Hamilton County, Indiana - Chapter 18: Banks and Banking, 1915

Chapter 18: Banks and Banking

In Hamilton county, banking was not among the business interests that required the attention of the early settlers and it was not until 1871 that a bank was established. This was a private concern conducted by William M. Locke and George H. Bonebrake, who failed to make a success as bankers her© and a re-organization took place, resulting in the establishment of the Citizens Bank of Noblesville, as known today, which has run ever since in a satisfactory manner.

Before the days of banking here the county treasurer and others who had large amounts of money on hand at certain times during the year were compelled to take the train to Indianapolis to deposit their money. Some¬ times the banks in the capital city would keep a side door open till late in the evening to accommodate such customers after the arrival of late evening trains.

Upon the organization of the Citizens Bank in Noblesville, the first man to deposit money and open an account in the town of Noblesville, as well as the first in all Hamilton county, was the then postmaster, John Alden, a Civil War soldier who is still residing in Noblesville, a one armed veteran. It is told of this gentleman that he went to this bank and, not being used to bank¬ ing business, after he had deposited his cash there and received a deposit slip, went outside and re-read the paper, whereupon it occurred to him that he was taking great chances to have only such a small piece of paper to show for the government's money that he had deposited. He consequently turned around to re-enter the bank and take his money out again, but a second thought caused him to accept the chances and hence he became the first bank depositor in Hamilton county. It also is related of Veteran Alden that from that day to this he has always had an open account, more or less of a balance to his credit, in this institution, which, it properly may be said in passing, has proved to be a safe and solid financial concern during all these years since

The First Bank

The Citizen's Bank of Noblesville was organized January 25, 1871, by William M. Locke and George H. Bonebrake. It was a bank of discount and deposit under the banking laws of the state of Indiana. The business man¬ agement was under the direction of William M. Locke, president, George H. Bonebrake, cashier, and William E. Dunn, teller, until September, 1877, when Mr. Dunn resigned, and Elbert Shirts was appointed teller. The bank was located on the southeast corner of Conner and Catherine streets, on lot four in block fourteen, of the original plat of Noblesville. In 1880 the report of this banking house showed that it had liabilities and resources amounting to $241,240.29; cash capital, $60,000; deposits, about $177,000; available capital December 2, 1879, $100,000.

The charter for the present bank was granted in 1877, since which date the bank continued to do a legitimate and general banking business. It has suffered no loss by fire, flood or robbery. In 1877 it bought and built its own bank building, at a cost of $12,000. Its present capital is $100,000; surplus, $30,000; deposits, $400,000. Its present - 1915 - officers are: W. E. Dunn, president; H. L. Craig, vice-president; E. S. Baker, cashier; O. G. Patterson, assistant cashier.

The First National Bank

The First National Bank of Noblesville, was organized in 1893 with twenty-nine stockholders. The original officers were : Marion Aldred, president; George M. Snyder, vice-president; George S. Christian, cashier. The capital at first was $50,000, but this has been increased to $125,000. The officers in the winter of 1914-15 are: M. C. Haworth, president; J. F. Haines, vice-president; T. E. Kane, second vice-president; N. W. Cowgill, cashier; W. W. Bray, assistant cashier. A handsome stone building was erected on the corner of Ninth and Logan streets in 1909. It is one of the finest bank buildings in this portion of Indiana. The bank was chartered by the United States government in 1893, and has been re-chartered. The bank is run in accordance with strictly modern banking and safe financial methods and has always had the confidence of the citizens of Hamilton county. Its present (January, 1915), surplus is $40,000. Its deposits at this date amount to $175,000.

American National Bank

The American National Bank of Noblesville, was organized in 1910 by George S. Christian, Marion Aldred, W. E. Longley, J. W. Smith, George Craycroft, M. L. White and John C. Craig. Its first officers were: W. E. Longley, president ; J. W. Smitlv vice-president ; George S. Christian, cashier ; C. E. Johns, assistant cashier. The capital at the start was $50,000, same as today, and the original officers are still serving. The bank received its charter from the United States government in 1910. While this is a new banking house in the county, it already has won the confidence of the business men and farmers, the men at its head and its fair dealing toward its patrons proving strong recommendations. A statement issued in August, 1914, showed resources and liabilities of 8410,772.90. The surplus earned in the four years of its history is $7,000. It now has deposits amounting to more than $300,000. Its motto is "Safety First." The comparative growth of this institution is shown by the subjoined table :

Wain Wright Trust Company

The Wainwright Trust Company, of Noblesville, was organized in 1901, with stockholders as follows, all living within Hamilton county, and most all residing in Noblesville: J. G. Hevlman, J. W. Smith, J. C. Craig, E. N. Hare. W. H. White, C. C. Curtis, Leonard Wild, G. C. Richwine, Dr. J. A. Axline, R. S. Truitt, A. W. Truitt, W. R. Fertig, W. E. Longley, L. N. Joseph, George S. Christian, W. E. Dunn. Its first as well as present officers are: A. J. Brown, president; J. W. Smith, vice-president; J. C. Jones, secre¬ tary. The first and present capital was $50,000. Its surplus now is $25,000, and its deposits amount to $494,000.

