Imperial County CA Archives History - Books .....Banking 1918 ************************************************ Copyright. All rights reserved. http://www.usgwarchives.net/copyright.htm http://www.usgwarchives.net/ca/cafiles.htm ************************************************ File contributed for use in USGenWeb Archives by: Joy Fisher sdgenweb@yahoo.com February 15, 2006, 8:57 pm Book Title: History Of Imperial County California CHAPTER XIV BANKING FIRST NATIONAL BANK OF IMPERIAL was organized in 1901 with a capital stock of $25,000 by LeRoy Holt, W. F. Holt, George Chaffey and A. H. Heber. The bank was then located where the Imperial Valley Hardware store is now located. Holt Brothers operated a store in the building at that time. The bank remained in that location for a period of two years and in 1903 moved into one of the first brick buildings in Imperial, one door south of its present location. In 1907 the capital stock was increased to $50,000 and in 1908 moved into its present location. The bank owns the building next door as w7ell as its present quarters. The officers are: President, LeRoy Holt; vice president, N. A. Mackey; cashier, O. K. Thomas; assistant cashiers, C. W. Hinderks and C. S. Hill. The total resources of the bank are $725,000 and total deposits are $550,000. All of the men identified with the bank are recognized as far-sighted, keen and discriminating business men and the bank has enjoyed a steady and rapid growth. THE FARMERS AND MERCHANTS BANK OF IMPERIAL was formerly organized as the Imperial City Bank in 1907. The following persons were named as directors in the original articles of incorporation: Geo. A. Parkyns, J. R. Stevenson, R. H. Benton and W. D. Garey. Mr. Byron H. Cook was made secretary of the bank and became its first cashier. To these the following members wrere added as directors for the ensuing year: F. C. Paulin, A. J. Waters and Geo. J. Dennis, all of Los Angeles, California. The authorized capital of the bank was $50,-000, but it operated from the date of its incorporation until January 1, 1918, with a paid up capital of $25,000. In January, 1910, the controlling interest of the bank was purchased by L. J. Thomas. Several of the former stockholders retiring, the stock was placed largely in the vicinity of Imperial. The name of the bank was changed to Farmers and Merchants Bank of Imperial, with commercial and savings departments. At the time of the purchase of the institution the deposits were $32,000; loans and discounts $31,000. Under the new management the bank continued to grow until it became necessary to increase its cap-ital*stock. On January 1, 1918, Frank Wilkin, formerly of Lenox, Iowa, subscribed the balance of the capital stock and succeeded to the presidency. The current statement of the bank shows deposits $315,500, loans and discounts $235,000, and the affairs of the institution are in splendid condition. It has always been the policy of the institution to recognize first the claims of local demands, and it has steadfastly refused to purchase bonds or outside securities, waiving this policy only in behalf of Liberty Bonds. IMPERIAL VALLEY BANK OF BRAWLEY.—Since its organization in 1903 this bank has had a steady growth. It transacts a general commercial and savings banking business, in accordance with the laws governing banks in this state. The bank was originally started in an adobe building and was known as the First Bank of Brawley. F. S. Miller was president and vVm. T. Dam cashier. Mr. Miller served in this capacity for one year, when F. C. Paulin of Los Angeles was made president. The following year W. F. Holt secured controlling interest and was made president. The name of the bank was changed to Imperial County Bank and Mr. Holt served as president for three years. Disposing of his stock, W. T. Dunn was made president in 1905 and has served in that capacity since. The bank started with a capital stock of $25,000 and in 1912 the capital stock was increased to $50,000, and in 1917 it was again increased to $100,000. The present officers of the Imperial Valley Bank are: President, Wm. T. Dunn; vice president, W. H. Best; cashier, M. G. Doud; assistant cashiers, Roy Stilgenbauer and H. J. Ingram. In 1915 the bank was enlarged and remodeled at an expense of $20,000. The bank's business has been conducted in a creditable and up-to-date manner, all modern methods and appliances being used, and it has given patrons the service that is now looked for by the progressive business man. The interior of the bank is finished in rich Circassian walnut and the interior effect is seldom seen outside the larger cities. FIRST NATIONAL BANK OF BRAWLEY.