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Financing

HISTORY
IN

Empire

BANKING

CALIFORNIA

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VOLUME IV

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THE S. J. CLARKE PUBLISHING CO.
1927

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Banks

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Bankers

CITIZENS SAVINGS BANK OF ALAMEDA.
The prime movers in the organization of the Citizens Bank of Alameda, which was incorporated January 26, 1906 , were S. E. Biddle, C. C.
Boynton, D. L. Westover, William W. Westover, Dr. George A. Moore and
L. A. Konigshofer. Business was begun on the 12th of March, 1906, with
an authorized capital of one hundred thousand dollars, of which fifty
thousand dollars was paid in at that time, and a surplus of ten thousand
dollars.

On the 1st of March , 1908, the balance of the authorized capital

was paid in. On the 13th of March, 1912, the capital was reduced to
fifty thousand dollars, at which time the Citizens National Bank of Alameda, an affiliated institution, was organized , and the name of the Citizens
Bank of Alameda changed to Citizens Savings Bank of Alameda, the
Citizens National Bank taking over all of the commercial business of the
Citizens Bank of Alameda.
The first officers of the institution were as follows :

Dr. George A.

Moore, president ; S. E. Biddle, vice president ; F. V. Bordwell, cashier ;
and R. W. Westover, assistant cashier.

The original directors were Dr.

George A. Moore, James K. Lynch, W. G. Tibbitts, D. L. Westover, A. N.
Lewis, S. E. Biddle and L. A. Konigshofer. Dr. George A. Moore resigned the presidency on the 9th of January, 1907, and was succeeded
by James K. Lynch, vice president of the First National Bank of San
Francisco. S. E. Biddle was succeeded as vice president by Thomas G.
Hutt on the 13th of April , 1914. On the 12th of September, 1917 , Thomas
G. Hutt succeeded James K. Lynch in the presidency , the latter having
accepted the governorship of the Federal Reserve Bank. Thomas G. Hutt,
as vice president, was the predecessor of P. H. Gohn, who has continued
in that official capacity since September 12 , 1917.

F. V. Bordwell was

succeeded as cashier, September 11 , 1918 , by P. H. Gohn, who is now
serving in the dual official position of vice president and cashier.
The official personnel of the Citizens Savings Bank of Alameda at
this time is therefore as follows :

Thomas G. Hutt, president ; P. H.

Gohn, vice president and cashier ; R. Nolthenius, assistant cashier ; L. M.
Frier, assistant cashier ; B. M. Moblad , assistant cashier ; T. G. Hutt, Jr. ,
assistant cashier ; C. R. Ohlson, assistant cashier and manager of the
Webster Street branch ; and Crane Walden. The members of the board
of directors are Thomas G. Hutt, P. H. Gohn, James Tyson, L. A. Konigshofer, Herbert D. Clark, W. G. Tibbitts, L. R. Weinmann, S. E. Biddle
and Frank Weeden.
3

FINANCING AN EMPIRE
The Citizens Savings Bank increased its capital stock twenty-five thou-

sand dollars on the 10th of August, 1916, twenty-five thousand dollars on
the 22d of May, 1918, twenty-five thousand dollars on the 13th of August,
1919 , ten thousand dollars on the 9th of March, 1920, and fifteen thousand
dollars on the 18th of September, 1920, making a total capital of one
hundred and fifty thousand dollars. The Webster Street branch of the
institution was established January 12, 1917.
In its report of condition at the close of business December 31 , 1926,
the Citizens Savings Bank of Alameda showed :
Capital paid in
Surplus
All undivided profits

Deposits
Total resources

150,000.00
105,000.00
40,690.61

3,022,392.95
3,487,372.19

CARL ROY OHLSON .
During the nine-year period of his identification with the Citizens Savings Bank
of Alameda, Carl Roy Ohlson has risen from a humble position to the important
place of manager. A native son of California, he was born at Fort Bragg in August,
1902 , his parents being Emil and Olivia (Wahlstrom) Ohlson, natives of Sweden.
He pursued his education in the grade and high schools of Fort Bragg and was a
youth of sixteen when in 1918 he began learning the banking business under J. J.
Cambridge, Jr., of the Citizens Savings Bank of Alameda. Promotion came to him
as he demonstrated his ability and trustworthiness in the efficient discharge of the
duties assigned him and eventually he was advanced to the position of manager of
the institution, in which capacity his efforts constitute no small factor in its growth
and success .
Mr. Ohlson is a worthy exemplar of the teachings and purposes of the Masonic
fraternity, to which he belongs , and is also a member of the Young Men's Christian
Association. A young man of marked ability, enterprise and foresight, his many
friends feel no hesitancy in predicting for him a bright future in banking.

LAWRENCE PICKERSGILL .
Lawrence Pickersgill holds a responsible position as assistant manager of the
American Trust Company of Alameda. His birth occurred in Antananarivo, Madagascar, on the 29th of November, 1887 , his parents being William Clayton and Agnes
(Merrington ) Pickersgill, the former a native of England, while the latter was born
on Barbados Island. William Clayton Pickersgill, who filled a position of prominence
as British consul from England to the United States , passed away in San Francisco ,
California , in July, 1901. He also engaged in missionary work in Madagascar and
was British consul in Madagascar and the Kongo Free State.
Lawrence Pickersgill was a little lad of four years when in April, 1892 , he was
taken by his parents to London , England, where he began his education as a public
school pupil. Following the emigration of the family to the United States , in 1899 , he
became a grammar school student in San Rafael , California . He was a youth of about
fifteen when in 1902 he entered the service of the Aetna Life Insurance Company of
San Francisco as a hustling office boy full of ambition and on the alert for an opportunity to advance himself. In 1903 he became an employe of the Canadian Bank of
Commerce in San Francisco, with which he remained for fifteen years , during which
period he was promoted to the position of assistant accountant. In June, 1918 , he
entered the Bank of Alameda at Alameda, California, in the capacity of teller, and

HISTORY OF BANKING IN CALIFORNIA

three years later, on the 1st of July, 1921, was appointed assistant cashier. In February, 1926 , when the Bank of Alameda was taken over by the American Trust Company, Mr. Pickersgill was made assistant manager of the latter institution, which he
has thus represented most acceptably to the present time. He is a conservative, able
young banker of most pleasing personality who well merits the success which has
come to him . He took out his citizenship papers in San Francisco, California, in
July, 1918.
In 1911 Mr. Pickersgill was united in marriage to Miss Louise Duveneck, a native
of San Francisco, California . They are the parents of three children, namely : Eleanor,
Clayton and Jean Pickersgill. All are grammar school pupils.

CAROLINE J. WALDEAR.
Caroline J. Waldear, manager of the collection department of the Alameda branch
of the American Trust Company, has spent her entire life in California, her parents
being L. P. and Emelia ( Erezuma ) Waldear. Her education was acquired in the
public schools of Oakland , although the family residence at the time of her birth
was in San Francisco. Her girlhood, however, was spent in Oakland and when she
had completed her education she sought to enter the business world and obtained the
position of bookkeeper at the Oakland Copper and Brass Works , with which enterprise
she was thus associated for two years.
Miss Waldear next joined the Alameda National Bank, now the Alameda branch
of the American Trust Company, being assigned to a position in the transit department
in 1917. After two years spent in that connection she was transferred to the collection department and so capable and efficient has been her service in this branch of
banking that she has been advanced to manager of the department, handling escrows,
incoming and outgoing collections , travelers ' checks and issuance of drafts . She has
proven a very successful business woman, conducting her affairs with marked ability,
satisfactory to the patrons of the bank as well as to the officials under whom she
serves.
Miss Waldear is a member of the Business and Professional Women's Club and
has served as its secretary. She is now chairman of the Oakland Chapter of the
American Institute of Banking and a most enthusiastic worker in behalf of that
organization. During the national convention held at Dallas , Texas, in 1923 she was
sent as representative from Alameda county and she is the author of many interesting
articles which have appeared in the Coast Banker and which have encouraged work
through the medium of the American Institute of Banking, as she believes this to be
one of the most vital forces in promoting efficiency among those who are making banking a life work.

JAMES EDWARD BAKER.
James Edward Baker, who was identified with banking interests in California
for a period covering four decades, occupied the presidency of the Bank of Alameda
when he passed away on the 3rd of January, 1916. He was a native of the state of
New York and supplemented his early educational training by a course of study in
the University of Rochester. As a young man he entered the service of the Western
Union Telegraph Company, being employed successively in the offices at Buffalo ,
New York, and Sacramento, California.
It was in the year 1876 that Mr. Baker became connected with the Bank of San
Jose at San Jose, California, where he was gradually promoted as he demonstrated
his fitness for work of increased responsibility and importance. Ambitious to attain
individual success, he was always on the alert to embrace an opportunity that promised
advancement. Leaving the Bank of San Jose, Mr. Baker accepted the cashiership
of the Bank of Alameda at Alameda, California, with which institution he was connected throughout the remainder of his life and of which he was eventually made
president. The Alameda National Bank, as the institution was known at the time of
Mr. Bakers death, sold out to the Alameda Savings Bank on the 30th of June, 1921 ,

FINANCING AN EMPIRE

subsequent to which time the bank again assumed its former name of Alameda
National. It was also after the year 1921 that a trust department was established,
and thus Mr. Baker's most cherished ambition was fulfilled.
In Greeley, Colorado, Mr. Baker was united in marriage to Carrie Carlton Packard
and they became the parents of a daughter and a son. Alice Baker became the wife
of S. S. Richards, connected with the Standard Oil Company in China , and is now the
mother of a daughter, Joy Richards. E. Carlton Baker, who has been in the consular
service in China for sixteen years, married Miss Jeane Peddler, of Washington, and
has two children, Bettie and Lee Baker. The widow of James Edward Baker still
resides in the old family home at 2507 Central avenue, Alameda, in which city she
has a large circle of warm friends. She is a woman of charming and delightful personality whom it is a pleasure to meet.

LLOYD SMITH .
Lloyd Smith is the efficient young manager of the Webster Street branch of the
American Trust Company in Alameda , his native city. He was born October 12, 1894,
a son of A. H. and Veroncha ( Hutton ) Smith, of Indianapolis, Indiana, and in pursuit
of an education attended the schools of Alameda and is a graduate of the American
Institute of Banking. He was a youth of eighteen years when in 1912 he entered
the service of the Canadian Bank of Commerce in San Francisco, with which institution
he continued until August, 1914. At that date he joined the Sixteenth Canadian
Scottish Highlanders as a volunteer, and after serving for three years on the firing
line in France he was wounded. At the end of seven months' care in a London
hospital, being unfit for further fighting, he was transferred to the Lloyds Bank in
London, through the military department of that institution , with which he remained
until May, 1919. He then returned to Canada, later went to San Francisco and thence
came back to Alameda. On the 15th of August, 1919, he joined the old Bank of Alameda as a general clerk, thus serving until August 31 , 1922 , when he entered the
head office of the Mercantile Trust Company in San Francisco , where he filled
various positions. Eventually he was appointed to his present place as manager of
the Webster Street branch of the American Trust Company in Alameda , in which
capacity his efforts have been productive of excellent results.
Mr. Smith belongs to the Benevolent and Protective Order of Elks and has made
many warm friends in the varied relations of life.

CITIZENS NATIONAL BANK OF ALAMEDA.
The Citizens National Bank of Alameda , affiliated with the Citizens
Savings Bank of Alameda, was incorporated February 8, 1912, and opened
its doors for business on the 13th of March following with a capital of
one hundred thousand dollars . Its first officers were as follows : James
K. Lynch, president ; S. E. Biddle, vice president ; F. V. Bordwell, cashier ;
and C. J. Hammond, assistant cashier. The original directors were James
K. Lynch, S. E. Biddle, Herbert D. Clark, L. A. Konigshofer, A. N. Lewis ,
.C. C. Boynton, I. L. Bryner, D. L. Westover and W. G. Tibbitts. On the
12th of September, 1917, James K. Lynch was succeeded in the presidency
by Thomas G. Hutt. S. E. Biddle was the predecessor of Thomas G. Hutt
in the vice presidency and the latter served in that official capacity from
April 13, 1914, until September 12 , 1917, when he was succeeded as vice
president by P. H. Gohn . On the 11th of September, 1918 , F. V. Bordwell
was succeeded in the cashiership by P. H. Gohn.

HISTORY OF BANKING IN CALIFORNIA

The official personnel of the Citizens National Bank of Alameda at
the present time is as follows : Thomas G. Hutt, president ; P. H. Gohn,
vice president and cashier ; R. Nolthenius, assistant cashier ; L. M. Frier,
assistant cashier ; B. M. Mobad, assistant cashier ; T. G. Hutt, Jr., assistant cashier ; and Crane Walden, assistant cashier.
The directorate is
composed of Thomas G. Hutt, P. H. Gohn, James Tyson, L. A. Konigshofer, Herbert D. Clark, W. G. Tibbitts, L. R. Weinmann, S. E. Biddle
and Frank Weeden.
In its report of condition at the close of business on December 31 ,
1926 , the Citizens National Bank of Alameda showed :
Capital stock paid in
Surplus fund
Undivided profits

Deposits
Total resources

100,000.00
50,000.00
19,393.02
973,231.81

1,241,824.83

COMMERCIAL NATIONAL BANK.
Alameda.
The Commercial National Bank of Alameda was chartered in February, 1921 , with a capital of one hundred thousand dollars and surplus of
ten thousand dollars, all paid in.
The Central Loan Association of Alameda was organized in 1909 by
F. N. Delanoy and grew to a million-dollar institution by 1921 , when the
need was felt for the added facilities of a bank. The resources of the
Central Loan Association now exceed two million dollars and it has been
greatly benefited by the associated bank.
The Commercial National Bank began paying dividends of six per
cent per annum after the first six months of its existence and has continued to pay semi-annual dividends to the present time. In addition their
surplus has been increased five thousand dollars from earnings. Their
deposits have steadily grown until they now amount to between three
hundred and fifty and four hundred thousand dollars.
In January, 1925 , the Commercial National Bank acquired the property at the southeast corner of Park street and Central avenue, covering
one hundred and forty feet on Park street and one hundred feet on
Central avenue, which was remodeled into a modern banking home and
business block. This has since doubled in value . The heads of the institution attribute its success to the fact that clientele and confidence had
already been established . The bank was organized by F. N. Delanoy and
his son, J. L. Delanoy, who have served as president and cashier, respectively, from the beginning.
Frederick Maurer occupies the official
position of vice president. The original directors were F. N. Delanoy,
J. L. Delanoy, Frederick Maurer, H. Rosenthal , Frank Holly, R. V. Powell,

FINANCING AN EMPIRE

M. Stafford, Al Jacobs and Charles Westall , the last named now deceased.
J. A. Powell subsequently replaced one of the members of the board of
directors, which now numbers eight.
The officers of the Commercial National Bank hold the same respective
offices in the Central Loan Association of Alameda and the principal stockholders are the same in both corporations.

The bank originally con-

ducted business in rented quarters at Park street and Central avenue,
where the loan association had its inception .

GURTH M. BATEMAN.
Gurth M. Bateman , manager of the Albany branch of the American Trust Company of California, well deserves representation in this work as one of the able, alert
and progressive young bankers of his native state. His birth occurred in Hanford,
California, in 1897 , his parents being Dr. A. J. F. and Isabelle ( Macpherson ) Bateman, natives of England and Scotland, respectively. He acquired his early education
in the schools of his native town and subsequently continued his studies in the high
school at Sonoma, of which he is a graduate. It was in 1916 that he gained his initial
experience in the banking business under S. E. Biddell in the service of the Security
Trust & Savings Bank of Oakland, California. With this institution he continued for
three years, being first employed as messenger and later serving successively in the
transient department, the savings department and the commercial paying and receiving department. In 1919 he became connected with the First National Bank of Berkeley, California, there working in all departments until 1922, when he was transferred
to South Berkeley as paying teller and assistant manager in what was then the Berkeley Bank of Savings. In those capacities he continued until March, 1926, when he was
made manager of the Albany branch of the Mercantile Trust Company of California,
now the American Trust Company, the duties of which responsible position he has
since discharged in a most efficient and creditable manner.
The wife of Mr. Bateman bore the maiden name of La Verne Goff and is a native
of Ohio. Mr. Bateman is a worthy exemplar of the teachings and purposes of the
Masonic fraternity to which he belongs, and is well known and highly esteemed
throughout his home community as an enterprising and public-spirited young citizen.

THE BANK OF ALAMEDA COUNTY .
Alvarado- Niles- Irvington.
The Bank of Alameda County, its central organization being located
in Alvarado , was organized in 1902 by C. H. Layson and I. V. Ralph,
with a capital stock of twenty-five thousand dollars, and was opened for
business in May of that year, Mr. Ralph becoming its first president, with
F. B. Granger as vice president, F. P. Hellwig as secretary, and August
May as cashier, while in addition to the officers George Althauser, D. F.
Wiegman and E. H. Stevenson were on the directorate.

Mr. Ralph served

as president until January, 1907 , when he resigned and was succeeded by
August May, while J. R. Blacow was elected cashier.

At that time D. F.

Wiegman succeeded Mr. Granger in the vice presidency.
Mr. Hellwig
died May 10 , 1909 , and E. H. Stevenson then became secretary . In 1913
J. R. Blacow was elected secretary, while Mr. Wiegman was succeeded by

HISTORY OF BANKING IN CALIFORNIA
Henry H. Patterson in 1916.

The death of Mr. Althauser occurred in

1917, at which time E. H. Hirsch was made a director, and in 1918 J. A.
Silva succeeded Mr. Wiegman, deceased.

In January, 1926 , Mr. Patterson

resigned as vice president, and Mr. Blacow was elected vice president,
secretary and cashier.

The present officers and directors are as follows :

August May, president and manager ; J. R. Blacow, vice president and
secretary ; R. A. Blacow, cashier ; C. M. Christensen, assistant cashier ;
and August May, Henry H. Patterson, F. B. Granger, A. A. Oliver, J. R.
Blacow, E. H. Hirsch and J. A. Silva, directors.
The capital has been increased from time to time to one hundred and
sixty thousand dollars , the increase being made partially from earnings
and partially by additional stock subscriptions. The bank has been paying regular dividends since the first two years of its existence, beginning
with five per cent and increasing to twelve per cent per annum, and
there is now an accumulated surplus of ninety thousand dollars , with
undivided profits of thirty thousand dollars . Their deposits at the end
of the first year were one hundred thousand dollars , and on the 31st of
December, 1925, had become two million, four hundred and sixty-three
thousand and forty-eight dollars. The steady growth of the bank's business is indicated in the following table of assets :

December 31 , 1910

$ 549,132.00
645,602.00
2,082,942.00

December 31 , 1915
December 31, 1920
December 31, 1925

2,463,048.00

In 1910 The Bank of Alameda County established a branch at Irvington, and in 1916 one at Niles . In that year they purchased the Niles
State Bank, which they consolidated with their branch at that point. The
institution, organized as the Bank of Alvarado , changed its name in 1910
to The Bank of Alameda County.

The steady growth of this bank is

largely attributed to the fact that it is located in a district given over to
diversified agriculture .

J. R. BLACOW.
In the official capacities of vice president and secretary J. R. Blacow is active in
the control of the Bank of Alameda County at Alvarado, with which he has been
continuously connected during the past twenty-three years . A worthy native son
of Alameda county, California, he was born at Centerville on the 16th of July, 1879 ,
his parents being Mr. and Mrs. Alfred Blacow. He attended grammar and high
schools in the acquirement of an education and after putting aside his textbooks
obtained employment as clerk in the board of supervisors office at Oakland.
It was in 1904, when a young man of twenty-five years that Br. Blacow became
assistant cashier in the Bank of Alameda County, of which he was elected cashier
three years later, in 1907, while in 1913 he accepted the dual office of secretary and
cashier. Since January, 1926, as above stated , he has discharged the official duties
of vice president, secretary and cashier, and his efforts have long constituted an
important factor in the continued growth and success of the institution which he
represents.

FINANCING AN EMPIRE

Fraternally Mr. Blacow is identified with the Masons and with the Benevolent
and Protective Order of Elks. He resides at Centerville , where his many friends attest
his genuine personal worth and sterling traits of character.

AUGUST MAY.
During the past two decades August May has occupied the presidency of the
Bank of Alameda County at Alvarado, which he assisted in organizing in 1902 and
of which he has been in active charge from the beginning. His birth occurred at
Alvarado, California, on the 13th of December, 1866 , his parents being Mr. and Mrs.
August May. He acquired a public school education in his youth and thereafter began
farming and dealing in cattle. Subsequently he turned his attention to the retail
and wholesale meat business , conducting an enterprise of that character at Alvarado
until 1901.
In the following year Mr. May was one of the organizers of the Bank of Alameda
County, of which he became the first cashier and of which he has remained in active
charge since its inception. Since 1907 he has been the executive head of the Bank
of Alameda County as its president, and under his capable direction the institution
has thrived and prospered. Mr. May also devotes considerable attention to farming
interests and has long been numbered among the successful and leading citizens of
his native town. His name is on the membership rolls of the Native Sons of the
Golden West.

IRA BROWN CROSS .
Ira Brown Cross , professor of economics in the University of California, is an
educator and author of wide renown who has rendered public service of a most
important character. A native of Decatur, Illinois , he was born December 1 , 1880 ,
and is a son of Bradford and Orietta ( Clemmons ) Cross. Liberal educational advantages were afforded him in his youth. He was graduated with the degree of Bachelor
of Arts, in 1905 , from the University of Wisconsin , which in the following year conferred upon him the degree of Master of Arts. In 1909 he received the degree of Doctor of Philosophy from Leland Stanford Junior University, in which institution he
remained as instructor in economics until 1912, and was then made assistant professor,
thus serving for two years. Since August, 1914 , he has been a member of the faculty
of the University of California, with which he was first connected as assistant professor
of economics until August , 1917 , then as associate professor for two years and in
which he has filled the chair of professor of economics since 1919.
Dr. Cross performed valuable service as an expert with the Wisconsin Tax
Commission from 1904 until 1906 , the Wisconsin Bureau of Labor Statistics in 1905
and the United States Immigration Commission during the years 1908 and 1909.
He acted as field agent in connection with the Carnegie Peace Foundation in 1912 ,
was secretary of the California Industrial Accident Commission in 1913 and 1914 and
special agent for the United States Commission on Industrial Relations in 1914 and
1915. He was a member of the United States Shipping Board and Macy Commission
in 1918 and director of the employment management course of the War Industries
Board in the same year. He has membership in the American Economic Association
and the American Association of Labor Legislation and is an honorary member of
the State Building Trades Council of California, the American Institute of Banking,
the Oakland Chamber of Commerce and the San Francisco Commercial Club.
In his political views Professor Cross is a progressive. As above indicated, he
has gained an enviable reputation in the field of literature, being the author of the
following works : Cooperative Stores in the United States ( 1906 ) ; Essentials of Socialism ( 1911 ) ; Collective Bargaining in San Francisco ( 1917 ) ; and Domestic and Foreign Exchange ( 1923 ) . He belongs to the Greek letter fraternities Lambda Chi
Alpha, Delta Sigma Rho , Phi Alpha Tau, Phi Beta Kappa , Beta Gamma Sigma and
Alpha Kappa Psi.

HISTORY OF BANKING IN CALIFORNIA

On the 14th of July, 1911 , Ira B. Cross was married to Blanche Julia Mobley, of
Palo Alto, California. They are the parents of two sons, Ira Brown and Carleton
Parker, and reside at 1418 Le Roy avenue in Berkeley.
F. L.

GIFFORD T. DOUGLAS.
Gifford T. Douglas is a well known banker of Berkeley who figures actively in
financial affairs as vice president of the American Trust Company. His birth occurred at West Milton , Ohio, on the 17th of October, 1884, his parents being D. F.
and Emma (Thornburg) Douglas. The father, who was long and prominently identified with financial interests in western Ohio and eastern Indiana , organized the First
National Bank of West Milton, Ohio, and the First National Bank of Versailles, Ohio,
in 1882.
Gifford T. Douglas was graduated from Earlham College of Richmond , Indiana , in
1904 and then entered the First National Bank of West Milton, Ohio, which had been
founded by his father and in which he remained as a director and officer until 1912.
In the latter year he came to California and entered the Old First National Bank of
Berkeley in the capacity of assistant cashier. He was made manager of the Telegraph
Avenue branch of the Berkeley Bank of Savings & Trust Company in December, 1915 ,
and in March, 1919 , was transferred to the head office of that institution, becoming its
cashier. At the time of the merger with the Mercantile Trust Company, in 1922 , he
was elected to the position of assistant vice president and on the 1st of January of
the following year was chosen vice president and assistant manager of the Berkeley
district of the Mercantile Trust Company of California , to which he gave his exclusive
attention. He is now officially connected with the American Trust Company, which represents the merger of The American Bank and the Mercantile Trust Company of California. Mr. Douglas was president of Oakland Chapter of the American Institute of
Banking in 1918-19 and secretary of the trust company section of the California Bankers Association in 1920-21.
A worthy exemplar of the teachings and purposes of the Masonic fraternity, to
which he belongs, Mr. Douglas was the youngest master in Ohio at the time he was
made master of West Milton Lodge, F. & A. M. His religious faith is indicated by his
membership in the First Presbyterian church of Berkeley, of which he is a trustee. He
served as vice president of the Berkeley Chamber of Commerce in 1925 , also belongs
to the Berkeley Country Club and until recently was an associate member of the Faculty
Club. He owns an attractive home on El Camino Real in Claremont.

WALLACE S. WOOD.
Wallace S. Wood, who for a quarter of a century has been a representative of
banking interests in Berkeley, has since March 10 , 1919 , occupied the position of vice
president of the Berkeley Bank of Savings and Trust Company, now the First Berkeley
branch of the American Trust Company. He was born in Illinois, September 7, 1866 ,
and is a son of William H. and Margaret ( Fisher ) Wood . During his youthful days
the family home was established in Wisconsin and he acquired his education in the
public schools there. A return to his native state enabled him to start his business
career as an employe of a firm engaged in the wholesale hide and wool business in
Quincy, Illinois, and in Chicago and with that company he remained for a year, after
which he went to St. Paul, Minnesota, and secured a position with a mortgage loan
company, with which he remained for nearly sixteen years as head accountant, his long
retention in that service being unmistakable proof of his capability and his loyalty to
the interests which he represented .
Coming to California in 1903, Mr. Wood started in the business world here as receiving teller in the old University Savings Bank of Berkeley but after five months
resigned that position and joined the forces of the First National Bank of Berkeley
as bookkeeper. Methodical, diligent and energetic and prompted, moreover, by a laudable ambition, he so served the company as to win promotion and was successively as-

FINANCING AN EMPIRE

sistant cashier and cashier until appointed vice president on the 10th of March, 1919.
He has remained continuously with the First National Bank and with the Berkeley
Bank of Savings and Trust Company and is still directing the affairs of the institution,
which has since become the First Berkeley branch of the American Trust Company.
Mr. Wood was married in 1924 to Miss Ruth Wood, a native of Illinois. He was
chosen as the banking representative of the Rotary Club, of which he is still a member,
and he is in hearty sympathy with that organization , whose standards are one hundred per cent American. He possesses a pleasing personality and his outstanding characteristics well merit the high regard in which he is uniformly held .