The Hamilton Trust Company

The Hamilton Trust Company was organized in 1905, with George Bowen as president; John Jessup, vice-president; Elmer Sturdevant, secretary. Until the present month, January, 1915, this institution transacted an appar¬ ently successful business, but at that time the affairs of the company became entangled and were thrown into the care of the state auditor, its doors being closed pending an investigation. It is published by the officers that they will be able to pay out and intend to re-organize. The company first carried on business on the south side of the square, but subsequently they united with the First National Bank in the erection of the handsome new bank block at the northeast corner of the square. The officers at this time are: President, Elmer Sturdevant; vice-president, John Jessup; secretary, A. H. Bowen.

American State Bank Of Sheridan

The American State Bank of Sheridan was organized June 17, 1914, by the election of the following officers: John H. Cox, president; John M. Haughey, vice-president; Claudius H. Goff, cashier. The first and present capital was $40,000, and the same officers are still serving. The present surplus amounts to $4,000; deposits, $75,000. This bank conducts a general banking business, and has resources amounting to $106,000. It does business in a leased building and is steadily growing under its excellent financial management.

Union Loan And Trust

The Union Loan and Trust Company of Sheridan was organized in April, 1903, by the following gentlemen: John H. Cox, president; Frank Kassbaum, secretary. The officers today are: George W. Young, president; A. M. Padgett, vice-president; A. M. Stephenson, secretary. The original capital was $25,000, which has been increased to $30,000; surplus, $2,000; deposits, $24,000. The company purchased a building in 1914 at an expense of $3,000 and is now in a flourishing condition.

First National Of Sheridan

The First National Bank of Sheridan was organized in 1886 by John H. Cox, who was elected president of the institution. The original capital was $10,000, but it has been increased to $60,000. In 1900 a fine brick bank-

This bank succeeded the State Bank of Sheridan in 1900. It now has $60,000 capital; $40,000 surplus and deposits amounting to $375,000. The men connected with this concern are regarded locally as a guarantee that all banking transactions intrusted to their care will be conducted in a safe and business like manner.

The Farmers' National Bank of Sheridan was organized June 2, 1902, by a substantial list of stockholders. The first officers were: John C. Newby, president; Ed. Thistlewaite, vice-president; T. L. Harris, cashier; J. E. Kercheval, assistant cashier. The original capital was $30,000, which has been increased to $60,000. The Farmers' National owns a bank build¬ ing erected in 1904 at a cost of $8,000. It succeeded the old Thistlewaite private banking house and its only loss has been by reason of a fire on May 3, 1913, which did small damage. The present deposits are $375,000; sur¬ plus, $40,000.

The September, 1914, statement of the Farmers' National Bank of Sheridan showed resources amounting to $550,320.36, with liabilities to balance this amount. This institution makes a specialty of pleasing and aid¬ ing its farmer stockholders, as will be seen by the following notice attached to its 1914 statement: "Our Big Corn Contest - especially for the boys. All corn must be delivered not later than December 1, 1914. Best ten ears, $15; second best ten ears, $10; third best ears, $7; fourth best ten ears, $6; fifth best ten ears, $4; seventh best ten ears, $2.00; one dollar each for the next best three ears, and five dollars for the best single ear of corn - come in and sign a contract."

Peoples State Bank Of Arcadia

The Peoples State Bank of Arcadia was organized in 1909 with a capital of $25,000; its surplus is now $1,000. It has deposits amounting to $125,000. It owns its own building and transacts a general commercial banking busi¬ ness. The charter of this concern was granted June, 1909. Its officers are obliging and painstaking, hence are securing their share of the banking busi¬ ness in that locality.

State Bank Of Westfield

The State Bank of Westfield was organized in 1884 and obtained its new charter in 1904. It was organized by Lewis A. Estes, R. Estes, Abel Doan, Ellin Conklin, S. M. Smith, M. E. Cox and others. The first officers were: L. A. Estes, president; Abel Doan, vice-president; R. Estes, cashier. The officers for 1915 are: Abel Doan, president; William H. Conklin, vice-presi¬ dent; Morris E. Cox, cashier; Fred Pike, assistant cashier. The first capital was $25,000, the same as it is today ; surplus is $6,500; deposits are $90,000. In 1899 they erected a brick and stone banking building. The first bank was in the old Union block which burned in September, 1898. December 23, 1911, the safe was blown open by burglars, but the loss was fully insured. This bank was No. 21 in Indiana under the state banking system, and is the second oldest bank in Hamilton county.

Fishers National Bank

The Fishers National Bank at Fishers, this county, was organized July 5, 1913, by Leland D. Cox. The first and present capital is $25,000; surplus, $1,500; deposits, $57,360. It occupies its own building, a two story brick with basement and a fire-proof vault, erected in the autumn of 1913 at a cost of $8,000. This banking house enjoys the patronage of the largest territory of any single bank in this county, and the farming section it serves is not equalled in the state for fertility. The first officers of this concern still are serving as follows: Dr. S. P. Scherer, president; Dr. J. P. Heath, vicepresident ; J. B. Manship, second vice-president ; Leland D. Cox, cashier ; Roy E. Castetter, assistant cashier. Roy H. Perry is present bookkeeper.

