Putnam County, Ohio - Chapter 10: Banks and Banking, 1915

Chapter 10: Banks and Banking

The First National Bank of Ottawa was organized in 1903 with the following officers: D? N. Powell, president; S. F. DeFord, vice-president;. William Annesser, cashier. This is the only national bank in Putnam county.

After twelve years of steadily increasing business, the bank issued the following statement: Capital stock, $25,000; deposits, $250,000; surplus,. $4,200. The management of the bank has always been conservative and. economical. The present officers are as follows : David N. Powell, president; S. F. DeFord, vice-president; William Annesser, second vice-president ; J. C. Jones, cashier ; William Annesser, S. F. DeFord, F. W. Hoffman,. J. C. Jones, James A. Maidlow, L. N. Welde, D. N. Powell, directors.

The Bank Of Ottawa Company

The Bank of Ottawa was originally organized as a private bank by I. H.. Kahle, Dr. W. F. Reed and W. H. Harper, Jr., on July 10, 1894. It continued to operate as a private bank until November 26, 1904, when it wasincorporated under the laws of the state of Ohio, and has continued to operate as a state bank since that date.

This is the oldest state bank in Putnam county and has the largest deposits of any bank, either state or national, in the county. This bank haslong been recognized as one of the most popular banking institutions in thissection of Ohio. This is largely due to the conservative methods which the bank has at all times employed and to the fact that at the same time it has extended to its customers every courtesy consistent with conservative banking.

Continental Bank

The Continental Bank was organized in 1890, with the following officers: J. H. Edwards, president; W. W: Edwards, vice-president; I. N. Bnshong, cashier. This bank is unincorporated and at present the liabilities amount to $1,000,000.

The first bank building was destroyed by fire on June 8, 1912, and the present beautiful structure was erected the following year. The bank opened up for business in its new, modern, fire- and burglar-proof quarters, which were on the south side of the' railroad tracks, in October, 19 13. The present officers are : J. H. Edwards, president ; I. N. Bushong, vice-president ; C. P. Palmer, cashier.

The Continental Bank has done an extensive real estate, mortgage and loan business and at the present time has more mortgages and loans in Putnam county than any other banking firm. Every year has shown a marked increase in the business of this bank.

Farmers State And Savings Bank

The Farmers State and Savings Bank of Continental was organized in 191 3 and opened for business on January 31, 19 14, with a capital stock of $25,000. The officers are: C. E. Wright, president; A. J. Mullet, vicepresident; C. R. Blauvelt, cashier. A new building is in process of construction, at a cost of fifteen thousand dollars, and bids fair to be the best bank building in the county. Seventy-five of the best citizens of the county arfe stockholders. Its deposits are $125,000, with a surplus of $1,000, and at the end of only fifteen months' business its resources amounted to over $153,000. This promises to be one of the strong financial institutions of the county.

Belmore Banking Company

The Belmore Banking Company, of Belmore, was organized in 1908. The present officers are: D. Ensininger, president; N. Speaker, vice-president; T. J. Veach, cashier. This banking company has a capital stock of $12,500 and deposits amounting to $85,000.

The Bank Of Leipsic

The Bank of Leipsic was organized in 1888. It is a private bank, with the following stockholders : J. H. Edwards, I. N. Bushong, E. C. Edwards, VV. W Edwards' estate, John Edwards' estate, F. D. Rosenberger, Ruth Lesle, Mae E. Palmer, Lucile M. Spencer, Floss E. Closson, O. P. Edwards, T. C. Edwards, S. F. Edwards, W. E. Edwards, Lillian D. Emery. J. H. Edwards is president, and F. D. Rosenberger, cashier of the bank.

The People's Bank Company of Columbus Grove was organized in 1892. This bank is one of the oldest in the county and has been under the same management for twenty-three years. It has an authorized capital stock of $60,000 and deposits of $450,000, with surplus and profits of $15,000. The present officers are: William Basinger, president; L. J. Lemley, vicepresident : J. W. Core, cashier. It has had a steadily-increasing business ever since it was founded, and though there have been times when the country finances were not the best, still this bank has come through it all unscathed.

The People's Bank Company of Kalida was organized in 1899. The present officers are: Joseph Kahle, president; Edson Seitz, vice-president; Charles A. Borman, cashier. The capital stock at present is $25,000. The deposits aggregate $180,000, with a surplus of $1,250.

The Farmers Bank Company

The Farmers Bank Company of Pandora was organized in 1900 and has had a stead'y growth since that time. The figures of this bank give the best insight into its history and management: Capital stock, $25,000; deposits, $181,606.48; surplus, $6,500; resources, $259,774.91.

