Madison County, Ohio - Banks and Banking, 1915

Madison National Bank

It is not definitely known when the first bank was established in' London, 'although it is fair to presume that some of the early merchants bought and sold commercial paper. The first bank which deserves the name made its appearance in the summer of 1861. when the Madison County Bank (No. 1) was organized by Dr. A. Toland, E. W.: Gynne und Richard Cowling. The stockholders of the institution were E. W. 'Gwynne, B. Gwynne, Richard Cowling and A. Toland, who organized, with Richard Cowling as president; A. Toland, vice-president, and B. Gwynne, cashier. The bank opened for business on July 9, 1861, in the Toland block on Main street. This bank was organized under the banking laws of Ohio, with a capital stock of twenty-five thousand dollars, and continued to operate without a change in management until May 15, 1865, when it 'was merged into the Madison National Bank.

-In January, 1865, the owners of the Madison County Bank had applied for a charter for a national bank and 'on the 19th of the same month they were granted a charter, authorizing a capital of one hundred and twenty thousand dollars. © The first officers of the Madison National Bank were as follow: Henry W. Smith, president ; Richard Cowling, vice-president; B. Gwynne, cashier. The first directors were Richard Cowling, Aquilla Toland, Baldwin Gwynne, Addison Shankin, Henry W. Smith, Jesse Watson and James Q. Minshall. The present officers of the bank are as follow: J. C.

- Bridgman, president; Minnie Cheseldine, vice-president ; George H. Van Wagener, cashier; W. T. Booth, assistant cashier. The directors at the present time are J. C. Bridgman, S. B. Rankin, P. R. Emery, Frank gones, J. P. Skinner, Minnie phe oune ae George H. Van Wagener.

. This bank has now been in operation as a national bane for half a Peg and during that time has paid its stockholders six hundred thousand. dollars in dividends, which, with its present surplus and undivided profits of $83,753.08,.give the bank net earnings of $683,753.08 since its organization. It has successfully gone through every panic which has swept over the country since 1865 and has emerged from each crisis with its assets 'unimpaired and its standing in the community stronger than before.

London Exchange Bank Company

The London, Exchange Bank Company is the outgrowth of a private bank known as the Madison County Bank (No. 2), which was opened in the Phifer building on June al;

1866, by Robert Boyd and Addison Shanklin. The Madison County Bank continued in business under this name until July 1, 1870, when it was reorganized and started under the name of the London Exchange Bank. The stockholders of the reorganized bank were Robert Boyd, Harford Toland, Wyatt Minshall, Stephen and David Watson, S. H. Watson, J. C. Bridgman and Otway Watson. The capital stock, of sixteen thousand dollars, was divided among the stockholders, with Boyd and Minshall as the heaviest holders, each having forty shares of the one hundred and sixteen shares of the bank's capital. In the summer of 1870 the bank moved into the building on the corner of Main and High streets, which it still occupies. The bank purchased this building in July, 1915.

The first officers of the bank were as follow:. Robert Boyd, president; Stephen Watson, vice-president; Otway Watson, cashier; Wyatt Minshall, teller. The first directors were the officers and J. C. Bridgman. On June 20, 1899, the bank was reorganized as a state bank and the name changed at the same time to the London Exchange Bank Company. It opened for business as a state bank on October 2, 1899. During part of the career of the bank it has been closely associated with the Madison National Bank; in fact, for many years the directors of the latter bank were the directors of the Exchange Bank.

The first annual statement of the bank, on July 1, 1871, showed deposits of $84,711.61, with a capital stock of only sixteen thousand dollars. The total resources at the end of the first year of business totalled $109,190.16. When the bank was organized as a state bank, in 1899, the capital stock was sixty thousand dollars, but only half of it was asked to be paid in. On May 12, 1913, the directors ordered the remaining thirty thousand dollars paid in by the first of the following August. The bank now has thirty-six stockholders. The surplus and profits at the present time average fifty thousand dollars, with deposits averaging three hundred and twenty-five thousand dollars. The last report of the bank shows that it had twelve hundred and sixty-seven depositors.

