USA > Ohio > Champaign County > History of Champaign County, Ohio, Its People, Industries and Institutions, Volume I > Part 83
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CHAMPAIGN COUNTY BANK.
The first bank established in the county under the free-banking law of 1851 was the Champaign County Bank. It was granted a charter by the
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state and advertisements were at once placed in the local papers offering stock for sale. The first notice of the bank's stock for sale appeared in the Urbana Citizen and Gasette under date of September 19, 1851. The announcement of stock for sale was signed by Henry P. Espy, who sub- scribed himself as cashier.
On Christmas day, 1851, Espy sent out a notice to the effect that a meet- ing of stockholders would be held on January 5, 1852, for the purpose of elect- ing directors, and that a meeting of the directors would follow on January 12 for the election of officers. The first directors elected were Allen Louden- back, T. M. Gwynne, Lemuel Weaver, A. R. Colwell, S. A. Winslow and Henry P. Espy. Winslow became the first president and Espy the first cashier. The quarters of the bank were in the rooms now occupied by its successor, the Champaign National Bank. Winslow was succeeded in the presidency of the bank by Henry Weaver, the latter being elected on August 20, 1859, Winslow having resigned. Weaver continued as president until the bank was reorganized as the Champaign National Bank in April, 1865. Espy was the cashier of the bank during its whole career, 1852-65.
CHAMPAIGN NATIONAL BANK.
Two years after Congress had passed the National Bank act of February 25. 1863, the directors and stockholders of the old Champaign County Bank of Urbana decided to avail themselves of the right to get a national bank charter. Following this decision an application for a charter was made to the Comptroller of currency and the same was granted on March 21, 1865. The Urbana Citizen and Gascette of March 30, 1865, says: "The Cham- paign National Bank of Urbana, which takes the place of the old Champaign County Bank, commences business on Monday next, April 3rd. The paid in capital is $100,000. The following well-known persons compose the board of directors: Philander B. Ross. Henry Weaver, O. T. Cundiff, James A. McLain. and Allen Loudenback." On the day mentioned the bank, the first national bank in Champaign county opened its doors for business, and under very favorable portents began its career, which, for sure investment and con- servative management-the necessary attributes of a sound banking institu -. tion-has insured it a long and valuable service to Champaign county.
The roster of the bank's officials contains the names of men who repre- sent some of the best financial ability of Champaign county. Philander B. Ross was the first president of the bank, and remained so until he was suc- ceeded by Joel Reid, February 9, 1889. Mr. Reid served the bank in this
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capacity until January 14, 1908, when he was succeeded by C. H. Marwin, who still holds the office. Henry P. Espy, who was cashier of the old Cham- paign County Bank during its career, held the same position after it was merged into the Champaign National Bank, and remained in that capacity until he was succeeded by W. R. Ross, January 14, 1886. J. C. Powers succeeded Mr. Ross on January 10, 1910, and is the present incumbent.
The Champaign National Bank is now the largest bank in Champaign county, with assets of $1,200,000; it is also an active United States deposi- tory. As it was chartered with a capital stock of one hundred thousand dol- lars, it was decided later to increase the capitalization to two hundred thou- sand; thus the bank's prestige and note-issuing right were increased. The following official statement of the bank's condition at the close of business on March 5. 1917. tells its own story :
RESOURCES.
Loans and discounts $590.423.33
Notes and bills rediscounted.
$590,423.33
U. S. bonds deposited to secure circulation (par value) 200,000.00
U. S. bonds deposited to secure U. S. deposits (par value) 15,000.00
Total U. S. bonds
215,000.00
Bonds other than ['. S. bonds pledged to secure postal savings de-
posits
7,000.00
Securities other than U. S. bonds (not including stocks) owned unpledged 120,508.74
Total bonds, securities, etc
127,506.74
Stock of Federal Reserve Bank (50 per cent of subscription)
7.500,00
Value of banking house ( if unincumbered)
13,000.00
Equity in banking house
13,000.00
Furniture and fixtures
1.200.00
Real estate owned other than banking house.
20,000.00
Net amount due from approved reserve agents in New York, Chiengo, and St. Louis 19,513.62
Net amount due rom approved reserve agents in other reserve cities
26,815.26
46,328.88
Net amount due from banks and bankers
5,599.84
Other checks on banks in the same city or town as reporting bank Outside checks and other cash items
1,170.28
Fractional currency, nickela, and cents
469.53
1.182.71
Notes of other national banks
6.725.00
Lawful reserve In vault and net amount due from Federal Reserve
. Bank
53,900.00
Redemption fund with U. S. Treasurer and due from U. S. Treasurer
10,000.00
Other assets ( Internal Revenue Stamps)
151.50
TOTAL
$1.090,688.28
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LIABILITIES.