GEORGE CLIFFORD PETTYGROVE .
For four years George Clifford Pettygrove has been assistant vice president of the
First Berkeley branch of the American Trust Company. His identification with banking dates from 1911, at which time he was a young man of twenty years, his birth
having occurred in Pleasanton, California, in 1891. While spending his youthful days
in the home of his parents, George L. and Mary J. ( Hutton ) Pettygrove, he acquired
a public school education in Merced county, California , and in the schools of Berkeley,
completing his high school course by graduation. He afterward took up university
extension courses under the University of California and he is also a graduate of the
American Institute of Banking, in connection with which he is now teaching classes
in real estate and trust functions, being regarded as an authority upon many questions having to do with those branches of banking.
It was in September, 1911 , that Mr. Pettygrove entered the employ of the First
National Bank of Berkeley, which afterward became the Berkeley Bank & Trust Company. He was assigned to the post of receiving teller and in 1914 was transferred to
the real estate and loan department of the Berkeley Bank & Savings. In 1923 he was
appointed assistant vice president of the First Berkeley branch of the American Trust
Company and is now rendering valued service in that connection.
Mr. Pettygrove was united in marriage in 1914 to Miss Mary Juanita Harrod,
of Shasta, California, and the family circle now includes two children, Mary J. and
George Clifford , Jr. Mr. Pettygrove has become well known in business circles and
the enterprise and progressive spirit which he has ever displayed have given him
creditable standing among his fellow townsmen.

JUAN CLAIRE GREEN.
The American Trust Company has been most careful in the selection of men to fill
official positions in its branch banks, and that Juan Claire Greene was thus chosen immediately establishes his position as an alert, wide -awake and energetic young business man. He is now filling the position of manager of the Claremont branch at 3022
Ashbury street in Berkeley.
His life history had its beginning in 1889, his birth occurring in Iowa, of which
state his parents, J. C. S. and Myra (Wright ) Green , were also natives . His education was acquired in the public schools of Aurelia, Iowa, and he made his initial step
in the business world by becoming office boy in the employ of the Morris Packing Company of Chicago, Illinois, with which corporation he continued for four years, serving
in the auditing department of the dressed beef section and later in the credit department.
Mr. Green dates his residence in California from 1919 and in that year, while in
Berkeley, became connected with the banking business, being made receiving teller of
the First National Bank of Berkeley, now the American Trust Company. From time
to time he was advanced until he had served in all the different departments of the
First National Bank, and when the American Trust Company opened the Claremont
branch Mr. Green was chosen to act as manager, assuming the duties of this position
on the 7th of February, 1927. It is his purpose to make the youngest branch on a
parallel with the older ones in the volume of business done. He is extremely energetic

HISTORY OF BANKING IN CALIFORNIA

and ambitious and has displayed sound judgment in guiding and controlling the interests under his direction.
In 1915 Mr. Green was married to Miss Elma Doane, of Illinois, and they have
become parents of two children, Muriel and Lucile.
Mr. Green is active in the Young Men's Christian Association of Berkeley, being
chairman of the senior advisory committee. He is also president of the Trinity Club,
which indicates his capability for leadership, and is the president of the American
Trust Company's Club of the East Bay district. He is likewise a past governor of
the Oakland Chapter of the American Institute of Banking. The interests and activities of his life are well balanced. While an extremely busy man in the conduct of the
branch bank, he nevertheless finds time for needed recreation and for those things
which mean for him pleasure and enjoyment, and all who know him value his friendship and delight in his companionship .

LESLIE R. SMITH .
Leslie R. Smith is demonstrating his banking ability as manager of the Telegraph
Avenue branch of the American Trust Company of California in Berkeley. His birth
occurred in San Francisco, California , his parents being Leslie T. and Ella (Johnston )
Smith, the former a native of Ohio, while the latter was also born in San Francisco.
He acquired his early education in the grammar schools of his native city and continued his studies as a high school pupil at Livermore, California, while subsequently
he entered Purdue University of La Fayette, Indiana, from which he received the degree of Civil Engineer. Thereafter he turned his attention to construction work and
was head of a company of surveyors for the Western Pacific Railway Company.
It was in 1912 that Mr. Smith entered the banking business in Berkeley, California, as general messenger in the service of the First National Bank of Berkeley under
A. W. Naylor, president. During the period of his identification with this institution ,
which continued until 1914, he was promoted from the position of messenger to that
of bookkeeper, which he filled for six months, at the end of which time he was made an
assistant in the collection and exchange department and later was advanced to the
place of assistant teller. From the First National Bank of Berkeley, Mr. Smith was
transferred to the Berkeley Bank of Trust & Savings in 1914 as assistant teller and
assistant general bookkeeper. In the following year he entered the Telegraph Avenue
branch of the Berkeley Bank of Trust & Savings, occupying the position of junior
receiving teller until 1916, when he became assistant paying teller, while in 1917 he
was made head paying teller and in 1918 became head of the foreign exchange department, which he organized . In the year 1919 he was made assistant manager of the
Telegraph Avenue branch, which became the Telegraph Avenue branch of the American
Trust Company of California and of which he is now manager. His efforts in this important capacity constitute an asset of value in the successful control of this great
financial institution.
Mr. Smith is second vice president of the American Institute of Banking and for
six months served as president of the Telegraph Avenue Commercial Association of
Berkeley, California, of which he is now the secretary. He is a man of strong personality and of undoubted ability and worth , yet modest and unostentatious in manner.

LAWRENCE C. HAINES .
Although a San Francisco corporation , the American Trust Company has not confined its efforts to that city but has become a forceful factor in the direction of financial affairs throughout the Bay district and in other parts of the state. Its various
branches are under competent management, and the recognition of ability on the part
of Lawrence C. Haines led to his appointment as manager of the Northbrae-Thousand
Oaks branch at Berkeley on the 10th of March, 1927. He is an Englishman who has
readily adapted himself to the conditions of the new world and found in its business'
opportunities a field for progress and success .
Born in Bath, England, in 1898 , Mr. Haines is a son of Campbell W. and Julia

FINANCING AN EMPIRE

(Nott ) Haines. The schools of his native city afforded him his preliminary educational opportunities and for three years he was a student in the Greenpark College.
He was a youth of eighteen years when in 1916 he accompanied his parents on the
journey to the United States , the family home being established in Dallas, Texas. There
he sought employment and soon afterward entered the service of the Dallas Automatic
Telephone Company, filling the position of manager of the Avondale exchange for one
year. In 1917 he became a factor in banking circles as an employe of the City National
Bank of Dallas, starting in the humble position of messenger but advancing rapidly
until he was made bookkeeper and later utility man . He remained with the City National Bank for a period of four years and then came to California, where he has since
made his home.
Mr. Haines joined the Central National Bank of Oakland and served as bookkeeper
for eight months , after which he returned to Dallas on a visit but a little later was
again in California, filling the position of bookkeeper in the First National Bank of
Berkeley, with which institution he was identified for nearly five years, having won
various promotions until he was made manager of the transit department. In 1927
he was chosen to open the Northbrae-Thousand Oaks branch of the American Trust
Company and since the 10th of March of that year has occupied the position of manager in a most creditable and satisfactory manner. His high standing in banking circles is indicated in the fact that he is manager of the Berkeley Clearing House Association.
Mr. Haines was united in marriage to Miss Ruth Dunn, of Holland, Texas, and
they are now parents of one daughter, Laurine Aubrey.
Mr. Haines is a popular member of the Berkeley Bank Club, of which he has served
as president, and he also belongs to the American Institute of Banking, displaying at
all times keen interest in financial affairs and neglecting no effort that will promote
the success of the institution which he now directs.

HARRISON B. SMITH .
Perhaps every state in the Union has contributed to the citizenship of California,
and among those who have come to the Pacific coast from Illinois is Harrison B. Smith,
whose birth occurred in Monmouth in 1864, his parents being William F. and Mary
(Bell ) Smith. He began his education in the public schools of Monmouth and afterward continued his studies in Philadelphia . When twenty years of age he started in
the banking business , and the thoroughness with which he has since mastered every
task assigned him has given him comprehensive knowledge of banking and made him
a forceful factor in the success of the institutions with which he has been identified .
He was first assistant cashier of the National Bank of Monmouth and subsequently
organized the Peoples National Bank of Monmouth, Illinois , serving as cashier for a
time and later for twelve years as president of that institution .
When the Commercial National Bank of Berkeley, now a branch of the Bank of
Italy, was organized , Mr. Smith was elected to the presidency of the corporation, which
announced its opening for December 15 , 1926 , with temporary quarters at 2012 Shattuck avenue . Prior to its organization Mr. Smith had located in Tulare county, California, and had become one of the successful orange growers of the state, but while
thus engaged in horticultural pursuits he had watched the growth and development of
Berkeley and finally decided to make it his home, regarding it as a desirable location
from both the business and the residential standpoints. He is therefore putting into
this new financial organization his energy and experience not only for the furtherance
of personal success but also for the benefit and upbuilding of the community. His son,
H. Gilman Smith, who has been in the employ of the Pacific Gas & Electric Company in
Oakland for two years , is now associated with his father in the bank. The younger
man is an electrical engineer by profession and was formerly with the Southern California Edison Company at Santa Barbara.
In 1902 Mr. Smith was united in marriage to Miss Vie Harding , of Monmouth ,
Illinois , whose father was a banker of that city, and they have but the one son previously mentioned . Mr. Smith is most loyal to California and its interests, manifesting all the qualities of progressive and public-spirited citizenship , and no plan or
project for the improvement of his community or the state seeks his aid in vain .

HISTORY OF BANKING IN CALIFORNIA

THE BERKELEY BANK.
The Berkeley Bank, located on the northeast corner of Shattuck avenue
and Center street, Berkeley, is the successor of the Berkeley Commercial
and Savings Bank, which in turn had succeeded the Berkeley Branch of
The Oakland Bank of Savings.

The present institution was organized

February 26, 1923, by the following :

W. F. Morrish, Perry T. Tompkins,

G. L. Pape, Warde W. Sorrick, W. T. Jenkins, Chester H. Rowell, Lester
W. Hink, William R. Thorsen, Max Thelen, G. A. Mattern, H. C. Macaulay,
Dr. Elwood Mead and Joe M. Park.
The original capital was two hundred and fifty thousand dollars, which
on April 28, 1926, was increased to three hundred and seventy-five thousand dollars . The first officers were : W. F. Morrish, president ; Perry
T. Tompkins, vice president ; G. L. Pape, vice president ; Warde W.
Sorrick, cashier ; and W. T. Jenkins, assistant cashier.
Through the medium of neighborhood branches, of which there were
four, in addition to the head office, on June 30, 1927, the bank aims to
give complete banking service to all parts of Berkeley. Its present condition is very sound , and it looks forward to a continuous increase in business, which will be derived entirely from the city of Berkeley.

As the

name indicates, it is purely a Berkeley institution- Berkeley owned,
Berkeley officered and Berkeley manned , with no interests in any other
community. W. F. Morrish is president, and W. W. Sorrick cashier. The
officers and directors are all actively interested in the building up and
expansion of the business .

The bank's resources have been as follows :

December 31 , 1923

$3,317,786.02

December 31 , 1924

3,783,393.97

December 31 , 1925
December 31, 1926

4,669,707.77
5,419,906.80

The Berkeley Bank and First National Bank in Berkeley are, and have
been since their organization, affiliated institutions.

RENO JOSEPH MARENGO.
Since November, 1924 , Reno Joseph Marengo has been numbered among those
who constitute the personnel of the Berkeley Bank of Berkeley, California , and is
now occupying a position of large responsibility, having been made manager in 1926.
He was born in West Berkeley in 1897 and is a son of Simon and Natalina ( Olivieri )
Marengo. When a lad of six years he began his education , which he pursued in the
Columbus and Franklin schools of Berkeley, and when he felt it necessary to provide
for his own support he secured a position with the Bay City Towel Company. During
that period, however, he realized the advantage of further educational training, especially along business lines, and accordingly entered Heald's Business College, in which
he pursued a commercial course, thus becoming equipped for his subsequent service in
banking circles.
It was in the year 1917 that Mr. Marengo became associated with the Fugazi Bank
of San Francisco, working in the savings department. He remained with that institution until 1919, when he joined the Italian-American Bank under A. E. Sbarboro ,
president. He again served in the savings department and his efficiency and loyalty

FINANCNG AN EMPIRE

were rewarded by promotion until he became manager of the department, continuing
to act in that capacity until October 31 , 1924. On the 29th of November following he
joined the West Berkeley branch of the Berkeley Bank, was appointed assistant manager in May, 1925 , and in 1926 was promoted to manager.
Mr. Marengo was united in marriage to Miss Sylvia S. Ojala , a native of Minnesota, and they now have one child , Barbara Beatrice.
Mr. Marengo is a past president of the Fraternal Order of Eagles and has served
as deputy state president in that organization . He is also identified with the American
Institute of Banking and is in thorough sympathy with the lofty principles and high
purposes of the society. He possesses the enthusiasm of youth, displaying marked
interest in banking, and what he has already accomplished indicates that higher success awaits him.

THE COLLEGE NATIONAL BANK OF BERKELEY .
The College National Bank of Berkeley, the city's oldest national bank,
was opened November 10 , 1919, with a capital of two hundred thousand
dollars and surplus of thirty thousand dollars . Its first officers were as
follows : P. F. Lynip , president ; B. E. G. Ensign , cashier ; and John O.
Matthias, assistant cashier. During the first two years of its existence,
owing to location and to lack of acquaintance of its officers with this
territory, the institution did not show a growth. At the stockholders'
meeting of January 9, 1923 , the following officers were elected :

F. E.

Heath (president ) , of the Berkeley Farm Creamery Company ; Oscar T.
Barber (vice president ) , San Francisco attorney ; John O. Matthias, vice
president and cashier ; Charles S. Newton (vice president ) , capitalist ; and
F. Hobart Miller, assistant cashier.
Following the resignation of F. E. Heath in January, 1924, due to
pressing business, the official personnel of The College National Bank
changed as follows : Oscar T. Barber, president ; John O. Matthias, vice
president ; Charles S. Newton, vice president ; Leo G. Titus, cashier ; and
T. E. Glazier, assistant cashier. The institution has been under the management of John O. Matthias since January, 1923, and has manifested a
steady growth, as indicated in the following figures :

December 31 , 1922
May 3, 1926

Deposits

Assets

$ 665,020.00
1,429,450.00

$ 1,075,245.00
1,871,372.00

Thus in a period covering only a little more than three years the
deposits show a gain of seven hundred and sixty-four thousand , four
hundred and thirty dollars .
The College National Bank was first located at 2079 Addison street,
below Shattuck, where it remained until December, 1923, when it removed to a modern bank building of pure Doric structure designed by
Charles W. McCall .

Not only is this an architectural gem, but it was

constructed economically, the building itself representing an expenditure
of only fifty thousand dollars . Its furnishings are the last word in banking equipment.

HISTORY OF BANKING IN CALIFORNIA

JOHN O. MATTHIAS .
John O. Matthias, formerly vice president and active head of the College National
Bank of Berkeley from 1923 until 1926 , is entitled to representation among California's
successful financiers. A native of New York, he was born in the eastern metropolis
on the 16th of June, 1888 , his parents being Mr. and Mrs. Fred W. Matthias . He was
a youth of thirteen years when in 1901 he left the Empire state and came across the
country to California . Here he continued his studies as a public school pupil and subsequently pursued special work at the University of California.
It was in 1906 that Mr. Matthias obtained a position in the collection and bookkeeping department of the Wells Fargo- Nevada Bank, while subsequently he was
placed in charge of the foreign collection and discount department. In 1910 he accepted the position of receiving teller with the old First National Bank of Berkeley, continuing with that institution and with the Berkeley Bank of Savings during the succeeding nine years . In November, 1919 , he entered the College National Bank of
Berkeley in the capacity of assistant cashier to install the working system. He was
made cashier of the institution in 1922 and after assuming the dual official position
of vice president and cashier in the following year he remained in active charge thereof
until September, 1926 , when he resigned to engage in the real estate, loan and insurance business and as investment counselor, with office in the Chamber of Commerce
building, Berkeley. Mr. Matthias was a stockholder and director of the College National Bank from its inception and contributed materially to its success . He was assistant secretary of the American Securities Company of San Francisco and president of
the Berkeley Clearing House Association.
A loyal, public-spirited and enterprising citizen , Mr. Matthias has manifested an
active and helpful interest in civic affairs. He is now a director of the Chamber of
Commerce, president of the California Music League ( Berkeley Symphony) , treasurer
of the Playhouse Association and a member of the Faculty Club of Berkeley. Those
who know him, and he has many friends, esteem him highly as a man of genuine personal worth, as a capable and successful financier and as a citizen who is ever loyal to
the best interests of the community. Mr. Matthias resides in the Claremont district
of Oakland.

THE COMMERCIAL NATIONAL BANK OF BERKELEY.
The Commercial National Bank of Berkeley, a member of the Federal
Reserve System, opened its doors for business December 15, 1926, in
temporary quarters at 2012 Shattuck avenue .

The institution has capital

and surplus of three hundred thousand dollars .

Its official personnel is

as follows : Harrison B. Smith, president ; Roy W. Pilling, vice president ; E. S. Bender, vice president and cashier ; and Frank B. Drake, C. H.
Denman, Charles F. Shaw, H. Alexander Brown, J. Sub Johnson, Herbert
G. Zuckerman, E. S. Bender, G. P. Doyle, John H. Mallett, Roy W. Pilling
and Harrison B. Smith, directors.

FEDERAL INTERMEDIATE CREDIT BANK OF BERKELEY.
The Federal Intermediate Credit Bank of Berkeley was chartered by
the Federal Farm Loan Board under date of March 23 , 1923, the officers
and directors of the Federal Land Bank of Berkeley (organized in 1917)
becoming the ex-officio officers and directors of the Federal Intermediate
2- VOL. 4

FINANCING AN EMPIRE

Credit Bank of Berkeley as provided in the agricultural credits act of 1923
under which the latter bank was organized . The original capital was five
Willard D. Ellis,
million dollars .
The first officers were as follows :
president ; R. T. Evans, vice president and manager ; John T. Wilson,
vice president and director ; A. M. Morton, secretary ; Sims Ely, treasurer ; R. M. Fleming, assistant treasurer ; and Louis Springmeyer, assistant secretary .
The first loan was made on July 20 , 1923.
years have been as follows :

Loans and rediscounts by

$ 7,658,015.92
7,627,265.98
9,436,467.77

1923 (March 23 to December 31 )
1924
1925

1926

17,187,916.98
5,945,900.22

1927 (to June 30)
Total loans and rediscounts since organization to June 30, 1927

$47,855,566.87

The business of this bank is being expanded mainly in the direction
of livestock financing . Livestock loan companies serving eight states of
the southwest are now rediscounting with this bank. It is in connection
with the financing of the livestock industry of the southwest that the
Federal Intermediate Credit Bank of Berkeley will doubtless render its
most important service. The bank is handling a considerable volume of
cotton production loans this season ( 1927) for six different agricultural
credit corporations located in California and Arizona . This is its most
active year thus far in the field of crop production financing.

It has each

year, since its organization in 1923, played an important part in the
financing of cooperative marketing associations . It is estimated that as
many as thirty thousand grower-members have been served in a single
year.

The bank is in a sound condition at the present time ; it has already

demonstrated its ability to serve agriculture and the prospects are favorable for a considerable extension of its business through the years to
come. The district served more especially by the Federal Intermediate
Credit Bank of Berkeley is the Federal Land Bank District No. 11 , composed of the following states :
California, Nevada, Utah and Arizona.
Livestock loan business, however, originating in the bordering states of
Oregon, Idaho , New Mexico and Texas, is also reaching this bank through
loan companies located within District No. 11 , but whose operations extend into neighboring states .
In its report of condition at the close of business December 31 , 1926,
the Federal Intermediate Credit Bank of Berkeley showed assets of sixteen million, seven hundred and sixty-nine thousand, eight hundred and
sixty-eight dollars and thirty-three cents .
The Federal Intermediate Credit Bank of Berkeley is one of twelve
such banks established under the agricultural credits act of 1923. These
banks function independently of the Federal Land Banks, having separate

HISTORY OF BANKING IN CALIFORNIA

charters, capital and funds, but are governed by the same officers and
directors and are under the same Federal Farm Loan Board supervision
and control.
The United States government is the only stockholder in the Intermediate Credit Bank of Berkeley, which has an authorized capital of
$5,000,000, and which has the power to issue debentures for ten times the
amount of its paid-in capital and surplus.
The purpose of this bank is to supply so-called "intermediate" credit
to those engaged in producing, or producing and marketing , staple agri-

cultural products, or livestock. Loans cannot be made to individual
This bank is prepared to discount notes for financial institufarmers.
tions, such as commercial banks, agricultural credit corporations and
livestock loan companies, the proceeds of which have been used for an
agricultural purpose, and which notes have a maturity within the limitations prescribed in the act (six months to three years ) . Direct loans may
be made to cooperative marketing associations composed of agricultural
producers , on notes secured by warehouse receipts or mortgages on livestock.
Loanable funds, aside from its capital, are obtained by the Intermediate Credit Bank from the sale of debentures which have a maturity
of not more than five years and which are exempt from all except inheritance taxes.
It is the policy of this bank to supplement the service of eligible financial institutions serving farmers and stockmen, through its facilities for
rediscounting agricultural paper and to provide marketing credit that
does not readily fall within the field of commercial banking.
The Intermediate Credit Bank is entirely self-supporting. One-half of
the net earnings are returned to the government each year as a franchise
tax .
The Federal Intermediate Credit Bank of Berkeley, since its organization in 1923, has made advances aggregating $29,620,792.05 to twelve
cooperative marketing associations. It is estimated that approximately
30,000 farmers have been served. During 1926 its loans to cooperatives
have totaled $ 8,149,371.87 . Advances have been made thus far against
the following commodities :
Canned fruit and vegetables, dried fruit
(prunes and raisins ) , rice, cotton, hay and olive oil .

Other eligible com-

modities handled by cooperatives operating in the eleventh district
(California, Utah, Nevada, Arizona ) served by this bank are : Grain,
beans, nuts, alfalfa seed and wool.
The interest rate charged cooperatives thus far has ranged from
412% to 5%. The present rate is 412 % . The notes have maturities of
from six to nine months, ordinarily.
Since its organization the Intermediate Credit Bank has rediscounted
agricultural and livestock paper aggregating $ 12,286,338.60 for ten different agencies . These rediscounts represent advances to approximately
1,000 borrowers, mostly stockmen, scattered through seven states .

The

loan companies being served have capital stock ranging in amount from

FINANCING AN EMPIRE

$25,000 to $ 1,000,000 .

Their rediscounts with the Intermediate Credit

Bank range in total amount, for any one agency, from $ 2,650.00 to
$2,311,944.95 as of December 31 , 1926.
The rediscount rate at the present time is 434 %. It has been as high
as 5 %. The note, to be eligible for rediscount, must not bear a rate of
more than 21 % above the Intermediate Credit Bank rate. The maturities
of the notes vary from six to twelve months except in the case of dairy
loans , with monthly installments, where the maturities may be as long
as eighteen or twenty months .
The twelve Federal Intermediate Credit Banks had loans outstanding,
as of December 11 , 1926 , totaling $ 90,977,010.65 , of which $ 50,101,175.82
represented advances to cooperative marketing associations and $ 40 , 875,834.83 represented rediscounts.
The Federal Intermediate Credit
Bank of Columbia, South Carolina, showed the largest volume of loans
and rediscounts with a total of $ 15,624,900.67, the Federal Intermediate
Credit Bank of Berkeley standing in the second position with a total of
$ 12,667,060.86 .
Cooperatives handling the following products were being served by the twelve banks : Tobacco, canned fruit and vegetables ,
raisins, wool , cotton, alfalfa seed, rice, olive oil, wheat, beans and coffee.

FEDERAL LAND BANK OF BERKELEY.
The Federal Land Bank of Berkeley operates in the eleventh district,
Its officers are :
which covers California, Arizona, Nevada and Utah.
Willard D. Ellis, president ; R. T. Evans, vice president ; John T. Wilson,
vice president ; A. M. Morton, secretary ; Sims Ely, treasurer ; George
H. Sawyer, director ; and William M. Howell, director.
In less than ten years from the organization of the first Land Bank
under the farm loan act, the Federal Farm Loan System has loaned two
billion, twenty-one million , eight hundred and ninety-three thousand , two
hundred and fifty-five dollars to five hundred and four thousand, three
hundred and thirty-nine American farmers .

The twelve Federal Land

Banks had loaned, up to November 30 , 1926, through four thousand, six
hundred and sixty-four National Farm Loan Associations, one billion,
two hundred and eighty -five million , five hundred and ninety-nine thousand, six hundred and sixty-eight dollars to four hundred and two thousand, six hundred and sixty farmers.

The Joint Stock Land Banks (fifty-

seven in number) had loaned, up to November 30, 1926 , seven hundred
and thirty-six million , two hundred and ninety-three thousand , five hundred and eighty-seven dollars to one hundred and one thousand, six hundred and seventy-nine farmers .
The United States government originally subscribed for eight million,
eight hundred and ninety-two thousand, one hundred and thirty dollars
of the original nine million dollars capital of the twelve Federal Land
Banks .

Eight of the banks have repaid the government and the stock

HISTORY OF BANKING IN CALIFORNIA
has been retired .

The government still holds capital stock amounting to

one million, fifty-eight thousand , eight hundred and eighty-five dollars in
four of the banks . The government stock is retired semi-annually, the
amount retired being twenty-five per cent of the stock subscribed by
National Farm Loan Associations during the period .
The twelve Federal Land Banks had, as of November 30 , 1926 , capital
stock of fifty- seven million, two hundred and eleven thousand, five hundred and twenty-two dollars and fifty cents ; earned legal reserve invested
in government bonds amounting to eight million , five hundred and sixtyseven thousand, five hundred dollars ; surplus of forty-six thousand, seven
hundred and sixty-eight dollars and seventy-five cents ; and undivided
profits of five million, one hundred and eighty-five thousand, six hundred
and thirty-two dollars and seventy-five cents .
The twelve Federal Land Banks have paid to their stockholders, the
National Farm Loan Associations, dividends amounting to sixteen million,
nine hundred and twenty-three thousand , five hundred and sixty-five dollars and eight cents .
The Federal Land Banks carry no real estate
acquired through foreclosure or by deed as an asset except their banking
quarters.

The Federal Land Banks, from organization to November 30,

1926, had charged off eleven million, one hundred and eight thousand,
one hundred and fifty dollars and twenty-one cents of real estate acquired .
As of November 30 , 1926 , the banks had one billion, fifty-six million, five
hundred and forty-eight thousand, six hundred and fifty-five dollars in
farm loan bonds outstanding .

