Vanderburgh County, Indiana - Chapter 17: The Old National Bank, 1897

Chapter 17: The Old National Bank

The pioneer bank organization of this city was the branch of the Old State Bank of Indiana. Its charter dates from 1834, and its capital, including state and individual stock, was $80,000. According to the records the first meeting of the board of directors was held November 11, 1834, and the members of this board were Robert Stockwell, John Shauklin, Marcus Sherwood, William Lewis, William Owens, Robert Barnes, Chester Elliott, James Cawson, Darius North ^ and John Mitchell. The organization of the board was effected by choosing John Mitchell president and John Douglas cashier. These officers were retained until Mr. Mitchell's death, when Samuel Orr became president. In 1843 the capital of the bank was increased to $150,000, of which $73,000 was owned by the state. In 1847 George W. Rathbone was made cashier. He continued in that position until March 4, 1857, when the bank was succeeded by the "Branch ol the Bank of the State of Indiana." The first directory board of the new bank was composed of Messrs. G. W. Rathbone, Robert Parrett, H. Q. Wheeler, R. R. Roberts, and George Foster. Mr. Rathbone was chosen president and Samuel Bayard cashier. In January 1865, the bank was organized under the national banking act as the "Evansville National Bank," with a capital of $300,000, which was subsequently increased to $800,000. W. J. Lowry was selected as president and R. R. Roberts as cashier. Subsequently Mr. Rathbone was chosen president, Mr. Bayard vice-president, and V. M. Watkins cashier. In time Mr. Bayard succeeded Mr. Rathbone, who afterward removed to New York city. Mr. John Gilbert was selected to fill the vacancy occasioned by Mr. Bayard's advancement. In June 1885, the charter of the bank expired, whereupon it was renewed and the name changed to the charter were Samuel Bayard, presideDt; John Gilbert vice-president; Henry Reis, cashier; and Samuel Bayard, David J. Mackey, William Heilman, Robert K. Dunkerson, Henry F. Blount, Wm. M. Akin, Edward G. Ragon; and John Gilbert, directors - a galaxy of names guaranteeing fidelity to trust and superior ability in the conduct of affairs. The capital stock of the bank is $500,000; its surplus is $250,- 000; its deposits were $940,980.57 in 1889 and now over $2,000,000. The stock has paid large dividends and commands a high premium in the market. The building now occupied by the bank is on the west side of Main street between Water and First, and was built in 1836. It is a massive structure of imposing aspect, substantially built and well arranged for the transaction of the business which it was designed to accomodate. In the year 1889, the building was thoroughly repaired and refitted, its interior arrangement and finish displaying the highest degree of art and skill. The building was then valued at $27,577.94. The career of the institution has been remarkable, growing in strength and popular favor with each successive year of business. From its organization as a small bank in 1834, it has wielded a beneficent influence on the business affairs of this part of the country. Its obligations have been fulfilled to the letter always, and because of its acknowledged solidity and wise management, it was selected as a national depository. The chief executive of the bank, Mr. Bayard, has been identified with it for more than forty years and has, by his financial ability, sound judgment and high reputation for executive skill and untarnished honor, conduced in no small degree to the success and financial repute of the bank. It is one of the oldest institutions of the kind in south-western Indiana, and in financial circles everywhere recognized as one of the best and soundest in the state.