The present officers are : David Risser, president ; Albert Schultz, vicepresident; P A. Amstutz, cashier; W. M. Risser, secretary; Henry Grismore, treasurer.

The Belmore Banking Company was chartered April i, 1907. The first officers were: G. G. Bennett, president; J. W. Swickard, vice-president; C. R. Blauveh, cashier; G. G. Bennett, C. R. Blauvelt, J. W. Swickard and Ford H. Lanning, directors. The capital paid in is $12,500. This banking company, although still young, has had a very nice business. The present officers are: D. Ensminger, president; N. Speaker, vice-president; T. J. Veitch, cashier; J. V. Knoxe, N. Speaker, R. J. George, D. Ensminger, C. H. Stone, Mrs. James Robinson and Mrs. J. W. Wingate,. directors.

Ottoville Banking Company The Ottawa Home And Savings Association

The Ottawa Home and Savings Association was organized on July 28', 1888, with an authorized capital of $1,000,000. The purpose of this association was the raising of money, to be loaned to its members and others, for the purpose of buying lots and building, making repairs and such other purposes as are authorized by law. Loans are made exclusively on first mortgages on real estate. The secretary and treasurer are under heavy bonds, and all officers are amenable to the state, under the criminal law^ to act in good faith. The loans are made in small sums and the most rigidrules are enforced for the protection of all concerned; no loans are made outside the limits of Putnam county. The first officers were : W. W. Kelly, president; F. H. Brockman, vice-president; George C. Williams,

The Palmer Township Mutual Fire Insurance Association was organized on December 8,- 1888, having received from the secretary of state a certificate of incorporation on this date. On January 12, 1889, the incorporators held a meeting at school house number 2 in Palmer township, for the purpose of electing officers and adopting the constitution and by-laws for the association, according to law. The following officers were elected: William Schafer, president; John Williams, clerk or secretary; Victor Noirot, treasurer; J. N. Frankart, J. P. Rigg and Henry Homire, directors. The purpose of this association is to insure farm property against loss by fire, lightning and wind storms. The membership at present numbers one thousand two hundred and the mutual risks in force amount to over $3,250,000. The present officers are: R. R. Oliver, president; Henry P. Schafer, secretary; Michael Williams, treasurer; Victor Noirot, Hanry Stuben, C. E. Wight, Ed F. Quaintance and J. G. Yetter, directors. The territory comprises fourteen townships : seven in Putnam county, three in Paulding county, two in Defiance county and two in Henry county.

The German Mutual Insurance Association, of Glandorf, was organized in 1878. It was the first mutual fire insurance association organized in the county. The purpose of this association was to insure against loss by fire, lightning and storms. There are eight hundred and ninety policies in force at the present time and the risks at present amount to $2,080,000. The present officers are: William Gulker, president; J. W. Halker, secretary; August Fiaher, treasurer; Joseph Stichochulte, F. W. Schwester and Joseph Gerdeman, directors.

The Putnam County German Farmers Mutual Fire Insurance Company was founded on September 19, 1895. E. B. Mphans served as the first president ; B. A. Ruhe, secretary ; Frank Recker, treasurer ; WilHam Kohls, G. B. Moening and Henry E. HermiUer, directors. The purpose of this organition was to insure property against loss through fire, lightning and storm; also to insure live stock against fire and lightning. Mutual assessments are made only when losses accrue and an assessment of five cents on the one hundred dollars capital paid into the treasury each year is made for current -expenses and fees of officers. The membership at present numbers two hundred and fifty, with a capital stock of $710,000. The officers at present are: Joseph Hotnire, president; Jodokus Smitz, secretary; Frank Hohenbrink, treasurer; Joseph Brickner, B. Utendorf and B. Gerdeman, -directors.

The Exchange Bank of Columbus Grove was estabhshed in 1873 by -Simon Mapel and others. Several years afterwards, W. T. Mapel took possession and continued the business until about 1893, when Wilson Martin and J. M. Crawford bought his interests. In a short time a partnership was formed by J. M. Crawford, B. F. Seitz, Sr., W. L. Crawford and F. E. Palmer, and the oificers were: J. M. Crawford, president; B. F. Seitz, Sr., vice-president; W. L. Crawford, cashier; F. E. Palmer, assistant cashier. This organization continued until W. L. Crawford died, in 1907, when Mr. Palmer became cashier, and W. M. Crawford, assistant cashier.

In December, 1910, Mr. Palmer sold his interests to A. M. Heidlebaugh, who became vice-president, and W. M. Crawford was elected cashier. After the death of J. M. Crawford, on May 22, 1911, B. F. Seitz, Sr., was elected president.