Federal Land Bank bonds are quoted at

the present time, December 31 , 1926, on four and thirteen-hundredths per
cent to four and nineteen- hundredths per cent yield basis. The market
Present prices,
for Land Bank bonds is becoming broader each year.
which follow closely prices of the better municipal bonds, give evidence
of the attitude of careful investors towards the bonds.
In the eleventh Land Bank district, comprising the states of California, Nevada, Arizona and Utah, eighteen thousand, four hundred and
ninety-six farmers had borrowed, up to November 30, 1926 , ninety-one
million, thirty-six thousand , two hundred dollars from the Federal Land
Bank and four Joint Stock Land Banks, as follows :
-FederalAmount
No.

States
California
Utah

-Joint StocksAmount
No.

8,549
5,312

$33,472,000
16,883,800

Nevada

278

1,400,000

2,247
163
28

Arizona

1,540

6,519,700

379

$ 28,728,000
789,800
525,700
2,717,200

From organization to December 31 , 1926 , the Federal Land Bank of
Berkeley loaned through two hundred and one National Farm Loan Associations fifty-eight million,

seven hundred and eighty-three thousand,

four hundred dollars to fifteen thousand , seven hundred and ninety-eight
farmers. There has been repaid twelve million , six hundred and twentyfour thousand, eight hundred and nine dollars and twelve cents on prin-

FINANCING AN EMPIRE

cipal, leaving net mortgage loans in force amounting to forty-six million,
one hundred and fifty-eight thousand, five hundred and ninety dollars
and eighty-eight cents.
Applications from thirty-one thousand, five hundred and three
farmers for one hundred and thirty-three million, three hundred and
seventeen thousand, one hundred and sixty-six dollars had been received.
Of this number ten thousand, nine hundred and thirty-two for forty-three
million, three hundred and seventy-four thousand, eight hundred dollars
were canceled or rejected .

The bank approved twenty thousand, two

hundred and seventy-seven for seventy-five million, eight hundred and
eleven thousand, five hundred dollars .
Of those approved , reductions
amounting to twelve million, four hundred and three thousand, seven
hundred and sixty-six dollars were made. The number canceled or rejected after approval was four thousand, two hundred and sixty-two for
fifteen million, six hundred and ninety-two thousand, three hundred dollars.

At the close of business, December 31 , 1926 , there were five hundred

and eleven applications pending for three million, sixty-two thousand, nine
hundred dollars .
A Federal Land Bank's principal duty is to market eligible farmers'
long-term land credit at the lowest possible cost to the borrowers . The
banks are allowed not to exceed one per cent per annum margin on loans
made.

The Berkeley Bank's present average spread is nine hundred and

twenty-eight thousandths of one per cent.

Volume and character of loans

handled materially affect the bank's earnings.

Out of the nine hundred

and twenty-eight thousandths of one per cent spread on loans must come
all expenses, legal reserve, charge-offs and dividends.
The bank has
earned, since organization - April 3, 1917, to December 31 , 1926 , one
million, eight hundred and thirty-six thousand , four hundred and twentyeight dollars and thirty-four cents. Dividends , including No. 15, payable
January 1 , 1927, have been paid, amounting to six hundred and nine
thousand, sixty-nine dollars and seventy-two cents. There has been carried to reserve two hundred and seventy-five thousand dollars. Real estate
acquired and charged off amounted, on December 31 , 1926 , to six hundred
and seventy-nine thousand, three hundred and thirty dollars and ninetynine cents.

There has been charged off on account of the Spokane con-

tract, one hundred and six thousand, three dollars and forty- seven cents.
Undivided profits, after Dividend No. 15 is paid, are one hundred and
fifty-three thousand, seven hundred and fifty-two dollars and forty- six
cents. Net earnings for 1926 , before charging off real estate, were three
hundred and thirty-five thousand, one hundred and ninety-four dollars
and ninety-seven cents . Real estate charged off during 1926 amounted
to one hundred and eighty-nine thousand, three hundred and seventy- nine
dollars and seventy-three cents .
In a period of nearly ten years, from April 3, 1917, to December 31 ,
1926, the bank has loaned fifty-eight million , seven hundred and eightythree thousand , four hundred dollars to fifteen thousand , seven hundred
and ninety-eight farmers.

Perhaps in no ten-year period in the history of

HISTORY OF BANKING IN CALIFORNIA

American agriculture has the price of farm produce and farm lands
fluctuated so greatly as during the past ten years. Notwithstanding the
distress through which agriculture has been passing, the bank has had a
rather remarkably small number of foreclosures . The bank does not foreclose unless it appears clear that the borrower has no reasonable chance
of working out. On the other hand the set-up of the Farm Loan System
provides that payments on loans must be made if the bank is to meet its
obligations promptly when due, which of course it must do if the System
continues serving agriculture at the lowest rates possible.
The officers and directors of the Federal Land Bank are also ex-officio
officers and directors of the Federal Intermediate Credit Bank. All of the
capital of the Intermediate Credit Bank is supplied by the United States
treasury.
There is no provision for any other stock ownership.
The
Berkeley Intermediate Credit Bank, from organization-March 26, 1923—
to December 31 , 1926, had loaned twenty-nine million, six hundred and
twenty thousand, seven hundred and ninety-two dollars and five cents to
twelve cooperative marketing associations with approximately thirty-two
thousand members.

Loans made to cooperatives were secured by ware-

house receipt covering the following items :

Canned fruits and vegetables,

raisins, olive oil, rice, hay and cotton . No loans can be made direct to
individuals. The bank rediscounted during the same period one thousand
and four notes for twelve million , two hundred and eighty-eight thousand,
eight hundred and seventy-four dollars and sixty cents .
Most of the
rediscounts were notes secured by chattel mortgages on live stock in the
following states :
and Idaho.

California, Nevada , Arizona , Utah, New Mexico, Oregon

The agencies offering the rediscounts had paid-in capital and

surplus of two million, three hundred and sixty-five thousand, one hundred
and ten dollars and fifty cents. The Federal Intermediate Credit Bank
of Berkeley, as of December 31 , 1926 , was the second largest in point of
loans in force of the twelve Federal Intermediate Credit Banks .
The
twelve Federal Intermediate Credit Banks had December 31 , 1926 , of
loans outstanding approximately ninety million dollars.
The volume of new business during 1926 was greater than for the
previous year. More money was loaned in Nevada during 1926 than in
any previous year.

In California the amount loaned during 1926 was

only exceeded by the amount loaned in 1918. Business during 1926 was
handled more satisfactorily to applicants than in any previous years.
There is still much room for improvement, however.

There should be

less time taken in getting applications to the bank ; there could be material saving in time if applicants would sign their approval notices promptly
and get their title evidence into the bank as soon as possible. Particular
attention is being paid to the time it takes to get loans through .

By far

the greater portion of the delay is chargeable to the applicants themselves ;
in a few instances it is chargeable to negligent secretary-treasurers of
National Farm Loan Associations . The important thing about the 1926
business is that there was less waste than in previous years. A greater

FINANCING AN EMPIRE

percentage of the applications applied for were approved and loans closed.
There can be still greater improvement along this line by closer cooperation among the Associations, the Federal appraisers and the Bank.

WILLARD D. ELLIS.
Berkeley has its full quota of substantial and reliable members of the banking
fraternity of the state and among this number is Willard D. Ellis, whose valuable
work in connection with two of the leading banks of the city is widely acknowledged.
A native of Utah, Mr. Ellis was born in Ogden, April 8 , 1887, of the marriage of John
G. and Rose (Drake ) Ellis. He pursued his education until he had completed the
course in the grammar schools of Ogden and a year's study in the high school , and in
August, 1902 , when a youth of fifteen years, he began work, starting as an office boy
in the employ of John Scowcroft & Sons Company, jobbers and wholesale dealers in
general merchandise at Ogden, remaining with that house until 1906 , or for a period
of four years . At that time he went to New Zealand as secretary to a mission of
the Church of the Latter Day Saints for the purpose of buying land to establish an
agricultural college for the Maori. Although he was a young man of but nineteen
years at the time, he successfully carried out the purpose of his trip and today the
school is known as the Maori Agricultural College.
Mr. Ellis remained in New Zealand until May, 1909, when he returned to his native country, and in December of that year became interested in the banking business
as a representative of the Pingree National Bank, now known as the National Bank of
Commerce. His initial position was that of messenger, but soon he won promotion to
bookkeeper and in 1910 was appointed assistant cashier, remaining with that bank until
October 14, 1917 , when he removed to Berkeley for the purpose of becoming treasurer
and one of the directors of the Federal Land Bank of this place. In November, 1919,
his duties and responsibilities were increased by his appointment to the office of secretary and in 1920 he became and has since remained president of this bank. Other important institutions have also benefited by his services, for he is the president of the
Federal Intermediate Credit Bank of Berkeley , which was organized March 26, 1923,
and is a director of the First National Bank of Berkeley.

A. M. MORTON.
A. M. Morton entered the service of The Federal Land Bank of Berkeley in the
year 1917. He served that institution in various positions until 1920 , when he was appointed a director and elected secretary, the position he now holds.
He was born on a farm near Monmouth, Illinois, in December, 1868 , and is a son
of John and Mary I. ( Foster ) Morton. By Mr. Morton's marriage in 1898, Miss Alice
S. Light, a native of Ohio, became his wife. In his early manhood he was employed in
railroad station work ; later he engaged in farming and commercial banking.

FIRST NATIONAL BANK OF BERKELEY .
BERKELEY BANK OF SAVINGS & TRUST COMPANY .
The above named institutions were organized February 9, 1892 , as the
Commercial Bank of Berkeley and the Berkeley Bank of Savings by F. K.
Shattuck, A. W. Naylor and J. R. Little .
were as follows :

The first officers and directors

F. K. Shattuck, president ; W. E. Sell, vice president ;

HISTORY OF BANKING IN CALIFORNIA

A. W. Naylor, cashier ; J. K. Stewart ; Charles K. Clark ; James R. Little ;
and Thomas Hann.

The authorized capital of the Commercial Bank was

fifty thousand dollars and of the Savings Bank twelve thousand, five hundred dollars.

Their published statement of November 1 , 1895, showed :

Capital

Commercial Bank.
$ 20,000.00

Deposits

110,536.00

Savings Bank.

$10,000.00
42,723.00

On the 1st of January, 1899 , the Berkeley Bank of Savings had capital
and surplus of nineteen thousand dollars and deposits amounting to one
hundred and eighty-five thousand , six hundred and ninety-nine dollars .
In May, 1900, the Commercial Bank was converted into the First
National Bank of Berkeley, with a capital of one hundred thousand dollars.

In November, 1897 , they moved to the northwest corner of Shattuck

avenue and Allston way, where in 1903 they erected a new building .

January, 1901 , the Berkeley Bank of Savings increased its capital to
twenty-five thousand dollars, and in July, 1903 , to fifty thousand dollars.
In November, 1903 , the First National Bank increased its capital to one
hundred and fifty thousand dollars, and in January, 1910, to three hundred
thousand dollars by stock dividend. In January, 1907 , the Berkeley Bank
of Savings added "and Trust Company" to its name and increased its
capital to three hundred thousand dollars .

In July of that year the insti-

tution purchased a lot on Center street, west of Shattuck, where it erected
a separate home.

In July, 1910, a commercial department was organized .

On March 7, 1912 , the bank again increased its capital-to four hundred
thousand dollars.

In July, 1917, it purchased an additional forty feet

adjoining and enlarged its quarters, and in September, 1920 , the First
National purchased an adjoining forty-two feet on Shattuck avenue for
expansion.
On April 19 , 1917, the Berkeley Bank of Savings & Trust Company
had capital of four hundred and thirty thousand dollars and surplus of
three hundred and twenty-three thousand, one hundred and twenty-five
dollars.

On January 31 , 1922, both of these banks were purchased by

the Mercantile Trust Company, and they together with their branches
became branches of the latter institution . Their last statement, that of
December 31 , 1921 , showed :
FIRST NATIONAL BANK .

Capital
Surplus
Undivided profits
Deposits
Resources

300,000.00
300,000.00
43,564.00

5,358,928.00
6,400,968.00

FINANCING AN EMPIRE

BERKELEY BANK OF SAVINGS & TRUST COMPANY.
$

Capital

466,300.00
533,700.00
50,213.00

Surplus
Undivided profits

11,221,884.00
14,209,792.00

Deposits
Resources

In 1903 the South Berkeley Bank was organized by A. W. Naylor and
in 1915 became a branch.

The year 1910 witnessed the establishment of

the Telegraph Avenue branch.

Since the purchase of the Berkeley Bank

of Savings & Trust Company by the Mercantile Trust Company the expansion has been continued by the establishment of the Elmwood branch
in May, 1922, the Albany branch in October, 1922, and the purchase of
the West Berkeley Bank in 1924 and its continuance as the West Berkeley
branch.
The officers of the Commercial Bank and its successor, the First National Bank, were as follows :
CHAIRMAN OF BOARD .

A. W. Naylor

January, 1919- September, 1923
PRESIDENTS .

F. K. Shattuck

A. W. Naylor

Organization- September, 1898
October, 1898 -January, 1919

F. L. Naylor

January, 1919 -January, 1922
VICE PRESIDENTS.

W. E. Sell

Organization- January, 1893

J. R. Little

January, 1893-January, 1902

J. W. Havens
William E. Woolsey

January, 1902January, 1911January, 1911-January, 1919

F. L. Naylor
F. M. Wilson

-February, 1911

W. F. Morrish

January, 1919 -January, 1921
January, 1921 , to date

F. H. Thatcher
E. A. Brown

February, 1921 -July, 1922
ASSISTANT VICE PRESIDENTS .

January, 1923, to date

C. C. Pettigrove
L. A. Stevenson

January, 1923 , to date
CASHIERS.

A. W. Naylor

F. L. Naylor
F. C. Mortimer
W. F. Morrish
F. H. Thatcher

Organization-October, 1903
October, 1903-January, 1912
January, 1912-August, 1916
August, 1916-January, 1919

January, 1919-July, 1922

HISTORY OF BANKING IN CALIFORNIA

ASSISTANT CASHIERS.

August, 1903-October, 1907

W. E. Squires
C. S. Merrill
F. C. Mortimer.

--October, 1907-January, 1912

W. F. Morrish

September, 1910-August, 1916

G. T. Douglas
G. L. Pape

March, 1913- December, 1915
March, 1913-

F. H. Thatcher

October, 1916-January, 1919
January, 1919-

Warde Sorrick
L. A. Stevenson
O. L. Texdahl

May, 1921July, 1921-

W. S. Schenck

March, 1922-

Linden Naylor

September, 1923-July, 1925

Up to January, 1909, the officers of the Berkeley Bank of Savings &
Trust Company were identical with those of the First National Bank,
but from that date until its purchase by the Mercantile Trust Company,
while it was conducted as a separate institution, its cashiers and assistant
cashiers were as follows :
CASHIERS AND SECRETARIES.
W. S. Wood

January, 1912 -March, 1919

G. T. Douglas

March, 1919 , to sale
ASSISTANT CASHIERS.

W. S. Wood
N. E. Munro
J. S. Mills

G. T. Douglas
E. K. Cole
A. H. Sheffield

January, 1909-January, 1912
September, 1910 -August, 1911
August, 1911-

December, 1915December, 1915-

March, 1916-

C. C. Pettigrove
A. E. Brear

April , 1919August, 1921TRUST OFFICER.

W. S. Wood

April, 1907, to date

The following directors served both institutions :

F. K. Shattuck
W. E. Sell

A. W. Naylor
J. K. Stewart
Charles K. Clark
James R. Little
Thomas Hann

C. S. Dunning

Organization- September , 1898
Organization-February, 1900
Organization-November, 1921
OrganizationOrganizationOrganization-August, 1923
Organization-

-January, 1893

FINANCING AN EMPIRE

J. L. Barker

January, 1893-

W. H. Marston

February, 1900June, 1900-

F. M. Wilson

C. M. Gayley

June, 1900-

W. B. Rising
C. R. Lord

January, 1901 -January, 1909
May, 1903-

W. H. Crocker

January, 1905 -October, 1916

W. E. Woolsey
F. L. Naylor
R. S. Penniman

January, 1909 , to date
January, 1911 - September, 1923
-November, 1911
December, 1911 -July, 1920

W. R. Scott
J. A. Elston

July, 1920-

The present advisory committee for the Berkeley district are :
liam E. Woolsey

(chairman) , C. L. Cory, A. F. Hochenkamer,

WilC. E.

Dunscomb, W. H. Marston, C. M. Gayley, F. L. Naylor, Jr. , J. W. Havens
and W. P. Woolsey.
assistant manager .

Frank H. Thatcher is manager and G. T. Douglas is

FRANCIS K. SHATTUCK .
Francis K. Shattuck, long a prominent factor in affairs of finance as president of
the First National Bank of Berkeley and the Berkeley Bank of Savings and as a
director of the Central Bank of Oakland, had attained the age of seventy-eight years
when he passed away on the 8th of September, 1898. A native of the Empire state ,
he was born at Crown Point on the 6th of March , 1820. The following most interesting review of his career was written by Mrs. Rosa M. Woolsey.
"Francis K. Shattuck came to California from Crown Point, New York, in February, 1850 , going directly to the mines around what is now Nevada City. After
laboring there for a time and acquiring his ' little pile' he returned to Oakland, then
a small town of sandy streets and live oaks. He brought with him a fellow miner
whom he found sitting by the roadside, lonely and discouraged. These two men eventually went into partnership in Oakland , remaining together until the death of the
partner some thirty years later. Meanwhile the two men took up homesteads from
the early Spanish grant in Berkeley and in 1871 built homes upon their separate
properties , the houses being two of the first four two- story houses in the place . The
partner's name was William Hillegas, for whom Hillegas avenue is named, as it cut
his holdings in half, north and south , from the university grounds to Ashby avenue.
The original Hillegas home is now situated on Bancroft way, near College, and has
been the home for college women until recently, thus making way for the Faculty
Club, the University of California Infirmary and the tennis courts .
"Mr. Shattuck's land extended originally from Shattuck to Grove and from Addison to Russell streets. After being in California for three years he returned to the
east, bringing back with him a wife and two sisters, who did a large work in establishing the first seminary for women in California.
"As the years passed , Mr. Shattuck took his place in public affairs. He promoted the Mount Diablo Coal Company, the Oakland Gas Company and was a director
in the Central Bank of Oakland . Political matters claimed the attention of his earlier
years . He was mayor of Oakland, a member of the state legislature and a member of
the board of supervisors of Alameda county. It was when holding the latter office
that he saw the importance of having a direct artery between Oakland and this new
community called Berkeley. It was due to him that the avenue which for so many
years has borne his name became a reality.

FRANCIS K. SHATTUCK

HISTORY OF BANKING IN CALIFORNIA

"In charitable organizations and fraternal societies he was also prominent. He
was at one time master of Live Oak Lodge, F. & A. M., and was active in the councils
of other orders. In the Oakland Board of Trade he was an active member from the
day of its inception until his death, and during the fiscal year of 1888-9 held the office
of president. Then he began to build Berkeley ! To his credit lies the first dry goods
store, grocery, hardware establishment, Wells Fargo express office the first brick
building in town. This is where the public library was housed until possession was
taken of the present quarters on land donated by Rosa M. Shattuck and in the building furnished by the generosity of Andrew Carnegie. The aforesaid brick building
also housed the first bank of Berkeley, in the organization of which Mr. Shattuck
was instrumental and of which he was elected president. He remained the executive
head of this institution, called the First National Bank, until his passing, when his
head cashier, A. W. Naylor, of sacred memory, was promoted to fill his place. The
latter served Berkeley patrons until his mantle fell upon our loved Frank Naylor,
his son.
"Mr. Shattuck was helpful in forming the present Masonic order in Berkeley ; the
entrance to the building was donated by his wife to his memory. He was not only
an all-round man of affairs, but a man of vision, who had the profoundest faith in
the development of the East Bay and of this particular unit. He strove so hard to do
his part toward said progress that his family were urged to 'buy at home' whenever
possible. His advice was adhered to so strictly and the habit was so well formed
that in all the years since those ambitious times the members of his family have
never bought so much as a shoestring elsewhere if what is wanted can be found 'just
as good' here at home. Mr. Shattuck's integrity and his sound business judgment
were such that the remark was often made among his fellows that ' Shattuck's word
was as good as his bond.' Finally, to have had a Masonic lodge named for one so
worthy, where his portrait can rest and be appreciated , where the sword so often
carried in the interest of Masonry has finally found its way and where a near relative
has become the first applicant as a member, is a greater satisfaction to those most
interested than can be told here. May the Francis Shattuck Lodge endure and help
many young men to emulate the example and honor him whose name has been so
happily chosen in the formation of a new organization."
The Oakland Board of Trade passed the following resolutions :
"IN MEMORIAM ,
"Whereas, F. K. Shattuck, our esteemed friend, and an honored member of the
Oakland Board of Trade , has been called from earth unto life eternal ; and
"Whereas, he came to the coast in 1849, he has for nearly a half century been
closely identified with making the history of our state and county. He was for several
years a successful miner. In the early ' 50s he came to Alameda county and with others
was for a time engaged in farming on the site at present occupied by the University
of California. He was ever a pushing , energetic man of business , and during his active
career he was prominently connected with the organization of some of our best business
enterprises. He promoted the Mount Diablo Coal Company and the Oakland Gas Company and at the time of his death was president of the Commercial Bank of Berkeley
and the Berkeley Bank of Savings and a director of the Central Bank of Oakland .
Political matters also received the attention of his earlier years, and he was mayor of
Oakland, member of the state legislature and a member of the board of supervisors
of Alameda county. In charitable organizations and fraternal societies he was also
prominent, was at one time master of Live Oak Lodge, F. & A. M., and active in the
councils of other orders . Of the Oakland Board of Trade he was an active member
from the day of its inception until the time of his death , and during the fiscal year
1888-9 held the office of president. He was a man of broad views on all questions .
Possessed of keen business instincts and wonderful energy, he accumulated largely of
this world's goods, but ever remained simple in habits and of genial temperament. Of
sterling integrity, he was unusually honorable in all his dealings ; philanthropic in his
tendencies, he assisted all worthy charities , and his passing away will be deeply
mourned by all who knew him ; be it
"Resolved, That in the death of Mr. Shattuck the Board of Trade loses an active
and valued member ; and, be it further

FINANCING AN EMPIRE

"Resolved, That we extend to his family our heartfelt sympathy in this hour of
sad bereavement ; and, be it further
"Resolved, That a copy of these resolutions be spread on the minutes of the
Oakland Board of Trade, sent to the family of our deceased friend , and given to the
daily papers ."

FIRST NATIONAL BANK IN BERKELEY .
The First National Bank in Berkeley, located at the northeast corner of Shattuck avenue and Center street and incorporated January 18 ,
1923, was organized by W. F. Morrish, Perry T. Tompkins, G. L. Pape,
Warde W. Sorrick, W. T. Jenkins, Chester H. Rowell, Lester W. Hink,
Max Thelen, H. C. Macaulay, G. A. Mattern, Elwood Mead , William R.
Thorsen and Joe M. Park. The institution opened its doors for business on the 5th of March, 1923, as successor to the commercial department of the Berkeley Commercial and Savings Bank, the savings department of which was succeeded on the same date by The Berkeley
Bank, affiliated with the First National Bank in Berkeley.

The first

officers were as follows : W. F. Morrish, president ; Perry T. Tompkins,
vice president ; G. L. Pape, vice president ; Warde W. Sorrick, cashier ;
and W. T. Jenkins, assistant cashier.
On the 28th of April, 1926 , the original capital of two hundred
and fifty thousand dollars was increased to three hundred and seventyfive thousand dollars . The substantial growth of the institution is indicated in the following table of resources :
FIRST NATIONAL BANK IN BERKELEY .

December 31 ,

1923--

December 31 , 1924_
December 31, 1925 .
December 31 , 1926June 30,

1927_.

$2,414,810.82
2,648,738.11
3,205,201.89
3,168,907.90
3,596,937.77

THE BERKELEY BANK.
December 31 , 1923-December 31 , 1924_December 31 ,
December 31 ,

1925.
1926 .

June 30, 1927 ----

$3,317,786.02
3,783,393.97

4,669,707.77
5,419,906.80
5,711,729.72

The business is being expanded in all directions- commercial, safe
deposit, trust and investments.
The officials of the institution report
present condition and prospects very gratifying .
The present management of the First National Bank in Berkeley, with which is associated
The Berkeley Bank, purchased in May of 1922 the building and the assets
of the Berkeley branch of The Oakland Bank. The assets at that time

HISTORY OF BANKING IN CALIFORNIA
amounted to just in excess of two million dollars .

This branch of the Oak-

land Bank was, prior to the time of its purchase by the Oakland Bank,
known as the Berkeley National Bank and its affiliated savings institution
as the University Savings Bank. It was organized in about 1903 or shortly
thereafter.
The officers of the First National Bank in Berkeley were formerly
associated with the old First National Bank of Berkeley, which was sold
to the Mercantile Trust Company, now the American Trust Company.
When the old First National Bank of Berkeley sold out its assets to the
Mercantile Trust Company, Messrs. Pape, Sorrick and Morrish organized the Berkeley Commercial and Savings Bank and purchased the assets
of the Oakland Bank. Later this institution was given the name First
The
National Bank in Berkeley by the comptroller of the currency.
official personnel at the present time is as follows : W. F. Morrish, president ; Perry T. Tompkins, vice president ; G. L. Pape, vice president ;
W. W. Sorrick, vice president ; W. T. Jenkins, cashier ; and D. A. Currie,
assistant cashier.

WILLIAM F. MORRISH .
The banking business has long claimed the attention of William F. Morrish, who
is now at the head of the affiliated institutions known as the First National Bank in
Berkeley and The Berkeley Bank. A worthy native son of the Golden state, he was
born in Sierra City in 1883, his parents being William B. and Elizabeth M. ( Richards)
Morrish. His maternal grandfather, Captain Frank Richards, who came to California
in 1849, was a miner in Grass Valley and was one of the owners of the Idaho-Maryland
mine. William B. Morrish, the father of Mr. Morrish of this review, was a native of
England who arrived in California when a youth of eighteen years and became identified with mining interests about 1878 .
William F. Morrish acquired his early education as a public school pupil of Oakland and continued his studies in Dunn's Preparatory School , while subsequently he
spent two years in the College of Mining of the University of California at Berkeley.
He was then connected with the Southern Pacific Railway for a year prior to entering
the field of banking as office boy in the First National Bank of Berkeley, in which he
received successive promotions, filling the positions of assistant cashier, cashier and
vice president. Thereafter Mr. Morrish organized the affiliated institutions known as
the First National Bank in Berkeley and The Berkeley Bank, of which he became president on the 1st of May, 1922 , and of which he has since remained the executive head,
his thorough knowledge of the best banking methods and his sound business judgment
constituting important factors in their successful control.
In 1905 Mr. Morrish was united in marriage to Florence Burpee, daughter of
Joseph and Josephine ( Crane ) Burpee. Her father came to California from Michigan
in 1849, traveling over the Oregon trail by wagon. After engaging in mining for a
few years he turned his attention to mercantile pursuits and subsequently embarked
in the contracting business, in which he continued throughout the remainder of his
life. Mr. and Mrs. Morrish are the parents of two children , Kendric and Josephine, who
are 21 and 18 years of age, respectively .
In politics Mr. Morrish is a stanch republican . He is serving as a member of the
state board of prison directors and is one of the regents of the College of the Pacific
at San Jose. He has been president of Oakland Chapter of the American Institute
of Banking and was instrumental in securing the cooperation of the University of
California Extension Course with the American Institute of Banking. Mr. Morrish
also organized Group Six of the California Bankers Association. He is a member
3- VOL. 4

FINANCING AN EMPIRE

of California Bankers Association , in which he has served several years in different
capacities, including those of vice president and chairman of the executive council.
In religious faith he is a Methodist, while fraternally he is affiliated with the Masonic
order, belonging to the blue lodge, the commandery and the Mystic Shrine. His name
is likewise on the membership rolls of the Berkeley Country Club, the Kiwanis Club
and the Commonwealth Club of San Francisco and he has long enjoyed high standing
as a citizen and banker.