The bank has had -only two presidents during its whole career of forty-five years, Robert .Boyd, who served from its organization until May, 1898, and John Vent, who has served since that year. There have been four cashiers: Otway Watson, Wyatt Minshall, A. C. Watson and R. W. Boyd. Mr. Boyd has been cashier since May 15, 1898. The directors of the bank from the beginning are as follow: Robert Boyd, Wyatt Minshall, Otway Watson, J. C. Bridgman, Stephen Watson, David Watson, William. Houston, E. R. Florence, W. M. Jones, J. F. Rankin, J. T. Vent, S. W. Durflinger, Cary Jones, Scott Chenoweth. W. A. Jones, M. S. Murray and R. W. Boyd. The latter eight, with the exception of S. W. Durflinger (deceased), constitute the present directorate. The present officers of the bank include: J. T. Vent, president; J. F. Rankin, vicepresident; R. W. Boyd, cashier; O. E. Jones, teller; Cheney E. Burnham and Emmett R. Schurr, bookkeepers.

The Central National Bank Of London

The Central National Bank of London is the successor of the Central Bank of London, from whose records the following details have been secured: In response to a call issued by John Farrar, William Farrar, Robert Rea and others, for a meeting to be held in Dr. James T. Houston's building on Main street, London, Ohio, December 14, 1875, for the purpose of organizing a banking association, the following subscribers for stock in said association were present: John Farrar, Robert Rea, Jeremiah Rea, Alexander Wilson, William Farrar, R. B. Cowling, M. M. Thomas, David Tway, John Jones, Dr. J. T. Houston, T. J. Stutson, Oliver Slagle, William Riddle, Thomas Wood, I. M. Chenoweth, James Wilson, W. A. Koontz, W. D. Pringle, C. W. Pringle, Elijah Chenoweth, N. T. Tenny, George Lincoln, Catherine Slagle, S. F. Marsh and Mrs. J. W. Hicks. The above representative citizens of Madison county immediately elected the following board of directors: John Farrar, Robert Rea, John Jones, Thomas J. Stutson and Wilson A. Koontz, which board, on December 18, 1875, elected Robert Rea, president, and William Farrar, cashier, designating January 1, 1876, as the time for opening the bank for business. By an increase of capital stock Dr. W. D. Williams was "Nat to the list of stockholders on January 1, 1878, at which time Robert Rea resigned as director and Jeremiah Rea was elected in his stead. These gentlemen all worked in harmony for the success of the institution. :

Since the bank opened for business the following gent'emen have served as president; Robert Rea, John Farrar, T. J. Stutson and Horace G. Jones. As cashier, there have been but two, William Farrar, continuously from January 1, 1876, to the time of his death in 1890, and Xerxes Farrar from 1890 to the resent date. Charles W. Pringle was the first teller and in the year 1878 John D. Maddux succeeded L. W. Burnham as teller, continuing in said office to the present time.

This bank continued with marked success until the year 1913, when the same was reorganized and is now known as the Central National Bank of London, with Horace G. Jones, president, W. E. Farrar, vice-president and Xerxes Farrar, cashier and the following directors: L. H. Williams, M. L. Rea, E. O'Day, John Ellsworth, R. H. McCloud, T. J. Dwyer, Horace G. Jones, W. E. Farrar and Xerxes Farrar. The motto of this bank has always been "Safety First" and it ever has demonstrated its willingness to cooperate with its patrons in the development of their respective business interests. The customers of the Central National Bank value and "bank on" that institution's willingness and ability to assist them in every way consistent with safe, sound banking, whether their accounts be large or small, which makes for a mutually satisfactory and profitable relationship and for the ARS well-being of both bank and patrons.

The People's Commercial and Savings Bank was incorporated under the laws of Ohio as a state bank on January 27. 1910, and opened for business on the 5th of the following March. The incorporators were O. P. Anderson, H. B. Lenhart, Samuel P. McCollum, M. B. Armstrong and W..H. Carl. The first officers included: E. S. Gordin, president ; H. B. Lenhart, vice-president, and S. P McCollum, cashier The only change in the list of officers was made when H. B. Welsh succeeded Mr. McCollum as cashier on January 10, ee Miss Jennie Davidson has been added as. bookkeeper. The first directors were E. S. Gordin, H. B. Welsh, O. P. Anderson and H. B. Lenhart. The present directors are = S. Gordin, H. B. Welsh, John Crawford, O. P. Anderson, H. B. Lenhart, Leon. Lenhart. Howard Lewis, John Waller': Herbert Adams, J. C. Plimell, E. W. Bidwell and J. L. Pierce.