First National Bank

The Evausville Insurance Company was organized in 1850, with a capital of $250,000 and a charter containing insurance and banking privileges of a liberal character. The " Canal Bank," as it was then called, was for several years conducted under the Free Banking Law of Indiana. In 1863 it was incorporated as the First National Bank of Evansville, with a paid-in capital of $250,000, which was shortly after increased to $500,000. Since its organization the bank has paid to its stockholders eighty dividends, amounting in all to $1,407,- 500, and has set aside from its earnings $150,000 as a surplus. The first board of directors was composed of Messrs. Gillison Maghee, Robert Barnes, Charles Viele, John S. Hopkins, John Ingle, Jr., M. J. Bray, S. M. Archer, H. Q. Wheeler, and William Brown. Mr. Wheeler was made president and William T. Page, cashier. Of these Messrs. Charles Viele and M. J. Bray are the only survivors. In I860 Mr. Page was succeeded by James H. Cutler, as cashier, and in 1868 Mr. Wheeler was succeeded by John S. Hopkins as president. Charles Viele became president in 1879, and was succeeded in 1893 by the present chief executive, Francis J. Reitz. At this time, 1893, James H. Cutler was made vice-president ; Henry L. Cook, cashier ; and John H. Dippel, assistant cashier. The names of the directors are as follows : F. J. Reitz, Thomas E. Garvin, James H. Cutler, George L. Mesker, M. J. Bray, Jr., John Ingle, O. F. Jacobi, A. J. Klein, and David Kronenberger.

Citizens' National Bank

One of the prosperous institutions of this city is the Citizens' National Bank, located at No. 130 Main street. It was established in 1873, as the successor of the private banking house of W. J. Lowry & Co., and began business at No. 121 Upper First street, with an authorized capital of $175,000. Its first officers were R. C. Slaughter, president; S. P. Gillett, cashier ; R. C. Slaughter, J. J. Roach, L. Swormstedt, G. P. Hudspeth, S. Vickery, F. W. Cook, J. H. Mc- Neeley, F. Lunkenheimer, and S. P. Gillett, directors.

S. P. Gillett, who is president of this institution at the present time, succeeded Matthew Henning in 1884. In 1876 J. W. Walker and J. S. Buchanan were added to the board of directors, and in 1877 they were succeeded by Charles Kellogg and A. C. Tanner. Dr. C. P. Bacon became a member of the board of directors in 1879, three ot the members retiring at the time as follows: G. P. Hudspeth. J. J. Roach and L. Swormstedt.

At present the capital stock and surplus of the bank amount to about $250,000 ; its deposits reach nearly $400,000. It is regarded as a safe, sound, conservative institution.

The German National Bank

In January 1873, the charter of the East Chester National Bank, of Mt. Vernon, New York, was purchased and transferred to this city, and permission granted by congress to change the name to the "German National Bank of Evansville." The capital stock was placed at $250,000, with permission to increase the same to $500,000. The first officers were Samuel Orr, president; John A. Reitz, vice-president; Philip C. Decker, cashier. Directors: Samuel Orr, John A. Reitz, Samuel Bayard, Thomas Kerth, Edward Boetticher, H. M. Sweetzer, Chas. Schulte, Theodore R McFerson, and Philip C. Decker.

In January 1883, on the death of Mr. Orr, John A. Rietz succeeded to the presidency and at the same time Philip C. Decker became vicepresident and Henry L. Cook, cashier.

In December 1890, at the expiration of its chai'ter the bank was re-organized as the German Bank, under a state charter with a paid up capital of $400,000. John A. Reitz was elected president, Philip C. Decker, vice-jjresident, and Henry L. Cook, cashier.

Upon the death of Mr. Reitz in 1892, Philip C. Decker was elected president and R. K. Dunkerson, vice-president. In 1893 Joseph Brentano succeeded H. L. Cook as cashier. The directors of the bank are now Samuel Bayard, R K. Dunkerson, James L. Orr, Phil. C. Decker, and John Hartmetz.

The bank began its career at No. 216 Upper First street, and now occupies convenient and commodious quarters at the corner of Third and Main streets. Its management has been wise and successful. Those who control its affairs are men who have been identified for many years with the business interests of the city. Their capacity as financiers has been amply demonstrated in the career of this bank.