FRANK LINDEN NAYLOR.
Among those whose activities have been terminated by death but who made valuable contribution to business development in California, especially in the field of
banking, must be numbered Frank Linden Naylor, who occupied the various official
positions in the First National Bank in Berkeley, including that of president from
1919 until 1922, and who was later vice president of the Mercantile Trust Company.
He was born in New Sharon , Iowa, July 19, 1873, and his life record covered
little more than a half century, for he was called to his final rest September 3,
1923. His parents, Addison Wood and Rebecca Smedley ( King ) Naylor, were both
natives of Ohio and after residing for a time in Iowa removed to California, so that
Frank Linden Naylor had the opportunity of attending the San Jose high school,
from which he was graduated in 1893, when a youth of twenty years. The following year he entered the Central National Bank of Oakland , in which he filled the
office of teller from 1894 until 1896.
In the First National Bank and the Berkeley Bank of Savings and Trust Company Mr. Naylor won promotion and gained valuable experience that brought him
a prominent place in the banking fraternity of the state. He was assistant cashier
from 1896 until 1898 and through the following decade occupied the position of
cashier, his courtesy, his thoroughness and his efforts to oblige patrons constituting
a source of the bank's growth and strength. In 1908 he was elected to the vice
presidency and served in that official position for eleven years, when he became
president, continuing as the chief executive officer for three years. Following his
retirement he was elected vice president of the Mercantile Trust Company and so
continued to serve until his demise, being also one of its directors . He was likewise a director of the Vulcan Fire Insurance Company and his name was an honored
one among the bankers and business men of his section of the state.
In Berkeley, in 1896, F. L. Naylor wedded Miss Olive A. Squires and they became parents of one son : Frank L., Jr., now of Berkeley, who married Lois Bailey
and has one daughter, Nancy.
Mr. Naylor always voted with the republican party, believing that its principles contained the best elements of good government. He belonged to the Elks
Club and to the Berkeley Country Club and he was a follower of the teachings of
the Society of Friends, his entire life being guided by high and honorable principles
that made him a man whom to know was to respect and esteem.

WARDE W. SORRICK .
Banking institutions have been called the heart of the commercial body, indicating
the healthfulness of trade. It is a well known fact that stability or instability in business circles are first indicated in the banks and these financial institutions contribute
much to maintaining an equilibrium that makes for safety and for progress. As
vice president of the First National Bank in Berkeley, Warde W. Sorrick is well known
and is proving a most competent official. Moreover, his career is indicative of the opportunity which Berkeley offers to her native sons, for he was here born June 6, 1892 ,
his parents being Ira and Ida (Harvey ) Sorrick, who came to Berkeley about the vear
1889. Here the father engaged in business as a dealer in wool.
The son attended the public schools until his graduation from high school and
later entered the University of California, in which he completed a course in the department of economics with the class of 1914. His thorough training well qualified him

FRANK L. NAYLOR

HISTORY OF BANKING IN CALIFORNIA

for the duties and responsibilities which he then assumed. Interested in banking and
hoping to find therein a fruitful field of labor, he entered the First National Bank of
Berkeley, in which he continued for eight years , his training and experience proving of
the utmost worth as a preparation for his subsequent tasks . When the present First
National Bank in Berkeley was organized in 1922 he was made cashier. He is ever a
courteous and obliging official, extending all possible assistance to the patrons of the
bank commensurate with the safety of the institution.
In 1917 Mr. Sorrick was married to Miss Lurline Browning, of Woodland, California, a daughter of William H. Browning, and they have become parents of one
child, Barbara.
Fraternally Mr. Sorrick is a Mason, his membership being in Durant Lodge, F. &
A. M., of Berkeley, and he is also a valued representative of the Berkeley Country
Club. His social qualities have firmly established him in the regard of his many
friends, while his business qualifications have given him an enviable place in the financial circles of his native state.

WILLIAM THEODORE JENKINS .
William Theodore Jenkins , called to the position of cashier of the First National
Bank in Berkeley in January, 1926, is now bending his energies to the discharge of important duties and his unabating energy, unfaltering perseverance and a progressive
spirit tempered by a safe conservatism are elements in the prosperity of the institution
which he represents. Born in Nevada county, California, in 1885 , of the marriage of
James O. and Nellie ( Opie ) Jenkins , he acquired his education in the schools of Grass
Valley and when his textbooks were put aside sought employment, which he found
with the Clinch Mercantile Company, with which he remained for sixteen years, his
capability being manifest in his long retention in their service.
On the expiration of that period Mr. Jenkins entered the banking world in connection with the Citizens National Bank of Grass Valley, with which he continued from
1915 until 1921. He was advanced to the position of manager and cashier of the Grass
Valley branch and in the broadening experience added to his knowledge and efficiency.
With his removal to Berkeley in 1922 he joined the Berkeley Commercial & Savings
Bank, now the First National Bank in Berkeley, as assistant cashier, and commendation of his capable service came to him in his promotion to the cashiership in January, 1926.
Mr. Jenkins was married in 1906 to Miss Isabel Bennallack, of Nevada county.
Fraternally he is connected with the Masons and with the Elks, while along the line
of his chosen life work his membership connection is with the American Institute of
Banking. His personal characteristics are those which win him warm regard and he
enjoys the respect and good will of all with whom business or social relations have
brought him in contact.

BANK OF CENTERVILLE .
The Bank of Centerville was organized in 1905, with a paid-in capital
of thirty-five thousand dollars, by John G. Mattos and F. T. Dusterberry,
who assumed the official duties of president and cashier, respectively,
when the institution opened its doors for business on the 13th of June,
1905. It was subsequently nationalized as the First National Bank, with
a capital of one hundred thousand dollars and surplus of forty thousand
dollars. The old bank at that time had capital and surplus of one hundred
and forty thousand dollars, deposits of one million , three hundred and
fifty thousand dollars and resources totaling one million, five hundred
thousand dollars.

FINANCING AN EMPIRE

John G. Mattos and F. T. Dusterberry continued as president and
cashier, respectively, throughout the life of this institution as a unit bank
or until it was sold to the Bank of Italy on the 5th of July, 1921 , becoming
a branch of the latter. At this time John G. Mattos was made a vice
president and director of the Bank of Italy, and Mr. Dusterberry has
since remained as manager of the Centerville branch.

JAMES R. FOWLE .
James R. Fowle has become widely known as manager of the Emeryville branch
of the American Trust Company of California , with which he has been thus identified
since October, 1922. A worthy native son of California, he was born in Oakland to
the marriage of John A. and Cora ( Mecklenberg ) Fowle, of Napa county, this state.
His paternal grandfather, John A. Fowle, who was born on Capp's Hill on the 4th of
April, 1826 , was the founder of "Dorchester Day" and secretary of the local historical
society and was a public benefactor of considerable renown . On the 1st of March,
1863, he was united in marriage to a Miss Rumsey, having the unique honor of being
married in the house of representatives by special act of congress. This was the only
couple ever wedded in the capitol at Washington . In the latter part of the year 1863,
through the efforts of Mr. and Mrs. John A. Fowle, the first free library in the United
States was dedicated for the soldiers at the national capitol.
In the acquirement of an education James R. Fowle attended school at Calistoga,
California. It was in the year 1919 that he entered the banking business in the service of the Berkeley Bank of Savings at Berkeley, which was later consolidated with
the Mercantile Trust Company of California . He won merited advancement, serving
successively as savings teller, loan teller, collection teller and commercial teller prior
to assuming the duties of assistant manager of the South Berkeley branch. In October,
1922 , he severed his connection with this institution to accept the position of manager
of the Emeryville branch of the Mercantile Trust Company of California, now the
American Trust Company, in which he has continued to the present time. His efforts
in this capacity have been attended with excellent results and his reputation in banking
circles is an enviable one.
The wife of James R. Fowle, who bore the maiden name of Ruth Laird, is a native
of Oakland, California , whose parents came from Canada to take up their abode among
the early pioneer settlers of this state. Mr. and Mrs. Fowle are the parents of two
children, Bernice and James.
Fraternally Mr. Fowle is affiliated with the Masonic order. He also has membership in the Optimists Club, is president of the Emeryville Industrial Club and likewise
serves as president of the Foreign Trade Club of the East Bay section. He exemplifies the strong, virile, resourceful and progressive spirit of the west.

ROBERT F. THURSTON.
Robert F. Thurston is widely known as the efficient and successful manager of the
Fruitvale branch of the Bank of Italy, formerly the Citizens Bank of Fruitvale, with
which he became connected in the capacity of teller in 1908 and with which he has
been continuously identified through the intervening period of nineteen years. He
was promoted from the position of teller to that of assistant cashier and upon the
purchase of the Citizens Bank by the Bank of Italy, in 1918, was retained as manager.
During the long period of his connection with the institution he has contributed in
large measure to its growth and success and has kept in constant touch with the development of the district in which it is located.
Mr. Thurston is a valued member of the Oakland Chamber of Commerce and also
belongs to the Athens Athletic Club. Fraternally he is affiliated with the Masons and
with the Woodmen of the World. He enjoys an enviable reputation in business and
banking circles of his community and has many friends whose esteem he has won and
retained by reason of his high principles and fine personal qualities .

HISTORY OF BANKING IN CALIFORNIA

BANK OF HAYWARDS .
Hayward.
The tendency of the age in all business is to centralize, and this has
found expression in banking as well as in other fields of activity, but
while mammoth industrial and manufacturing interests can be directed
from the central point, the very nature of things makes it evident that
each progressive community must have a substantial banking institution
which shall be the clearing house for other business activities .

One of

the stable organizations of Alameda county is the Bank of Haywards,
which was organized in the town of Hayward in February, 1891 , by J. E.
Crooks, cashier of the Bank of Benicia, who secured the cooperation of
Julius Hollister, Daniel Luce and John Garretson of Hayward, W. F.
Goad, W. C. Belcher and George W. Prescott of San Francisco and John
Boggs of Princeton as incorporators.
The first officers were :
W. F.
Goad, president ; W. C. Belcher, vice president ; and J. E. Crooks , secretary and cashier. The original board of directors was composed of W. F.
Goad, W. C. Belcher, G. W. Prescott, John Boggs, Julius Hollister, John
Garretson and J. E. Crooks .
The bank opened for business April 2 , 1891 , with an authorized capital
of five hundred thousand dollars , all paid in . The bank was conducted by
J. E. Crooks until his death, when he was succeeded on the 1st of March,
1899 , by J. E. Farnum.

In January of the same year Mr. Goad was

succeeded by George W. Prescott as president, and C. O. Hooker was
elected vice president .

On February 26, 1901 , the capital stock was

reduced to twenty-five thousand dollars and the following officers and
directors were elected : P. N. Lilienthal, president ; G. W. Prescott, vice
president ; J. E. Farnum, secretary and cashier ; and P. N. Lilienthal,
George W. Prescott, W. E. Meek, Julius Hollister and C. O. Hooker,
directors.

In January, 1902 , I. B. Parsons became a member of the board

and at once assumed an active part in the direction of the bank as a
member of the finance committee. The following January he was elected
vice president to succeed George W. Prescott, deceased .

In January, 1904,

H. W. Meek succeeded P. N. Lilienthal as president, having previously
succeeded him as a director in October, 1903.

He served as president

until his death in January, 1910, when Mr. Parsons was called to the
vacant office, and at that time F. C. Winton was elected vice president.
The same year the number of directors was increased to seven and Stewart
S. Hawley and Charles Allen were elected . William T. Knightly was made
assistant cashier in January, 1910, and succeeded Mr. Farnum as secretary and cashier in 1916 , the latter having been elected vice president.
W. W. Haley was then made assistant secretary and assistant cashier,
and on the 13th of January, 1920 , E. O. Webb was elected vice president
to succeed Mr. Farnum.

In January, 1922 , Mr. Knightly resigned and

W. W. Haley was elected secretary and cashier, while H. Henningsen succeeded him as assistant secretary and cashier.
In 1912 the capital was increased to fifty thousand dollars.

Having

decided to separate the savings and the commercial departments, the

FINANCING AN EMPIRE

Hayward Bank of Savings was incorporated January 2 , 1906 , the directors
being H. W. Meek, F. C. Winton , I. B. Parsons, C. E. Palmer and W. E.
Meek. The officers were the same as those who controlled the affairs of
the parent institution .

The Hayward Bank of Savings was capitalized

at twenty-five thousand dollars, which was later increased to fifty thousand dollars .

In 1923 this institution was merged into the Bank of Hay-

wards and the authorized capital was increased to five hundred thousand
dollars, of which two hundred thousand dollars was paid in .

In addition

to having paid dividends of seven per cent for several years, they have
acquired a surplus of one hundred thousand dollars and undivided profits
of thirty-five thousand dollars .
Their deposits have shown a steady
growth from the beginning and have about trebled in the last ten years.
The deposits in December, 1918, were two hundred and eighty-three thousand dollars in the commercial department and six hundred and sixty-two
thousand dollars in the savings department, while in December, 1925 , the
deposits in the commercial department had grown to five hundred and
ten thousand, six hundred and thirty-five dollars and the deposits in the
savings department to one million , six hundred and ninety-three thousand,
five hundred and sixty-eight dollars . The total resources of the institution
in December, 1925, were two million , five hundred and seventy-six thousand, four hundred and fourteen dollars.
The bank first opened its doors for business in a little room, twenty
by forty-five feet, almost opposite its present location , and in 1906 purchased the southeast corner of B and Main streets , on which they erected
a modern three-story bank and office building , which three times since
then has been remodeled to accommodate the growth of the business . In
1922 they installed one of the most modern vaults in this section of the
state.

A. A. DE MELLO.
The First National Bank in Hayward finds a capable official in A. A. De Mello,
who is its cashier . He is a native son of the city in which he still resides, his parents being Domingo and Mary De Mello . He attended school in his native town and
then went to work in 1909 for the Spring Valley Water Company in San Francisco.
He occupied a position in the county auditor's office from 1910 until February, 1918 ,
and then entered banking circles as teller in the State Bank at San Leandro, California .
On the 29th of April, 1920, he was sent to manage the Hayward Branch State Bank
at Hayward, which was the branch of the State Bank at San Leandro, and of the new
institution acted as manager. On the 1st of January, 1921 , he was appointed vice
president of the State Banks , including San Leandro and Hayward ; December 22,
1922 , he was also made cashier of the First National Bank, which was affiliated with
the State Bank. He is now the vice president and cashier of the First National Bank
in Hayward and vice president of the State Banks and thus large responsibility devolves upon him, but he has proved adequate to all demands, as indicated by the substantial growth of the institutions whose policy he helps to shape. Recently he was
instrumental in closing a deal for the new home of the First National Bank in Hayward, which up to this time has been in temporary quarters , but now there is under
construction a fine bank building at the corner of B and Main streets, which will stand
as a monument and visible proof of the enterprising and progressive spirit of Mr.
De Mello.

HISTORY OF BANKING IN CALIFORNIA

In 1910 Mr. De Mello was united in marriage to Miss Della B. King , a native of
California, and their children are Miriam and Norman.
Mr. De Mello holds membership with the Native Sons of the Golden West, with
the Rotary Club and with the Knights of Columbus, while along the line of his chosen
life work his identification is with the Oakland Chapter of the American Institute of
Banking and he has served on its board of governors. He is recognized as a young
man of marked ability and sound judgment and his life record shows what can be accomplished when there is a will to dare and to do.

FIRST NATIONAL BANK.
LIVERMORE VALLEY SAVINGS BANK.
Livermore.
The Livermore Valley Savings Bank, incorporated July 29, 1903, was
organized by William G. Parmentier, C. H. Wente, F. R. Fassett, C. M.
Nissen, J. O. McKown and I. R. B. Temple, who constituted the first
board of directors together with James Concannon, Patrick Connolly,
August Hagemann and Lloyd McDonald . William G. Parmentier became
the first president of the institution , while C. H. Wente was made vice
president and active head .

Following the death of Mr. Parmentier, C. H.

Wente succeeded to the presidency, in which office he continued until
his resignation in January, 1918. His successor, T. W. Norris , remained
the executive head of the institution until it was absorbed by The American Bank (now the American Trust Company) of San Francisco on the
17th of July, 1923.

F. R. Fassett filled the official position of vice presi-

dent until his death and was succeeded by J. O. McKown. I. R. B. Temple
was succeeded in the cashiership in 1906 by H. S. Goodell, who continued
in that official capacity until his death in May, 1920, and was followed
by A. H. Sheffield . In 1905 the bank increased its original capital of
twenty-five thousand dollars to fifty thousand dollars .

Its statement of

September 14, 1923, showed deposits of eight hundred and fifty thousand
dollars.
The First National Bank of Livermore was incorporated October 23,
1905 , and was conducted as an auxiliary institution with the same officers
and directors .

On the 3d of March, 1910 , this bank increased its original

capital of twenty-five thousand dollars to fifty thousand dollars . At the
time of its sale, the First National Bank had surplus of thirty thousand
dollars, undivided profits of six thousand dollars, and deposits amounting
to two hundred and sixty-five thousand dollars.

The bank was originally

opened in a small wooden building on First street, but in 1910 moved to
its present location in the Masonic building . The First National Bank
and the Livermore Valley Savings Bank were purchased by The American
Bank (now the American Trust Company ) of San Francisco on the 17th
of July, 1923, and have since been conducted as a branch of this institution under the management of H. J. Callaghan .

In September, 1923 , the

FINANCING AN EMPIRE

combined deposits were approximately one million, two hundred thousand
dollars, and today they are one million, six hundred thousand dollars,
showing an increase of four hundred thousand dollars in four years.

LLOYD E. GRAYBIEL.
Lloyd E. Graybiel has never entertained false ideas concerning the acquirement of
success but has ever realized that earnest, persistent labor is the basis of honorable attainment in the business world. With this fact as a motive power in his life he has
wisely used his time, talents and opportunities.
Born in Nebraska in 1898 , he there acquired his education while spending his
youthful days in the home of his parents, John M. and Etta ( Dierks ) Graybiel. He
was twelve years of age when the family left the Mississippi valley and came to the
coast, so that his education was continued in the public schools of Chico, California,
until his graduation from the high school there. He next entered the California State
Teachers College of Chico and put aside his textbooks in order to join the army following America's entrance into the World war in the spring of 1917, when he joined
the infantry forces but was later transferred to the air service. Following the signing of the armistice in 1918 and his honorable discharge from the service in 1919 , Mr.
Graybiel entered the University of California and completed his more specifically literary course by graduation in 1920, when the Bachelor of Arts degree was conferred
upon him.
Desiring to become a member of the bar, Mr. Graybiel then pursued law studies
and won his J. D. degree in 1922. In March of that year he was licensed to practice
in the courts of California and became associated with Parker Maddux in the legal
department of the Mercantile Trust Company of California. He later became interested in trust work, and in February , 1925 , went to Oakland to organize the trust
department of the Eleventh- Franklin branch of the American Trust Company and is
now assistant trust officer in charge of the Oakland trust departments. He is a member of the board of governors of the Oakland Chapter, American Institute of Banking.
Mr. Graybiel has been pleasantly situated in his home life since his marriage to
Miss Jessie B. Cook, a daughter of Jesse B. Cook, general manager of the safe deposit departments of the American Trust Company of San Francisco. Fraternally he
is a Mason and he belongs to the Phi Alpha Delta, a law fraternity. He also has
membership in the Athens Athletic Club of Oakland and the East Bay Country Club,
and occupies the position of president of two service clubs -the Rostrum Club and the
Loyal Knights of the Round Table- associations which indicate the social quality of
his nature. He is also a reserve officer of the United States army and a member of
the examining board for reserve officers . He keeps in touch with the trend of modern
thought and progress and is an advocate of all civic measures which promise reform ,
progress and improvement in the management of governmental affairs in city, state or
nation.

FRANKLIN N. KORNHAUS .
Franklin N. Kornhaus is the efficient and successful manager of the Fruitvale
branch of the American Trust Company, which he opened on the 26th of June, 1922 .
His birth occurred in Morrison, Illinois, on the 24th of November, 1874 , his parents
being Joseph C. and Levinah ( Nice ) Kornhaus, the former a native of Indiana , while
the latter was born in Ohio. He received his early education at the place of his
nativity, subsequently attended a business college in Sterling, Illinois, and next pursued a course of study in Goshen College of Goshen, Indiana. As a young man he was
employed as salesman by a large commission house of Chicago, Illinois, and later he
embarked in the produce business on his own account, being thus engaged for a number
of years . After selling out his interests in this connection he spent six years in the
work of the Young Men's Christian Association .
Mr. Kornhaus entered the field of banking about fourteen years ago, being with

HISTORY OF BANKING IN CALIFORNIA

the American Bank when its doors were opened for business at the corner of Sixteenth and San Pablo streets in Oakland , California, under the name of the First
Trust & Savings Bank. Under Mr. Bowles he served successively as receiving teller,
paying teller and assistant cashier, after which he was sent to the West Oakland
branch in the capacity of manager. On the 26th of June, 1922, as above stated , Mr
Kornhaus opened the Fruitvale branch of the American Trust Company, of which he
has remained manager through the intervening period of five years and which has
prospered steadily under his capable direction.
In early manhood Mr. Kornhaus was united in marriage to Ora Roberts , of Michigan. He gives his political support to the republican party, is president of the Kiwanis Club and is one of the officers of the Fruitvale Business Men's Association . He
has membership in the American Institute of Banking and fraternally is affiliated
with the Woodmen of the World, in which he is a past council commander. His religious faith is indicated by his membership in the First Methodist church at Twentyfourth and Broadway in Oakland , in which he is serving as vice president of the official
board and as Sunday school superintendent. He has been characterized as a man of
extremely pleasant personality and keen intelligence, and he has a wide circle of
friends.

CLARENCE J. PEARSON.
Clarence J. Pearson is the efficient and popular young manager of the Grand
Avenue branch of the American Bank of Oakland , which he opened in June, 1925. A
native of the Empire state, he was born in Brooklyn in 1895 , his parents being Lawrence and Sarah ( Grunberg) Pearson. He acquired his early education in the grade
schools of Brooklyn and continued his studies in the Erasmus Hall high school . As
a young boy he was a life guard off Sheepshead Bay and had the honor of saving
twenty-seven persons , receiving medals for his heroic acts. When his textbooks were
put aside he secured employment as a messenger in the National Park Bank of New
York, serving under W. A. Main, who was at that time cashier of the institution. At
the end of a year, however, he resigned his position to enter the transient department
of the Public National Bank of New York, with which he remained for seven and
one-half years, winning steady promotion and serving successively as receiving teller,
head receiving teller and second paying teller. He was in line for the position of head
paying teller when he left the bank to come to California on a honeymoon trip, arriving in this state on the 2d of May, 1920. He wedded Miss Freda Diery , of Brooklyn,
New York, and they are the parents of two sons, Clarence Joseph and Eugene
Christie.
During the period of the World war Mr. Pearson served with the Twenty-seventh
Division of New York as a buck private, corporal, cook and sergeant. He left this
division to enter the Fourth Officers Training Camp in Michigan and on completing
his infantry training went to Fort Hancock to specialize in machine gunning. Commissioned second lieutenant, he was placed in charge of the Fifty-second Machine Gun
Training School at Camp Travis , Texas, and after being honorably discharged returned to New York and re-entered the Public National Bank in the capacity of head
paying teller.
While honeymooning in California in 1920, Mr. Pearson formed the acquaintance
of W. W. Woods , vice president of the First National Bank of Los Angeles, now vice
president of the National City Bank of New York in New York state. Through the
instrumentality of this gentleman he became connected with the First National Bank
of Fowler, California, as assistant cashier serving in that capacity under C. V. Peterson, the president, and continuing with the institution for four and one-half years .
On the expiration of that period he removed to Oakland , this state, and identified
himself with the American Bank at Fourteenth and Broadway, doing department work
until June, 1925 , when he opened the Grand Avenue branch and was appointed its
manager, in which important position he is making a splendid record.
Fraternally Mr. Pearson is affiliated with the Masonic order and he also belongs
to the American Legion, is secretary of the Grand Avenue Business Men's Association and treasurer of the Grand Avenue Improvement Club. Fond of reading, he is

FINANCING AN EMPIRE

familiar with the best literature and he enjoys an enviable reputation as a young man
of progressive ideas and methods who is constantly striving for higher achievement.

R. MACNEUR , JR.

R. MacNeur, Jr., is admirably fitted for his present position as manager of the
Dimond branch of the American Trust Company of Oakland, which he opened in 1922 .
A native of Scotland , he was born on the 19th of April, 1892 , his parents being
R. MacNeur, Sr., and Elizabeth ( Millar ) MacNeur. In the acquirement of an education he attended the grammar schools of Philadelphia, Pennsylvania , continued his
studies in high and trade schools of that city and subsequently matriculated in Temple
University of Philadelphia. In 1914, when a young man of twenty-two years , he came
to the Golden state and took up the work of the University of California Extension,
acquainting himself with the principles of banking and the Alexander Hamilton law
course.
It was in 1915 that Mr. MacNeur began his banking career under P. E. Bowles ,
president of the First Trust & Savings Bank at Sixteenth and San Pablo streets in
Oakland, working in the various departments of the institution and being eventually
appointed assistant cashier. In 1922 he opened the Dimond branch of the American
Trust Company and in the following year opened the Sather Gate branch . He returned
to the Dimond branch as manager in 1925 and has since served in this capacity, his
efforts constituting a valuable element in its continued growth and success.
In early manhood Mr. MacNeur was united in marriage at Mills College, California, to Marjorie Miller, daughter of Coroner Grant D. Miller. They are the parents
of three children , namely : Robert Nash, Jean Miller and Grant Miller MacNeur.
Mr. MacNeur has membership in the Kiwanis Club, also belongs to the Sciots and
is a former associate member of the Faculty Club. Fraternally he is identified with
the Masonic order, in which he has crossed the sands of the desert with the Nobles
of the Mystic Shrine. His religious faith is indicated by his membership in the
Baptist church, to which his wife and children also belong. He enjoys high standing
in his community as a broad-minded, public- spirited citizen and is a young man of
pleasing and genial personality whose circle of friends is almost coextensive with the
circle of his acquaintances .