The bank has a paid-up capital of twenty-five thousand rons' and deposits of one hundred and eighty thousand dollars. The surplus and undivided profits amount to five thousand dollars. The bank has maintained a savings department since it was organized. five years ago, and according to its last report, had eight hundred and seven depositors in the department, with total savings of fifty-one thousand dollars. The total number of depositors average twelve hundred. The bank has been located at No. 115 South Main street since it was organized. This is the youngest financial institution in Madison county, but by careful attention to its affairs has built up a business which is

The Citizens Loan and Savings Company, of London, was organized on May 11, 1891, with capital stock of two hundred and fifty thousand dollars. This was doubled, in accordance with the laws of Ohio, on January 14, 19138.° According to the last report (December 31, 1914), two thousand nine hundred sixty-seven shares of stock had been sold, at a hundred dollars a share. At that time there were two hundred sixty-four stockholders, one hundred ninety-six depositors and sixty-eight borrowing members. Practically all of the stockholders live in London and the seventy-five thousand dollars loaned on mortgages is placed on property in this city. The officers of the company are: R. W. Boyd, president; H. M. Chaney, vice-president; O. E. Jones, secretary. The offices of the company are in the London Exchange Bank Company.

London Home And Savings Company

The London Home and Savings Company was granted articles of incorporation on January 31, 1889, and opened for business on February 13, 1889, with the following officers: KF. M. Chenoweth, president; Dr. J. T. Houston, vice-president; William Farrar, treasurer; J. R. Atchinson, secretary; M. S. Murray, attorney. The incorporators were Xerxes Farrar, R. H. McCloud, J. R. Atchison, J. F. Johnson, William Cartzdafner and Horace G. Jones. The company opened for the transaction of business in the drug store of J. R. Atchison and remained there until March, 1909, when it was removed to the Central Bank, now the Central National Bank. .

hundred thousand dollars by a vote of the stockholders on July 21, 1890. The par value of a share is two hundred dollars. According to the report at the end of the last fiscal year (February 28, 1915), there. were two thousand five. hundred fifty-six shares sold, three hundred ninety borrowing and non-borrowing members, eighty-six borrowing members, and outstanding loans of. ninety-five thousand one hundred seventy-one dollars. Practically all of the stock in the company is held by residents of London. A few loans are made on farm lands, although the company does not make a practice of such loans. There are never over three or four farm loans at a time. ; At the last annual election, held February 8, 1915, the following directors were chosen: C. E. Arbuckle, John W. Byers, W. H. Chrisman, M. M. Creath, A. T. Cordray, 'George F. Dodds, Otto Ebner, Xerxes Farrar, J. A. Gardner, J. D. Maddux, R. K. Shaw, S. L. Turner and J. B. Van Wagner. The board of directors organized by electing the following officers: R. K. Shaw, president; M. M. Creath, vice-president; Xerxes Farrar. treasurer; J. D. Maddux, secretary. _

First State Bank, Plain City

The First State Bank, of Plain City, was organized in 1914, with the following 'stockholders: Dwight Harrison, G. W. Rhoades, N. E. Vining; M. Fultz and M. T. Frazer. The first officers were as follow: W. B. Gilgore, president; Henry Bowman, vice-president; L. A. Taylor, cashier; W. P. Hudson and A. B. Fiedler, assistant cashiers. The first directors were W. L. Blaney, ©. D. Brown, G B. Chapman, W. B. Gilgore. Charles Wilson, Henry Bowman, Frank Cary, O. K. Howland and D. L. Lombard. The bank erected its own building, at a cost of ten thousand dollars. It is a handsome brick structure and the banking quarters are equipped with all the fixtures necessary for the transaction of modern banking. The bank has a capital stock of twenty-five thousand dollars, with a surplus of equal amount. The deposits on August 5, 1915, were $259,104.52. 'The present officers of the bank are: W. B. Gilgore, president; Charles Wilson, vicepresident; W. P. Hudson, cashier; A. B. Fiedler, assistant cashier.

