Untitled Document

BANKING INSTITUTIONS.

Aledo's financial institutions are of a solid order, well officered, and practically do the banking business of the county. It is not gen erally known that previous to the rebellion Aledo had a bank of the "wild-cat" order, which issued its "I O U's'' and never redeemed them. It was of short life, disappearing with the other wild-cat institutions of that period. About twenty years ago a five-dollar note of this bank was received for redemption at the present Aledo bank, but was returned to its owner with the information that the bank did not exist.

The first bank started after the railroad was completed through the county was that of Bailey & Byers, in the spring of 1869. In the fall of that year Judge Gilmore purchased the interest of Mr. Bailey and the firm was known as A. M. Byers & Co. This firm erected the brick building on the corner of College avenue and Seventh street in 1870, the corner room be ing fitted for a bank and the remainder of the first floor for business rooms. In 1874 Mr. Byers sold his interest to John McKinney, Sr. At the end of one year Mr. Byers organized a stock company and started what is now known as the Farmers' Bank on the northeast corner of College avenue and Seventh street. The stockholders are business men of Aledo farmers throughout the county. A. M. Byers is president and W. N. Graham cashier.

ALEDO BANK

The Aledo Bank is also one of the solid institutions of the county. John McKinney, Sr., having purchased Mr. Byers' interest, the firm name was changed to McKinney, Gilmore & Co. Mr. McKinney afterwards purchased the interest of Mr. Gilmore and with his son, James McKinney, continued the business under the firm name of McKinney & Co. After Mr. McKinney's death the reorganization of the bank was effected, by which James McKinney was made president and K. J. McDonald, cashier.

THE CITIZENS BANK

The Citizens' Bank was organized October 23, 1895; the firm is composed of 0. A. Bridgford, T. A. Vernon, A. G. Bridgford and merchants and farmers throughout the county. O. A. Bridgford is the president and A. G. Bridgford, cashier. The capital stock of this institution is $40,000, the deposits reaching $250,000. The stockholders are individually . liable to the amount of $500,000. The building occupied by this bank is on the corner of Seventh and Maple streets. Few towns in the State can boast of three such banks, the large amount of business transacted by them speaks well for the wealth and business enterprise of Aledo, and the men who conduct them.

Historical Encyclopedia of Illinois

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