The Peoples Savings Bank

Under the laws of the state of Indiana this bank was organized and began business May 5, 1870. Its first officers were: Gen. J. M. Shackelford, president ; John D. Roach, secretary and treasurer; J. M. Shackelford, Eccles G. Van Riper, M. Muhlhausen, John Laval, Jatnes Steele, Fred Lunkenheimer, Christian Hedderich, and James W. Lauer, trustees. After the death of Mr. Roach in 1870, Dr. John Laval was elected secretary and treasurer. On January 14, 1880, Dr. John Laval resigned ; on the 19th of March following Frederick Lunkenheimer was elected to fill the vacancy thus occasioned. His successor was Major Jesse W. Walker, who served from April 1, 1885, to April 25, 1888, the date of his death. On May 14, 1888, Col. John Rheinlander was elected to discharge the duties of this important trust, and is now serving.

Gen. J. M. Shackelford served as president of this institution from the date of its establishment to May 27, 1878, and Matt Henningfrom that date until May 31, 1884, when he Nvas succeeded by Dr. Muhlhausen, the present chief executive. The vice-presidents are H. V. Beunighof and John Hartmetz. At the outset the duties of cashier were performed by the secretary and treasurer, but when the business tran.sacted became so large as to demand the appointment of a cashier, Jacob Haas was selected. On April 1, 1880, he was succeeded by Michael S^haeffer, the present efficient cashier. The present board of trustees is composed of: Dr. M. Muhlhausen, Henry V. Bennighof, Col. John Rheinlander, John Hartmetz, Clemens Reitz, James T. Walker, and Michael Schaeffer. During the first day of its career the bank received two depositors, one of whom deposited $2.00 and the other $1.00, and the doors were closed on the dullest day's business this bank ever knew. From this small beginning it has daily grown in favor with the people, until on January 1, 1897, its active depositors numbered 4,529, and its average deposits exceeded $1,140,052.38. The bank has paid a semiannual dividend to its depositors for the use of their money which amounts, in the aggregate, to the sum of $561,913.75. This institution has been wisely managed as well as fortunate, having passed safely through the periods of financial depression. It has always received and merited the confidence and esteem of its patrons, who are found among allcla.sses of people. Every dollar entrusted to its keeping has been faithfully and honestly accounted for

Bank Of Commerce

The Bank of Commerce was opened for business on the 12th of July, 1890, with the following officers: E. P. Huston, president; F. W. Cook, Jr., cashier ; A. W. Emery, assistant cashier. The following gentlemen constituted the board of directors : William Heilman, F. W. Cook, E. P. Huston, D. J. Mackey, Robert Rustou, Samuel Bayard, E. G. Ragon, E. B. Morgan, and J. E. Iglehart. The bank was incorporated with a capital of $100,000, which was afterwards increased to $250,000.

The officers and directors at this time are as follows : William A. Heilman, president ; August Leich, cashier ; Ira D. McCoy, assistant cashier. The directors are : William A. Heilman, president Heilman Machine Works; F. W. Cook, president F. W. Cook Brewing. Co.; August Leich ; F. J. Scholz, treasurer State of Indiana ; Abe Strouse ; Colin B. Gilchrist ; Jacob Weintz, president Evansville Cotton Manufacturing Co.; C. A. DeBruler and Ira D. McCoy.

Building And Loan Associations

All building and loan and saving institutions are powerful, direct means of disseminating money, and so become indirect means of distributing wealth, building houses, and assisting the willing toiler to a better condition. Many a worthy family has been made happy in the comforts of a neat little home through the medium of these various associations.

The first building, loau and saving association established in Evansville was incorporated May, 1873, under an act of the legislature, apjjroved March 5, 1857. The second one was organized July 18, 1874. Many laws and amendments have been passed since then, regulating these associations. Since the advent of these pioneer institutions many others have been organized and changes and re-organizations have occurred frequently. Most of them have been eminently successful and have done much good. Some have paid out and closed up business, and some have failed, entailing, as in all such disasters, much hardship upon those ill-able to bear it. At the beginning of 1877 there were fourteen of these associations in the city, and under the law each one is required to have a capital stock of $500,000. They were capitalized at from $500,000 to $25,0t)0,000.

' The insurance companies have been a great saving to the people. Some of these underwriters are the shrewdest business men of the city and have done much in a public way for its general prosperity.