Trempealeau County, Wisconsin - Chapter 16: Banks and Banking, 1917

There are sixteen State Banks and one National Bank in Trempealeau County, as follows : John 0. Melby & Co. Bank of Whitehall, People's State Bank of Whitehall, Farmers' and Merchants' Bank of Independence, State Bank of Independence, Farmers' State Bank of Arcadia, Bank of Arcadia, Bank of Galesville, Farmers' and Merchants' Bank of Galesville, State Bank of Osseo, Farmers' Exchange Bank of Osseo, Citizens' State Bank of Trempealeau. Bank of Eleva, First State Bank of Strum, Bank of Ettrick, Home Bank of Blair, First State Bank of Dodge, and the First National Bank of Blair.

The first bank in the county was the Trempealeau County Bank, established at Whitehall, May 10, 1878, by James and Frank C. Allen. June 1. 1879, it was moved to Arcadia. The oldest bank in the county is the Bank of Ai'cadia, which dates from June 6, 1883. The second is the Bank of Galesville, established July 30, 1883, the first incorporated bank in the county. The next is the John 0. Melby & Co. Bank of Whitehall, established Oct. 28, 1888. The next is the State Bank of Independence, established April 3, 1897.

The Bank of Arcadia had its beginning as early as 1855, when John Gillispie began dealing in notes and loaning money at Arcadia. He established the Bank of Arcadia June 6, ,1883. Associated with him was J. M. Higbee. In October, 1898, the bank was purchased by Joseph Ruth, J. M. Fertig and Emil Maurer, and Mr. Ruth, who had long been cashier, was placed in charge. Aug. 1, 1901, there was a reorganization as a State bank, with Emil Maurer as president, Joseph Ruth as cashier, and J. M. Fertig as the third member of the board. The capital was increased to $25,000 and Mr. Maurer, who for many years had been a leading citizen and prosperous business man, entered into active participation in the management of the institution. Sept. 4, 1901, John C. Gaveney and G. N. Hidershide became stockholders, and other stockholders were admitted the following year. Aug. 12. 1907, John C. Gaveney and N. Lehrbach were added to the Hst of directors. On April 21, 1908, Mr. Ruth was succeeded as director by G. N. Hidershide, and as cashier by 0. B. Strause, a rising young business man of Winona, who has since been an active factor in the bank's progress. At the same time, J. I. Dewey was added to the directorate. Mr. Fertig was succeeded July 25, 1910, by F. C. Richmond. The new bank building, started in 1913 and occupied Jan. 1, 1914, is one of the most sightly and imposing banking houses in the county. The structure is of brick, and a facade of Bedford rock, with Greek Ionic pillars and cap. The interior is finished in mahogany, marble and stucco-work and is equipped with all the latest equipment for banking sightliness and safety. Aside from the

