Financial History of Wapello County, IA
From: History of Wapello County, Iowa
By Harrison L. Waterma, Supervising Editor
The S. J. Clarke Publishing Co. Chicago 1914
The banking houses of Ottumwa are indices, as shown by statements published at the behest of the Federal Government,
of the wealth and progress of the community. These institutions are in the hands and keeping of men endowed with
mental equipment for the activities of their craft and are fortified by the unstinted confidence of a large clientele
in their probity, conservatism and modern methods of safeguarding funds and other treasure entrusted to their care.
Ottumwa may well be satisfied with the character and strength of her banking concerns. The aggregated deposits,
over $6,000,000, are something to make the observing man conclude that the banks are forceful and dependable factors
of the city's forwardness and increasing importance in the state. They stand as a bulwark when threatening conditions
harass business, and have often proved to be in the nature of a life buoy to many in temporary financial straits.
THE FIRST NATIONAL BANK
On the 25th day of February, 1863, Congress passed the national banking act, under which, with numerous changes,
thousands of financial institutions in the land are conducting their business. The First National Bank of Ottumwa,
received charter No. 107, October 19, 1863, and was the fifth bank west of the Mississippi securing a charter under
the national banking act. The first was the First National of Davenport, Iowa, its president being the noted financier,
Austin Corbin. This institution's number is fifteen, and it was not only the first national bank west of the Mississippi
to obtain a charter, but it also has the distinction of being the first national bank in the United States to open
its doors under the new order of things. This took place June 29, 1863.
THE UNION TRUST & SAVINGS BANK
January 10, 1898, a savings department of its bank was opened to the public by the First National, under the name and title of the Union Trust & Savings Bank. This branch of the First National is capitalized at $5o,000. The last statement of its financial condition shows undivided profits of $27,000 and deposits of $496,00o.
IOWA NATIONAL BANK
In the year 187o, Charles F. Blake, James L. Taylor, L. W. Vale, P. Saunders, G. P. Merritt, J. M. Kibben, J. B. Vernon, Charles Snider, and Mahlon Wilkinson, with a capital stock of $100,000, organized the Iowa National Bank, whose charter is of date October 14, 1870. The first president of this institution was L. M. Vale, and cashier, A. J. Briggs. In a building erected by the corporate interests, on Main Street, near Market, the bank maintained its headquarters a number of years. While here, in 1871, A. J. Briggs resigned his office of cashier, and was succeeded by J. B. Field. E. F. Sheffield took up the duties of the office in 1873, and in the same year Charles F. Blake was elected president, having bought the stock of L. W. Vale. Mr. Blake remained as official head of the bank until 1893. Edwin Manning, now gone to his reward, became president of the Iowa National after Mr. Blake's retirement, and in 1901 he was succeeded by his son, Calvin Manning. Mr. Manning only remained in the office until 1904, when J. H. Merrill took up the duties of the position, and J. C. Jordan was elected vice president. In 1912, upon the death of Mr. Merrill, Mr. Jordan was elevated to the presidency. Others who have served as cashier are 5. W. Edgerly, who succeeded E. F. Sheffield in 1874, and retained the position thirteen years; Thomas W. Eaton, Cyrus K. Blake, Calvin Manning, W. R. Daggett, G. F. Trotter, and H. C. Chambers:
The capital of the Iowa National is today, as it was in the start, $100,000. Its last statement of conditions,
March 4, 1914, indicates surplus and profits of $124,000, and deposits, $1,129,000.
THE OTTUMWA NATIONAL BANK
On the 3d day of January, 1882, the Ottumwa National Bank was organized, and shortly thereafter opened its doors
for business at the corner of Main and Market, which makes the third bank to have its home on the corner of these
two streets. The first president was J. G. Hutchison, who served a growing clientele of this splendid institution
from its organization until 1888, at which time he disposed of his stock to J. T. Hackworth and A. G. Harrow. J.
B. Mowrey was the next president, who served the bank as its head from December, 1888, until in May, 1912, when
he was called by death. J. T. Hackworth, the present incumbent, and A. G. Harrow, were then elected to the offices
of president and vice president, respectively.
WAPELLO COUNTY SAVINGS BANK
This institution has a capital of $50,000, surplus and profits, $27,000, and deposits, $467,000. It was organized
in February, 1900, by the stockholders of the Ottumwa National, and its officers are the same as those of the parent
institution. Its growth has been steady and most gratifying, as the above financial statement indicates.
CITY SAVINGS BANK
The second savings bank to be organized in Ottumwa was that of the City Savings Bank, which was formed in February,
1888, and began business in the rear of the First National Bank Building, 115 South Market Street, where it has
continued until this day.
THE OTTUMWA SAVINGS BANK
The organization of the Ottumwa Savings Bank took place in 1887, with a capital stock of $5o,000. It began business
at the corner of Court and Main streets, where it is today, but the building has been remodeled, both on the exterior
and interior, until it has now an attractive appearance. The bank is one of the solid foundation stones of Ottumwa's
financial structure, and has a large and remunerative clientele, who place every faith in the credit and probity
of its officials.
CITIZENS SAVINGS BANK
The youngest financial institution, in Ottumwa is the Citizens Savings Bank, which opened its doors for business,
May 1, 1905, at the corner of Market and Second streets. The institution was the outgrowth of a banking concern
founded in 1873 by George A. Brown, known at various times as the Citizens Bank and the Citizens State Bank. The
present bank is the result of a purchase made by L. A. Andrew, when he bought the banking interests of George A.
Brown, in 1901.
SOUTH OTTUMWA SAVINGS BANK
The organization of the above named bank was due in a large measure to the first president, W. A. McIntire,
who died in June, 1908, after serving five years as the head of the bank and of a hardware business that bore his
name for many years, in South Ottumwa. The bank was organized in 1903, and with W. A. McIntire as president, B.
A. Hand, cashier, and Mrs. L. B. Goldsberry, assistant cashier, opened its doors for public patronage on Church
Street, where it remained until about a year ago, when a permanent home was oecupied at the corner of Church and
Weller streets. The building is one story in height, with a stone front on Church Street.
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