Union County, Ohio - Chapter 9: Banks and Banking, 1915

Tlie banking' business is among the last enterprises introduced into any new country. The pioneer usuaUy has but little if indeed any money to deposit, and as a general rule his credit is not good enough security for a loan. The forests must be cut down and many crops raised and marketed before there is an}^ demand for a banking business. Again, at the date Union county was organized the money of the realm was very scarce, there being less than six dollars for each person in the United States. As a medium of exchange coon skins, deer skins, whisky, honey and various pelts and furs were taken by the dealer for his goods. This kind of barter did not require an}- bank. On account of a state bank, the "red-dog," "wildcat'' and other jiaper mone}' circulated freely in this county, and the Bank Detector, a little booklet issued, told the value of such paper money from week to week. Some was worth par, while other series of bills were down as low as ten per cent, of their face value. By reason of this there was always a strain on business transactions. A man who sold dressed pork in the afternoon, too late to get his money and pay for the goods he needed, was restless until the following morning, when the "dector'' came in bv mail and told him liow nmch this bill was worth in the markets of the countrA*. Gold and siher cut i)ut little figure in those early days. Banks were established on little or no capital and no law really controlled them. They run for a time, but most of them failed. Under a later banking law and still later, under the present banking system, the country has been blessed with good money - one dollar whether it be pai>er, silver or gold, is now worth as much as any other dollar of our money. The per capita in the country has gone up to about thirt}-four dollars, a suf^cient amount to make all business transactions made with paper money comparatively safe.

The Bank of Marysxille was established in 1854 by Andrews, Evans & Woods, whose advertisement appears in the Marysville Tribune under date of February 14, 1835. In Ajiril, 1863, another advertisement shows the proprietors to have been at that date, VV. W. Woods, D. D. Welsh and C. S. Hamilton. They were at that time "agents for the sale of United States Government Five-Twenty Bonds." In September, 1869, T. J. Buxton, a member of the firm, retired for the purpose of entering into the same business at Minneapolis, Minnesota. James Fullington and C. Phellis became partners with Judge Woods, under the firm name of Fullington, Phellis & Woods. This is the oldest banking house in Union county. In 1872, they erected a new bank building - the finest then in this count}'. It was a three-storv brick structure with the Odd Fellows hall on the upper floor.

Its report to the state in 1913 gives the capital to be $50,000; surplus, $11,500: individual deposits subject to check, $283,450; time certificates, $374,336. Its resources and liabilities at the date just named amounted to $688,565.26. Its bank building and lot was value at $7,000.

The date of the present organization was August 23, 1890. The present otiicers are as follows: President. W. C. Fullington; vice-president, John C Asman, Sr., and Benj. M. Rutan; cashier, H. E. Conkright.

The Farmers Bank of L^nion County went into operation April 20, 1868. with the following officers: Directors, Levi Longbrake. A. James Sterling and Dr. J. M. Southard ; cashier, Joseph Newdove. At first the bank was located in the Robinson block, three doors east of the public square, but earl)' in the se\'enties it was remo\'ed to a handsome brick building at the southeast comer of the square. In 1882 the proprietors of this bank were Joseph Newlo\-e, J. M. Southard, Le\-i Longbrake, Edward Weller and Thomas Alartin ; cashier, C. W. Southard. In 1904 this institution was merged into the L'nion Bankmg Company.

This institution was incorporated under the laws of the state of Ohio, September 17, 1889, with an original capital of one million dollars, authorized. It has been increased to two million dollars, authorized capital. Its first officers were H. W. Morey, president; J. E. Davis, vice-president; E. F. Sawyer, secretary; C. S. Chapman, treasurer; W. T. Hoopes, attorney. y\t this date (1914) the officers of the company are as follows: Charles Braun, president ; J. L. Reagle, vice-president : E. F. Sawyer, secretary : \\'. C. Fullington, treasurer; James E. Robinson, attorney. The present directors are W. P. O'Brien, J. L. Reagle, Charles Braun, Joseph Bainer and Louis Linzinmeire.

of resources and liabilities to be $270,476.80. The paid up stock and dividends was at that date $130,945.50; running stock and dividends, $34,030.05; deposits and accrued interest, $85,135.26.

The Peoples Bank was organized early in April, 1874, and included among its stockholders A. J. Whitney, W. H. Robb. J. B. Whelpley, C. Houston, A. S. Chapman, F. T. Arthur, A. T. Carpenter, S. B. Woodburn, B. \V. Ke3'S and C. S. Chapman. It commenced its business in the room formerly occupied by the Bank of Marysville, which had shortly before removed to its new quarters. Its capital was then $20,000. Its first president was A. J. Whitney and its first cashier was C. S. Chapman. It is a private bank subject to the state banking laws. It still carries a capital of $20,000, and has a surplus and profits of $4,000. The bank is in a leased room. The offices of president and cashier are now held by C. S. Chapman.

