but three are residents of Clinton county.

The stockholders of the bank are as follow: Ab. Boring, John B. Peelle, D. M. Fife, Charles W. Sewell, Matthew Irwin, J. P. Osborn, William Baty, Sara Kirk, Hugh McCoy, 'Ww. B. and Ethel Kirk, William J. Snowden, Seneca Murphy, S. D. Murphy, Horace Vantress, Alfred Vantress, Mrs. George H. Statler, Frank W. Haworth, S. L. Peelle, Austin Jones, C. B. Leonard, Ina H. Corkerill, A. J. Whiteside, John W. Durham, Sele be

The first officers of the bank were as follow: J. W. Sparks, president; GA. Rannells, vice-president; I. N. Lair, cashier. These three officials, with William Fife, Hugh McCoy and T. H. Bryan, constituted the first board of directors. There have been few changes either among the officials or directors since the bank was organized, nine years ago. In July 1912, William Fife succeeded c. A. Rannells as vice-president, and at the same time E. Briggs was elected on the directorate in place of Mr. Rannells. With these exceptions the officers and directors remain the same as they were upon the organization of the bank. The increasing business of the bank has made it necessary to add to the executive force, from time to time. F. M. Harlan was elected bookkeeper in March, 1909, and on July 1, 1911, was promoted to the position of teller. Since that time H. S. Smith and Della Hadley have been added as bookkeepers.

At the time the bank was organized it purchased and remodeled the building at the southeast corner of South and Locust streets. The banking rooms are on the lower floor, facing South street. the remainder of the building heing rented for offices and mercantile establishments. The banking fixtures are complete in every detail and especial attention is given to women patrons. A rest room is provided for them in the rear.

The bank has enjoyed a steady growth from, the beginning and, although less than ten years old, its resources amount to $750,000. The bank also has a surplus of $45,000. At the close of its first month of business its resources amounted to $106.625.27, and this is all the more remarkable when it is taken into consideration that a little less than half the capital stock of $60,000 had been paid in. That the bank had prospered in a gratifying way to its stockholders is shown by the increase of its deposits from year to year. The following statements, taken in even thousands, shows the deposits and resources of the bank on August 6 of each year since it was organized :

These deposits represent more than two thousand depositors, this large number being a striking proof of the confidence which the people of the county have in the management of the bank. During the panic of 1907-08 the bank did not refuse to honor a single check presented for collection, neither of its own bank nor a check from any other bank. And the bank was less than two years old at the time and had over $200,000 on deposit. Three per.cent. interest is paid on savings accounts, and this department is increasing in importance each year. Since 1907 the bank has kept open until eight o'clock on Saturday evening for the accommodation of its patrons and friends.

The Peoples Banking Company Of Wilmington

The Peoples Banking Company of Wilmington was organized in July, 1889, by F. M. Moore, D. J. Foland, J. C. Martin, O. F. Peddicord, S. J. Jones, L. J. Walker, W. F. Harlan, Frank Lieurance and W. M. Moore. The bank was capitalized for fifty thousand dollars under the banking laws of Ohio as a state bank. The first officers were as follow: F. M. Moore, president; D. J. Foland, vice-president; J. C. Martin, secretary; W. M. Moore, cashier.

The bank continued operations until May, 1898, when it went into voluntary liquidation. Before suspending business it paid all depositors in full, and if any money was lost, it was on the part of the stockholders. The bank was located on the east:side of South street in the room now occupied by C. S. Thomas as an insurance agency.

Farmers Bank, Wilmington

In 1859 a bank was organized in Wilmington by Blaser & Masters under the name of the Farmers Bank. They opened for business in a room on South street, one door north of the court house. This bank led a more or less precarious existence until a short time after the Civil War and then quietly disappeared from view. None of the older bankers of the city were able, in 1915, to tell what became of it.

Merchants And Farmers Bank, Blanchester

The Merchants and Farmers Bank of Blanchester was organized in 1890 as a private bank by the following stockholders: Alexander Crosson, John Ferris, Lafayette Baldwin, Miner Swan, James Bindley, M. A. Hahn, J. N. Stevens, W. C. Gregory, H. C. Watkins, H. Rice, R. J. Rice and Chrales F. Rice. The bank is an unincorporated institution and the liabilities of the bank are secured by the combined wealth of all the stockholders. The first officers were as follow: H. C. Watkins, president; Charles F. Rice, vicepresident; W. C. Gregory, cashier. The present officers include Alexander Crosson, president; Josiah Bindley, vice-president; H. G. Hudson, cashier; G. R. Crosson, assistant cashier, The last report of the bank shows deposits of $125,000, and resources and liabilities of $150,000.