The John O. Melby & Co. Bank of Whitehall has for nearly three decades been a leading factor in the financial stability and business and agricultural development of the county. Starting as a private bank in 1888, it has gradually increased its scope and influence, and has woven its history into the warp and woof of Trempealeau County life. In 1887 John O. Melby became cashier of the Bank of Galesville, this and the Bank of Arcadia then constituting the only two banks in the county. In this relation, he came to see the advantages of opening a financial institution in Arcadia, the county seat. Accordingly on Oct. 28, 1888, he started business under the name of John O. Melby, Banker. Its success was assured from the start. With an increased volume of business, Mr. Melby was influenced by the tendency of many of the leading bankers of the State to incorporate their institutions, and accordingly he decided to associate himself with a number of other business men and enlarge the field of the bank by incorporating. This step was taken during the summer of 1894, and in the fall the new firm received its charter from the State of Wisconsin, the business of Mr. Melby being merged in the present corporation on Oct. 1, 1894. The John 0. Melby & Co. Bank was incorporated Sept. 22, 1894, and started business under that name Oct. 1, with a capital of $25,000 and a charter to operate for twenty years. The incorporators were John 0. Melby, 0. P. Larson, A. W. Newman, Anton 0. Melby, J. B. Beach, H. A. Anderson, David Wood, E. N. Trowbridge, C. P. Thompson, J. C. Lamberson and Peter Ekern. The first officers and directors were: John 0. Melby (president). 0. P. Larson (vice president), Anton 0. Melby, E. N. Trowbridge, O. P. Larson, Anton O. Melby and Peder Ekern. July 7, 1896, E. N. Trowbridge was elected assistant cashier, and in July, 1897, was made a vice-president, which position he held until his death, Jan. 1, 1900. Feb. 21, 1900, H. A. Anderson was elected vice-president to succeed Mr. Trowbridge. July 2, 1901, 0. P. Larson became vice-president. July 3, 1906, H. A. Anderson succeeded him. April 3, 1909, C. B. Melby was elected as assistant cashier. May 10, 1909, 0. P. Larson again became vice-president. July 6, 1909, H. A. Anderson was elected president to succeed John 0. Melby, deceased. P. H. Johnson was elected second vice-president. July 5, 1911, Anton O. Melby was elected presWent and C. B. Melby cashier. July 8, 1913, David Wood was elected a vice-president. The composition of the present staff is as follows : Anton 0. Melby, president ; P. H. Johnson, vice-president ; David Wood, vice-president ; Charles B. Melby, cashier. In 1892 the bank erected a two-story brick building, which was destroyed by fire in March, 1894. The present structure was started at once and completed the same year, 1894. Extensive remodeling was done and a two-story addition built in 1914, which provides a commodious room for the bank officials and directors, and which is also given over to the use of its customers and the public. This institution has ever been conducted along lines of conservatism, safety being the watchword from the beginning. Its policy has been to conduct a banking business strictly, in a manner that will best serve the needs and requirements of the people of the community, bearing in mind that to do this one must be progressive, keeping pace with the changes in methods and service which time imposes. Its service, treatment and courtesy extend to all uniformly. It has stood for the best that goes to build up any locality and has interested itself in all movements and endeavors which have tended to better the vicinity in which it operates, whether moral, social or religious. The bank's statement issued May 1, 1917, showed the following items: Capital, $50,000.00; deposits, $660,618.09; surplus and undivided profits, $25,909.18; loans and discounts, $567,478.93; cash and due from banks, $159,935.01. The statement showing the condition of the bank at the close of business Sept. 11, 1917, is as follows: Resources - Loans and discounts, $556,689.87; overdrafts, $472.13; bonds, $34,100.00; banking house, $4,000.00; furniture and fixtures, $3,600.00; due from approved reserve banks, $131,317.77 ; due from other banks. $10,441.10 ; checks on other banks and cash items, $568.83 ; exchanges for clearing house, $10.00 ; cash on hand, $9,605.40 ; total, $750,805.10. Liabilities - Capital stock paid in, $50,000.00 ; surplus fund, $15,000; undivided profits, $7,572.75; individual deposits subject to check, $181,503.28; time certificates of deposit, $394,898.56; savings deposits, $94,402.17; cashier's checks outstanding, $4,088.41; reserved for taxes, $2,739.93 ; Liberty bond account, $600.00 ; total, $750,805.10.

The Bank of Galesville was organized and opened for business in July, 1883, as a private bank by Isaac Clark and Walter C. Brooks, with a capital of $10,000.00,of which each partner contributed $5,000.00. For twoyears the business was carried on very successfully as a private bank. In 1885 it was incorporated under the Wisconsin laws, with a capital of $25,000.00. It was the first incorporated bank in Trempealeau County. The stock was distributed among the leading business men in Galesville and vicinity. The first officers were : Isaac Clark, president ; A. W. Newman vice president ; W. C. Brooks, cashier. The first board of directors were Isaac Clark, J. 0. Melby, A. W. Newman, Wilson Davis, Tver Pederson, W. C. Brooks and Daniel Kennedy. In 1887 W. C. Brooks sold his interest in the bank and J. 0. Melby was elected as cashier, which office he held for one year, resigning so as to organize the bank at Whitehall known as The J. 0. Melby Co. Bank. Upon the resignation of Mr. Melby in 1888, C. M. Kellogg was elected as cashier and continued as such until July, 1896, when he resigned and Mr. J. F. Cance was elected to fill the vacancy. Isaac Clark was president continuously from the time of the incorporation of the bank until his death in 1894, when his son, E. F. Clark, was elected to the office, which he has held ever since. The present officers of the bank are : E. F. Clark, president ; S. C. French, vice-president; Ben W. Davis, vice-president; J. F. Canoe, cashier ; R. H. Ashley, assistant cashier ; J. A. Hammer, assistant cashier. The present directors of the bank are: E. F. Clark, Ben W. Davis, S. C. French, L. N. Hammer, F. A. Kellman, W. S. Wadleigh and J. F. Cance. As stated above, Mr. Clark is now president of the bank and has occupied that office since 1894. The cashier, J. F. Cance, has been with the bank since 1889 and has held the office of cashier since July, 1896. He is the active managing officer of the institution. The bank owns its building - one of the best structures in Galesville. The policy has always been as liberal as is consistent with safety. It has always been foremost among the citizens of Galesville to promote any worthy enterprise for the benefit of the town. Statement May 1, 1917 : Capital, $50,000.00 ; deposits, $683,868.15 ; surplus and undivided profits, $26,583.40; loans and discounts, $542,604.23; cash and due from banks, $151,929.80.