—Among the solid, conservative and reliable moneyed institutions of Imperial County is the First National Bank of Brawley. The bank was organized in 1907 with a capital stock of $25,000 and a surplus of $25,000. In 1915 the capital stock was increased to $50,000 and surplus $10,000. In 1917 the capital stock was again increased to $70,000 and surplus $30,000. The original officers of the bank were: President, W. T. Dunn; vice president, R. E. Wills; cashier, F. F. Parmerlee. The present officers of the bank are: President, W. T. Dunn; vice president, R. E. Wills; cashier, R. L. Angell; assistant cashiers, R. Clayton Lee, Frank Ford, and Edwin A. Wells. The bank started in the Oakley Block, a mercantile building, corner of Sixth and Main Streets, and in 1914 the bank purchased the entire building and takes in the three stores facing Main Street and erected an extension on Sixth Street which is occupied by four offices. The bank was remodeled in 1917 and modern and up-to-date fixtures and vault were installed, costing $20,000. The bank has been progressive from the start and keenly interested in the upbuilding of Brawley and community. AMERICAN STATE BANK OF BRAWLEY was incorporated June 18, 1914, with a capital stock of $50,000; surplus and profits, $7,500. The bank has enjoyed a steady growth. The original officers were: President, F. S. Lack; vice president, P. P. Hovley; cashier, William Smith. The bank opened a branch bank at Calipatria on November 10, 1914, and has had a steady growth coincident with the growth and development of that town. The present officers of the bank are: President, P. P. Hovley; vice president, F. S. Lack; cashier, G. H. Williams; the directors are J. S. Nickerson, George Nowlin, Dewey Carey, J. L. Taecker, Harry Withrow and Ray Griswold. Both banks transact commercial and savings business in all respects in accordance with the laws governing such banks. The interiors of both banks are roomy and well ventilated. FIRST NATIONAL BANK OF HOLTVILLE was organized in 1904 with a capital stock of $25,000 and was later increased to $50,000. The original officers were LeRoy Holt, president, and R. G. Webster, cashier. The present officers of the First National Bank of Holtville are: LeRoy Holt, president; M. C Blanchard, vice president, and E. L. Carson, cashier. This bank is the oldest in Holtville and has enjoyed a steady growth, and is known as being among the leading financial institutions of Imperial County, there being an efficient corps of assistants and a strong board of directors. THE HOLTVILLE BANK was organized in December, 1910, with a capital stock of $25,000. The first officers of the bank were: President, M. L. Hazzard; vice president, Porter N. Ferguson; cashier, O. N. Shaw. The present officers of the bank are: President, O. N. Shaw; vice president, R. W. Hoover; cashier, S. E. Shaw. The bank started in its present location and moved to its own handsome structure in April, 1918, to the corner of Holt and Fifth Streets in the Alamo building. The bank installed their present fixtures in the new location which are modern and up-to-date. The bank is one of the reliable and conservative banks of the county and has enjoyed a steady growth since it opened its doors. It has one of the newest and most modern vaults and safe deposit equipments in the Valley. The bank owns the entire building, and at present sub-leases to the drug store, telephone exchange, hotel and dining room. THE INTERNATIONAL BANK OF CALEXICO was organized in October, 1916, with a capital stock of $25,000. The original officers were Frank D. Hevener, president; J. F. Steintorf, vice president; Paul B. Stein-torf, cashier. The present officers are Frank D. Hevener, president; D. R. Hevener, vice president, and Samuel E. Rottman, cashier. The assets of the bank as per last call of the State Banking Department were $271,000. Its remarkable growth in such a short period is another evidence of the rapid strides the City of Calexico is making. FIRST NATIONAL BANK OF CALEXICO.