ANDREW THOMSON MATTHEW.
Andrew Thomson Matthew, popular and influential in local financial circles, is assistant vice president and manager of the Eleventh and Franklin branch of the American Trust Company. He is a native of Scotland, born in 1887 , and is a son of Edward
and Elizabeth Matthew. He has seven brothers and sisters living in the land of hills
and heather and one brother who resides in Idaho as manager of the Oregon Mortgage
Company .
Andrew T. Matthew received his early education in the schools of his native country, and after putting aside his textbooks he took up the work of jute spinning
and weaving in the Dundee Technical Institute . It was in 1907 , when a young man
of twenty years, that he emigrated to the United States and located in Portland ,
Oregon, where he gained his initial experience in affairs of finance with the Bank of
California, in which he was employed under William A. MacRea in balancing old pass
books. He remained in the service of the Bank of California in Portland , Oregon, until 1919 , and in 1920 he was made president of the American Institute of Banking in
Portland. In the following year he went to New York city as secretary of the
clearing house section and New York representative of National Bank section of the
American Banking Association , being also a member of the acceptance council. John
S. Drum, who was at that time vice president and who became president of the American Banking Association in October, 1920, asked Mr. Matthew to come to California
with him and assist him in the endeavor to create a market for Bankers Acceptances.
When the Portuguese- American Bank of Oakland and San Francisco was taken over

HISTORY OF BANKING IN CALIFORNIA

by the Mercantile Trust Company of California, Mr. Matthew was appointed assistant manager of the Oakland branch, while in the year 1925 he assumed his present
important duties as assistant vice president and manager.
In early manhood Mr. Matthew was united in marriage to Miss Marjorie Henderson, a native of Oregon, whose parents are of Scotch descent. Mr. and Mrs.
Matthew have a daughter, Jean Elizabeth . Mr. Matthew is a Knight Templar Mason
and a member of the Elks, the Athens Club, the Optimist Club, St. Andrews Society,
Scottish Clans.

FRED E. CRICHTON.
Fred E. Crichton, a worthy native son and representative young banker of California, holds the official position of assistant vice president at the Sixteenth and San
Pablo office of the Oakland branch of the American Trust Company, which has its
head office in San Francisco . He was born in San Jose, California , in the year 1889,
and received his early education in the public schools of his native city, subsequently
becoming a high school student at Berkeley, this state. He had attained the age of
twenty when in 1909 he entered the field of banking as a messenger in the First
National Bank of Oakland, with which institution he remained for three years , rendering efficient service in the transient department at the time of his resignation.
In 1912 Mr. Crichton became connected in a clerical capacity with the First Trust
& Savings Bank, which is now the Sixteenth and San Pablo office of the American
Trust Company in Oakland, California . Here he worked in the various departments,
won steady promotion and in 1918 was elected assistant cashier, while in 1925 he was
made assistant vice president. His varied experience has gained him thorough familiarity with every phase of the banking business and his efforts are a valuable contributing factor in the successful management of the great moneyed institution which he
represents. Mr. Crichton has been characterized as a man of rare personality and as
a substantial, progressive citizen of genuine worth.
In early manhood Mr. Crichton was united in marriage to Miss Claudia Jones,
whose birth occurred in Marysville, California. They are the parents of two daughters,
Ann and Virginia, the former a pupil in the Horton School of Oakland.

O. VAN EVERY.

O. Van Every, associated with the American Trust Company as branch manager,
has since the 30th of April , 1927 , been in charge of the Market- Fifteenth branch in
Oakland. He comes to the Pacific coast from the state of Michigan, where his birth
occurred in 1876, his parents being J. M. and Fanny (Crampton ) Van Every, the
former a native of Canada , while the latter was born in England. Having spent the
first eleven years of his life in the middle west , O. Van Every then accompanied his
parents on their removal from Michigan to Oakland , California, and in the schools
of that city completed his education, attending the old Adeloytte Business College.
He next entered the general accounting department of the Southern Pacific Railway
Company, with which he continued until 1906 .
Immediately afterward Mr. Van Every engaged in the banking business , becoming
an employe of the State Savings Bank of Oakland , since bought by the Central Savings
Bank. His original position was that of savings teller and he remained with that
bank for a period of fourteen years, at the end of which time he went to Berkeley,
California, joining the First National Bank of Berkeley, now a branch of the American Trust Company. He served as head receiving teller for two years and when
the merger took place Mr. Van Every was transferred to San Francisco and placed
in charge of the American Trust Company branch at Eighteenth and Castro, where
he continued from October, 1922, until 1926. At the latter date he returned to the
head office on California street in the new business department and there continued
until he opened the Market-Fifteenth branch of the American Trust Company as
manager on the 30th of April, 1927. He is capably discharging his duties in this

FINANCING AN EMPIRE

connection, justifying the judgment of the bank officials in selecting him for the
important office.
In 1898 Mr. Van Every was married to Miss Frances Joyner, who was born in
California, and they have one son, Everett, who is a graduate of the University of
California.
Fraternally Mr. Van Every is a Mason and also a member of the Woodmen of
the World. In citizenship he ever maintains a helpful and progressive attitude and
his cooperation can be counted upon to support all projects for the public good. He
is cordial in manner and genial in disposition and his circle of friends is constantly
growing as the circle of his acquaintance widens.

ALVAH C. CONLEY.
In the steady expansion of the business of the American Trust Company many
branch banks have been established in the Bay district, including the East 14th-73rd
Avenue branch at Oakland , of which Mr. Conley is now manager. His entire life has
been actuated by the spirit of western enterprise and progress.
California numbers him among her native sons, his birth having occurred in
Nevada City in 1900 , his parents being Charles Henry and Mary A. ( Polmere ) Conley.
He obtained his early education in the schools of Grass Valley, this state, and afterward attended the Technical high school of Oakland . While both a grammar and a
high school pupil he was selling papers in order to partially at least provide for his
own support and was thus engaged for a period of seven years, selling his last papers
during the period of the election when Wilson and Hughes were candidates for the
presidency. Also while a pupil in the Technical high school Mr. Conley had charge
of the school cafeteria and later acted as assistant manager and subsequently as head
usher at the old American theatre in Oakland. During all this period he was not only
acquiring knowledge but he was developing his powers and his character as well.
In 1917 Mr. Conley entered the banking business as a messenger with the First
National Bank of Oakland , where he remained for eight years, and when he resigned
he was occupying the responsible position of manager of the foreign department.
He left that institution to go to the Park Boulevard branch as assistant manager and
there continued for two years . He was next transferred to the East 14th-73rd Avenue
branch of the American Trust Company at Oakland, of which he has since been
manager, discharging his duties with marked capability and thoroughness.
In 1924 Mr. Conley was married to Miss Emma Zeta Smith, who was born in this
state, and they have many friends in Oakland. Mr. Conley is now widely recognized
as a man of good business ability and excellent judgment and everything pertaining
to the banking business is of deep interest to him. He has a strong intellect and keen
wit and is ever ready to meet any emergency or to correctly solve any business problem . Starting out in life empty-handed , providing for his own needs during his
school days and thus coming to early recognize the value of time and of effort, he
may truly be called a self-made man, well meriting that proud American title.

J. MELSON ERNST.
J. Melson Ernst, manager of the Twentieth - Broadway branch of the American
Trust Company in Oakland, comes to the new world from Denmark, a land that has
furnished a most valuable element to American citizenship. His association with
banking dates from 1896 , when in San Francisco he became identified with the old
American Bank & Trust Company, the cashier of which was then James J. Fagan,
now executive vice president of the Crocker First National Bank. Mr. Ernst started
at the very bottom, running errands and sweeping the floors. At that time the English
language was still his greatest handicap , but he persistently strove to acquaint himself with the tongue and at the same time to faithfully discharge the duties that were
assigned to him. At the request of P. E. Bowles he went to Oakland, California , as
a representative of the foreign department of the First National Bank, Mr. Bowles
at that time being president of the latter institution as well as of the American

HISTORY OF BANKING IN CALIFORNIA

National Bank. Mr. Ernst opened this new branch June 6, 1927 , and as he is serving
as manager, there is no doubt as to the success of the new institution.
Fraternally Mr. Ernst is an Elk. He belongs also to the Danish Society of Oakland, to the Chamber of Commerce and to the San Francisco Credit Men's Association.

LINTON C. WHITBY.
Linton C. Whitby, who since 1920 has filled the position of manager of the West
Oakland branch of the American Trust Company, of Oakland, is a young banker of
marked ability and valuable experience. His birth occurred in Fairfield, California,
on the 5th of July, 1894 , his parents being Frank Warren and Lillian ( Eldridge )
Whitby, the former a native of Sacramento, California, while the latter was born
in Brooklyn, New York. Captain Nichols, an uncle of Mr. Whitby of this review, was
the first wharfinger of San Francisco, where he also built the first wooden house,
bringing the necessary lumber around the Horn on his own ship.
In the acquirement of an education Linton C. Whitby attended school at Fairfield ,
this state. He was a young man of twenty years when in 1914 he became a messenger
in the First Trust & Savings Bank under P. E. Bowles, president, in which institution
he afterward served successively as bookkeeper, receiving teller and employe in the
loan department. In April, 1915, he became connected with the West Oakland branch
of The American Bank, now the American Trust Company, as bookkeeper and teller
and in 1920 was made manager of this branch, in which capacity he has continued
most acceptably to the present time and has proved himself thoroughly conversant
with affairs of finance.
The wife of Mr. Whitby, who bore the maiden name of Mary Adams Ely, is a
native of Oakland , California, and a descendant of John Quincy Adams. They are
the parents of a son, Linton C. Whitby, Jr.
The military record of Mr. Whitby covers eighteen months' service with the
aviation corps in England during the period of the World war. In fraternal circles
he is known as a Scottish Rite Mason and member of the Mystic Shrine, and he also
belongs to the Sciots. He is a progressive young citizen of keen wit and of many
admirable personal traits of character which commend him to the confidence and esteem of those with whom he comes into contact.

WALTER SCHNITGER.
Walter Schnitger, acting manager of the San Pablo-Twentieth branch of the
American Trust Company in Oakland , is entitled to representation in this work as an
able and successful young banker of his native state. He was born in the year 1891 , of
German parentage, being a son of Henry and Fredericka ( Hahn ) Schnitger. In the
acquirement of an education he attended the schools of Sonoma county and of San
Jose, where he also pursued a course in Heald's Business College. His initial business experience was gained in the service of the Western Sugar Refining Company,
with which he continued for a period of more than five years. During the World war
he served overseas with the navy and also spent some time in Asiatic waters . It was
in 1921 that he became connected with the banking business, joining the First National
Bank and the First Savings Bank at Emeryville, California, which he represented
as assistant cashier at the time they were purchased by the Mercantile Trust Company
of California, now the American Trust Company. He was then appointed assistant
manager and thus served until September 21 , 1927, when he was transferred to
the San Pablo-Twentieth branch of the American Trust Company in Oakland in the
capacity of acting manager. This is a new branch of the American Trust Company
and is in a location where it will soon become popular and will prove a great convenience to the people of the community. Under the careful control of its capable and
genial manager, its success is assured.
Mr. Schnitger is a worthy exemplar of the teachings and purposes of the Masonic
fraternity and has crossed the sands of the desert with the Nobles of the Mystic
Shrine. He also belongs to the East Bay Country Club and is a member of the
American Legion.

FINANCING AN EMPIRE

THE BROADWAY BANK .
Oakland.
The Broadway Bank of Oakland was organized in 1917 by B. F. Edwards, with an authorized capital of five hundred thousand dollars , of
which two hundred and fifty thousand dollars was paid in . Its first officers
were as follows : B. F. Edwards, president ; James F. Peck, vice president ; and B. F. Edwards, Jr., cashier. These officials continued in their
respective positions during the five years ' existence of the institution as
a unit bank.
The Broadway Bank, which opened its doors for business on the 20th
of August, 1917 , enjoyed a very successful career. Its first full year of
business showed an earning of five and one-half per cent on the issued
capital stock, which was increased to seven per cent the second year and
increased to eight per cent the last year. The institution also accumulated a surplus of three thousand dollars and undivided profits of eighteen
thousand, five hundred and forty- seven dollars , as of last report December
31 , 1921. This was in addition to the loss written off on bonds as ordered
by the state superintendent of banks in 1920 and 1921 , amounting to
about ten thousand dollars. Deposits had grown to seven hundred and
ninety thousand dollars, representing the accounts of sixteen hundred and
sixty-two depositors .
The Broadway Bank of Oakland was purchased by the Bank of Italy
in December, 1921 , and became the Broadway-Grand branch of that great
financial institution in July, 1922.
B. F. Edwards continued in the
capacity of manager until July, 1923, when he resigned, and C. E. Rowlands was appointed in his place.

CITIZENS BANK OF FRUITVALE .
The Citizens Bank of Fruitvale was organized in 1906 by L. R. Robertson and L. W. Forsting, with a capital of twenty-five thousand dollars, and
was conducted by L. R. Robertson as cashier until June, 1918 , when it
was sold to the Security Bank of Oakland.

In the year 1906, also, the

Bank of Fruitvale was organized by one of the Westovers and was conducted by R. W. Westover as cashier. This latter institution was sold to
the Security Bank of Oakland in 1917.

These were the only banks in

Fruitvale ( Twenty-third avenue to the San Leandro line and the estuary
to Foothill boulevard ) until 1918 , with the exception of a branch of the
Oakland Bank.

In that year nine competing banks entered this territory.

In November, 1918 , the Security Bank was purchased by the Bank of
Italy and the Citizens became the Fruitvale branch of this great financial
institution . L. R. Robertson continued as cashier and active head of the
Citizens Bank until its sale in 1918 and conducted it as a branch of the
Bank of Italy until his death in August, 1924.

He was a pioneer and an

outstanding figure in Fruitvale and his bank became an important factor

HISTORY OF BANKING IN CALIFORNIA
in the upbuilding of this district.

R. F. Thurston became identified with

the bank in 1908 in the capacity of teller, subsequently was made assistant
cashier, and in 1925 was appointed as manager.

The period of his con-

nection with the institution now covers nearly two decades, and he has
kept in constant touch with the growth of this district.

LOUIS J. TESIO.
Louis J. Tesio enjoys an enviable reputation in financial circles of his community
as the capable and successful vice president and manager of the Oakland branch of
the bank of Italy, with which institution he has been continuously connected since
1918. A native son of Italy, he was born on the 11th of November, 1878 , his parents
being G. B. and Catherine Tesio. His early education was received in the schools of
his birthplace. He was a youth of but eleven years when in 1889 he came alone to
the United States and made his way to San Francisco, California, where he began
working for a wage of three dollars per week. The art of photography claimed his
attention for several years prior to the time when he embarked in the real estate and
loan business as a broker. He organized the Italian American Realty Company and
handled a number of large subdivisions.
It was in 1918 that Mr. Tesio entered the service of the Bank of Italy, and when
in 1918 this institution purchased the Security Bank & Trust Company of Oakland, he
was appointed appraiser in charge of the new building department. Later he was
made assistant cashier and subsequently assistant manager, while since 1923 he has
filled the important position of manager of the Oakland branch of the Bank of Italy
and is now vice president as well. The assets of the Oakland branches have grown
from two million , eight hundred thousand dollars to more than twenty-five million
dollars. The Bank of Italy has also established fourteen other branches in Oakland.
In early manhood Mr. Tesio was united in marriage to Miss Louise J. Larkin, a
native of Oakland , California . They are the parents of eight children, six daughters
and two sons, namely : Hazel, Velma, Esther, Louis J. , Jr., Ruth, Phyllis, George
and June. All were born in Oakland are graduates of the College of the Holy Name
and have attended both Mills College and the University of California.
Fraternally Mr. Tesio is affiliated with the Benevolent and Protective Order of
Elks and the Fraternal Order of Eagles . He is also a member of the Chamber of
Commerce, the Optimist Club, the Sequoia Country Club and the Athens Athletic
Club. He may justly claim the proud American title of a self-made man, for he
entered business life in the new world without money or friends and has worked
his way energetically and persistently upward to a position of prominence and prosperity in the community which he chose to make his home.

JAMES ERNEST SMITH .
James Ernest Smith, a worthy native son of California whose experience in the
banking business extends over a period covering more than two decades, has been
assistant manager of the Oakland branch of the Bank of Italy since the 1st of September, 1924, and has recently been appointed assistant vice president. His birth occurred
in San Francisco in the year 1886 , his parents being Andrew and Mary (Cady ) Smith,
who established their home across the bay in Oakland when he was a little lad of five
years. He acquired his early education in the grammar and high schools of Oakland
and continued his studies in the University of California at Berkeley, until 1906 when
he left college to enter business .
James E. Smith was a young man of twenty years when in 1906 he became
a messenger in the employ of the Union Savings Bank, with which he remained until
the institution was taken over by the Central Bank in 1914, at which time he was
working in the real estate and loan department. Later in the year 1914 he assumed
the duties of assistant cashier in the Central Savings Bank, with which he continued
until August, 1922, when he was transferred to the Central National Bank and was
4- VOL. 4

FINANCING AN EMPIRE

appointed credit manager and assistant cashier. Two years later, however, he severed
his connection with that institution to enter the service of the Bank of Italy in its
Oakland branch, where he is now assistant vice president. He has proved himself
thoroughly qualified for his important work in this capacity and enjoys a well deserved
reputation for marked efficiency.
In early manhood Mr. Smith was united in marriage to Elsie M. Mitchell, daughter
of John Mitchell, of Oakland, California. They are the parents of a daughter, Janet.
Fraternally Mr. Smith is identified with the Benevolent and Protective Order of
Elks and with the Masonic order, in which he has crossed the sands of the desert
with the Nobles of the Mystic Shrine. He is a charter member of Oakland Chapter
of the American Institute of Banking and also belongs to the Athenian Nile Club,
the Athens Athletic Club and the Sequoia Club. Mr. Smith is a wide-awake , progressive and popular citizen whose continued success as a banker is assured .

JOHN FRANCIS RIVOLTA.
John Francis Rivolta, assistant trust officer of Alameda county, having charge
of all trust departments of the East Bay branches of the Bank of Italy, makes his
home in Oakland, but was born across the bay in San Francisco, his natal day being
October 14, 1890. He is a son of G. R. and Louisa ( Terenghi ) Rivolta , and spending
his youth under the parental roof, he obtained his education in the grammar and
high schools of his native city. When his textbooks were put aside he entered the
San Francisco post office , becoming a general clerk at the age of eighteen years , and
there remained for nine years. Desirous of advancing in the business world , he
worked in the daytime but studied at night, attending the San Francisco School of
Law. In 1918 he resigned his post office position and in February of the following
year entered the law business as a junior, thus continuing until August, 1919.
On the 8th of December of the same year Mr. Rivolta became associated with
the Bank of Italy as school savings bookkeeper at the Market Street branch and
after a short time was placed in charge of the Liberty Bond department. He was
next assigned to the savings department as teller and subsequently became assistant
manager of that department, his career as a banker being thus characterized by an
orderly progression which indicated his capability and fidelity to the interests
which he represented. He was next made efficiency man in the Market Street branch
and following the consolidation in June, 1921 , he served in the auditing department until the early part of September, when he entered the trust department,
functioning as trust accountant for a year. He was then called to the important
position of assistant trust officer for Alameda county, having charge of all trust
departments of the East Bay branches.
Mrs. Rivolta, who in her maidenhood was Katherine Barbara Fromhertz, is also
a native of California, having been born in Palo Alto, and by her marriage has
become the mother of an interesting little daughter , Barbara.
Mr. Rivolta belongs to the Oakland Lodge of Elks , also to the Native Sons
of the Golden West and to the American Institute of Banking . He is a man of
pleasing personality, genial and cordial, possessing many sterling traits of character and at all times showing marked ability in the conduct of the business affairs
entrusted to his care.

SEBASTIAN ELLIOTT REINHARD .
Sebastian Elliott Reinhard , manager of the bond department of the Bank of
Italy in Oakland, was born in San Francisco in the year 1895, his parents being
S. E. and Julia ( Gantner ) Reinhard. No event of special importance occurred to
vary the routine of school life for him in his youthful days and when he had acquainted himself with the various branches of learning taught in the public schools
of his native city he laid aside his textbooks and sought employment, which he
secured in a wholesale hardware house. He entered the field of banking in 1919 ,
when a young man of twenty-four years. Through the three previous years he

HISTORY OF BANKING IN CALIFORNIA

had gained valuable experience as a bond salesman in San Francisco and it was
the knowledge and ability that he had thus acquired that led to his selection for
the responsible position of manager of the bond department of the Oakland branch
of the Bank of Italy. He is thoroughly familiar with commercial paper and is
well qualified to advise and direct investors who transact business through his
department.
Mr. Reinhard was married to Miss Norma Woods , a native of Oakland, and
they have become parents of two children, who bear the parents' names, Norma
and Sebastian .
Mr. Reinhard holds membership in the Orinda Country Club, the Athens Athletic Club and the Commercial Club. He is a young man of pleasing personality ,
of exceptional energy and laudable ambition, and his practical common sense is
greatly appreciated as a factor in the success of the institution which he represents.

WALTER B. KENNEDY.
Walter B. Kennedy, called to the position of manager of the Telegraph Avenue
branch of the Bank of Italy at Oakland, California , in 1922 , bent his energies to
the development of that institution until May 14 , 1927 , when he was made manager of the College Avenue branch of the Bank of Italy, and its growth was gratifying throughout the intervening period of five years. Since starting out in the
business world Mr. Kennedy has largely been associated with banking in this
state. He was born in Yuba county, California , in 1885 , and is a son of James and
Laura Ann ( Raines ) Kennedy. The father was one of the pioneer mining men of
the coast but died during the early youth of his son. He had come to this state in
1858, making the trip by way of the Isthmus of Panama.
In the public schools of Oakland , California, and of Carlin , Nevada, Walter B.
Kennedy pursued his education and after putting aside his textbooks obtained employment as a junior office clerk with Kahn Brothers , proprietors of Oakland's largest department stores. Subsequently he entered the service of the M. J. Keller
Company. In 1902 he entered the employ of the State Savings Bank of Oakland ,
in which he continued until 1911, a service of nine years that indicates his trustworthiness and industry. On leaving that institution , in which he had gained
valuable experience, having worked his way upward from the position of messenger
boy to that of paying teller, he became secretary of the Bank of Patterson, with
which he remained for two years. At the end of that time, in 1913, he went to
the San Jose Safe Deposit Bank in the position of manager of the savings department, and when that institution was absorbed by the Bank of Italy, in 1917 , he
was made assistant cashier and in 1920 was placed in charge of the trust department of that branch. His capability won recognition that led in 1922 to his assignment to the office of manager of the Telegraph Avenue branch of the Bank
of Italy in Oakland. On the 1st of July, 1923, the present fine building was completed. It is a one-story structure, sixty by seventy-five feet, with a twenty-five
foot ceiling, its decorations being in Italian Renaissance. There is a splendid safe
with deposit vaults and coupon booths. A bond and trust department is maintained
in addition to the general banking business and employment has been furnished
to five people. The growth of the bank has been rapid and a particularly large
savings department is maintained.
On the 10th of December, 1924 , Mr. Kennedy was united in marriage to Miss
Margaret Madge, who was born in Petaluma , California , and prior to her marriage
was assistant librarian in Oakland.
Mr. Kennedy is a member of the Benevolent and Protective Order of Elks , of
the Kiwanis Club and of the Telegraph Avenue Merchants Association . Both he
and his wife are prominently known in musical circles . He is the organist and
choir director of the First Presbyterian church , while Mrs. Kennedy is soloist in
St. Mary's church of Oakland. Quiet and unassuming in manner and conservative
in his views, he is nevertheless a wide-awake, alert, enterprising and thoroughly
capable man and of most pleasing personality. He has membership in the American
Guild of Organists and finds great delight in musical activities, both he and his
wife contributing to the cultivation of the musical taste of the city. His business

FINANCING AN EMPIRE

career has been marked by a steady progress that has resulted from a mastery of
every duty assigned to him, and as his power has grown through the exercise of
effort he has been steadily advanced until he now occupies a position of responsibility in the banking circles of his native state.

WILLIAM PIZARRO SPRATT.
William P. Spratt, manager of the Polk-Van Ness branch of the Bank of
Italy in San Francisco, is a native son of Louisiana, his birth having occurred in
1887. His parents moved to California in the early ' 90s , settling in Pasadena but
soon afterward removing to Fresno.
It was in Fresno that William P. Spratt pursued his education as a public
school pupil and started out in the business world as an employe of the Fresno
Home Packing Company. He later entered the employ of the Southern Pacific
Railroad Company in the auditor's office in San Francisco, and his next position
was with Allen Knight, a certified public accountant. While thus engaged he had
training that qualified him for banking, for he specialized in bank and corporate
accountancy. Later he became associated with the Garden City Bank and Trust
Company of Gilroy and transferred the books from the First National Bank to
the former corporation . It was in Gilroy that he became associated with the Bank
of Italy as assistant cashier of the branch of that place, continuing in that connection for three years, when he was assigned to duty in the comptroller's department of the head office, where he continued for a few months. In 1922 he went
to Oakland as manager of the College Avenue branch of the Bank of Italy, and his
efforts and enterprise were vital factors in the continued success of this institution.
It was at his request that the new bank building was erected a flat-iron structure
with a depth of one hundred feet and two stories in height, containing, besides the
bank space, eighteen offices which were rented. This building has been occupied
since May, 1924 , and is a splendid structure, modern in every way, built to fully
safeguard the deposits and valuable papers of the bank. In a way it is a monument to the progressive spirit of Mr. Spratt who made notable contribution to the
growth of the bank, which in 1922 had deposits of six hundred and twenty thousand
dollars, while today its deposits amount to one million , five hundred thousand dollars a notable growth for a period of five years.
Mr. Spratt was united in marriage August 4, 1912 , to Miss Alberta A. Willson,
a member of a prominent California pioneer family, her grandfather, Albert Willson ,
coming from New Hampshire across the Isthmus of Panama in January, 1852. They
have two children , Margaret and Jeradine.
Fraternally Mr. Spratt is a Royal Arch Mason and a member of the Benevolent
and Protective Order of Elks. He also belongs to the Chamber of Commerce of
San Francisco and is president of the San Francisco Chapter Bankitaly Club, a
splendid institution for the development of bank employes along social, athletic
and educational lines. Mr. Spratt is working to develop the human side of banking and takes great interest in the club and its accomplishments along welfare
lines . While in Oakland he was the president of the Alameda County Chapter
Bankitaly Club. His own record has been characterized by continued advancement,
indicating a wise use of his time and talents.

