HISTORY OF BANKING IN MOLINE
By Judge J. M. Gould (deceased)

The first bank in Moline was opened by Green & Chapman, in 1853, and continued for about eighteen months, when the firm was dissolved, Chapman Brothers & Williams succeeding. The same men, under the firm name of A. B. Wil­liams & Co., started a bank at Port Byron. Both banks failed in 1857, paying only a small per cent to depositors. On May 23, 1857. J. M. Gould, D. C. Dimock & C. P. Ryder under the firm style of Gould Dimock & Co. opened a bank that continued in business until December 16, 1863. The only other bank of the same time was one opened by Marshall & Drury, in 1858, which lasted until early in 1861. when it failed, paying its depositors but a small amount

First National Bank

J. M. Gould, of the firm of Gould. Dimock & Co., with thirty-six shareholders, organized and obtained a charter for the First National Bank of Moline, December 16. 1863, under a capital of $50,000, with $15,000 as first assessment, balance to be paid in monthly payments of 10 percent until full sum was paid. On August 24. 1869, the capital was increased $25,000; on January 26, 1871, $25,000, and June 10. 1873, $50,000. The business was merged and transferred to the Peoples Savings Bank & Trust Co.. February 9, 1905, the latter concern doing business in the same room and the shareholders bein g principall y the same as the First National.

Peoples Savings Bank & Trust Co

The Peoples Savings Bank was organized and opened May 18, 1891, with a capital of $100,000, continuing until February 9, 1905, when its charter was amended under the names of Peoples Savings Bank & Trust Co., with a capital of $150,000, and this was increased January 9. 1909, by $50,000; on April 4, 1911, with $50,000.

Capital ..................................................... $ 250,000.00

Surplus ..................................................... 150,000.70

Undivided profits...................................... 27,000.00

Deposits ................................................... 3.271.000.00

Loans ........................................................ 2,989.000.00

Wm. Butterworth, president : N .. H. Greene.
vice-president and cashier ; R. C. Shallberg. assistant cashier.

State Savings Bank & Trust Co

The Moline National Bank was chartered and opened for business by S. W. Wheelock, C. W. Lobdell. C. F. Hemenway, et al., with a capital of $100,000. on February 10, 1872. It liquidated and merged with the State Savings Bank & Trust Co., May 1, 1906, by F. G. Allen, et al.. Capital increased $200.000, increased April 23. 1910, $50,00.

State Savings Bank d Trust Co

Capital ............................................................ $ 300.000.00

Surplus .............................................................. 90,000.00

Undivided profits ........................................ 10,000.00

Deposits ........................................................ 2.861.000.00

Loans ........................................................ 2,741,000.00

F. G. Allen. president ; C. I. Josephson. vice-president ; Col Hirsch, cashier: C. F. Lundberg. assistant cashier.

The Manufacturers Bank at Moline was organized by S. W. Wheelock, March 31. 1869. with a capital stock of $75,000. Liquidated and paid all claims February 10. 1872.

Moline Savings Bank, special charter, May 18, 1869. No capital. Liquidated May 1. 1891. paying all claims.

Moline Trust & Savings Bank

The Moline State Savings Bank & Trust Co. was organized by officers and directors in April, 1903, with a capital of $100,000, increased by $50,000 in 1909 and by the same amount in 1910.

Capital ...................................................... $ 225,000.00

Surplus ..................................................... 60.000.00

Undivided profits ........................................ ..... 29.000.00

Deposits ................................ 3,036,000.00

Loans ........................................................ 645:000.00

H. A. Ainsworth, president ; George W. Wood, vice-president ; Edward Coryn. second vice president

presi­dent ; 0. F. Anderson. cashier; 0. T. Bohman, assistant cashier.

Mechanics & Merchants Savings Bank

The Mechanics & Merchants Savings Bank was organized May 1, 1910, with a capital of $100,000. Its deposits on February 1. 1911, amounted to $500,000.

 

Capital $ 200,000.00

Surplus .................................................... 70,000.00

Undivided profits ....................................... 1,000.00

Deposits ................................... 1,257,000.00

Loans ..................................................... 1,137,000.00

A. M. Beal, president; J. P. Pearson, vice- president ; H. F. Vierich, cashier ; R. M. John­son, assistant cashier.

Commercial Savings Bank.

Capital .................................................... $100.000.00

Surplus ................... ................... 10.000.00

Undivided profits ....................................... 2.000.00

Deposits ................................................... 153,000.00

Loans ............................................. 205.000.00

John Weckel. president ; J. A. Schmidt. vice-president ; R. M Johnson, cashier.

 

Historical Encyclopedia of Illinois

 

 

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