History: Banking in Menomonie, Dunn Co., WI ==================================================================== USGENWEB NOTICE: In keeping with our policy of providing free information on the Internet, data may be used by non-commercial entities, as long as this message remains on all copied material. These electronic pages may NOT be reproduced in any format for profit or for presentation by other persons or organizations. Persons or organizations desiring to use this material for purposes other than stated above must obtain the written consent of the file contributor, or the legal representative of the contributor, and contact the listed USGenWeb archivist with proof of this consent. This file was contributed for use in the USGenWeb Archives by: Nance Sampson 3 March 1999 ==================================================================== Script Used by Original Bank in Menomonie The first banking of record in Menomonie was carried on by Knapp, Stout & Co. (later Knapp, Stout & Co. Company) as an adjunct of the lumbering industry. Chief feature of the limited service offered by the lumbering firm was the issuance of script which the company paid out to its employees and redeemed only in Menomonie. From that faltering start, finance has become major league in Menomonie. Three strong banks, a growing credit union, a savings and loan, a branch of a major state finance company and a field office of the Production Credit Association put the community on a par with communites twice its size. Within a very short time after the lumbering company started issuing script, the need of a banking institution of more general scope was felt. In May of 1867 S. B. French, operator of a general store, started a banking business in the store. In 1880 the bank burnt out. After this Mr. French concentrated most of his efforts on the banking business. In 1899 Captain Andrew Tainter and his son, Louis, purchased the operation and conducted it as a private bank. Captain Tainter died in 1899 and Louis carried on the business until it was organized under state law in 1903. The organization was under the name of the Bank of Menomonie and the capital was $30,000. First stockholders were Louis S. Tainter, Fred L. French, Mrs. Bertha Tainter, and Mrs. Fanny McMillan. Mr. Tainter was the first president. In 1906 the original stock- holders sold out to James H. Stout, L. D. Harvey, Elmer B. Hill, and W. C. Ribenak. By this time two other banking groups, later to merge, had been formed. The first of the new banking institutions was known as the bank of Schutte & Quilling (William Schutte, Sr. & Albert Quilling). The two partners were general merchants in the city and started the banking operation as co- partners. The first quarters of this banking operation was located in the back of the Schutte and Quilling store building. The business enjoyed a steady growth as a partnership until 1903 when it was incorporated. The Schutte & Quilling Bank celebrated its golden jubilee November 20, 1923. The First National Bank started in 1879. F. J. McLean was the first owner and began business with a capital of $30,000. On January 2, 1883 it became a national bank. Early in 1924 the Schutte and Quilling Bank and the First National Bank merged, giving Menomonie the largest bank for a city of its size in Wisconsin. The resources of themerged bank wer also the highest for a bank in a community of 5,000 people in the entire nation. On February 16, 1924 the merger was celebrated with an open house. An orchestra provided music for the more than 4,000 visitors who examined every inch of the bank. Frank Pierce, president of the First National Bank at the time of the merger, became the president of the merged institution. The Kraft State Bank became a member of the financial community in March 1914. Phillip Kraft and his sons, John S., William F., and Samuel P., were the founders. The firm was originally organized as a state bank. The Security Loan & Trust Co. was organized March 17, 1924. Albert Quilling stated the trust company with friends and associates. The firm started with a capital of $100,000 and a surplus of $10,000. The Menomonie Farmers Credit Union was chartered in 1939 and has shown steady growth in 29 years of existence. Roy Cropp was the president and Gerhardt Ponto, the vice president, was one of the charter members of the firm (as of 1968). The First Federal Savings and Loan Association was organized in Menomonie in 1941 by W. H. Bundy and Walt Wenzel. Recently (1968) the firm moved into larger quarters -- a sign of growth. Menomonie also has a branch of Thorp Finance Corp., a state-wide organization. Thorp came to the community in the early 1940's. The Production Credit Association office has steady growth in its years in the city. --Taken from the Eau Claire Leader/The Daily Telegram, Progress Edition, 1968.