OSCAR L. COX.
Oscar L. Cox is concentrating his efforts and attention upon the management
of the twenty-eight branches of the Bank of Italy National Trust and Savings
Association in and tributary to the city of Oakland. He came to the Pacific coast
as a boy from Texas and had removed to the Lone Star state from Indiana, his
parents being Paris and Mary C. Cox, the latter a native of Ohio . The father
became the first white settler in the Panhandle of Texas and established his home
on a large stock ranch in Crosby county, where Oscar L. Cox acquired his early
education under the direction of efficient tutors, as schools were then unknown

HISTORY OF BANKING IN CALIFORNIA

in that great plains country. Subsequently, he entered the Pacific College of Oregon
and in due course of time was graduated so that liberal educational training well
qualified him for the duties and activities which he later assumed.
In 1898 Mr. Cox engaged in the work of the Young Men's Christian Association
in Portland, Oregon, managing the financial interests of the association, then engaged in the erection of a new building. Subsequently he went to Salt Lake City
in a similar, though senior position and was there successful in raising a quarter
of a million dollars for a new building, continuing active in the work there until
1910. His efforts were indeed far-reaching and effective, and in both cities the
Young Men's Christian Association has reason to feel indebted to him for his
beneficial efforts. In the year indicated he started in business for himself and became associated with local banks . He later represented the National Bank of Commerce in New York as a traveling representative and was promoted to its second
vice presidency, being the second officer in charge of the bank's business from the
Canadian border to the south and as far east as the eastern boundary of Texas,
Oklahoma , Utah and Idaho , also of a substantial number of the bank's accounts in
New York city. In 1925 , however, he left the eastern metropolis and came to California, where he accepted the presidency of the East Bay National Bank, a newly
organized bank of Oakland , which opened its doors under auspicious circumstances
and was operated most successfully. In February, 1927 , it merged with the Bank
of Italy, and Mr. Cox then took general charge of that bank's branches in Alameda
and Contra Costa counties . He is also the chairman of the bank's East Bay District
Committee, whose membership is composed of twenty of the most prominent and
successful business and professional men of the two counties.
In 1902 Mr. Cox was united in marriage to Miss Lulu Mae Buddemer, a native
of Tennessee, who was reared, however, in Oakland and became a student in a
dramatic school of San Francisco. They are now the parents of a son and daughter : Louis L., nineteen years of age , is a junior at Yale and had the honor of winning the second prize in English when in his freshman year ; and Marjorie is a
little maiden of nine summers in the Marion Ransom School in Piedmont.
Mr. Cox is a well known and popular figure in club circles in the bay district,
having membership in the Claremont Country Club, the Athenian Nile Club, the
Kiwanis and the Commercial Club and other local civic bodies, as well as the Pelham
Country Club of Pelham, New York. He is a supporter of the American Institute
of Banking, and in every relation of life he is recognized as a man of strong
personality, of admirable characteristics and of broad mental attainments.

WILLIAM M. HAMILTON.
William M. Hamilton, a respected resident of Oakland, now serving as manager of the North Broadway branch of the Bank of Italy, was born a British subject, although his birth occurred in Fiume, Hungary, in 1891. Liberal educational
opportunities came to him as with his parents, G. W. and Mary Hamilton, he
removed to France, to London and to Germany, pursuing his studies in the schools
of each country and attending the College of Commerce in Paris. His connection
with American interests began in 1908 when he entered the service of the Westinghouse Electric Company in Paris, remaining with that corporation from 1908
until August, 1914. In the meantime the nations of Europe were engaged in the
World war and from the latter date until December, 1919 , Mr. Hamilton served with
the British army and sought to maintain the principle that national rights must
be honored. For three years he was with the Royal Army Service Corps and during the remainder of his connection with the allied troops he was with the infantry
in France, in Italy, Egypt and Greece, subsequently returning to England.
When the war was ended Mr. Hamilton once more went to Paris in 1919 and
was associated with the American Express Company in its accounting department.
Later he was transferred to the Naples office, where he served as assistant manager,
remaining there until July, 1921 , when he determined to come to the new world
and in the following August arrived in New York city. In the month of September he reached San Francisco, California, and immediately joined the forces of
the Bank of Italy, being appointed to a position as bookkeeper in the head office:

FINANCING AN EMPIRE

on the 7th of September, 1921. He won rapid promotion to the position of savings
teller and afterward served in various departments of the bank, spending some
time in the new accounts department. In October , 1922, he was transferred to the
College Avenue branch of Oakland , California, as assistant cashier and soon after
his transfer a new business campaign for the East Bay district was started , in
which Mr. Hamilton carried off the honors , winning the first prize. A little later
a campaign for Christmas savings accounts was instituted and Mr. Hamilton's
branch took first prize, with the result that the Bank of Italy gave Mr. Hamilton
the northern part of the state as his territory and he went up into the lumber
camps, the work shops, etc., interesting the men in putting their money into savings
accounts. He was highly successful in carrying out his purpose and in September,
1924, the Bank of Italy decided to put Mr. Hamilton in charge of the Christmas Club
for Alameda county. This turned out to be such a success that the following
year- 1925-the plan was extended to the San Francisco and the Los Angeles
branches , Mr. Hamilton being asked to install the Christmas Clubs in each . He
had supervision of the installation of this branch of banking and his labors proved
most resultant and satisfactory. In 1926 he was again back at the head office
as assistant cashier in the business extension department and during the latter
part of the year the bank decided to extend the Christmas Club campaign in several of the branches that hitherto had not had it. There were over one hundred and
ten branches in the campaign and Mr. Hamilton had secured at the close of 1926
in excess of seventy thousand new Christmas Club accounts. Capability of this
kind cannot go unheeded and therefore on the 14th of February, 1927 , W. W.
Douglas , vice president of the Bank of Italy, asked Mr. Hamilton to open the
North Broadway branch and appointed him manager thereof. His labors have been
notable in their successful accomplishment and he is today a well known and
honored figure in banking circles.
In 1922 Mr. Hamilton was united in marriage to Miss Mary Daviess Gaines ,
whom he met in Naples , Italy, in 1921 , while she was on a pleasure trip there with
her parents, the wedding being celebrated the following year in Berkeley , California.
They now have two sons, William Douglas and Robert Daviess.
Mr. Hamilton holds membership in Yerba Buena Lodge No. 403, F. & A. M.,
at Oakland. He is keenly interested in public projects and all plans for the improvement and upbuilding of his adopted city and state. He is a student, too,
of those questions which affect the welfare of the youth and is now serving as
district commissioner of the Boy Scouts of America . He is likewise a member of
the 50-50 Club of Oakland, which means fifty per cent good business and fifty per
cent good fellowship . Strong and forceful , he is an influential factor in the public
life of his community, is a man of notable energy and perseverance who has done
much to promote business enterprise and stability, and in every relation of life he
measures up to the highest standards of manhood and citizenship.

CENTRAL NATIONAL BANK.
CENTRAL SAVINGS BANK.
Oakland .
On September 8, 1891 , W. G. Palmanteer organized the Home Savings
Bank in Oakland . On June 13, 1892 , the name was changed to the Central
Bank, which conducted both a savings and commercial business .
On
August 12 , 1909, the commercial department became the Central National
Bank of Oakland, with a paid-up capital and surplus of one million, one
hundred and twenty-five thousand dollars .
The savings branch continued to be operated as the Central Bank until April 7, 1911 , when it
became the Central Savings Bank of Oakland . In August, 1912 , the Bank
of Germany was absorbed.

On May 12 , 1913, the Central Savings Bank

assumed control of the Telegraph Avenue Savings Bank.

In November,

HISTORY OF BANKING IN CALIFORNIA

1914, one of the oldest banks of Oakland , namely the historic Union Savings Bank, founded July 1, 1869, by A. C. Henry and associates , was
absorbed. In 1915 the Western Commercial and Savings Bank and the
Bank of Commerce were likewise merged with the Central Savings Bank.
The State Savings Bank was purchased on March 31 , 1923.

On December

29, 1923, the Fruitvale agency of the Central National Bank was opened .
In 1892 , at the conclusion of the first year of the business of the Central
Banks, the total assets amounted to one million, twenty-two thousand,
nine hundred and sixty-eight dollars .
mounted to over three million dollars .

Eight years later the assets had
By 1910 this sum had increased

to thirteen million, six hundred and forty-five thousand , six hundred and
fifty-two dollars.
On December 1, 1925 , the two banks had assets of
sixty-one million, nine hundred and thirty thousand, eight hundred and
fourteen dollars .

Each has a capital stock of one million, two hundred

thousand dollars .

The year 1926 saw the completion of the magnificent

new home of the Central Banks-a fifteen-story building at Fourteenth
and Broadway in Oakland .
The officers of the Central National Bank are as follows :
J. F.
Carlston, president ; Claud Gatch, vice president ; H. A. Mosher, vice
president ; R. M. Fitzgerald , vice president ; W. W. Giddings , vice president ; J. F. Hassler, vice president and cashier ; George C. Humphrey,
assistant cashier ; E. D. Bothwell, assistant cashier ; P. E. Otey, assistant
cashier ; B. R. Breese, assistant cashier ; Fred C. Wells , assistant cashier ;
Charles J. Hodowal, assistant cashier ; J. J. Flynn, assistant cashier ; J. S.
Killam, assistant cashier ; Charles J. Feehan, assistant cashier ; Fred L.
Train, assistant cashier ; and Daniel Reed , trust officer .
The official personnel of the Central Savings Bank is as follows :
Carlston, president ; T. A. Crellin, vice president ;

J. F.

Claud Gatch, vice

president ; W. W. Giddings, vice president ; R. M. Fitzgerald, vice president ; E. C. Petersen, vice president ; Charles D. Bowman, assistant
cashier ; H. C. Sagehorn, cashier ; E. J. Guisto, assistant cashier ; and W.
R. Walker, assistant cashier. M. R. Bronner is the assistant cashier and
manager of the Telegraph Avenue branch of the Central Savings Bank,
while George J. Hans is assistant cashier and manager of the Fruitvale
agency of the Central National Bank. E. N. Hendricks is manager of the
Central safe deposit vaults . The members of the board of directors of
the Central National Bank and the Central Savings Bank are J. F. Carlston, John P. Maxwell, Claud Gatch, J. W. Phillips, Anson S. Blake, W.
G. Manuel, T. A. Crellin , R. M. Fitzgerald , A. T. Ellis, R. W. Kinney and
Dr. O. D. Hamlin.

CLAUD GATCH .
Claud Gatch, widely known as a financier of pronounced ability, has since 1918
filled the official positions of first vice president of the Central National Bank of
Oakland and vice president of the Central Savings Bank of Oakland . His birth occurred at Olympia in Washington territory in the year 1859 , his parents being Thomas

FINANCING AN EMPIRE

M. and Orytha ( Bennett ) Gatch. His maternal grandfather, Silas Bennett, reached
Santa Cruz, California, in 1847. Thomas M. Gatch, the father of Claud Gatch, came to
this state from Ohio in 1855 and attained a position of prominence in the educational
field, becoming first superintendent of schools of Santa Cruz. He was the first
president elected for the University of Oregon and for many years served as president of the University of Washington and the Oregon Agricultural College at Corvallis, Oregon.
In the acquirement of an education Claud Gatch attended Portland Academy
and the Willamette University of Salem, Oregon . He obtained his initial experience in the banking business as messenger in the Ladd & Bush Bank of Salem,
Oregon, in the service of which he remained for a quarter of a century, being
promoted from the position of messenger to clerk and subsequently being chosen
cashier, which office he had filled for fifteen years when he severed his connection
with the institution . In 1906 he was appointed national bank examiner, his territory including Oregon, Washington, Montana and Idaho, and thereafter became
chief national bank examiner of Federal Reserve District No. 12. In the meantime Mr. Gatch had visited Washington on a number of occasions in connection
with committee organization work of the Federal Reserve Bank, and upon the institution of the Federal Reserve System he was made first vice chairman of the
Federal Reserve Bank of San Francisco . In the interim he had been receiver for
several national banks which had failed, among them the Union National Bank of
Oakland, California , whose depositors received one dollar and seven cents on the
dollar. His work as national bank examiner was entirely along constructive lines , for
instead of closing banks which were in a precarious financial condition he directed
his efforts toward placing them again on a solid basis . Following his resignation
in 1918 he became first vice president of the Central National Bank and vice president of the Central Savings Bank of Oakland , which positions he has filled continuously since, his efforts contributing in large measure to the continued growth
and success of these strong financial institutions . Mr. Gatch is a man of strong
and determined nature and remarkable personality.
In early manhood Mr. Gatch was united in marriage to Helen Plummer, daughter of Dr. O. P. S. Plummer, who for forty-five years was a physician in Portland ,
Oregon. They are the parents of a son and a daughter, Thomas Leigh and Orytha
Gatch. Thomas L. Gatch, who is now lieutenant commander in the United States
Navy, was graduated from the United States Naval Academy of Annapolis, Maryland, in 1912, and is stationed at the War College at Newport, Rhode Island. He
married Nancy Dashiell, daughter of Lieutenant Dashiell of the United States Navy.
Mr. Gatch is past grand master of the Independent Order of Odd Fellows in
the state of Oregon, also past grand representative of the Independent Order of
Odd Fellows in the state of Oregon and has been grand representative in the grand
lodge of Oregon to the Sovereign Grand Lodge of Odd Fellows for four different
terms. He is likewise a Scottish Rite Mason and a member of the Sons of the
American Revolution , the Claremont Country Club and the Athenian Nile Club of
Oakland.

HARRY ALBERT MOSHER.
Harry Albert Mosher is a factor in financial circles of his native county as
vice president of the Central National Bank of Oakland, with which institution he
has been thus officially identified since 1916.
His birth occurred at Centerville,
California, in 1871 , his parents being H. E. and S. Jane (Warnick) Mosher, of
Saint John , New Brunswick. He acquired his education in the public schools of
Oakland and as a boy assisted his father in farm work, the latter owning land in
the vicinity of Niles, California . Subsequently he pursued a bookkeeping course
in Heald's Business College and then entered an insurance office in San Francisco,
where he was employed for two years.
It was in 1893, when a young man of twenty-two, that Mr. Mosher entered the
field of banking in the service of the Farmers & Merchants Savings Bank of Oakland in the capacity of bookkeeper. He remained with this institution for a period
of fifteen years and thoroughly familiarized himself with the banking business by

HISTORY OF BANKING IN CALIFORNIA

working in its various departments. In 1908 Mr. Mosher became cashier of the
Central National Bank of Oakland, which he has represented continuously to the
present time and of which he has served as vice president since 1916. Ability, energy
and business tact have combined to make a success of his banking career and his
own efforts have placed him in a position of trust and confidence.
In early manhood Mr. Mosher was united in marriage to Esther Baechtel, a
native daughter of California. They are the parents of a daughter and a son,
namely : Esther, who is attending Mills College of Oakland ; and Marten, a student
in the Piedmont high school. Fraternally Mr. Mosher is affiliated with the Benevolent
and Protective Order of Elks, and his name is also on the membership rolls of the
Athenian Nile Club , the Claremont Country Club and the Diablo Country Club.

ROBERT MULLINS FITZGERALD
Robert Mullins Fitzgerald is identified with the banking interests of California
as vice president and as attorney for the Central National Bank and Central Savings Bank of Oakland . He was born in San Francisco, January 7, 1858. Upon
graduating from the Oakland high school with the class of 1879, Mr. Fitzgerald
entered the University of California, and obtained his LL. B. degree from the
Hastings College of Law with the class of 1883. In that year he began practice
in Oakland and is the senior member of the firm of Fitzgerald , Abbott & Beardsley.
In 1906 he became identified with the banking interests of Oakland by reason of
his connection with the Central National Bank and Central Savings Bank of Oakland and has since acted as the bank's attorney.
Mr. Fitzgerald was married to Miss Laura M. Crellin of Oakland, and their
three children are Eleanor, Thomas C. and Kathleen.
On nine different occasions Mr. Fitzgerald has been delegate to the democratic
national convention. He was appointed a member of the first board of public works
in Oakland in 1889 and for ten years from 1895 to 1905 was a member of the state
board of prison directors. He has been interested in club work, being a member
of the Pacific Union, Bohemian, Claremont Country Club, Sequoyah Country Club ,
Athenian Nile, Athens Athletic and the Mount Diablo Country Clubs, as well as a
member of the California State Bar Association and one of its ex-presidents, and
is also a member of the American Bar Association and a past grand president of the
Native Sons of the Golden West.

DANIEL READ.
Identified with California from early life and now trust officer with the Central
National Bank of Oakland, Daniel Read was born in Champaign , Illinois, in 1885 ,
and spent his youthful days in the home of his parents, O. B. and Anna L. ( Hicks )
Read, who on removing with their family to California settled in Los Angeles.
Their son Daniel there obtained his early education and in due course of time was
graduated from the Santa Rosa high school. When his textbooks were put aside
Mr. Read at once became connected with banking interests , securing a position as
office boy in the First National Bank of San Francisco , where he continued for three
years. He went from there to the Market Street Bank, which failed some years
ago, and after a year's association with that house Mr. Read joined the Central
Bank of Oakland in 1906 as a bookkeeper. Reorganization and changes have led to
the adoption of the name of the Central National Bank, but with the institution
Mr. Read has remained through all the years, now covering more than two decades.
He has worked in various positions and in 1919 was appointed trust officer, in
which capacity he has since served.
Mr. Read married Miss Esther C. Von Lieniz, of St. Louis, Missouri, and they
have one son, Richard O. Fraternally Mr. Read is a Mason and is well known
in club circles, having membership in the Moose Club, the Athens Athletic Club and
the Castlewood Country Club. He is also a charter member of the Oakland Chapter of the American Institute of Banking and his high standing among the repre-

FINANCING AN EMPIRE

sentatives of banking interests in California is shown in the fact that for the past
two years he has been president of the Associated Trust Companies of Central
California and for the past year has been secretary of the trust company section
of the California Bankers Association . He has ever exhibited a spirit of fairness
and unselfishness and a hearty desire to render effective service where needed, and
to the younger generation of men whose ambitions are leading them into similar
lines of activity Mr. Read's record is one well worthy of exemplification .

FRED L. TRAIN.
Fred L. Train, credit manager and assistant cashier of the Central National
Bank of Oakland, was born in New York city in 1887 , a son of William E. and
Florence ( Adelade ) Train. He spent his youthful days under the parental roof,
the family home being in the vicinity of Boston, where he attended the public schools.
He made his initial step in the business world by entering the employ of R. G.
Dun & Company of New York, with whom he remained for a period of nine years .
In the meantime he took up courses in cost and accounting under the direction
of the American Institute of Banking and in the Alexander Hamilton Institute . In
the year 1910 he came to California, being connected with R. G. Dun & Company,
and he entered into active association with the Central National Bank of Oakland
as assistant credit manager in 1922. In January, 1924, he was elected credit manager and assistant cashier of this bank, with which he has now been connected for
more than five years.
In 1917 Mr. Train was married to Miss Florence Francisco , a native of California, whose father, H. H. Francisco , is general passenger and freight agent of
the Santa Fe Railroad, having occupied the position for forty years. Mr. and
Mrs. Train are the parents of three daughters- Eleanor Maria, Dorothy Jean and
Marian Alice , all of whom were born in Berkeley.
Mr. Train has membership with the Benevolent and Protective Order of Elks ;
is secretary and treasurer of the Oakland Association of Credit Men, and is active
in the affairs of the Robert Morris Association of New York. He possesses a very
pleasing personality and displays keen business ability and a marked spirit of
enterprise , so that he has made creditable progress in financial circles and at the
same time has commanded and enjoyed the respect and good will of all with whom
he has come in contact.

FREDERICK COFFING WELLS .
The business record of Frederick Coffing Wells is notable in the fact that since
he started out for himself he has held but two positions, which is certainly indicative of his capability and his fidelity to the interests entrusted to his care. Born
in Chicago, Illinois , on the 20th of December, 1882 , he is a son of George Lee and
Sybil (Bliss ) Wells . His youthful days were largely passed in New England and
his education was acquired in the schools of Burlington, Vermont, in which city
he also made his initial step in business by securing a position as a general clerk
in the Merchants National Bank of Burlington in 1900. He applied himself closely
to the duties assigned him and his industry, diligence and faithfulness won recognition in promotion from time to time until he severed his connection with the bank
in May, 1906, preparatory to coming to California.
With his removal to the Golden state Mr. Wells became receiving teller of the
Central Bank of Oakland and was appointed assistant cashier in the year 1921 ,
since which time he has continuously filled this position. He has the entire confidence of the executive officers of the bank and has ably discharged his duties,
winning many friends for the institution by his pleasing personality and his sterling
worth.
In 1917 Mr. Wells was joined in wedlock to Miss Flora Phelps , a native of
Michigan, and they are now parents of two children, Martha Sybil and Ruth Ellen ,

HISTORY OF BANKING IN CALIFORNIA

the former now a student in the Ransom and Bridges School for Girls at Piedmont,
California .
In Masonic circles Mr. Wells is widely and prominently known , holding membership in Sequoia Lodge, F. & A. M.; Oakland Chapter, R. A. M.; Oakland Commandery, K. T.; Oakland Council , R. & S. M.; Oakland Consistory, M. R. S.; and
Aahmes Temple, A. A. O. N. M. S. , of which he is treasurer. He also belongs
to the Benevolent and Protective Order of Elks and is a member of the Athens
Athletic Club of Oakland and the Oakland Chamber of Commerce. His friends are
many and the number is constantly increasing as the circle of his acquaintance
broadens.

HERMANN C. SAGEHORN .
Hermann C. Sagehorn, a lifelong resident and representative financier of Oakland, is widely known as cashier of the Central Savings Bank of Oakland, with
which he has been continuously identified since entering the service of the institution in the capacity of messenger a third of a century ago. His birth occurred
in Oakland, California , in 1876, his parents being W. T. and Anna ( Hesseman ) Sagehorn, the former one of the early pioneers of the city. His education was obtained
in the grammar and high schools of Oakland, where as a youth of eighteen years,
in 1894 , he entered the field of banking as messenger in the Central Savings Bank
of Oakland, of which W. G. Parmenteer was at that time president, while C. R.
Yates occupied the position of cashier. Demonstrating his ability and trustworthiness in the faithful discharge of the duties assigned him, Mr. Sagehorn was eventually advanced to the savings department of the institution, in which he served
for several years prior to being elected cashier , which official position he has filled
most efficiently to the present time. He is an interesting talker on topics relating
to Oakland's early days. A man of indomitable will and energy, he combines with
these qualities an executive ability which has resulted in a most successful management of his affairs , while an ever courteous manner and kindly personality have
won for him the friendship and esteem of those whom he has met either in a business or social way.
In early manhood Mr. Sagehorn was united in marriage to Ida Purlenky, of
San Francisco , California. They are the parents of a daughter, Phyllis. Fraternally Mr. Sagehorn is affiliated with the Benevolent and Protective Order of
Elks and with the Masonic order, in which he has crossed the sands of the desert
with the Nobles of the Mystic Shrine. He also has membership in the Sequoyah
Country Club, Castlewood Country Club and the Athens Club and is duly appreciative of the social amenities of life.

EDWARD C. PETERSEN.
Among the younger representatives of banking interests in California is Edward
C. Petersen, native son, who is officially identified with the Central Savings Bank
of Oakland as vice president. His birth occurred in Oakland on the 26th of October, 1891 , his parents being Christian and Anne M. Petersen .
He received a
grammar school education in his native city and attended high school here for
four months but put aside his textbooks when a youth of fifteen years and in
November, 1906 , obtained a position as messenger in the Union Savings Bank of
Oakland. He remained in the service of this institution for a period of five years
and was promoted from one department to another as he demonstrated his capability and faithfulness in the discharge of the duties entrusted to him. Severing
his connection with the Union Savings Bank, Mr. Petersen became a clerk in the
Central Savings Bank of Oakland , in which he was rapidly advanced and of which
he was made assistant cashier and vice president on the 19th of January, 1925.
Natural and acquired ability, together with thorough experience in the banking business , renders his work in these capacities a valuable element in the successful
control of the institution.

FINANCING AN EMPIRE

The wife of Mr. Petersen , who bore the maiden name of Catherine M. Thomsen,
is also a native of Oakland , California. They are the parents of a daughter, June,
who is eight years of age.
In fraternal circles Mr. Petersen is known as a Scottish Rite Mason and member of the Mystic Shrine . His name is also on the membership rolls of the Athenian
Nile Club, the Athens Athletic Club, the High Twelve Club and the Public Spirit
Club and he enjoys an extensive and favorable acquaintance in the city of which he
has been a lifelong resident. He has been described as a man of interesting and
charming personality, popular with his sex.

EMMET J. GUISTO .
The attractiveness of California as a place of residence is manifest in the fact
that many of her native sons have here remained to find in her business circles a
fruitful field , and among those who are now active in connection with financial
management in the state is Emmet J. Guisto , who was born in Napa in 1896 , a son
of Lawrence G. and Louise (Arita ) Guisto . At the usual age he entered the public
schools, passing through consecutive grades to the high school of Napa , while later
he became a student in St. Mary's College at Oakland, California.
Mr. Guisto was a young man of twenty years when in 1917 he entered the
Bank of Italy at Montgomery and Clay streets in San Francisco in the capacity of
messenger. It was not long, however, before he had left that minor position to
assume more responsible duties and for several years was employed in various
departments, where he was gaining knowledge and experience that have proven
of great benefit to him in later years. He was in line for the position of teller when
he left that bank in the latter part of 1917 to go to Oakland, California , there
accepting a position in the Central Savings Bank, of which he was appointed assistant cashier in February, 1925.
In 1916 Mr. Guisto was united in marriage to Miss Martha Riley, and they now
have four children : James Weir, an adopted son ; Emmet, Jr. , Carolyn and Elizabeth.
Mr. Guisto belongs to the Benevolent and Protective Order of Elks and the
Athenian Club. He is a man of strong and self-reliant personality and possesses
that quality which for want of a better term has been called magnetism. In a word,
he easily wins friends and he has the faculty of inspiring others with much of
his own optimism and good cheer.