The Farmers National Bank, Of Plain City

The Farmers National Bank, of Plain City, was organized on August 6, 1900, with William Atkinson, Charles F. Atkinson, Cephas Atkinson, J. L. 'Ballinger and Charles F. Dutton, as stockholders. The bank was started with a capital stock of twenty-five thousand dollars, which remains the same. The first officers were as follow: William Atkinson, president; Charles F. Dutton, vice-president; Cephas Atkinson, cashier: The first directors included the officers and J. L. Ballinger, C. Humphreys, John Florence and Charles F. Atkinson. In 1902 the bank erected a brick building, at a cost of fifteen thousand 'dollars, and now has one of the best-equipped banking quarters of any bank in the state in a town of the size of Plain City. In 1907 C. F. Dutton became president. Cephas Atkinson, vice-president, and J. R. Woods, cashier. .In 1914 Cephas Atkinson was elected president and W. H. Hauer, vice-president. During the fifteen years the bank has been doing. business it has lost less than one lb' mdred dollars a year on an average. Since February 1, 1909, it has paid three per cent. interest on time deposits and has built up a big business along this line, despite the fact that it is in competition with eleven banks within twelve miles of Plain City which pay four per cent. on time deposits and saving accounts. According to the last report of the bank, June 23, 1915, it had deposits of $263,670.79; surplus and undivided profits of $40, 073.99, and loans of $266,656.36. ; PLAIN CITY HOME AND SAVINGS COMPANY.

The Plain City Home and Savings Company was organized in May, 1887, by J. L. Ballinger, Daniel Perry, R. C. Hager and Charles F. Margan. The first officers were: William I. Ballinger, president; R. C. Hager, vice-president; J. F. Feather, secretary; Charles F. Margan, treasurer. The present capital is five thousand dollars. According to the last annual report, there were one thousand eight hundred ninety'eight shares in force, three hundred seventy-one 'stockholders,'two hundred two borrowing members and. nine hundred seven shares loaned. upon. The present officers are as follow: J. W. Bowers, president; R. C. Hager, vice-president ; J. R. Woods, secretary ; Cephas Atkinson, treasurer. The office of the secretary is in the ee National' Bank.

Security Building And Loan Company, Mt. Sterling

The Security Building and Loan Company, of Mt. Sterling, was incorporated in 1889, by W. W. Schryver, J. G. Loofbourrow,. J. A. Miller, W. R. Richards, Sherman Leach, I. S. Henkle, John Crotly, J. T. Walters and R. N. Schryver. The first officers were as follow: J. A. Miller, president; J. T. Walters, vice-president; R. N. Schryver. secretary; J. G. Loofbourrow, treasurer. The present officers include: J. T. Walters, president; J. N. Waldo, vice-president; C. M. Neff, secretary; R. N. Schryver, treasurer. The company has its offices in the Security building in Mt. Sterling. According to the last report (June 30, 1915), the company had $390,200 of its authorized capital stock of $500,000 subscribed and in force. There were at that time 3,902 shares in force, 'owned by 652 individual stockholders. A total of 2,136 shares were loaned upon, the number of borrowers being 298. The 481 depositors had $107,709.68 on deposit. Sufficient facts have been given of the company to show that it is a very prosperous institution and well worthy of the confidence of the community it seeks to serve.

Citizens National Bank, Of Mt. Steriing

The Citizens National Bank, of Mount Sterling, was organized in 1908, by the following stockholders: James Johnson, John Miller, S. W. Beale, A. S. Alkire, E. C. Breyfogle, F. L. Albright, T. J. England, Willis Jones, N. C. Gantz, J. C. Murray, G. W. Miller, John McCafferty and S. H. Ridgway. The first officers and directors were as follow: John Miller, president; S. W. Beale, vice-president; H. J. Taylor, cashier. This bank is the outgrowth of the Alkire-Beale private bank, which lost its identity with the organization of the Citizens National Bank, on April 4, 1908. At the time of the organization of the national bank it started out with total resources of two hundred and twenty-five thousand dollars. The present officers are as follow: A. S. Thomas, president; S. W. Beale, vice-president; H. J. Taylor, eashier; A. Ross Alkire, assistant cashier. The directors are A. S. Alkire, F. L. Albright, E. C. Breyfogle, T. J. England, Harry G.