Capital stock paid in
$200.000.00
Surplus fund
50,000.00
Undivided profits
$69,507.57
Less current expenses, interest, and taxes paid
2,845.76 66,661.81
Circulating notes outstanding
199,907.50
Net amount due to banks and bankers
4,093.62
Individual deposits subject to check
534,526.04
Certificates of deposit due in less than 30 days.
11,005.99
United States deposits
14,685.89
Postal savings deposits
3.627.42
Total demand deposits
563.845.34
U. S. bonds borrowed without furnishing collateral security for same
15,000.00
U. S. bonds borrowed for which collateral security was furnished_ 15,000,00
Liabilities other than those above stated. U. S. bond Act.
00.01
TOTAL
$1.090,688.28
FARMERS BANK OF URBANA.
The Farmers Bank of Urbana began its career in July, 1855, in the Union block. According to its opening announcement in the Urbana Citizen and Gazette of July 20, 1855, its "proprietors", as it chose to call its owners. were H. Nourse. James S. Clark, John A. Mosgrove, John H. Young, Will- iam Wiley, John Baldwin, Joshua Baldwin and S. A. Winslow. James S. Clark was the first cashier. Continuing in its advertisement of the above date, the scope of its proposed activity is set forth as follows: "This bank is now prepared to receive deposits, discount paper, buy and sell exchange and coin, and transact all business usually done in banking establishments." It is interesting to note that it paid interest on time deposits.
The bank issued no paper of its own and was therefore in a position to suspend at any time without having any outstanding paper to redeem. It carried an advertisement in the local papers week by week from July 20, 1855, up to and including the issue of September 31, 1859, on which date the Urbana Citizen and Gazette carried its last notice. In the same paper, under date of October 18, 1860, the following statement appeared :
NOTICE ..
FARMERS' BANK OF URBANA.
The proprietors of the Farmers' Bank, having determined to close its business, have placed the notes and bills, together with its books and accounts,
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In the hands of H. P. Espy, cashier of the Champaign County Bank. Parties owing the Farmers' Bank are requested to make payment at the Champaign County Bank, where also depositors will be paid.
ROBERT NEIL, Administrator, JOHN W. BALDWIN, JOHN W. YOUNG, JAMES KOOKEN, WILLIAM WILEY.
U'rbana, October 13. 1800.
In the same issue of the paper, James G. Ogden gives formal notice of his resignation as cashier to the "stockholders and partners" of the Farmers' Bank. The Citizen and Gasette (October 18, 1860) in commenting editor- ially on the dissolution of the bank made the following observation: "Our people were not a little surprised last week by the announcement that this institution had ceased to exist. It was not a bank of issue and consequently has no outstanding circulation to redeem. The stockholders, we hear, finding the investment to be an unprofitable one, have withdrawn their capital, and the concern will be closed up without damage to anyone, we suppose." The room and equipment of the defunct bank were at once taken over by James B. Armstrong, a former county surveyor and county treasurer, who opened a bank bearing his name.
ARMSTRONG'S BANK.
James B. Armstrong was one of the wealthy men of the county in 1860. His service as county treasurer had placed him in a position where he was well acquainted with the financial condition of all the people of the county. In commenting upon his starting in the banking business, the Citizen and Gasette (October 18, 1860), paid a tribute to him by saying that "Arm- strong's well-known business habits and probity of character will unquestion- ably secure to this new institution a high reputation and a fair amount of business." James G. Glenn, formerly cashier of the Farmers Bank, was retained as cashier.
Armstrong continued his bank throughout the Civil War and made a financial success of the institution. He issued paper script of various denominations, ranging from fifteen cents upward. After Congress passed the Act of June 3, 1862, authorizing the establishing of national banks. Arm- strong began to make preparations to reorganize his institution as a national bank. A charter was granted on March 7, 1865, to the successor of the
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Armstrong bank, the new institution bearing the name of the Citizens National Bank of Urbana. This bank was the thirteenth national bank in Ohio and the three hundred and thirty-third in the United States.
CITIZENS NATIONAL BANK OF URBANA.
The Citizens National Bank of Urbana opened for business on April 10, 1865, in the room of the former Armstrong bank. The balances of all of the depositors of the old bank were transferred to the new institution on this date.
