Madison County, Indiana - Chapter 38, 1897

Chapter 38

Anderson lia> three regularly organized banking institutions, and all that can be said in commendation of one applies with equal force to all. While they are managed upon conservative principles, the strictest business methods are employed in their transactions with the public. While many similar depositories throughout the State and country were compelled to close their doors during the financial panic of 1893-4, the banks of Anderson withstood the shock, promptly meeting every demand that was made upon them. Thev are financiallv sounil anil cniov the public confidence in the fullest degree.

^^'as organized in 1855 bv the late Neal C. McCullough and Judge Byron K. IClliott, and is the oldest banking institution in Madison county. Judge Elliott retired from connection witii the bank in 1S('>;'. In 1ST9 the bank was reorganized,

C. K. McCullough and W. T. Durbin being admitted to partnership. D. F. Mustard was also admitted as a partner in 1881, but three years later retired, and, in connection with A. J. Brunt and others, purchased the Madison County National Bank. This bank was organized originally by f . E. Corwin, J. II. Terhune, L. J. Burr, N. R. Elliott and other capitalists, and was known as the "Madison County Bank." It afterwards became a National bank, but after doing business several years, went into liquidation and resumed as a private bank. It was consolidated with the Citizens" Bank in 1886, Messrs. Mustard and Brunt becoming members of the firm. Mr. Neal C. McCullough, the head of the institution, died in 1888 and his interest was continued by the estate, perhaps the largest and most valuable in the county. The bank is now under the management of W. T. Durbin,

Schenck. The capital stock of the bank is !fl5<l,()(H) and the surphis lis, 000. Aside from the capital invested by the members of the firm, they represent large property interests, and, as the bank is not incorporated, are individuallv liable to depositors to the extent of their possessions both in money and property, excepting the amount set off by law.

National Excii.Vxge Baxk

In J8(i6, William Crim & Co. organized the Exchange Bank of Anderson, with Joseph Fulton as cashier. The bank was located in a building owned by the late Robert Adams, and was situated where the Phcrnix block now stands at tiie north-west corner of Main and Eighth streets. In 1881 the bank was reorganized. H. J. Daniels, John L. Forkner and T. J. McMahan, being admitted to tlie membership. In 1884 the Hon. J. W. Sansberry purchased Mr. Daniels" interest, the latter retiring from the tirin and purchasing an interest in the Citizens' Bank. The Citizens' and Madison County ]:{anks having been consolidated, the Exchange, in 188(5, removed to the former quarters of the Citizens" Bank at the north-east corner of Main and Ninth streets, where it is now located. In 1802. the bank was organized under the National banking law and is now operated under the name and style of "The National Exchange Bank, of Anderson." The present officers are, T. J. McISIahan, president : C. \V. Prather, vice-president ; J. L. Forkner, cashier, and James \V. Sansberrv, Tr., assistant cashier. Including the officers of the institution, the directory is composed of James "W. Sansberry, Sr., B. W. .Scott, J. F. Wild, C. W. Prather, J. W. Sansberry, Jr., J. L. Forkner and T. J. Mc- Mahan, all of whom are safe business men and numbered among Anderson"s most reliable and influential citizens. The capital stock is !|!100,000; surplus and profits, |15,0(A». The bank does a large, safe and profitable business.

This bank was organized in February, 18i)0, and immediately sprang into prominence as a safe and reliable financial institution. The stockholders are, Dr. B. Baker, W. H. Quick, Jesse L. \'ermillion, George F. Qiiick, Harrison Canaday, U. C. Vermillion, S. E. Young, J. A. J. Brunt and H. J. Daniels. The active managers are, II. J. Daniels, Jesse L. Vermillion and George F. Qiiick. The capital stock of this institution is $125,t)00. The individual members of the bank have hir<re holdings in real estate, the aggregate amount exceeding 4,300 acres of the finest and most valuable lands in Madison countv. The hank has been successful in its business from the day it opened its doors, and is regarded as one of the soundest repositories in central Indiana.