First National Bank, Blanchester

J. H. Norman. The stockholders now number sixty-four. The first officers are still serving the bank: I. M. Statler, president; J. H. Norman, vice-president; A. M. McVey, cashier. S. A. Spencer has since been added to the executive force as assistant cashier. The bank has its own building, which, with the fixtures, is valued at $20,000. The resources and liabilities of the bank are $263,663.64, with deposits of $154,557.

Sabina Bank

The Sabina Bank was organized on February 12, 1875, and opened for business five days later. It started with a capital of $50,000 and the following officers: E. A. Lewis, president; D. Edwards, cashier; E. A. Lewis and William T. Haydock, directors and stockholders. In September, 1877, Isaac Lewis, father of E. A. Lewis, became a partner and was elected president, and E. A. Lewis, cashier, D. Edwards retiring at that time. In 1893 William Pavey became a stockholder and was elected vice-president. In 1896 Isaac Lewis resigned as president and E. A. Lewis was elected to the position, W. B. Gallagher becoming cashier. These officials are still in charge of the bank. G. A. Pavey bought his father's interest in January, 1910, and was elected vice-president at the same time. . Cs

W. B. Gallagher came into the bank as bookkeeper on December 9, 1880, was later promoted to the position of assistant cashier and became cashier in January, 1896. G. T. Cline began as bookkeeper and was elected assistant cashier on January 9, 1900. Herman S. Gallagher came in as a bookkeeper and was later elected assistant cashier. Hadley Lewis became a bookkeeper in 1908 and resigned in 1910. Ralph A. Lewis came in as bookkeeper in November, 1910, and was elected assistant cashier in January, 1913. Raymond Cline has been bookkeeper since November 1, 1914.

The bank built its own building in 1880, a handsome structure of brick trimmed with stone. The bank has been a prosperous institution from the beginning and has so conducted its business as to merit the eonfidence of the community which it seeks to serve. According to its last report, the resources and liabilities amount to $300,000, with deposits of $225,000.

First National Bank Of Sabina

The First National Bank of Sabina was organized on November 1, 1906, with the following officers: C. R. Ellis, president; O. J. Waddell, vice-president ; L. E. Whinery, cashier. The original capital stock of twenty-five thousand dollars was increased to fifty thousand in May, 1911. During the nine years which have elapsed since the bank started business it has enjoyed a steady growth and its liabilities of three hundred thousand dollars and deposits of one hundred and eighty-five thousand dollars bear testimony to its stability as a financial institution. The bank now occupies its own quarters at the corner of Howard and Elm streets. The quarters are in the Odd Fellows building, which was erected at a cost of twelve thousand dollars, the rooms of the bank occupying the corner of the building. The first officers are still at the head of the bank.

The Port William Banking Company

The Port William Banking Company was organized in February, 1907, by six men from Cleveland, Ohio, namely: EH. W. Christy, F. J. Southard, H. G. Johnson, A. M. Irwin, R. J. Andrews and Edward Hunnewell. The first officers were as follow: F. J. Southard, president; H. J. Andrews, vice-president ; Orville H. Stephens, cashier; directors, H. J. Andrews, F. J. Southard, H. G. Johnson, A. M. Irwin and Edward Hunnewell. The bank still carries its original amount of capital stock. Its resources and liabilities will average $90,000 and its deposits $70,000. The present officers are as follow: O. W. Linkhart, president; H. A. Rowand, vice-president ; D. BE. Beal, cashier; R. S. Powers, assistant cashier. The directors are: O. W. Linkhart, H. A. Rowand, S. L. Beal, O. A. Bingaman, Simon Devoe and G. M. Oglesbee.

The Farmers Bank of Martinsville was organized in 1863 by F. M. Moore and Nathaniel Hunter. On August 1, 18738, they were succeeded by Cleland & Hunt. M. L. Hunt succeeded Cleland & Hunt in 1883 and D. B. Hunt became sole owner in 1896 and continues until the present time. A brick bank building was erected in 1875.