The inception of the Citizens National Bank and its relation to its immediate predecessor have just been stated. The bank started and with a capital stock of $100,000 and although its charter allowed it the privilege of increasing to $300,000, its original capital stock has never been increased. The first directors were James B. Armstrong, Edward Jennings, Daniel Blose, William Wiley and John H. Blose. The other original stockholders were Adam Mosgrove, James M. Mosgrove, Abner Whitely and E. G. Wiley. Armstrong was the first president and E. G. Wiley, the first cashier. Abner Whitely was elected as the first president, but resigned the presidency the same day he was elected and disposed of his stock to J. B. Armstrong, who was at the same time elected president. Armstrong continued as president until his resignation on February 19, 1874. his successor being Oliver Taylor. Armstrong removed to California, where he lived until his death, October 15. 1900. Taylor was followed by C. F. Colwell on June 5, 1885, and the latter continued as president until his death, June 16, 1900. Dr. James M. Mosgrove was elected on June 29, 1900, to succeed Colwell and served until his death. Simeon Taylor followed Doctor Mosgrove and remained at the head of the bank until his death, when W. W. Wilson, the present incumbent was elected. Mr. Wilson had been cashier since 1878.
E. G. Wiley, who began his duties as the first cashier of the bank on the day it opened, April 10, 1865, was continued in this position until April 20, 1878, when he was succeeded by W. W. Wilson. The latter served as cashier until he was elevated to the presidency. At the same time I. O. Tritt, who was teller at the time and had been connected with the bank for several years, became the cashier, a position he still holds. J. H. P. Stone became assistant cashier in 1882, and served in this capacity until a few years ago. The capital stock remains at one hundred thousand dollars, while the bank has built up a surplus fund equal in amount to its capital stock. A study of its last public
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statement shows it to be a million-dollar institution. This statement is based on the official report of the bank's condition at the close of business on March 5, 1917.
RESOURCES,
Notes and bills rediscounted
₹520,356.00 588.77
Overdrafts
['. 8. bonds deposited to secure circulation (par value) $100,000.00
Total U. S. bonds
100,000.00
Bonds other than ['. S. bonds to secure postal savings deposits.
5,000,00
Securities other than U. S. honds (not Including stocks) owned unpledged 106,848.00
Total bonds, securities, etc
111,848.00
Stock of Federal Reserve Bank (50 per cent of subscription)
6,000.00
Furniture and fixtures
5.000.00
Net amount due from approved reserve agents in New York, Chiengo, and St. Louis 16,888.62
Net amount due from approved reserve agents in other reserve cities 135,810.45 152.699.07 Net amount due from banks and bankers
2,746.86
Other checks on banks in the same city or town as reporting bank
619.00
Outside checks and other cash Items
312.22
Fractional currency, nickels, and cents.
87.80
400.02
Notes of other national banks
3,300.00
Lawful reserve in vault and net amount due from Federal Reserve Bank
55,347.00
Redemption fund with L'. S. Treasurer and due from U. S. Treasurer
5,000.00
TOTAL $963,904.72
LIABILITIES.
Capital stock paid in
100,000.00
Surplus fund
100,000.00
Undivided profits
109,734.82
Less current expenses, Interest and taxes paid.
2,643.72 107,001.10
Circulating notes outstanding
100,000.00
Net amount due to banks and bankers
800.00
Individual deposits subject to check
549,198.84
Certificates of deposit due in less than 30 days. 3,828.30
Postal savings deposits
2.986.48
Total demand deposits
556,013.62
TOTAL
$063,904.72
GLENN'S BANK.
The local newspapers in August, 1857, began carrying advertisements of "Glenn's Bank", an institution apparently the sole property of Evan Glenn.
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Glenn also carried at the same time separate advertisements in the local papers to the effect that he was a bookkeeper. In the Urbana Citizen and Gazette of August 6, 1857, appears the first notice of Glenn's Bank. He announces that he "buys and sells gold and silver, deals in exchange, grants temporary loans, pays interest on time deposits, makes collections and does a general banking business." Following the career of his bank through successive issues of the paper it is noticed that he moved from his first location, the Glenn block, to the office of the Urbana and Champaign Mutual Insurance Company in December, 1857. This insurance company was a local concern which had been in operation for many years. It seemed to have combined a banking business with its insurance activity, with more attention to the former than to the latter. In fact it is stated that the company issued only one policy during its career and that it was really organized to carry on a banking rather than an insurance business. During the summer of 1859 there were refer- ences in the local papers regarding the financial difficulties of the insurance company and the Urbana Citizen and Gasette in its issue of August 26, 1859, conveys the definite information that S. H. Robinson had been appointed receiver and that the lots and real estate of the company would be placed on sale on October 1, 1859. This closed the career of Glenn's Bank.