Beale, Willis Jones, N. C. Gantz, J. C. Murray, G. W. Miller, John McCafferty and S. H. Ridgway. The bank erected a brick building in 1909, at a cost of nine thousand dollars. The capital stock is sixty thousand dollars, with a surplus of twenty thousand dollars.

The Farmers Bank, Of Lilly Chapel

The Farmers Bank, of Lilly Chapel, was organized in May, 1909, with R. E. Hall as president and Henry Lilly, as vice-president. Mr. Lilly died in 1910, and in 1913 Mr. Hall sold his interest in the bank to the Horn brothers. The present officers of the bank include: KF. M. Horn, president; E. A. Horn, vice-president, and F. M. Stickley, cashier. The bank has enjoyed a prosperous career and is an institution of which the people of Fairfield township have every reason to be proud. It has a patronage, not only in Fairfield township, but in Jefferson, Deer Creek and Union townships as well.

Farmers Bank, Of West Jefferson

The Farmers Bank, of West Jefferson, was organized on January 1, 1901, with Owen Harbage, Benjamin Harbage, A. C. Millikin and C. H. Putnam as stockholders. The first officers and directors were as follow: Owen Harbage, president; C. H. Put-. nam, vice-president; Benjamin Harbage, cashier; A. C. Millikin, assistant cashier. Shortly after the organization of the bank, C. H. Putnam sold his interest. Upon the death of Benjamin Harbage, in 1903, E. W. Johnson took his position as cashier and at the same time bought a third interest in the bank. A. C. Millikin died on January 21, 1908, and R. C. Millikin took his,place as assistant cashier. Clark Wade, teller, died in 1914, after having served the bank in this capacity for three years. The present officers of the bank are as follow: Owen Harbage, president; E. W. Johnson, cashier; R. C. Millikin, assistant cashier. The bank has a capital stock of fifteen thousand dollars, asurplus of two thousand dollars and deposits of one hundred and forty thousand dollars.

Commercial Bank Of West Jefferson

The Commercial Bank of West Jefferson, was organized in 1882 by Ashton A. Gregg and Dr. Jefferson Coliver, with Ashton A. Gregg as president and John B. Hill as cashier. The present officers of the bank include: P. M. Gregg, president; J. C. Gregg, vicepresident; A. A. Gregg, cashier; Howard Johnson, assistant cashier. The bank has aeapital of twenty thousand dollars, with deposits of two hundred and twenty-five thousand dollars, and a surplus of twelve thousand dollars.

Farmers And Traders Bank Of South Solon

The Farmers and Traders Bank of South Solon was organized in 1906. It was founded as a state bank by the following men: EB. W. Christy, A. P. Gatch, J. A. Simmerman, D. J. Schurr and C G. Harrod, who also served as the first officers in the following order: E. W. Christy, president; A. P. Gatch, vice-president; D. J. Schurr, cashier. The first directors consisted of the officers of the bank and J. A. Simmerman, C. G. Harrod, EB. 8. Gordin and A. P. Gatch.

This bank through its safe and conservative methods has experienced a steady growth from the beginning to the present time The report of December 5, 1907, showed assets of fifty-six thousand eight hundred and seventy-one and the last statement showed assets of one hundred and ninety thousand dollars. This bank has always paid four per cent. on savings and at present has two hundred and fifty savings accounts. The present capital of the bank is twelve thousand five hundred dollars, with surplus and profits of thirteen thousand dollars and deposits amounting to one hundred and sixty thousand dollars.

The present officers are Charles G. Harrod, president; C. C. Farley, vice-president ; U. G. Evans, cashier; George T. Harrod, assistant cashier; Robert L. Ritnour, O. M. Earley, E. S. Gordin, Floyd A. Johnston, Charles G. Harrod and C. C. Earley, directors.