The banking business at the town of Carmel, according to a statement made to the author by Forest Michner, has had the following history: Car* mel's bank was founded July 1, 1901. At first the capital was limited to $5,000. It was opened as a private institution by Allen Myers, who was its president, Charles F. Myers being its cashier and Lillie Myers bookkeeper. This bank was located just to the south of the W. A. Kinzie's store, where stood the old Masonic building. September 6, 1901, there was an attempt to rob this bank. The combination of the safe was hammered off, the lever broken and nitro-glycerine inserted in the opening. This attempt failed, as the charge fired outwardly^ and did not open the safe. The identity of the robbers never was known, but the attempted burglary was supposed to be the work of "local talent."

In June, 1905, the bank took new quarters - its present place - and re¬ organized under a new ownership, the owners being Allen Myers, Charles F. Myers, Horace W. Perisho and J. M. Perisho. The cashier then was Charles F. Myers and the bookkeeper was Horace W. Perisho at the time the capital was increased to $12,000.

In May, 1907, the bank again was re-organized, this time as a State bank, with a capital of $25,000. The present capital is $25,000; surplus, $3,200. The officers in 1915 are: Allen Myers, president; Charles F. Myers, cashier; Chester Bailey, bookkeeper, assisted by Franklin Myers.

Banking At Cicero

At Cicero, banking has not been very prosperous of late years. The first attempt was the private bank of W. H. Roney, which operated about five years and failed about November, 1897. The directors lost heavily in that failure.

The last banking venture, that of the Merchants and Farmers Bank, started out well, and continued successfully for a number of years, but was compelled to suspend in January, 19T 5.

The First Bank At Arcadia

At Arcadia the first attempt to engage in the banking business was made in 1892 by the opening of a private bank by Jesse Devaney and John Huston with a capital of $10,000. This bank was styled the "Citizens Bank," and went through many changes in owners and managers, finally being sold to A. H. Bowen, George Bowen, E. M. Hinshaw, and J. L. Hinshaw, who changed its name to the Peoples Bank of Arcadia. In 1909 the institution was re-organized into a state bank with a capital of $25,000. Since then the Bowens have both retired and it is owned by the three Hinshaws. The busi¬ ness is transacted under the discount and deposit banking law and is under supervision of the auditor of state. One of its late statements shows re¬ sources and deposits amounting to $183,959.84.

First National Of Arcadia

The First National Bank of Arcadia was organized July 8, 1909, by the following gentlemen : Elmer E. Myers, Robert M. House, Jesse Devaney, John H. Cox, James H. Hill, Oliver T. Hill, David C. Hobbs, Daniel Brewer, Elias Smeltzer.

The first officers were : Elmer E. Myers, president ; Jesse Devaney, first vice-president; Robert M. House, second vice-president; Peter D. Waltz, cashier; Leland D. Cox, assistant cashier. The original capital was $25,000, same as is carried today. The capital and surplus at the beginning of 1915 was $2,670; deposits, $142,000. The bank was chartered with permission to open for business July 22, 1909. It owns a corner room on the ground floor of the Knights of Pythias block, a brick structure erected in 1904, and the value of the banking equipment is $4,000. The officers in January, 1915, were as follows: Elmer E. Myers, president; Robert M. House, vice-presi¬ dent; James H. Hill, second vice-president; Peter D. Waltz, cashier; O. T. Hill, assistant cashier ; C. W. Guy, bookkeeper. The October, 1914, state¬ ment, issued to the public, shows the amount of resources and liabilities to have been $203,520.50. At that date the deposits were $151,642.00. This concern is a member of the Federal Reserve Bank of Chicago, opened for business November 16, 1914.

Bank Closed Its Doors

At Cicero the Farmers and Merchants Bank was founded early , in the nineties, and had been considered a reliable institution until January 20, 1915, when its doors were closed for state inspection. This bank started with a capital of $25,000, and was reorganized a year or two since, when R. H. Metcalf, of Kentucky, was elected president, he having purchased the interest held by Ed Hinshaw. Among well known directors were Elias Noble, Fred Tescher, Vincent Case and O. R. Russell. The court appointed John C. Craig receiver, under bond of $150,000.

The Bank Of Atlanta

The Bank of Atlanta was organized February 2, 1900, by A. G. Walton and E. S. Walton, with a capital of $10,000. The present officers are: A. G. Walton, president; E. S. Walton, cashier, the capital remaining the same as when the bank was organized. The undivided profits are $2,723.78; deposits, $130,000. This bank owns its own banking building, but this building is not put in as a part of the assets. The bank was duly chartered June 5, 1905, and does a general banking business. Its proprietors have been successful and conduct a safe banking business, in which the people of the surrounding community have faith and confidence.