THIRD NATIONAL BANK OF URBANA.
The Third National Bank of Urbana was chartered in 1872 and opened for business in its present quarters the same year. Its incorporators were John H. Young, Joseph Hill, E. J. Wiley, A. F. Vance, Jr., William Wiley, C. W. Marshall, David Loudenback, J. C. Coulson and Frank Chance. Its first officers were as follows: John H. Young, president; Joseph Hill, vice- president : E. J. Wiley, cashier ; A. F. Vance, Jr., assistant cashier ; directors, Frank Chance, J. C. Coulson, David Loudenback, C. W. Marshall, William Wiley and Joseph Hill. Young was succeeded by Frank Chance as president. When the first charter of the bank expired in 1892, it was decided by the active managers of the institution to place it in voluntary liquidation, close up its business, organize a new bank which should contain the best elements of the old bank and add such new men as would bring it into touch with the leading business interests of the city and county. Hence there came into existence the National Bank of Urbana.
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THE NATIONAL BANK OF URBANA.
The new institution was duly chartered on October 17, 1892, as No. 4805 and began business upon the receipt of its charter. The real-estate, fixtures of the immediate predecessor, together with its accounts and good- will were retained by the new institution. Frank Chance was the first presi- dent of the newly reorganized bank and served until W. R. Warnock became the head of the institution. Colonel Warnock was succeeded by A. F. Vance, Jr., in January, 1911. W. E. Berry is the present cashier.
The bank owns its own three-story building between the public square and North. Main street. In 1911 it was remodeled, and new burglar proof vaults and safety-deposit boxes were installed. The following state- ment indicates its substantial condition at the time of its public statement at the close of business on March 5, 1917 :
RESOURCES.
Loans and discounts
$327,654.00 346.45
Overdrafts, unsecured
U. S. bonds deposited to secure circulation (par value) $ 63.000.00
Total U. S. bonds
63,000.00
Securities other than U. S. bonds (not including stocks) owned unpledged
76,386.00
Total bonds, securities, ete
76,386.00
Stocks, other than Federal Reserve Bank stock
1,000.00
Stock of Federal Reserve Bank (50 per cent of subscription)
5,250.00
Value of banking house ( If unincumbered )
16,000.00
Furniture and fixtures 1.000.00
Net amount due from approved reserve agents in New York
19.370.72
Net amount due from approved reserve agents in other reserve cities
39,886.45
50,257.17
Other checks on banks in the same city or town as reporting bank __
·
18,804.36
Outside checks and other cash items
4.204.92
Fractional currency. nickels, and cents
358.38
4.653.30
Notes of other national banks
1,602.00
Lawful reserve in vault and net amount due from Federal Reserve Bank
42.516.78
Redemption fund with U. S. Treasurer and due from U. S. Treasurer
1,750.00
TOTAL
$619,310.12
LIABILITIES.
Capital stock paid in
$100,000.00 75.000,00
Surplus fund
Undivided profits
31.465.27
Less current expenses, interest and taxes paid
106.03 31,359.24
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Circulating notes outstanding
61,600.00
Net amount due to approved reserve agents in other reserve cities.
100.42 100.42
Net amount due to banks and bankers
1.056.60
Individual deposits subject to check
348.395.43
Certificates of deposit due in less than 30 days.
1,798.37
Total demand deposits
350.103.80
TOTAL
$619.310.12
PERPETUAL SAVINGS ASSOCIATION.
The Perpetual Savings Association of Urbana was incorporated on March 6, 1878, and thus has been in existence nearly forty years. This institution has been the means. of helping to build hundreds of homes in Urbana and in this way has been a large contributing factor to the general welfare of the community which it seeks to serve. More than three million dollars have been paid out to the citizens of Urbana and practically all of this money has gone into construction of homes in the city. Such an institution is certainly deserving of recognition in any review of the financial institutions of Urbana.
This association was organized in order to furnish members an oppor- tunity for the safe investment of their monthly savings and to facilitate their acquiring homesteads. The incorporators were Lemuel Weaver, M. L. Albright, J. B. Houtz, James W. Anderson, S. L. P. Stone, R. H. Boal and John M. Russell. The first board of directors were Joel Reed, Joseph C. Coulson, S. L. P. Stone, James W. Anderson, R. H. Boal, W. W. Wilson and O. Noble. The first president was Joel Reid and he has been followed in turn by Joseph C. Coulson, Orville Noble, Dr. J. M. Mosgrove and the present incumbent, W. W. Wilson. C. F. Colwell was treasurer of the association from its organization until 1900, when he was succeeded by S. L. P. Stone, who continued until July, 1909, when the office was abolished.