The State Bank of Osseo was estabUshed Jan. 12, 1900, and was incorporated as a State bank May 11, 1903. The officers are : President, F. M. Smith; vice-president, A. E. Bradford; cashier, T. J. Thompson; assistant cashier, C. Pupikofer; directors, E. Hagen, F. M. Smith, Paul Christopherson. Statement May 1, 1917: Capital, $30,000.00; deposits, $350,000.00; surplus and undivided profits, $1,500.00; loans and discounts, $112,000.00; cash and due from banks, $36,000.00.

The Farmers' and Merchants' State Bank of Galesville was incorporated Sept. 17, 1908, by J. A. Berg, A. O. Nelson, H. F. Claussen, John Dick and L. M. Gimmestad. Its first officers were: A. 0. Nelson, president; H. F. Claussen, vice-president; J. A. Berg, cashier, and G. 0. Sagen, assistant cashier. The directors were A. 0. Nelson, H. F. Claussen, J. A. Berg, A. T. Twesme, G. H. Lawrence, John Dick and J. M. Benrud. The bank opened for business Nov. 9, 1908. It is located in a rented building, but the building is controlled by a corporation composed mainly of directors and stockholders of the bank, which has been in its present quarters for five years. A. O. Nelson, who was neither an active officer nor a resident of Trempealeau County, saw the advisability of resigning, for the best interest of the bank, which he did Jan. 13, 1913, and on the same date the present president, G. O. Gilbertson, was elected. Mr. Gilbertson is one of the oldest business men in the village, having conducted the largest mercantile store in town for more than 40 years, and is one of Galesville's most reliable citizens. The present officers of the bank are: G. 0. Gilbertson. president; John Dick, vice-president; J. A. Berg, cashier; G. 0. Sagen, assistant cashier. Directors: A. J. Baardseth, J. M. Benrud, John Dick, J. 0. Hovre, F. J. Stellpflug, G. 0. Gilbertson, S. D. Grover, C. C. Wason and J. A. Berg. Statement March 5, 1917: Resources - Loans and discounts, $233,467.89 ; overdrafts, $826.25 ; furniture and fixtures, $2,000.00 ; due from approved reserve banks, $24,336.79 ; checks on other banks and cash items. $491.51; cash on hand, $6,767.80; total, $267,890.24. Liabilities - Capital stock paid in, $15,000.00; surplus fund, $6,000.00; undivided profits, $2,683.50; dividends unpaid, $8.00; individual deposits subject to check, $60,808.58 ; time certificates of deposit, $134,003.79 ; .savings deposits, $49,- 386.37; total, $267,890.24. Statement May 1, 1917: Capital, $15,000.00; deposits, $244,712.96; surplus and undivided profits, $9,300.00; loans and discounts, $231,770.46; cash and due from banks, $36,660.00. Statement Sept. 7, 1917: Total deposits, $265,426; loans and discounts, $230,500; cash and due from banks, $57,285.