The Union Banking Company of Marysville was established October i, 1890. as a state banking institution. Its first officers were Philip Snider, president; J. C. Asman, vice-president; C. S. David, cashier; G. L. Sellers, assistant cashier. The first capital was $35,000. The first quarters were in the Houston block. It has succeeded to a good degree in serving its patrons in a satisfactory manner during all these years since its establishment. Its present capital is $55,000. Its present officers are as follows: E. F. Southard, president; J. C. Asman, vice-president; F. J. Asman, cashier; F. R. Holycross, assistant cashier. The building in which this bank is situated, on the corner of Fifth and Main streets, is leased property. Here one finds all the uKidern methods of commercial banking transacted in a highly successful manner.

A branch of the Union Bank is the Deposit Bank of Raymond, established December 26, 1904, with Harry Dague as cashier, later succeeded by the present cashier, George B. Hush. A substantial cement block building was erected and has been used from the establishment of this bank.

The Commercial Savings Bank, No. 1 1 5 North Main street, Marysville, was organized September 10, 1909, by Charles Braun, Louis F. Blue. Charles W. Southard, Dr. O. H. Thorp, Dudley T. Thornton. The first capital stock was $25,000, which ha.i been increased to $35,000. The original officers were Charles Braun, president; Louis F. Blue, vice-president; Charles W. Southard, cashier. The present officials are Louis F. Blue, president ; Charles A. Morelock, vice-president ; Charles W. Southard, cashier; C. I. Simms, assistant cashier. All branches of banking are transacted. The statement issued according to law, at close of business October

.31, 1914, shows that this bank had on that date liabiHties and resources amounting to $300,630. It had individual deposits subject to check, $106,- 435: time certificate of deposits, $115,526. The business is now in a flourishing condition and all citi;<ens in the count\- ha\'e great faith in the aljilitv of the men at the head of this financial institution.

The Milford I'enter Bank was organized in 1878 l)y James l-"ullington and Charles Phelps. The first cashier was l->ench Garwood. The present officers are A. Bovlan. president; F. G. Fullington, cashier: Louis A. Michel, assistant cashier. The capital stock of this bank has always Ijeen Sicooo. It is a pri\"ate banking concern, operating imder the Ohio banking laws, with an indi\-idual responsiljility of $400,000. It is one of the solid banking houses of this section of Ohio. Their report in 1913 showed resources and liabilities amounting to $179,507. Its officers are; President. .\. Bovlan ; cashier, F. G. I-'ullington ; it is owned by A. Boylan and F. G. Fullington. with Fullington Bros, as trustees.

The first bank in Richwood was opened in 1S66 by J. M. Davis and G. Allen, with yir. Da\"is as its manager. The cajjital was limited and the in- . stitution only survived about one year. In 1867 the Bank of Richwood was organized with G. B. Hamilton, ijresident. He was succeeded liy W. H. Conkright, and he in turn by James Cutler in t8'8o. B. L. Talmage was the first cashier. The stock amounted to $20,000, and James Cutler, B. L. Talmage, W. H. Conkright, B. Cahill and the estate of Nicholas AToney held the stock.

In April, 1906, it was reorganized as a state bank, and the name changed to the Richwood Banking Company. The present capital and surplus is S3 1,000. and the undivided profits are $21,000. It was chartered as a state bank l\Iav 2. ic)o6. Its location is on the corner of Franklin and Blagrove streets. The officers in 1914 were as follows; C. Mc.\llister, president; C. G. John.son, cashier; Charles L. Handley, assistant cashier; R. C. Peet, teller. Their last reports show resources and liabilities of $342,234.46. The de-

The Union County Bank was established January i, 1874, with T. P. Cratty, president, and A. J. Blake, cashier. J. O. Roads and S. M. Blake were the original stockholders.

The First National Bank of Richwood was organized August 8, 1908. b}- L. J. McCoy and others of Wilmington. Ohio. H. J. Brooks was the first president : Ed. A. Schambs, vice-president ; L. J. McCoy, cashier. The same officers are still serving and Frank Graham has been added as the assistant cashier. The original capital was $25,000, which has been increased to $40,000. The surplus is now $10,000, with undivided profits amounting to S3. 000. The amount of total resources is $355,000. The deposits in November, 1914, were $262,000. The bank building was erected in the same year in which the bank was organized.

The Farmers Deposit Bank, of Riclnvood, was organized in August, 1884, with W. H. Conkright, president, and H. E. Conkright, cashier. Its original capital, $10,000, has been increased to $30,000. The officers are Bent Cahill, president; J- F- Wood, cashier; I. Z. Zuspan. assistant cashier; directors. C. D. Sidle. Edward M. Blain, John D. White, H. C. Duke, Thomas Parish. H. E. Conkright and Bent Cahill. Their bank building was erected in 1897. General banking is transacted in all of its branches.

W. H. Conkright died in i8c>3 and was succeeded by Bent Cahill as president in 1804. ^t was a ]iri\-ate bank until 1910 and then incorporated as a state bank.