Posey County, Indiana - Chapter 14: Banks and Banking, 1913

The first bank to open for business in Posey county was established in 1854. It was a private enterprise founded by George E. Booker and A. S. Curtis and was conducted by them until 1857, when they disposed of their interests to William J. Lowery, Richard Barter, John A. Mann, Seth M. Leavenworth and Nelson G. Nettleton. During the '30s an attempt was made by G. S. Green, member of the legislature from Posey county, to establish a branch of the State Bank in the city of Mt. Vernon, which was a failure and due to the lack of enterprise and foresight on the part of the substantial citizens. Evansville, which secured the prize, enjoyed a rapid growth after its establishment and secured a prestige which has enabled her to dwarf the development of Mt. Vernon. Seth M. Leavenworth and his associates took over the Curtis bank in 1857. Their published capital was $14,000. They did a general banking business, issued a limited quantity of bank's bills, and developed a successful and profitable enterprise. In the previous year, 1856, Enoch R. De Witt, Charles and Lawrence James founded the "Exchange Bank," with a capital of $15,000. They transacted a general banking business, issuing shinplasters, and remained in operation until 1863, when they retired. On the enactment of the national banking act in 1863, application was made by John G. Gardiner, Seth M. Leavenworth and associates for a charter to operate a national bank, which was granted, the title of the institution being "The First National Bank of Mt. Vernon, Indiana." The next enterprise was that of the Mt. Vernon Banking Company, established as a private bank in 1867 by Seth M. Leavenworth, Joseph F. Wellborn, Edward T. Sullivan and Charles A. Parke. On August 27, 1883, the International Bank of Mt. Vernon was established. Its promoters were John B. Gardiner, Charles F. Leonard and Mark F. Leonard. In 1877 the New Harmony Banking Company, a private institution, was established by the Owens, Horace P. Owen being the first cashier. Poseyville was the third town to enjoy banking facilities, a private bank being established there in 1884 by Virgil P. Bozeman and

George J. Waters. The Cynthiana Banking Company, a private institution, was established in 1899 by Frank and Z. T. Emmerson. Wadesville was the last town in the county in which a bank has been organized, the Farmers National Bank of Wadesville having been granted a charter in 1907. The history of Posey county's financial institutions is creditable to those who have filled administrative positions, the various directorates have been composed of the most successful men the county has produced, and the policy of the various executives has been to foster development, in so far as sound banking would permit, of manufacturing and commercial enterprises. A brief review of the institutions now doing business in the county follows :

The First National Bank of Mt. Vernon, charter No. 366, was organized and began business in 1863, its original capital being $50,000, which was increased in 1865 to $100,000. John B. Gardiner was its first president and Seth M. Leavenworth its first cashier. Its stock was held by the following, viz. : John M. Lockwood, Milton Black, Richard Barter, M. A. Weir, S. S. Dryden, Charles Luening, John A. Mann, A. G. Crutchfield, James F. Welborn, John R. Evertson, W. M. McArthur, James Carson, Aaron Lichtenberger, John M. Lockwood and Seth M. Leavenworth. Its statement of condition, issued August 9, 1913, shows a capital of $100,000, surplus and undivided profits of $38,899.45, and deposits of $401,007.55. Its officers are: Edward E. Highman, president; Louis H. Keck, vice-president; John W. Turner, cashier; who, with the following, constitute its board of directors, viz. : Lemuel T. Osborn, Louis Wasem, Charles T. Johnson, Robert W. Highman, Allyn B. Hart and Jacob M. Harlem. John M. Lockwood, one of Posey county's early financiers, served for many years as president, as did the late Asa C. Williams. E. W. Rosenkrans and Manuel Cronbach filled the position of cashier, each of whom served in this capacity' with credit.

The Mt. Vernon National Bank. This institution was organized in 1905. Its capital was $50,000 and it had a paid-in surplus of $5,000. This institution succeeded to the business of the Mt. Vernon Banking Company, which was established in 1867 by Joseph F. Welborn, Seth M. Leavenworth, Edward T. Sullivan and Charles A. Parke, as a private bank. Mr. Welborn was its first president and Mr. Parke its cashier. In 1876 Alfred Dale, William H., Eugene F. and Horace P. Owen, all of New Harmony, purchased a considerable interest in the institution and in 1883 Charles A. Parke became president and Alfred Dale Owen cashier. In 1887 the business of the International Bank of Mt. Vernon was absorbed by the Mt. Vernon Banking Company and John B. Gardiner, who was president of the first named institution, was elected president of the last named, Mr. Owen continuing as cashier and William E. Holton became assistant cashier. Upon the death of Mr. Gardiner Mr. Parke was elected president and served until his death in 1900, when

William M. Ford, of New Harmony, was elected to succeed him. In 1898 Mr. Owen resigned as cashier and he was succeeded by William E. Holton. At the present writing, 1913, the institution has a capital of $50,000, surplus of $50,000 and deposits of $350,000. Its officers are William H. Ford, president; Fred P. Leonard, vice president; William

E. Holton, cashier, and H. B. Fitton, assistant cashier, who, with the following, constitute its board of directors, viz.: Eugene H. Furher, Henry Brinkmann, Alfred Ribeyre and Horace P. Owen. The business of this institution has had a satisfactory growth, it has been profitable to its stockholders, its management has been highly creditable to executives and directorate, and it has the distinction of having, in 1904, established the first savings department in connection with its regular business of any bank in the county.