The Citizens' State Bank of Trempealeau was estabhshed Dec. 6, 1912. The officers are : President, William Nicholls ; vice-president, F. W. Graves ; cashier, L. S. Sanders ; assistant cashier, Carroll Nichols ; directors, William Nichols, F. W. Graves, L. S. Sanders, N. H. Carhart, W. A. Bright. State-

The Farmers' State Bank of Arcadia was established Aug. 15, 1913. The officers are: President, Dr. J. A. Palmer; vice-president, Robert Ashton; cashier, D. G. Wieland ; directors. Dr. J. A. Palmer, Robert Ashton, Joseph Danuser, M. N. Lehnerts, A. C. Stielow, H. E. Hensel. Statement, May 1, 1917: Capital, $15,000; deposits, $150,000; surplus and undivided profits, $800; loans and discounts, $151,000; cash and due from banks, $17,000.

The First State Bank of Dodge was incorporated Oct. 3, 1914, by Frank J. Rohn, M. D. Brom, J. B. Literski, M. J. Kulas, S. Losinski, J. K. Rezab and J. F. Brom. The first oflficers were : M. J. Kulas, president ; M. D. Brom, vice-president; Frank J. Rohn, cashier; directors, M. J. Kulas, M. D. Brom, Frank J. Rohn, J. B. Literski, S. Losinski, J. K. Rezab and J. F. Brom. This institution opened for business Dec. 4, 1914. On Oct. 2, 1916, Harry J. Satka, formerly with the First National Bank of Winona, Minn., was elected cashier to succeed Frank J. Rohn, who resigned. The present staff" is as follows: M. J. Kulas, president; M. D. Brom, vice-president; Harry J. Satka, cashier. The policy of the bank is to treat all its customers alike, whether large or small, and give them prompt and courteous treatment. Its motto is "Safety, service and courtesy." This bank is a new one and has had many difficulties to overcome. There had never been a bank in Dodge, and the people naturally tributory to this village have been accustomed to do their business elsewhere, so that there is strong competition on all four sides. Obligations for financial accommodations in time of need are not easily forgotten, and there is a reluctance to break long-established connections. The establishment of the bank here, however, is a strong move toward bringing other business to Dodge, and is proving an important factor in increasing Dodge's advantages as a trading center. While progress in developing the bank was at first slow, the present cashier has won the confidence and esteem of the people, and under his management the business has nearly doubled. Statement May 1, 1917 : Capital, $10,000.00 ; deposits, $37,978.12; loans and discounts, $41,612.14; cash and due from banks, $6,654.70. Statement June 20, 1917: Resources - Loans and discounts, $43,498.27 ; overdrafts, $142.54 ; furniture and fixtures, $1,624.49 ; due from approved reserve banks, $3,351.13; checks on other banks and cash items, $22.50 ; cash on hand, $2,586.69 ; total, $51,225.62. Liabilities- Capital stock paid in, $10,000.00; surplus fund, $2,000.00; undivided profits, $200.75 ; individual deposits subject to check, $9,773.14 ; time certificates of deposit. $7,609.25; saving deposits, $18,785.38; cashier's checks outstanding, $357.10 ; bills payable, $2,500.00 ; total, $51,225.62.

The Farmers' and Merchants' Bank of Independence, with its clever slogan, "The Bank That Banks the Farmer," is one of the youngest banks in the county, but has some of the oldest citizens of the county as its stockholders. The bank was incorporated May 9, 1916, and opened for business Nov. 27, 1916, the incorporators being William L. Lambert, Paul Sura, A. C. Stielow, Robert S. Cowie, Peter Nelton, J. P. Libowski, William

H. Meyer, Math Elstad, Ole H. Berg and Peter C. Skroch. The officers and directors are : President, Frank A. Hotchkiss ; vice-president, Peter Nelton ; cashier, Paul T. Schultze; directors, F. A. Hotchkiss; James N. Hunter, P. M. Lambert, Peter Nelton, William H. Meyer, Mike Skroch and F. G. Theisen. The institution is doing business in a rented building, but expects soon to erect an edifice in keeping with its growing business. Mr. Hotchkiss and Mr. Schulze are giving their personal attention to the bank, their motto being "To serve, and help build up Independence and the surrounding community." Statement May 1, 1917: Capital, $20,000.00; deposits, $62,- 705.43 ; surplus and undivided profits, $2,852.50 ; loans and discounts, $69,- 936.06; cash and due from banks, $12,782.68. Statement, Sept. 13, 1917: Resources - Loans and discounts, $91,820.76; bonds, $1,000; furniture and fixtures, $1,583.20; due from reserve banks, $9,031.09; cash on hand, $5,669.67; total, $109,104.72. Liabilities - Capital, $20,000.00; undivided profits, $2,378.25; bills payable, $3,000.00; deposits, $83,726.47; total, $109,104.72.