JOHN WATERMAN PHILLIPS .
John Waterman Phillips is one of the original directors and stockholders of the
Central Savings Bank of Oakland and is yet extremely active for one of his years, for
he has attained the advanced age of ninety-five. He is undoubtedly the veteran
banker of the state and has long occupied an honored position in the regard of
his fellowmen. Born in Middletown , Connecticut, in 1832 , he was but five years of
age when his parents, Elijah and Clarissa ( Huff ) Phillips, removed from Connecticut to the state of New York. His mother was a daughter of Captain Huff, a
representative of one of the old families of the Empire state.
John W. Phillips completed his education in the Lowville Academy of New
York and in the year 1854 made his way to California , at that time a most arduous
trip. In the fall of that year he settled in Maricopa county, going into the mines
and spending the winter in that work. In the spring of 1855 he went to northern
California and mined along the Trinity river. He put forth energy and determination characteristic of the true pioneer in the hope of winning a fortune in his
search for gold, but finally gave up mining and turned his attention to the cattle
business. In 1857 he went to Oregon , operating around Salem, where he bought
cattle which he brought to California. He conducted his cattle interests under the
firm name of Phillips & Rice and has continuously been numbered among the leading and prominent cattle men of California for seventy years. He formerly served
as president of the Grayson-Owen Packing Company, Inc. , wholesale butchers, but

JOHN W. PHILLIPS

HISTORY OF BANKING IN CALIFORNIA

has disposed of that branch of his business though he still retains his interest in
ranches. Mr. Phillips has long been an authority upon everything relating to the
raising and sale of cattle and his success is the direct outcome of indefatigable industry. Purchasing stock at the time of the organization of the Central Savings
Bank of Oakland , he became a member of its first board of directors and so continues to the present time.
In 1859 Mr. Phillips was married to Miss Anna M. Pierce, of Durham, New
York, and they became parents of a son and two daughters : Charlie, now deceased ;
Clara Elizabeth, the deceased wife of Irving C. Lewis , who is now connected with
Mr. Phillips in the cattle business ; and Mrs. Mary Easton, who lives with her
father in the old Jackson street home in Oakland.
Mr. Phillips became a charter member of Brooklyn Lodge No. 225, F. & A. M. ,
and later took the Knight Templar degree in Oakland Commandery, while he has
also crossed the sands of the desert with the Nobles of the Mystic Shrine, his membership being in Aahmes Temple. He likewise belongs to the Oakland Pioneers , is
president of the Mount View Cemetery and one of its oldest trustees, and became a
charter member of the Athenian Nile Club forty years ago. Venerated and esteemed
by all who know him, he is recognized as a man of exceptional worth and ability
who is indeed a representative of the old school in which honor and uprightness
figured strongly. Throughout his life he has closely followed the Golden Rule and
his geniality and good fellowship have made for him friends wherever he has gone.
Although he has traveled far on life's journey, he is still hale and hearty and in
the evening of his days is enjoying the peace, comfort and prosperity which are
the direct result of his years of early effort.

ANSON STILES BLAKE .
While for twenty-seven years Anson Stiles Blake has figured in connection
with banking in California, he has also been a factor in the profitable conduct of
other business interests and is regarded as a substantial and valuable citizen. He
was born in San Francisco in 1870, his parents being Charles T. and Harriet
( Stiles ) Blake, the former a native of New Haven, Connecticut, while the mother was
born in Massachusetts.
After attending the public schools of his native city Anson S. Blake continued
his studies in the University of California and is numbered among its alumni of
1891 , in which year the Bachelor of Arts degree was conferred upon him. He
entered actively into business as a representative of the Oakland Paving Company.
In 1904 a new corporation was created under the name of Blake & Bilger Company
with Anson S. Blake as president, F. W. Bilger as secretary and treasurer and
Edwin T. Blake as superintendent. In October, 1913, Mr. Bilger acquired the controlling interest in the Oakland Paving Company, while the Blake brothers took
over the Blake & Bilger Company, thus dividing their interests . The latter organization is a substantial factor in the industrial and commercial activity of this section of the state. Under the firm style of Blake Brothers Company, with offices in
the Balboa building in San Francisco, Mr. Blake is carrying on an extensive and
profitable business in quarrying and selling crushed rock.
Mr. Blake has also
been connected with the Central Savings Bank of Oakland for a period of thirtysix years, having purchased stock in the bank in 1891 , and for an extended period
he served as cashier, while from 1899 he has been one of the bank directors and still
continues in that office. When the Central National Bank was organized he was
an incorporator and director and has served in the latter capacity ever since.
In 1894 was celebrated the marriage of Anson S. Blake and Miss Anita Symmes,
a daughter of Frank J. Symmes, of San Francisco. In club circles he is widely
known, having membership in the Claremont Country, the Berkeley Country, the
University, the Engineers of San Francisco, the Commonwealth Club and the Dekes.
He is likewise a member of the Society of California Pioneers, having for fifty-seven
years been a witness of the growth and development of the state , taking at all
times an active interest in its progress and improvement and cooperating in many
projects for public welfare that have been far-reaching and resultant. His per-

FINANCING AN EMPIRE

sonal qualities are such as make for warm friendship. He possesses a keen sense
of humor and a strong appreciation of the value of cheerfulness , which has ever
featured in his life in all of its relations.

FARMERS AND MERCHANTS SAVINGS BANK .
Oakland .
The Farmers and Merchants Savings Bank of Oakland was incorporated November 12 , 1892 , with an authorized capital of five hundred
thousand dollars , of which forty-seven thousand dollars was paid in. At
the time the institution opened its doors for business on the 11th of April,
1893, the amount of capital paid in was sixty -nine thousand, five hundred
Edson F.
dollars.
The first officers and directors were as follows :
Adams, president ; Charles E. Palmer, vice president ; James C. McKee,
secretary and cashier ; and Edson F. Adams, R. S. Farrelly, John Charles
Adams, H. H. Pitcher, Samuel Bell McKee, W. H. Taylor, H. F. Gordon,
F. S. Osgood, Charles E. Palmer, A. W. Schafer and W. H. Bailey,
directors.
In December, 1901 , George S. Meredith was elected assistant cashier
and assistant secretary, thus serving until January 13, 1903, when he was
elected cashier and secretary as the successor of James C. McKee, who
had died in October, 1902. H. A. Mosher was elected assistant cashier
and assistant secretary on the 13th of January , 1903.

Samuel Bell McKee

was elected vice president on the 10th of January,
Charles E. Palmer, who had resigned .

1905, to succeed

Following the resignation of H. A.

Mosher on the 2d of September, 1905 , Frank C. Martens was elected
assistant cashier and assistant secretary on the 20th of September, 1905,
Samuel Bell McKee died October 3, 1920, and on the 11th of January,
1921 , C. H. Redington was elected to succeed him in the official capacity
of vice president. George S. Meredith was elected vice president, Frank
C. Martens was chosen for the positions of cashier and secretary, B. C.
Read was elected assistant cashier and assistant secretary, and John
Campe became assistant cashier.

On the 21st of January, 1925 , Frank

C. Martens was elected vice president, retaining the title of cashier and
secretary . C. H. Redington died March 9 , 1925. The present officers and
directors are as follows : Edson F. Adams, president ; George S. Meredith, vice president ; F. C. Martens, vice president and cashier ; B. C.
Read, assistant cashier ; John Campe , assistant cashier ; and Edson F.
Adams, Charles D. Bates, W. C. Jurgens , R. A. Leet, F. C. Martens,
George S. Meredith and A. G. Tasheira, directors.
The steady increase in capital is indicated in the following table :

April,

1893

69,500.00

January, 1896

. 70,100.00

June, 1909
July, 1909

105,300.00
169,900.00

HISTORY OF BANKING IN CALIFORNIA

January , 1910

172,400.00

July, 1913
September, 1914
December, 1916

175,600.00

208,000.00

July, 1917

238,000.00

October, 1920

283,600.00

September, 1921

300,000.00

189,500.00

The growth in deposits is shown in the following table :

1895

$ 302,000.00
532,000.00

1900
1905

1915

989,000.00
1,236,000.00
1,891,000.00

1920

3,332,000.00

1925

4,872,000.00

1910

The bank's statement of December 31 , 1925 , showed :
Capital
Surplus
Undivided profits

$ 300,000.00
100,000.00
53,588.75

5,050,672.69

Deposits

$5,504,261.44
In June, 1910, the bank moved from its original office at 1103 Broadway to its new bank building on the southeast corner of Franklin and
Thirteenth streets .

It is a savings bank, incorporated under the laws

of the state of California, operated strictly in accordance with the provisions of the state bank act and, in all of its activities, subject to the rules
of the state banking department.

Security of deposits assured by a large

legal reserve ; by a substantial investment in United States treasury
notes and certificates and governmental bonds ; by the fact that every
loan is secured, either by first mortgage on real estate, government bonds,
or other securities approved by the state banking department, all on
ample margin ; and by the maintaining of a policy that is conservative at
all times and one that requires all of the business of the bank to be under
the direct supervision and control of its officers.

GEORGE S. MEREDITH .
George S. Meredith, vice president of the Farmers and Merchants Savings Bank
of Oakland, first entered the banking business in 1886 by becoming an employe of
the Union National Bank at Broadway and Ninth street, serving first as bookkeeper and
later as teller. In 1901 he took a position with the Farmers and Merchants Savings
Bank and soon afterward was made assistant cashier, while later he became cashier
and subsequently vice president. He has served for two terms on the executive
council of the California Bankers Association, was chairman of that body, was
vice president and in 1918 became its president. He also served for a term as a
5-VOL. 4

FINANCING AN EMPIRE

member of the executive council of the American Bankers Association and he has
been secretary of the Oakland Clearing House Association since its organization .
Mr. Meredith is also well known in fraternal and club circles. He was potentate of Aahmes Temple of the Mystic Shrine in 1914 and is a permanent member of
the Imperial Council of that order. He served as president of the Oakland Rotary
Club in 1917-1918 and is now president of the Oakland High Twelve Club . He is
likewise active in civic and political affairs and has served as chairman of the
republican city central committee.

EDSON F. ADAMS .
Edson F. Adams, president of the Farmers and Merchants Savings Bank of
Oakland, was born in this city June 8, 1860, a son of Edson Adams , who came from
Connecticut to California in 1849 and the following year laid out the town of Oakland. In 1893 Edson F. Adams organized the Farmers and Merchants Savings
Bank, of which he has continuously served as president and as the active head.
For many years prior to the organization of this bank he was a director of and
interested in other banks and has also been prominently identified with the development of a number of large enterprises.
At the time of the San Francisco fire, which caused a temporary closing of all
the banks in the state, a committee was formed in Oakland to take charge of the
situation, and Mr. Adams was unanimously chosen chairman and served for some
weeks or until the committee and its activities were merged into the Oakland Clearing House Association.

FRANK C. MARTENS.
Frank C. Martens , vice president and cashier of the Farmers and Merchants
Savings Bank of Oakland, began his career as a financier in the Anglo - Californian
Bank, Ltd., of San Francisco in 1897 and there continued for eight years or until
1905 , when he resigned to become assistant cashier of the Farmers and Merchants
Savings Bank, of which he was elected cashier in January, 1911 , while in January,
1925, he became both vice president and cashier.

FIRST NATIONAL BANK OF OAKLAND .
FIRST TRUST AND SAVINGS BANK OF OAKLAND .
The First National Bank of Oakland was the outgrowth of the Alameda County Savings and Loan Society, which commenced business under
a state charter August 1 , 1874 , and was among the earlier financial institutions of California. The capital of the society was $ 100,000, and the
officers were : B. F. Ferriss , president ; A. Everhardt, vice president ;
G. M. Fisher, cashier ; and A. D. Thomson, secretary and accountant.
These officers comprised the entire office force .

Mr. Ferriss , the organizer

of the institution, was very prominent in the affairs of Oakland, having
been mayor in 1865 and several times a member of the city council.
In May, 1875, the bank was reorganized under a special law of congress as the First National Gold Bank of Oakland .

When the government

HISTORY OF BANKING IN CALIFORNIA

resumed specie payments in 1879, restoring greenbacks to a parity with
gold, the national gold banks lost their significance and became like other
national banks.

In an Oakland paper dated March 14, 1880, appeared

this item : "The First National Bank of Oakland has dropped the word
'Gold' and is now the First National Bank. It is a solid institution, well
managed, and popular."
During this period some changes had taken place in the personnel of
the official staff. V. D. Moody in 1876 succeeded Mr. Ferriss as president,
and in 1891 Mr. Moody was succeeded in turn by A. D. Thomson.

1893 the control of the bank passed into the hands of G. W. McNear and
P. E. Bowles, who became president and vice president, respectively.
Three years later, however, these officers were reversed , Mr. Bowles
becoming president and Mr. McNear vice president.

The latter was

succeeded three years later by L. C. Morehouse.
The year 1908 was marked by two important events in the history of
the First National Bank. The first was the occupancy of a new eightstory building at the corner of Fourteenth street and Broadway, erected
by the bank.

The second was the organization of the First Trust and

Savings Bank, capitalized from the surplus of the First National Bank.
The savings bank made rapid and steady progress from the start, and six
years later had so outgrown its quarters that it was compelled to erect
its own building on the corner of Sixteenth street and San Pablo avenue.
In the fall of 1915 occurred the death of L. G. Burpee, who had been
connected with the bank for more than twenty-five years, serving successively as assistant cashier, cashier, and vice president.

On the 1st of

January, 1916, P. E. Bowles retired from active official connection, after
serving as president for more than twenty years. He was succeeded by
Russell Lowry, then deputy governor of the San Francisco Reserve Bank.
The official staff then stood as follows : Russell Lowry, president ; E. A.
Heron, vice president ; S. H. Kitto, cashier ; Charles N. Walter and N. B.
Campbell, assistant cashiers . The following year Mr. Lowry went to the
American National Bank of San Francisco as vice president, and Mr.
Bowles again resumed the presidency.
In August, 1914 , The First Trust and Savings Bank dropped the word
"Trust" from its name, and on April 26 , 1922 , changed its name to
American Bank. About 1913 it purchased the West Oakland Bank, and
in 1916 established a branch in Berkeley. In 1918 or 1919 it began to
expand quite rapidly in the field of branch banking and had at the time
This expansion was developed in
of its merger seventeen branches.
accordance with a fixed policy which established their branches at strategic
points not only throughout Oakland , Berkeley and Alameda, but also in
the territories adjacent and tributary thereto .
In October, 1924, the First National Bank and the American Bank
of Oakland were merged with the American Bank of San Francisco under
the name of the latter, and a few months later became The American
Bank, dropping "of San Francisco" from its name.
At the time of the merger the chief officers of the First National

FINANCING AN EMPIRE

Bank were :

P. E. Bowles, president ; O. D. Jacoby, vice president ; S. H.

Kitto, vice president ; N. B. Campbell, vice president ; A. J. Anderson,
cashier ; and C. N. Walter, H. J. Ernst and George L. Ashby, assistant
cashiers.

Those of the American Bank were P. E. Bowles, president ;

O. D. Jacoby, vice president ; P. A. Dinsmore, vice president ; F. D.
Moyer, cashier ; and F. E. Crichton , A. E. Little and C. F. Williams, assistant cashiers.
Throughout the forty-seven years of its existence as a unit bank the
First National took a leading part in the financial affairs of Oakland.
It passed through many severe crises and met every demand without
delay.

During all this period it never missed a dividend and at the time

of the consolidation had capital and surplus of $ 1,500,000, and deposits
of $ 10,000,000 .
The American Bank of Oakland had capital and surplus of $ 1,380,000,
and deposits of $24,000,000 .
Since the merger these banks have been continued as branches of The
American Bank, with practically no changes in personnel excepting for
the additions occasioned by the continued growth of their volume of
business.

CHARLES H. J. TRUMAN.
If extended mention should be made of the many business enterprises with which
Charles H. J. Truman is associated, it would include a list of many of the foremost
financial and commercial activities of central California. In fact all who know him
recognize the valuable contribution which he has made to the business development
and upbuilding of this state. Born in San Francisco on the 17th of February, 1871 ,
he attended the public schools and in 1890 entered the Central Wesleyan College at
Warrington, Missouri. The highest principles have ever actuated him and it was
this that occasioned him to engage in the work of the Young Men's Christian Association in St. Louis, Missouri, when his college days were over. For two years he
there served as secretary and then returned to San Francisco, where he took up
the work of printing and advertising. However, in 1896 he decided to learn the
undertaking business and therefore resigned his advertising position to devote his
time to that work. Eventually he established business on his own account in San
Francisco on the 1st of August, 1899, and under the name of the Truman Undertaking Company is now conducting one of the largest and best equipped funeral
establishments of the city , located at 1365 Divisadero street. On the 1st of August,
1912 , he extended his interests by opening a magnificent chapel at 2935 Telegraph
avenue in Oakland, his business management resulting in the attainment of well
merited success.
From time to time he has become a factor in other business projects of an
important character and is today president of the Mercantile Building - Loan Association ; vice president of the Associated Realty Operators ; a director of the Atlas
Holding Corporation , Securities Investment Corporation , First National Mortgage
Company, Morris Plan Company and East Bay Title Insurance Company, a trustee of
the College of the Pacific ; and president of the International High Twelve Club.
All associated with him recognize the value of his judgment in business affairs , for
he is a man of broad vision , of keen discernment and of unfaltering enterprise .
In the year 1911 Mr. Truman and his family removed to Oakland, where their
home has since been maintained . He was married in 1901 to Miss Alice O. Therkof,

CHARLES H. J. TRUMAN

HISTORY OF BANKING IN CALIFORNIA

of San Francisco, and they have become parents of two sons and a daughter : Stanley
R., who is a graduate of the University of California, in which he is now pursuing
a postgraduate course ; Lloyd Hamilton , a student in the College of the Pacific at
Stockton; and Edna M. , who is also attending the same institution. That training and
environment tell is indicated in the fact that the elder son, like the father, has
been active in the work of the Young Men's Christian Association . Mr. Truman is
now president of the Oakland organization, while his son Stanley is a past president
of the Young Men's Chrstian Association of the University of California and the
younger son, Lloyd H., is past president of the Young Men's Christian Association at
the College of the Pacific and the daughter is president of the Young Women's
Christian Association there. The father is likewise past state president and his
labors, as well as those of his children , have been most effective in promoting the
interests of the association.
Mr. Truman is deeply and helpfully interested in every project which makes
for the uplift of humanity or results in the adoption of high and ennobling principles.
He is now serving as a director of the Fred Finch Orphanage, is a director of the
Camp Fire Girls and a member of the advisory board of directors of the Salvation
Army. He has sought, too , the benefit of his community and state through other
organizations and is a past president of the Merchants Exchange and the Oakland
Advertising Club, while of the Telegraph Avenue District Development Association
he is now president. He has long been prominent in Masonry and is a life member of
every branch of the order. He possesses a very interesting as well as forceful personality and the characteristics most responsible for his success are perseverance,
determination and unswerving integrity. He occupies a commanding and honored
position among the prosperous business men and the most highly esteemed citizens
of San Francisco and the East Bay. He possesses artistic taste and has keen appreciation for all that is of cultural value, and throughout his life he has employed
the most practical and resultant measures in the attainment of high ideals.

PAUL B. WILLIAMSON.
Paul B. Williamson , manager of the Morris Plan Company of Alameda county
and a resident of Oakland , came to the Pacific coast from the Atlantic seaboard.
His parents were J. D. and Leontine Williamson , the former a native of Georgia
and the latter of Kentucky, but Paul B. Williamson was born in Brooklyn , New
York, his natal year being 1895. He traveled quite extensively with his parents
in his youth, owing to the duties of his father, an attorney for railroad constructing
and banking interests of New York, so that his education was acquired in various
cities of the east , where he attended preparatory schools and was also instructed
by private tutors. He entered The Citadel, Military College of South Carolina. He
was a young man of about twenty-two years when on the 5th of May, 1917 , he
entered the army as lieutenant of infantry for service in the World war. He was
on duty in France, and was discharged September 5 , 1919 .
It was in his military experience that Mr. Williamson came to California, and
upon reentering civil life was appointed to the position of assistant financial editor
of the San Francisco Bulletin, with which he remained for almost a year. He
then joined the head office staff of the Bank of Italy, serving in the business development department for two years. He became associated with the business development department of the Mercantile Trust Company in 1922 and later resigned to
accept the position with the National Surety Company as assistant manager and
underwriter for the northern California district, continuing with that corporation
for eighteen months.
The commissioner of corporations of California appointed
him on his staff where he served until the opening of the Morris Plan Company at
Alameda county at Oakland on the 1st of May, 1927. His strict business methods
embody a safe conservatism that does not, however, hamper progressiveness, and the
keen insight and sound judgment which have characterized his work promise well
for his own successful future and for the success of the Morris Plan Company.

FINANCING AN EMPIRE

FIRST NATIONAL BANK IN OAKLAND .
The First National Bank in Oakland , located at 1560 Broadway, had
its inception in the organization of the Commercial Trust and Savings
Bank by S. E. Biddle on the 22d of October, 1922, with a capital of five
hundred thousand dollars . Its first officers were as follows : S. E. Biddle,
president ; F. B. Richardson, vice president and cashier ; C. J. Hammond,
assistant cashier ; F. E. Heath, vice president ; and A. Andrew, vice president. The official personnel of the institution at the present time is as
follows :
S. E. Biddle, president ; F. E. Heath, vice president ; C. J.
Hammond, vice president ; A. Andrew, vice president ; F. B. Richardson ,
vice president and cashier ; L. W. Garcia, assistant cashier ; and E. E.
Kottke, assistant cashier. The men who have figured most prominently
in the building up and expansion of the business of the bank are S. E.
Biddle, A. Andrew, F. E. Heath, Arthur E. Corder, Norman de Vaux,
Albert E. Carter, J. R. Millar, R. A. McGrath, F. B. Richardson, James
Traverse and James Tyson.
The following comparative table indicates the steady business growth
of the First National Bank in Oakland during the five years of its
existence :

First year

$1,000,000.00

Second year
Third year

3,250,000.00

Fourth year

3,500,000.00

Fifth year

4,000,000.00

2,500,000.00

At this time the institution is developing its business in the department of commercial deposits and loans. Its patronage is derived from
all of Oakland and particularly from newcomers to Oakland and vicinity.
Present condition and prospects are excellent.

THE OAKLAND BANK.
The Oakland Bank is the oldest bank in Alameda county and one of
the oldest in the state. It was organized August 13 , 1867, as The Oakland
Bank of Savings, with a capital stock of one hundred and fifty thousand
dollars . This was increased to three hundred thousand dollars in 1869
and to one million dollars in 1871 .
In 1905 the stockholders organized the Bankers Trust Company with
a capital of three hundred thousand dollars, and in 1910 this institution
was merged with the parent bank, which established a trust department
to care for this business. At that time the capital was increased to one
million, one hundred and fifty thousand dollars . In 1915 The Oakland
Bank of Savings absorbed the Berkeley National Bank and the University
Savings Bank, which they continued as a Berkeley branch and again

HISTORY OF BANKING IN CALIFORNIA

increased the capital to one million, two hundred and fifty thousand dollars. In that year they also established a branch in West Oakland , and
in 1917 another in East Oakland through the absorption of the TwentyThird Avenue Bank.
Having decided upon a policy of confining their operations exclusively
to Oakland, they sold their Berkeley interests in 1922, and now maintain
ten branches all located at strategic points in this city. Of these branches
The Oakland Bank owns the sites of seven, on which they have erected their
own buildings.
During the early part of its career The Oakland Bank of Savings
was primarily a savings bank, but with the growth of Oakland as a commercial city and the consequent development of the bank's commercial
business this name became misleading and in 1923 it was deemed advisable
to change the name to The Oakland Bank.
This bank began business in a small brick building at Ninth and
Broadway, but ten years later, in 1877, removed to its present location
at Twelfth and Broadway.

Since then the rapid increase of its business

has several times necessitated the enlargement of its quarters , finally
resulting in its present magnificent structure, a modern seventeen-story
bank and office building covering a lot one hundred by one hundred and
fifty feet. It occupies the entire ground floor as well as the second and
third floors.
The bank's deposits show a steady and consistent increase from year
to year since its organization . They passed the million dollar mark in
1875 , two million dollars in 1887, five million dollars in 1892 , ten million
dollars in 1904, twenty million dollars in 1912 and thirty million dollars
in 1917.

During the past decade they have more than doubled , being now

over sixty million dollars.

In addition to having paid regular dividends

of twelve per cent on its capital stock, this bank has built up a reserve
fund of double its capital, the last statement showing capital of one
million, five hundred thousand dollars, surplus of two million and fifty
thousand dollars and undivided profits amounting to nine hundred and
forty thousand dollars . The total assets are sixty-five million, four hundred and eighty-two thousand , two hundred and fifty- two dollars .
All of the directors and chief officers of The Oakland Bank have been
identified with the institution for many years. President W. W. Garthwaite has been with the bank almost since its organization and has been
president and general manager for the past twenty-five years.
All of
the vice presidents have served the bank in various capacities for a
quarter of a century or more .

The present officers and directors are :

W. W. Garthwaite, president ; J. Y. Eccleston, vice president ; A. Borland,
vice president ; A. W. Moore, vice president ; J. A. Thomson, vice president ; A. E. Caldwell, vice president ; J. W. Garthwaite, vice president and
trust officer ; and H. J. Harding, vice president and credit manager. The
directors are A. Borland, Arthur H. Breed, H. C. Capwell, W. B. Dunning,
J. Y. Eccleston, W. W. Garthwaite, James K. Moffitt, A. W. Moore, A. G.
Tasheira and P. J. Walker.

FINANCING AN EMPIRE

WILLIAM W. GARTHWAITE .
William W. Garthwaite, one of Oakland's leading financiers as well as venerable
and highly respected citizens , has since 1920 occupied the presidency of The Oakland
Bank, with which institution and its predecessor he has been continuously identified
for a period covering fifty-five years. A native of New York city, where his birth
occurred in 1852, he was a little lad of four years when in 1856 he was brought to
San Francisco, California, by his father, Harry Garthwaite. He attended school in
San Francisco and was a youth of fifteen years when in 1867 he entered the employ of
the old Pacific Insurance Company of that city, in the service of which he remained
until 1872. In the latter year he became connected with the Oakland Bank of Savings, now The Oakland Bank, in the capacity of note teller. He was made cashier
of the institution in 1878 and subsequently served as its vice president until chosen
president and general manager in 1920. Through the intervening period of seven
years he has remained the executive head of The Oakland Bank, in the continued
growth and success of which his efforts have long constituted an important factor.
Mr. Garthwaite's sound judgment and intimate knowledge of the banking business have long been recognized as elements of value in Oakland's financial activities .
He has been president of the Oakland Clearing House Association since its organization, is president of the Bankers Trust Company and the Realty Syndicate Company and vice president of the Key System Transit Company, of which he was acting
president during the absence of C. O. G. Miller in 1926. He is also a member of the
Smith Advisory Committee , in which his associates are F. B. Anderson, John S. Drum,
Mortimer Fleishhacker and C. O. G. Miller. Moreover, he is president of the Oakland
Community Chest . His labors have long been a potent and beneficial force in connection with the civic and financial affairs of Oakland , and he stands forth as one
of the emphatically representative men of his adopted city. In his life are the elements of greatness because of the use he has made of his talents and his opportunities,
because his thoughts are not self-centered but are given to the mastery of life's
problems and the fulfillment of his duty as a man in his relations to his fellowmen ,
and as a citizen in his relations to his city, state and country.