Peoples Bank & Trust Company, Mt. Vernon. This institution was organized and incorporated in 1907 with a capital of $50,000 and began business on March 9, 1908. Its first officers and directors were as follows: Charles A. Greathouse, president; William Gonnerman, vice-president ; Joseph E. Kelley, secretary ; R. V. Stinson, David Rosenbaum, Alanzo K. Grant, Paul Maier, A. A. Schenk, John Forthoffer and Herdis

F. Clements. R. V. Stinson was elected president in 19 - and Dr. R. E. Wilson to the board in place of John Forthoffer. Its capital in 1913 is $50,000, it has a surplus and undivided profits of $10,000, and deposits of $325,000. Its officers and directors are all residents of Mt. Vernon. The business of the institution has been ably conducted and its growth satisfactory to the stockholders.

The Bozeman- Waters National Bank of Poseyville received its charter, which is number 8149, in April, 1906, and succeeded to the business of Bozeman & Waters, bankers. The business was founded as a private institution in 1884 by Virgil P. Bozeman and George J. Waters and was conducted under the firm name of Virgil P. Bozeman & Company until 1888, when its style was changed to Bozeman & Waters. The officers of the institution are : President, George J. Waters ; cashier, A. E. Jaquess, who, with the following, constitute the board of directors : E. E. Lockwood, W. D. Cushman and S. E. Bozeman. It is one of the strongest and most successful banks of southwestern Indiana and its management has been of the highest standard. Its statement of condition August 9, 1913, shows capital, $50,000; surplus and undivided profits, $41,000, and deposits $421,000.

The First National Bank of Poseyville was organized in 1903 and began business in December of that year. Its chief promoters were Isaiah Fletcher, James Cale and John W. Turner. Its charter number is 7036 and its capital $25,000. Its statement of August, 1913, shows a surplus of $12,000, undivided profits of $800 and deposits of $165,000. Its officers are: President, Oscar Cale; vice-president, Wesley Wade;

James H. Gwaltney, cashier. The banking office of the institution is one of the handsomest in the county, its business has shown a sound and steady growth, and it has paid satisfactory dividends. The officers and the following constitute its board of directors: William Hume Williams, Joseph J. Davis, J. F. A. Robb, Ellison Cale, Owen Williams, E. D. Fletchall, Joseph F. Schaefer and Mack B. Williams.

The Cynthiana Banking Company, a State institution, was chartered in 1905 and succeeded to the business of the private bank of the same name, which was established in 1899 by Frank and Z. T. Emerson. Its statement of October 21, 1913, shows a capital of $25,000, surplus of $12,500, and deposits of $116,433.28. Its officers are: Frank Emerson, president; Z. T. Emerson, vice-president, and William O. Boren, cashier, who, with the following, constitute its board of directors: John S. Mc- Reynolds, J. E. Gudgel, H. T. Calvert and L. E. Pruitt.

The Farmers National Bank of Wadesville, charier number 8927, was organized in 1907. Its statement of August 9, 1913, shows a capital of $25,000, surplus and undivided profits, $5,507.96, and deposits of $86,- 020.11. Its officers are: Warren Wade, president; C. E. Miller, vicepresident; Dan Williams, cashier; who, with the following, constitute its board of directors, viz.: Conrad Kolb, Joseph M. Xash, John M. Hunter, G. B. Causey, John Heckman and James A. Cox. The institution owns and occupies a modern building, built of brick, which is one of the most sightly in the county.

The First National Bank of New Harmony. This institution was organized in 1903. Its statement of August 9, 1913, shows a capital of $25,000, surplus of $25,000, and substantial deposits. Its officers are: James N. Whitehead, president, since organization, Ezra Stephens, cashier, and Miles A. Perry, assistant cashier.

The New Harmony Banking Company, a private banking enterprise, was established in 1877. Its first president was Eugene S. Thrall and Horace P. Owen its first cashier. The latter became president in 1890 and is still serving in that capacity. Edward C. Ford is the cashier and Clyde Wilson, assistant cashier. The individual liability of the stockholders is $600,000. The banking office of the company was erected in 1882, is used exclusively by the bank, and is built of stone. This is the third oldest bank in Posey county and its business has been conducted upon safe and conservative lines.