The Farmers' Exchange Bank of Osseo was incorporated May 22, 1916, the incorporators being Dr. Oscar Knutson, George Gjuul, C. S. Van Gorden, S. H. Van Gorden, B. L. Van Gorden and M. P. Skogstad. The first officers were C. 0. Dahl, president; William J. Fisher, vice-president; M. P. Skogstad, cashier; directors, C. 0. Dahl, S. C. Van Gorden, William J. Fischer, George Gjuul, William Stubbe, H. M. Olson, Ludvig Person, Oscar Knutson and M. P. Skogstad. The bank opened for business July 10, 1916, in the Van Gorden Building, in small quarters, and immediately started the erection of its handsome bank building on Seventh Street, into which it moved in January, 1917. No change in officers has been made. The bank is progressing, having total resources of $160,000.00 at the close of the first year's business. Its policy is always to help promote the welfare of this locality, rendering service to the farmers and business men of northern Trempealeau County. Statement May 1, 1917: Capital, $25,000.00; deposits, $130,000.00; sui-plus and undivided profits, $1,500.00; loans and discounts, $112,000.00; cash and due from banks, $36,000.00.

The First State Bank of Strum was incorporated Dec. 2, 1904. by Severt Rekstad, H. N. Robbe, William Peterson, J. C. Johnson and J. A. Call. The first officers were : H. A. Warner, president ; Wilham Peterson, vice-president, and J. A. Nelson, cashier; directors, H. A. Warner, J. A. Nelson, Severt Rekstad, J. A. Call, T. J. Johnson, H. N. Robbe and William Peterson. The bank, which owns its own building, erected in 1905, opened for business on January 24 of that year. The following changes in officers have since taken place: H. N. Robbe was elected assistant cashier in 1906, president in 1912 and cashier in 1916. Severt Rekstad was elected vice-president in 1912 and president in 1916. M. P. Skogstad was elected cashier in 1911 and resigned in 1916. J. M. Olson was elected vice-president in 1912. The present official staff is composed of Sevei't Rekstad, president ; J. M. Olson, vice-president ; H. N. Robbe, cashier. The directors are Severt Rekstad, H. N. Robbe, J. M. Olson, J. J. Dahl, 0. H. Dahl, Even Holte and J. P. Hanson. The statement of this in.stitution for Sept. 11, 1917, was as follows: Resources: Loans and discounts, $179,870.99; over-

Peoples State Bank, Whitehall. The articles of incorporation of this institution were drawn May 13, 1913, the incorporators being Ludwig L. Solsrud, E. A. Sorenson, C. Q. Gage, R. H. Holtan, E. F. Hensel, J. E. Wilberg, Anton Void, F. A. Caswell, Geo. Larson and Ludvig Hammerstad. The charter was granted Sept. 29, 1913, and the bank opened for business on the same day, with the following officers and directors : Officers : Ludwig L. Solsrud, president ; R. H. Holtan, vice-president ; J. E. Wilberg, cashier; S. N. Hegge, assistant cashier. Directors: Ludwig L. Solsrud, P. K. Risberg, E. F. Hensel, Ludvig Hammerstad, J. E. Wilberg, R. H. Holtan and C. A. Adams. At the annual stockholders' meeting held Jan. 6, 1914, the following directors were elected: Ludwig L. Solsrud, R. H. Holtan, C. A. Adams, Ludvig Hammerstad, E. A. Hegge, Claude E. Everson and F. W. Lowe. Following this meeting the directors appointed the following officers : Ludwig L. Solsrud, president ; R. H. Holtan, vice-president, and S. N. Hegge, cashier. Examining committee: E. A. Hegge, E. A. Sorenson and G. 0. Eid. On June 2, 1914, R. H. Wiezorek was appointed an assistant cashier. There have been no further changes in officers or directors, those selected Jan. 6, 1914, being in charge at the present time. A condensed statement of condition, as reported to the commissioner of banking Sept. 11, 1917, shows as follows : Resources : Loans and discounts, $235,182.78 ; banking house, $4,527.74 ; due from reserve banks, $25,419.89 ; cash on hand, $12,207.10 ; total resources, $277,337.51. Liabilities : Capital stock, $15,000.00; surplus, $1,500.00; undivided profits, $2,338.16; deposits, $258,499.35; total liabilities, $277,337.51. The pohcy of this institution is to aid in every way possible in the growth and development of this community, including the introduction into the community of high grade live stock and pure bred seeds. The bank has 60 stockholders, all of whom are residents of this community.