The full list of officials of the association for 1917 follows: President, W. W. Wilson; vice-president, C. A. Coon; secretary, Clinton E. Russell; assistant secretary, Laura B. McCracken; attorney, Benjamin E. Seibert; directors, W. W. Wilson, C. A. Coon, A. H. Gaumer, George McConnell, Cyrus Miller, George W. Kizer and Clinton E. Russell.
In 1916 the association had eight hundred and eighty-seven members to whom loans in excess of half a million were made. The original capital stock of the association was $400,000, divided into $2,000 shares of $200 each. Loans are limited to the amount of money held by individual share- holders. Since the organization the amount of capital stock has been increased to $1,000,000, and the assets of the company on April 1, 1917, were
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considerably more than half this amount-totalling at that time $681,200.04. During the preceding year the eight hundred and seventy-eight members were paid $790,650.
The association pays semi-annual dividends of five and a quarter and five and one-half per cent. The general management of the company's affairs is in the hands of the secretary. John M. Russell served from 1878 to 1883 and George W. McCracken served from 1883 to 1912, a period of nearly thirty years. Clinton E. Russell has been secretary since the retirement of Mr. McCracken in 1912. The association owns its own building at 106 Scioto street, one of the best-equipped and most substantial business blocks in the city.
THE HOME LOAN COMPANY.
The Home Loan Company of Urbana was chartered in May, 1883, with the following incorporators: Barton O'Neal, George M. Eichelberger, Hershey Roberts, Michael Gallagher, C. T. Jamison, J. M. Fitzpatrick, M. C. Crane, Thomas F. Moses, W. W. Wilson, J. H. Ayres, J. D. Rock, P. R. Bennett, Jr., George E. Bechtolt, J. D. Keifer, William Budge and H. R. Torrey. The first directors were Barton O'Neal, George M. Eichelberger, Kersey Roberts, Michael Gallagher, J. H. Ayres, George E. Bechtolt, H. R. Torrey. W. W. Wilson and J. D. Keifer. Of this board of directors the fol- lowing officers were chosen when the company was organized: Barton O'Neal, president ; Kersey Roberts, vice-president; W. F. Ring, secretary; J. H. P. Stone, treasurer; George M. Eichelberger, attorney.
The company has a capital stock of $2,000,000. Its assets show it to be the largest building and loan association in the county. The report of the company for the close of the year 1916 show assets of $936,891.55. The steady growth of the company is due to the method of its operation, a system whereby it can offer liberal dividends and at the same time guarantee a safe investment for those with money.to invest. It has always been able to furnish money to borrowers on liberal terms and at a minimum expense for making the loan. The company had one thousand eight hundred stockholders at the time of its last report.
The management of the company since it was organized in 1883 has been in the hands of W. F. Ring, who as secretary and manager, has been in direct charge of the affairs of the company in its direct dealings with its stockholders. To him as the manager is due in no small measure the remark- able growth which the company has made. The present officers of the com- pany follow : President, W. W. Wilson; vice-president, James K. Cheetham;
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secretary, W. F. Ring; assistant secretary, Lucy Chance; attorney, W. F. Ring; directors, W. W. Wilson, J. K. Cheetham, W. H. O'Connor, E. W. Holding, A. E. McConkey, P. A. Boisen and W. F. Ring.
PEOPLES SAVINGS AND LOAN COMPANY.
The Peoples Savings and Loan Company, of Urbana, was organized on September 30, 1892, with the following incorporators: Rev. J. R. Downer, T. T. Brand, J. I. Blose, J. P. Hance and John Powers. The first officers included the following : Thomas T. Brand, president; Simeon Tay- lor, vice-president; John R. Downer, secretary; John C. Powers, treasurer; C. B. Heiserman, attorney.
Mr. Downer continued as secretary until his death in 1901, after which John W. Crowl became secretary and has continued to serve in this capacity down to the present time. The other officers in 1917 include the following : John P. Hance, president: W. E. Brown, vice-president; John C. Bowers, treasurer ; Deaton, Bodey & Bodey, attorneys. The board of directors is composed of J. P. Hance, James F. Hearn, W. F. Brown, H. S. Morgan, J. W. Crowl, J. J. Munger and Core S. Ireland.
The company was organized with a capital stock of only $100,000, which has since been increased to $2,500,000. The last report of the company shows stockholders to the number of two thousand, with assets of $1,000,000. The company's offices are on North Main street.
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