Farmers National Bank Of Clarksville

The Farmers National Bank of Clarksville was organized on September 6, 1904, with the following stockholders: L. A. Bowman, Thomas Sherod, N. A. Gilbert, John C. Baugh, E. H. Urton, I. N. Lair, I. N. Statler, W. T. Mounts, A. S. Rice, Clarence Le Bus, J. G. Montgomery, O. M. Bake and W. G. Thompson. The first officers were as follow: L. A. Bowman, president; W. T. Mounts, vice-president; I. N. Lair, cashier. My. -Lair was cashier of the bank until 1906, when he resigned to become the cashier of the Citizens National Bank of Wilmington. When Mr. Lair severed his connection with the bank, Clinton Madden became the cashier and has since filled that position. Wleanor Miller became assistant cashier at the sae time and is still with the bank in the same capacity. The present officers of the bank include: L. A. Bowman, president; Thomas Sherod, vice-president ;»Clinton Madden, cashier. The directors are: N. A. Gilbert, N. R. Tucker, George L. Sever, D. A. Humphreys and Frank Bevin.

The bank still does business on its original capital of twenty-five thousand dollars. Its deposits at the present time average about seventy thousand dollars, with resources of one hundred and twenty-six thousand dollars. The last report to the comptroller of the currency listed four hundred and twenty-five depositors. In 1905 the bank bought the two-story building in which its rooms are located and is now renting the upper story to the Knights of Pythias for lodge purposes.

Kelley Bank Of Clarksville

One of the few banks of Clinton county which has been forced to suspend operations with a loss to the depositors was the Kelley private bank of Clarksville. Kelley was a merchant of the town and operated the bank in his store as a sort of a side issue. He did a large business for many years, but in the spring of 1904 he was forced to close it and the depositors had to be content with about thirty cents on the dollar. The Farmers National Bank was started in the fall of the same year and, as might he expected, the new bank had considerable trouble in getting a start. However, the organizer of the bank, I. N. Lair, the present cashier of the Citizens National Bank of Wilmington, soon had the new bank in good condition and when he left there, at the end of twenty-two months, it was a flourishing institution and had completely won the confidence of the community.

New Vienna Bank

The New Vienna Bank was organized in 1871 by parties from Hillshoro, Ohio, but "alin 1875 it was bought by local men and reorganized with E. M. Woodbury, as president, and Edwin Arthur, cashier. The present officers are as follow: William A. Polk, president; Frank W. Hoadley, vice-president; B. T. Penn. cashier: J. W. Penn, assistant cashier. The bank has had only two cashiers in all of its forty-four years of history: Edwin Arthur. 1871-90; B. T. Penn, 1890 to the present time.

The bank owns its own building, a brick structure. with modern fixtures, burglarproof yault, screw-door safe, deposit boxes and every convenience demanded by modern banking. The average deposits of the bank amount to $200.000. The bank is now known as a "Roll of Honor Bank." for the reason that its capital of $25.000 is equalled by its surplus, a condition which speaks well for the management of the bank.

Clinton Mutual Insurance Association. H.

The Clinton Mutual Insurance Association was organized on March 12, 1906, with the following incorporators: R. J. Lacy, E. L. Carey, Joshua Linton, Jacob B. Burst, L. W. Lacy, W. T. McMillan, Valentine Hirt, H. H. Pidgeon, J. M. Jeffries, W. B. Steele, D. M. Fife, Fred Stoltz, Jefferson Hildebrant, John L. Rannells, Hugh McCoy, F. i9F Mitchell, W. A. Starbuck, Frank M. Moore, J. T. Hempstead, A. C. Hildebrant, Darius J. Miller, John H. Hirt, J. T. Henry, W. B. Wood and T. H. McMillan.

The company, as the name indicates, is purely an assessment company and all losses are met by an assessment of the policyholders. That it has been well managed and is filling an important place in the life of the county is shown by the fact that it now has sixteen hundred and ninety-two policyholders, with total policies aggregating over two million dollars. The present officers are as follow: R. J. Lacy, president; J. C. Linton, secretary; F. D. Mitchell, treasurer.