The First National Bank of Blair is the only National bank in Trempealeau County. It was organized in 1914 chiefly through the efforts of Albert B. Peterson and his son Ernest A. Peterson, assisted by leading business men and farmers. It has grown in importance during its brief existence. With a capital stock of $25,000 it has now (July 20, 1917) a total of $129,937.78 in deposits, and its surplus and undivided profits amount to $5,064.46. The officers are: John Thompson, president; Frank G. Richmond, vice-president ; Gabriel Anderson, vice-president ; Basil I. Peterson, cashier, and Omer Houkom, assistant cashier. The board of directors consists of A. B. Peterson, E. B. Christopherson, Byron R. Curran, John Thompson, Frank C. Richmond, Gabriel Anderson and Thos. Mattison. The cashier of the institution, Basil I. Peterson, has the honor of being chairman of the Liberty Loan Committee for the county. The membership of this bank in the Federal Reserve Bank gives it the necessary machinery for securing funds with which to finance legitimate agricultural, commercial and industrial enterprises, and thus develop the resources of this part of the county.

State Bank of Independence. This institution was started April 1, 1897, by John Sprecher and Anton Senty, as a private bank, with a capital of $10,000, and was carried on under the firm name of Bank of Independence. In 1902 the business was incorporated as a state bank under the name of State Bank of Independence, with a capital of $25,000, John Sprecher and Anton Senty being the incorporators, the new organization taking over the business of the old company June 2, 1902. In January, 1914, the capital was increased to $50,000.00. The bank owns a good substantial brick building, which was erected in 1901, the first story being used by the bank, while the second is rented for offices. John Sprecher was elected president at the first organization and has served in that capacity continuously. Anton Senty was the cashier from its organization to January, 1913, at which time he was elected vice-president, in which capacity he has served to the present time. O. A. Sprecher was appointed assistant cashier in January, 1905, and W. E. Sprecher in January, 1907, the latter being appointed cashier in January, 1913. The present officers are : John Sprecher, president ; Anton Senty, vice-president ; W. E. Sprecher, cashier, and 0. A. Sprecher, assistant cashier. This bank has always been conservative, but mindful of the best interests of the community and its patrons, and has always tried to assist in the development and upbuilding of the surrounding territory. The deposits have steadily increased and at this time are $580,577, while the total assets are $645,- 960.93.

The Bank of Eleva was organized in 1901 as Larson-Melby Company, Bankers, by 0. P. Larson, John 0. Melby and Even Bratberg. It was incorporated as a state bank under the name. Bank of Eleva, June 17. 1903, the incorporators being 0. P. Larson, John 0. Melby, Even Bratberg and George Esbensen. The first officials were: O. P. Larson, president; J. 0. Melby, vice-president ; E. Bratberg, cashier, and George Esbensen, assistant cashier. The bank was located in the Larson-Melby Company store until its own building was erected in August, 1910. The first change in the oflicial staff occurred Aug. 24, 1907, C. P. Larson taking the place of 0. P. Larson as president. Even Bratberg, the cashier, died in April, 1910, and since that time the offices of president and cashier have both been filled by C. P. Larson. The present staff is composed of C. P. Larson, president and cashier; Chas. B. Melby, vice-president, and L. Nicholson and H. A. Moltzau, assistant cashiers. The bank's statement of Sept. 11, 1917, showed its condition as follows : Resources : Loans and discounts, $169.- 153.19; banking house, furniture and fixtures, $4,947.06; due from banks, $22,667.23 ; cash on hand, $6,063.79 ; total, $202,831.27. Liabihties : Capital stock, $10,000.00; surplus, $3,500.00; undivided profits, $702.95; deposits, $188,628.32; total, $202,831.27.