—The forming of the First National Bank of Calexico was first conceived by John F. Giles and J. M. Edmunds, who applied for a charter in January, 1910. The organization was perfected and charter granted for $25,000 capital stock and doors opened for business March 14, 1910, on the corner of Paulin and Second Streets with the following officers in charge: Sidney McHarg, president; Edward Dool, vice president; J. A. Morrison, cashier; J. M. Edmunds, assistant cashier. The bank enjoyed prosperous business from the start. On the first of November, 1913, Mr. D. A. Leonard of the First National Bank of El Centro, associated himself with the institution and in January, 1914, was elected cashier and J. M. Edmunds president. The following May the deposits had grown to over $250,000, and it was found advisable to increase the capital stock to $50,000. The bank continued to grow by leaps and bounds, and in January, 1916, the deposits had passed the half-million mark. It was then found necessary to again increase the capital stock to $100,000 to enable the bank to accommodate the volume of business and take care of its clients. It became evident that the bank was fast out-growing its present quarters and the management proceeded to negotiate for space in the Anderson block on the corner of Second and Rockwood, where it enjoys the distinction of occupying the finest banking quarters of any town of the size of Calexico in Southern California. In January, 1918, the bank had total resources of a million and a half. EL CENTRO NATIONAL BANK was organized and opened for business March 9, 1909, with F. B. Fuller president, W. T. Bill vice-president, and F. W. Wilson cashier. The capital stock is $30,000. The present officers of the bank are: President, F. B. Fuller; vice-president, W. T. Bill; cashier, T. L. Doherty. The building is 50 x 75 feet. The interior is arranged so as to secure the best working conditions, being roomy and well ventilated, and the vault is of the most modern type. The bank has been very progressive from the start and is numbered among the solid, conservative and most thoroughly reliable moneyed institutions of Imperial County. The bank owns its own building and is unexcelled for its equipment and banking facilities. FIRST NATIONAL BANK OF EL CENTRO was organized May 10, 1909, with a capital stock of $50,000. In 1915 the capital stock was increased to $100,000. The original officers of the bank were: President, Le Roy Holt; vice-president, True Vencell; cashier, J. V. Wachtel, Jr. The present officers of the bank are: President, Le Roy Holt; vice-president, Franklin J. Cole; cashier, A. H. Keller; assistant cashiers, F. J. Gianola, Ira L. Hobdy and R. L. Tilton. A consistent and steady growth has been maintained until, at the present time, it ranks among the foremost of the financial institutions of the Valley. The interior of the bank is finished in mahogany, and every method and appliance is being used such as are seen in the larger cities. The fire-proof vault, which is of the most modern type, is equipped with a time lock. THE SECURITY SAVINGS BANK OF EL CENTRO was organized June i, 1912, with a capital stock of $25,000. Directors: LeRoy Holt, Geo. E. Kennedy, Phil. D. Swing, J. V. Wachtel, Jr., Virgil McCombs, W. H. Brooks, B. F. McDonald, ]E. J. M. Hale, W. T. Bill. November 4, 1916, the name was changed to Security Commercial & Savings Bank. J. K. Hermon, president; J. Stewart Ross, vice-president; O. G. Home, cashier. The three officers, O. Luckett and J. L. Travers, composed the board of directors. January 1, 1918, the capital stock was increased to $50,000—$10,000 surplus earned, $2200 undivided profit. FIRST NATIONAL BANK OF CALIPATRIA.—The growth of this bank has been most remarkable. Under able management it was organized in 1915 with a capital stock of $25,000; surplus, $25,000. The bank occupies a good location in the town of Calipatria, in a stately building, and owns its new home. Every appliance and convenience known to modern banking for the purpose of safeguarding the funds and valuables of its patrons have been installed. The officers of the bank are: President, Wm. T. Dunn; vice-president, V. R. Sterling; cashier, M. Ferguson. The deposits of this institution have grown from $60,000 to $250,000 from October, 1917, to March, 1918. The interior of the bank is finished in silver-finished oak, wrhich gives a very pleasing effect. FIRST NATIONAL BANK OF HEBER was organized and started business on April 2, 1914. The officers of the bank were: Frank Beers, president; George Varney, vice-president; B. C. Beers, cashier. The capital stock is $25,000. The present officers are: President, A. W. Beed; vice-president, G. E. Brock; cashier, W. A. Harlan. Deposits, $140,000; undivided profits, $8000. Additional Comments: Extracted from: THE HISTORY OF IMPERIAL COUNTY CALIFORNIA EDITED BY F. C. FARR IN ONE VOLUME ILLUSTRATED Published by ELMS AND FRANKS BERKELEY, CALIFORNIA 1918 Printed by Taylor & Taylor, San Francisco File at: http://files.usgwarchives.net/ca/imperial/history/1918/historyo/banking247nms.txt This file has been created by a form at http://www.genrecords.net/cafiles/ File size: 13.9 Kb