During January, 1914, Isaac Campbell, D. C. Campbell and F. R. Mason purchased the interest formerly owned by W. L. Crawford and this organization continued until September, 19 14, when the bank was incorporated, with the capital increased to thirty thousand dollars. Homer R. Day, Henry Cupp and James J. Kissell becoming stockholders. Early in the present year, 191 5, Dr. W. H. Begg and other stockholders bought the interests of Isaac and F. R. Mason. The present directors are : Homer R. Day, D. C. Campbell, Henry Cupp, B. F. Seitz, Sr., A. M. Heidlebaugh and W. M.

The Glandorf German Building And Loan Company

The Glandorf German Building and Loan Company was organized in 1887 by the following citizens of Glandorf: J. H. Uphaus, William Altekruse, J. W. Halker, Joseph Horstmann, Francis Nigsch, I. H. K'ahle, William Rampe, Sr., Joseph Winkelmann, Joseph Nienberg and William F. Hoffman.

The state of Ohio granted the charter for the incorporation of this company under its laws, September 24, 1887. This was the first building and loan company formed in Putnam county. The purpose of this company was the raising of money, which was to be loaned among its members. The prosperity of this company was assured from the start and the shares of stock were always in demand.

This company was first organized with a capital stock of $250,000,, which was divided into 1,000 shares of $250 each. These shares were sold to residents of the county only. As evidence of the rapid growth of the company, the capital stock was raised to $1,000,000.

The present officers are: J: W. Halker, president; F. W. Hoffman, treasurer; B. A. Nienberg, secretary; B. A. Unverferth, attorney; J. W. Halker, B. A. Nienberg, Theodore Deters, Matthias Kerner, F. W. Hoffmann, G. H. Uphous, J. H. Kleman, F. W. Schroeder, Theodore Heckman, P. A. Misser and John Merschmann, directors.

The money for loan was always in such demand that it was let out at auction and went to the highest bidder. The records show where this has reached as much as thirty-three cents premium and, in one instance, forty cents premium on the share of two hundred and fifty dollars and this was paid besides the regular six per cent interest.

The present status of the business is on a- firm basis, although with the coming of the banks the rates of interest were cut down. The first officers were J. H. Uphaus, president; Dr. A. Borman, vice-president; H. F. Rauh, first secretary; William Altekruse, second secretary; Joseph Nienberg, treasurer; William Rampe, Sr., J. W. Halker, Ignatius Kahle, Henry AVortkoetter, Joseph Kersting and John Smith, directors.

An interesting fact is noted concerning the minutes of the meetings and the early records. The early records were written in German script, but in 1905 they were changed to English, as the inspector could not read German.

Ottoville Farmers Mutual Aid Association

The Farmers Mutual Aid Association of Ottoville was incorporated on February 23, 1904, and commenced business on July 2, of the same year. The first officers of the incorporation were as follows : President, Max Winkelman; secretary, George Altenburger ; treasurer, Anton Hoehn; directors, John H. Wannemacher, A. J. Yocklin, Joseph Miehls, Charles F. Henry and Henry Giesken.

The company's charter does not limit its territory, although all the policies are held in the counties of Putnam, Van Wert, Paulding and Allen. Fire insurance in the company covers all losses by both fire and lightning, whether on farm property, in the shape of dwellings or barns, or on live stock. All losses are covered by assessments, which may be made at the discretion of the directors. The success of the company has been remarkable from the start. The last annual statement of the secretary, George Altenburger, on December 31, 1914, shows that the company has 813 risks in force, with a gross amount of policies totaling $2,181,412.00. The total losses in 1914 amounted to $250.13, of which $129 was fire loss and $121.13, loss by lightning. From the beginning of its existence down to the end of 1914, the company has only paid out $17,566.76 for losses, thus demonstrating that insurance in the company has cost the policy-holders less than one per cent on the hundred. This is sufficient reason why the company has met with such success and is proof that its future success is assured.

The present officers are as follows: President, W. T. Remlinger; secretary, George Altenburger; treasurer, Charles Rekart; directors, John H. Wannemacher, Joseph Miehls, William Schlagbaum, William Stretker and D. F. Miller.

Peoples Bank, Columbus Grove

The Peoples Bank was organized in 1892 by G. W. Core, with Christian Basinger, L. J. Lemley, Lewis Lemley and David Core as partners, Christian Basinger being president ; L. J. Lemley, vice-president, and G. W. Core, cashier. Later David Core retired from the partnership and the bank was operated as a private bank until 1906, when a charter was taken out under state law, with an authorized capital of sixty thousand dollars. In 1909 a branch bank was established at Vaughnsville. In 1914 Christian Basinger was succeeded as president by his son, William. G. AV Core, cashier, is the active manager of the bank.