JAMES A. THOMSON
There are pronounced national traits in the Scotch that make for capability
and success in the field of banking and the life of James A. Thomson is a manifestation of this fact, for he has made good in connection with The Oakland Bank of
Oakland, California , of which he is now a vice president. A native of the land of
hills and heather, he was born in Glasgow in 1865 and spent his youthful days
under the parental roof, being a son of Andrew T. and Mary ( Thomson ) Thomson.
He attended the schools of his native city, after which he entered upon the study
of law in the legal department of the City Chambers of Glasgow under Dr. Marwick.
Mr. Thomson was a young man of twenty-three years when in 1888 he acquired
citizenship in California and in 1890 became a factor in its financial circles by
entering the employ of the Oakland Bank of Savings , now The Oakland Bank, of
which E. C. Sessions was then president, with W. W. Garthwaite as cashier and
manager, the latter having since been elected to the presidency. Mr. Thomson's
first duties were those of assistant bookkeeper and from that position he worked
his way steadily upward through different departments of the bank until in 1904
he was made assistant secretary and in 1915 was appointed to the position of secretary, in which he continued until 1924. That year chronicled his election to the
vice presidency and The Oakland Bank has since profited by his efforts in that
capacity. His knowledge of the banking business is comprehensive and exact, gained
through thirty-nine years of experience in which loyalty to duty has ever been one
of his marked characteristics, combined with a progressiveness that has recognized
and eagerly utilized opportunities.
His household is presided over by the lady who prior to their marriage was
Miss Janet Ross, a native of Scotland, and their home is blessed with two children ,
Ross and Madalene.

WILLIAM W. GARTHWAITE

HISTORY OF BANKING IN CALIFORNIA

Mr. Thomson belongs to the Oakland Ad Club, to the Athens Athletic Club, to
the Athenian Nile Country Club and the Oakland Press Club, while fraternally he is an
Elk. A man of high principle and sterling worth, his kindly personality and his
marked characteristics have gained him the warm regard of all with whom business
or social relations have brought him in contact.

JOHN WOODROFFE GARTHWAITE .
John Woodroffe Garthwaite since 1921 has been trust officer and is now also a
vice president of The Oakland Bank in the city of Oakland, where he was born
in 1882, his parents being W. W. and Mary L. ( Mason ) Garthwaite. The father
also figures in financial circles, being now the president of The Oakland Bank.
The son obtained his early education in the Piedmont Avenue school, then a district school of Alameda county, California , and subsequently attended the schools
of Oakland. When his textbooks were put aside he took his initial step in the
business world as a clerk in a wholesale hardware house in San Francisco, and
each task assigned him and each duty which he discharged brought him knowledge that has constituted a valuable element in his later career.
His association with financial interests of the state began in the year 1903, when
he entered the stock and bond business in San Francisco, there remaining until
1911 , when a complete breakdown in health caused him to seek the open and he
devoted five years to ranching in southern California, spending much of the time
in Riverside county. The out-of-door life proved adequate to his health needs and ,
fully restored to his normal condition, he returned to Oakland in 1917 to enter
The Oakland Bank in charge of the bond department. In 1921 he was advanced
through appointment to the position of trust officer and was later elected to a
vice presidency. The responsibilities devolving upon him are fully met and he has
proven that his powers are commensurate with his duties .
Mr. Garthwaite was joined in wedlock to Miss Edith G. Kelley and they have
a daughter, Mary Elizabeth , who is now attending the Ransom and Bridges School
for Girls in Piedmont, California.
Mr. Garthwaite belongs to the Athens Athletic Club and also to the Commonwealth Club. He is a man of keen intellect and sound judgment and his discrimination has made him a valuable factor in the success of The Oakland Bank, while
his social qualities have proven attractive in the circles in which he moves .

OAKLAND CLEARING HOUSE ASSOCIATION .
The Oakland Clearing House Association was formally organized on
July 13 , 1906 , the organization being the outgrowth of the Associated
Banks of Oakland, which had been in existence for several years . The
original officers were as follows : W. W. Garthwaite, president ; L. G.
Burpee, vice president ; and George S. Meredith, secretary.
George E.
Sleeper was made manager of the Clearing House, which position he still
holds . The same president and secretary have served continuously. H.
A. Mosher, of the Central National Bank, is now vice president of the
Association, L. G. Burpee having died some years ago.
The Oakland Clearing House Association functions in the manner
usual to all such organizations and in addition has many rules for the
conduct of business, the matter of subscriptions , etc ., - in short acts as
a sort of protective organization for its members.

FINANCING AN EMPIRE

During the financial upheaval in 1907 the Oakland Clearing House
Association issued seven hundred and fifty thousand dollars in Clearing
House certificates .

OAKLAND TITLE INSURANCE AND GUARANTY COMPANY .
Oakland Title Insurance and Guaranty Company, conducting business
in the Title Insurance building at Fifteenth and Franklin streets in Oakland, California, has assets of over one million nine hundred thousand
dollars. Incorporated as a title insurance company in August, 1912 , the
company grew out of a title searching and abstract business known as
The Leckie-Abraham Title Company, which last named company was
incorporated in June, 1907, the antecedents of which came from the
personal title business of the incorporators established by them in the
Oakland Title Insurance and Guaranty Company was the
year 1883.
first title insurance company to be established in Alameda county and for
more than six years after its incorporation alone occupied the title insurance field in said county.
The following interesting information concerning its business is taken
from a pamphlet issued by the company :

"The Oakland Title Insurance

and Guaranty Company was incorporated by some twenty or twenty-five
of Alameda county's best known men. From their experience as bankers ,
attorneys, examiners of title, purchasers and sellers of large real estate
holdings, and as practical business men, they realized how unsatisfactory
and inadequate, if not absolutely hazardous, is the method of handling
titles to valuable property on the evidence of the so- called certificate of
title which offers little or no protection for investments . In their experience they had been often forced to purchase title insurance from the
San Francisco title insurance companies to satisfy clients or purchasers
who came from the large cities where the universal mode of guaranty of
title is furnished by title insurance and where title insurance is deemed
as essential if not more essential than fire or marine insurance. Appreciating that the weakness of the certificate system in vogue in Alameda
county lies not only in the lack of guaranty in the certificate of title
furnished but in the lack of financial responsibility back of the certificate
as compared with the purported risk assumed , the organizers of the Oakland Title Insurance and Guaranty Company determined to build a new
company on a strong financial basis .
"The capital of the Oakland Title Insurance and Guaranty Company
is two hundred and thirty thousand dollars , all of which has been fully
paid up in cash, and one hundred thousand dollars of which has been, in
accordance with the laws of the state of California governing the operation of title insurance companies, deposited with the state treasurer for
the benefit of the policy holders of the company. All the securities of the
company are open to inspection, not only to its stockholders, but to any

HISTORY OF BANKING IN CALIFORNIA

holder of a policy of title insurance or a prospective purchaser of title
insurance. The fund deposited with the state treasurer is for the purpose
of protecting holders of policies of insurance against loss thereunder. It
cannot be diminished or withdrawn even though the company making the
deposit should desire to retire or should cease writing title insurance, but
must at all times be kept unimpaired. This deposit effectually assures
the perpetuity of the company.
"In organizing the Oakland Title Insurance and Guaranty Company,
there was taken over the Leckie-Abraham Title Company, with its proud
record for clean, accurate and intelligent title and abstract work, since
its establishment. The incorporators of the Oakland Title Insurance and
Guaranty Company found in this company ready to their hands the thoroughly organized and excellently equipped title and abstract plant which
must be the basis for a title insurance company."
The present officers of the Oakland Title Insurance and Guaranty
Company are : William H. Donahue, president ; W. P. Woolsey, vice president ; Harrison S. Robinson, vice president ; Benjamin J. Henley and C. J.
Struble, vice presidents ; and H. A. Steinbach, secretary. The members of
the executive committee are Harrison S. Robinson ( chairman ) , William
H. Donahue, Ira Abraham, W. P. Woolsey, Carl H. Abbott, John J.
McDonald, Stuart S. Hawley, Joseph R. Knowland and John S. Drum.
The directors of the company are as follows : J. F. Carlston, Carl H.
Abbott, Arthur H. Breed , Arthur W. Moore, Walter P. Woolsey, William
H. Donahue, John J. McDonald , Irving Kahn, Harrison S. Robinson,
Sherwood Swan,

Benjamin J.

Henley, Ira Abraham, John

Drum,

Stuart S. Hawley, Joseph R. Knowland, A. S. Lavenson, T. W. Harris,
William Cavalier, George G. Jamieson and H. C. Capwell.
The business and prestige of the Oakland Title Insurance and Guaranty Company have been largely built up through the vision and the
diligent and intelligent efforts of its chief organizer and founder, Ira
Abraham , who has been identified with the title business of Alameda
county for over twenty-two years, and who had been continuously its
executive vice president and general manager until September 1 , 1927,
when he resigned from the executive staff of the company to accept the
Mr. Abraham was
vice presidency of the American Trust Company.
born in Cloverdale, California, August 12 , 1876. He acquired his early
education in the schools of Portland , Oregon, and Ukiah, California, and
was graduated from the University of California in 1899 with the degree
of Bachelor of Arts .

After three years of teaching in the high schools

of Etna Mills and College City , California, he became manager of the
educational book department of a San Francisco book depository.
1904 Mr. Abraham accepted the editorship
Berkeley, California, and in the following
manager of The Realty Title Company, an
company of Oakland . In 1907 he associated

of the Berkeley Reporter of
year became secretary and
abstract and title searching
himself with R. S. Leckie in

the organization of The Leckie-Abraham Title Company above referred
to . Mr. Abraham is past president of California Land Title Association

FINANCING AN EMPIRE

and for many years has been recognized as a leader in his profession and
in no small degree responsible for the remarkable development of the
title insurance business and escrow practices that have become so well
established throughout the state. Mr. Abraham has for many years been
identified with other business interests in Oakland : as vice president and
director of Oakland

Title

Investment

Company ;

vice

president

and

director of Morris Plan Company of Alameda county ; director of Alameda
City Land Company and Oakland Income Properties Company. He is a
member of the Masonic fraternity and of the Athens Athletic Club and
displays a deep and helpful interest in all civic affairs .

INCOME PROPERTIES OF CALIFORNIA, INC .
Oakland.
Income Properties of California , Inc., maintaining offices in the Central Bank building in Oakland , is an organization composed of some of
the leading men of the Bay District engaged in the group ownership of
income-producing properties. They offer subject to prior sale, the unsold
portion of one million dollars seven per cent cumulative, non-callable, participating, preferred shares at par (one hundred dollars per share) , plus
fifty per cent of all remaining net profits .
The officers of the corporation are as follows :

Norman de Vaux,

chairman of the board ; Frank H. Proctor , president ; Frank C. Watson,
executive vice president ; J. A. Pizzotti , second vice president ; George A.
Dow, third vice president ; and A. E. Washburn , secretary and treasurer .
The members of the board of directors are Frank H. Proctor, Norman
de Vaux, Max W. Koenig, George A. Dow, A. C. Hibbard , Frank C. Watson, B. M. Carlisle, George H. Wilhelm, W. K. Washburn, R. A. McGrath,
C. L. Traver, J. A. Pizzotti, L. H. Bill and Frederick H. Reimers .

The

members of the advisory board are Ira Abraham, L. L. Lucas, Herbert
Beckwith, E. T. R. Powell , John W. Lorimer, George H. Noble, O. A.
Knopp, Frank J. Mahew and Thomas Derby.
The following is an excerpt from an article which appeared in The
Magazine of Western Finance in December, 1926 :

"With Oakland as a

nucleus for operations, the Income Properties of California, Inc. , has been
launched by a group of East Bay men to engage in the business of purchasing, owning, building, operating and selling income- producing properties in the downtown business zones of the most rapidly growing California cities . Realizing that a future expansion of the East Bay district
will directly affect the value of business properties in that area, they have
commenced operations in the city of Oakland.

While it may be said that

the appreciation of downtown Oakland property values had its real beginning in 1906 , this movement was accelerated during the past five years
by the establishment of new industries and the influx of new population.

HISTORY OF BANKING IN CALIFORNIA

This has resulted in a rise in values for desirable locations of from fifty
to five hundred per cent since 1921.

This enhancement of values has, in

turn, necessitated the employment of greatly increased sums in real estate
turnovers, and collective buying and selling, such as the corporation will
* * * Incorpractice, is the outgrowth of the situation thus created .
porated under the laws of Delaware, Income Properties of California, Inc.,
has a capitalization of five million dollars, consisting of forty-five thousand preferred shares with a par value of one hundred dollars each, and
five thousand shares of common stock of the same par value." The aggregate resources of financial and commercial institutions represented on the
directorate of Income Properties of California, Inc. , are in excess of two
hundred million dollars.
The following is an excerpt from an article which appeared in the
Oakland Tribune under date of February 6 , 1927 :

" Representing what

will total an investment of five hundred thousand dollars, Income Properties of California, Inc., has announced the purchase of one hundred feet
on the south side of Seventeenth street, one hundred feet west of Telegraph avenue.

The company comments :

'Income Properties of Cali-

fornia, Inc., the directorate of which includes some of the shrewdest
operators in East Bay properties, has been in the market for some time
.
for either income-producing property, and it is known that an extensive
survey has been made to determine the trend of future developments.
Considerable interest has been evidenced in the operations of the corporation and the wisdom of this purchase is confirmed by the valuations
placed upon properties in this district by leading realtors.' "
From their initial step in the conduct of their business the Income
Properties of California, Inc., have made steady advance and there is no
fear as to their future because back of the organization are men of well
known business ability who are developing their interests along wise and
progressive lines, making safety a basic element . The latter feature is
shown in the fact that the corporation can invest only in income-producing
business property in the center of cities or at important sub-centers . This
is the safest form of realty investment, because it is the very stronghold
of realty values . Before it can be purchased, this property must have
been judged by three appraisers to have an actual or potential earning
power of at least seven per cent. One of these must be approved by the
insurance commissioner or the superintendent of banks ; one must be an
officer of the corporation , and the other a disinterested and competent
appraiser.
Surplus funds can be invested only in securities approved
for savings banks, trust companies, building and loan corporations, mortgage insurance corporations, or guaranteed by insurance companies
authorized to do business in the state of California. In addition to these
protective provisions, by confining its purchases to the smaller units, the
corporation will enable an unusual degree of security through diversity
of investment .
The large capital of the company, thus invested, will
permit the holding of many properties. Confining its activities to those
cities of California where economic conditions and business growth are
6- VOL. 4

FINANCING AN EMPIRE

most favorable, the company will make the security of principal a prime
consideration . These operating advantages , with the unquestioned ability
of the men selected for the directorate, make for a security of principal
and income not possible to the single investor in the real estate field .

HALL-LANDREGAN & COMPANY .
Oakland.
Hall-Landregan & Company, general stock and bond brokers, began
business in May, 1925, opening offices in the Syndicate building in Oakland . The partners in the enterprise are Frank T. Hall , James A. Landregan and Frank W. Bilger.

They make a specialty of handling public
utility bonds and at this writing are engaged in selling the six and onehalf per cent gold note issue of the Oakland Paving Company.
From
their original location they have removed to new quarters in the Latham
Square building, which has been recently completed and is one of the
finest office buildings of Oakland.

FRANK T. HALL .
Frank T. Hall, active in Oakland's financial circles as senior partner in the general stock and bond business conducted under the name of Hall-Landregan & Company, was born in the city which is still his place of abode. Here the name of Hall
has long figured in connection with the moneyed and business interests of this section,
for his grandfather, E. M. Hall , was one of the original members and owned a seat
on the old Mining Exchange of San Francisco. Moreover, he was one of the pioneers
early connected with the search for gold in this state and a notable figure of that day.
He was the first president of the Oakland Bank of Savings.
The public school system of Oakland and of Berkeley, California, afforded Frank T.
Hall his opportunities for the acquirement of a preliminary education, while later he
had the benefit of two years' instruction in the University of California as a member
of the class of 1915. He then turned to business life and became actively interested
in lithographing in Oakland , devoting his attention to that line until 1917, at which
time the red-blooded , physically fit young men of the country were responding with
patrictic fervor to the call to arms. Mr. Hall entered the navy for three years and
during the World war period was on duty on both the east and the west coasts. Toward the close of the year 1919 , having received his honorable discharge, he entered
the bond business as a representative of the firm of Bond & Goodwin & Tucker of
San Francisco and thus received the initial training which has made possible his later
success. He resigned his position with that firm in 1925 in order to organize the firm
of Hall-Landregan & Company for the conduct of a general stock and bond brokerage business, and offices were opened in the Syndicate building in Oakland , Mr. Hall's
associates in the enterprise being James A. Landregan and Frank W. Bilger. They
make a specialty of handling public utility bonds and at this writing are engaged in
selling the six and one-half per cent gold note issue of the Oakland Paving Company.
Something of the success of their undertaking finds visible expression in their removal to new quarters in the Latham Square building, recently completed and one of
the finest office buildings of the city.
Frank T. Hall is a member of the Oakland Chamber of Commerce, which indicates something of his interest in civic affairs and public progress. His present part-

HISTORY OF BANKING IN CALIFORNIA

ner, James A. Landregan, a native of Berkeley, California, received his bond experience with the Anglo- California Trust Company of San Francisco, with which he
remained two years. Both are alert, energetic young business men, ambitious for suctess and willing to pay the price of persistent and concerted effort.

MCCLURE , HAYES COMPANY, INC .
Oakland.
The McClure, Hayes Company, Inc., conducting a general stock and
bond business and handling municipal and corporation bonds, was incorporated on the 19th of January, 1926, and opened offices in the Ray building in Oakland .
The following named assumed official control of the
business : Malcolm McClure, president ; Ronald B. Hayes , vice president ;
and James W. McClure, secretary and treasurer. The firm specializes in
income properties, which are very closely allied with realty bonds, and
all types of bonds , and they have included this department and the real
estate department under one head . McClure, Hayes Company also maintain a legal department and are in a position to act as counselors for their
clients on any form of investment. They likewise conduct an insurance
department and at all times most carefully safeguard and protect the
interests of their clients.

MALCOLM MCCLURE.
Malcolm McClure, of the McClure, Hayes Company, Inc., is conducting a stock
and bond business that was incorporated on the 19th of January, 1926, and is therefore one of the newer institutions of the kind in Oakland but already has become well
established as a center of investment banking.
Mr. McClure was born in Oakland , a son of James W. McClure, and went to the
Atlantic seaboard for his educational training, or at least a part of it, becoming a student in the Staunton Military Academy of Staunton, Virginia. He afterward matriculated in the University of the South in Sewanee, Tennessee, and was graduated with
the class of 1920. When he had completed his course he returned to the Pacific coast
and entered the employ of Bond , Goodwin & Tucker of San Francisco , while later he
occupied a position in the bond department of the firm of George D. Roberts & Company.
On severing that connection Mr. McClure went to Oakland to assist J. K. Russell
in opening a branch office for the bond house of Russell-Colvin Company and there
remained until he established business on his own account in the Ray building in Oakland under the firm name of the McClure, Hayes Company, Inc. He has since been
the president, with Ronald B. Hayes as vice president and James W. McClure as secretary and treasurer. The firm specializes in income properties, which are very closely
allied with realty bonds , and likewise handles other types of bonds, maintaining also
a legal department, so that they are in a position to act as counselors for their clients
on any form of investment. They also maintain an insurance department and at all
times most carefully safeguard and protect the interests of their clients, whose number is increasing daily, while the business is continually growing in volume and importance. Mr. McClure is well known in central California, where the greater part
of his life has been passed, and he has membership with the Athenian Nile Club, the
Mount Diablo Country Club and the Press Club, and is also a member of the original
group of underwriters sponsoring the new Amatsa Athletic Club of San Francisco.

FINANCING AN EMPIRE

AMADOR VALLEY SAVINGS BANK.
Pleasanton.
The Amador Valley Savings Bank, of Pleasanton, was organized in
March, 1913 , by Claude Smallwood, its original capital being twentyfive thousand dollars, and was opened for business May 14, 1913, the
deposits on that day amounting to one thousand, three hundred and seventy-five dollars and forty-one cents. The first officers were : H. P. Mohr ,
president ; Dr. C. A. Case, vice president ; Claude Smallwood , cashier
and secretary ; and J. C. Mendonca, assistant cashier and treasurer, all
of whom have continued in these capacities excepting that A. B. Pickard
has succeeded Dr. C. A. Case, deceased . Credit for the development of
the business is due chiefly to H. P. Mohr, A. B. Pickard, J. C. Mendonca ,
R. W. Apperson and Claude Smallwood .
The bank derives its business largely from Pleasanton and vicinity.
It is affiliated with The First National Bank of Pleasanton and was
organized mainly that the demand for real estate loans in the community
might be taken care of. The Amador Valley Savings Bank has enjoyed
a steady and sound growth and is in good condition . The earnings have
been very satisfactory. In 1920 the earned surplus of eleven thousand
dollars was converted into stock, in the process of doubling the capital
of the bank, and since that time the bank has earned a new surplus of
The present year promises to be a very
twenty-nine thousand dollars.
good one, though not a banner year.
growth in the bank's resources :

The following table indicates the

December 31 , 1913 .
December 31 , 1916

$ 39,702.19
393,435.71

December 31 , 1920

427,144.43

December 31 , 1923

615,736.23

December 31 , 1926 .

684,792.61

BANK OF PLEASANTON.
The Bank of Pleasanton was organized February 19, 1893 , by E. L.
Benedict, with a capital of twenty-five thousand dollars, and was opened
for business on the 23d of February following .

Its first officers were :

P. N. Lilienthal, president ; A. G. Platt, vice president ; and E. L. Benedict,
cashier and active head .
The original directorate was composed of
Henry Arendt, John C. Hortensten, P. N. Lilienthal, E. L. Benedict and
A. G. Platt.

Mr. Lilienthal served as president until his death in 1903 ,

when he was succeeded by T. W. Harris, now superior judge of Alameda
county, who has remained at the head of the institution to the present
time . Charles H. Schween was elected vice president at that time and
has since continued in that official capacity, while Thomas H. Silver has
filled the position of assistant cashier since 1911.

The members of the

HISTORY OF BANKING IN CALIFORNIA

board of directors at this time are Judge T. W. Harris, Charles H.
Schween, E. L. Benedict, T. H. Silver and J. R. Cruikshank.
In the year 1912 the Bank of Pleasanton increased its capital to fifty
thousand dollars-one-half from earnings and one-half from stock subscription. For many years the institution has paid about twelve per cent
dividends. Its report of condition at the close of business on the 12th
of April, 1926 , showed :

Capital paid in

50,000.00

70,000.00

Surplus
Undivided profits

11,637.46

Deposits
Resources

874,856.01
1,006,493.47

The Bank of Pleasanton conducted business on a site opposite the
depot until 1910, when removal was made to a modern bank and store
building at the corner of Main and Neal streets in Pleasanton .

FIRST NATIONAL BANK.
Pleasanton.
The First National Bank of Pleasanton was organized by Claude
Smallwood, in 1910, with a capital of twenty-five thousand dollars, and
opened its doors for business on the 6th of December, 1910. H. P. Mohr
was chosen the first president, while Claude Smallwood became cashier
and active head. Both officials have remained in their respective positions to the present time.

Dr. C. A. Case served as vice president until

his death in 1923, when he was succeeded by A. B. Pickard . The original
directorate was composed of H. P. Mohr, Claude Smallwood, C. A. Case,
J. C. Mendonca, D. Devany, W. J. Dakin, M. Koopman and A. B. Pickard .
The members of the board of directors at the present time are as follows :
H. P. Mohr, president ; A. B. Pickard , vice president ; Claude Smallwood,
cashier ; J. C. Mendonca, assistant cashier ; Randolph W. Apperson , D.
Devany, M. Koopman and H. Reimers.
In March, 1913, the Amador Valley Savings Bank was organized as
an auxiliary institution with the same officers and directors and with a
capital of twenty-five thousand dollars ,
thousand dollars in May, 1921.

which was increased to fifty

The institution has paid annual dividends

of eight per cent during the last few years .

Temporary quarters were

occupied until the completion of a modern bank building in the spring
of 1911 , which was erected by a separate corporation and later purchased by the bank.
In their report of condition at the close of business December 31 ,
1925, the First National Bank and the Amador Valley Savings Bank
showed combined resources of one million , thirty-two thousand, four
hundred and thirty-six dollars and seventy-four cents.

FINANCING AN EMPIRE

FIRST NATIONAL BANK OF SAN LEANDRO .
BANK OF SAN LEANDRO .
The First National Bank of San Leandro and the

Bank of San

Leandro, affiliated institutions, became branches of The American Bank,
now the American Trust Company, of San Francisco, on the 3d of October, 1924.

The Bank of San Leandro was organized by S. Huff in May,

1893, with an authorized capital of one hundred thousand dollars , of
which twenty-five thousand dollars was paid up. The members of the
original board of directors were as follows : S. Huff, president ; R. S.
Farrelly, vice president ; Joseph Herrscher ; J. B. Mendonca ; L. C. Morehouse ; T. P. Cary and Dr. G. Vivian. Mr. Huff remained the executive
head of the institution until his death in 1908 , when he was followed in
the presidency by L. C. Morehouse, who in turn was succeeded by T. P.
Cary, and the last named gave place to his son, A. B. Cary. The official
position of vice president has been filled, respectively, by R. S. Farrelly,
L. C. Morehouse, T. P. Cary, A. B. Cary and J. B. Mendonca .

Charles H.

Hale served continuously as cashier, secretary and treasurer until the
institution was sold to The American Bank and is now manager of the
San Leandro branch of the American Trust Company.
The First National Bank of San Leandro was organized May 6, 1910 ,
with a paid-up capital of fifty thousand dollars, under the control of the
same officers and directors as were in charge of the Bank of San Leandro.
The board members at that time were A. B. Cary, A. Lucio, J. B. Mendonca, L. C. Morehouse, F. Stenzel, F. H. Williams and C. H. Hale.
The combined report of the First National Bank and the Bank of San
Leandro at the close of business December 31, 1923, showed :
$ 226,750.00
237,024.74
4,039,885.63

Capital- Paid up
Surplus and profits
Deposits
Resources

4,556,004.08

CHARLES H. HALE .

Charles H. Hale, manager of the San Leandro branch of the American Trust
Company, has been the active head of this banking establishment for more than a third
of a century, having taken charge thereof on its organization as the Bank of San
Leandro in 1893. A native son of the Golden state, he was born in Contra Costa
county on the 11th of July, 1867. His father, Henry M. Hale, was one of the organizers of the Bank of Martinez.
Charles H. Hale pursued his education in public and private schools of Oakland
and when still but a boy obtained a position in the Bank of Martinez. About 1886
he removed to San Francisco , where he was employed in a wholesale house for a
period of six years. Subsequently he embarked in business on his own account, being
thus engaged for a short time. When the Bank of San Leandro was organized, in
1893 , Mr. Hale became identified therewith as its first cashier and manager. He was
retained in the position of manager when on the 3d of October, 1924, the institution
was sold to The American Bank, now the American Trust Company, becoming its San

HISTORY OF BANKING IN CALIFORNIA

Leandro branch. His understanding of modern banking methods and his diligence and
progressive spirit constitute him a valued factor in the successful control and promotion of this branch banking concern , the prosperity of which is attributable in
large measure to his ability and fidelity. Mr. Hale was for a time a director in the
Bank of Martinez and also in the Bank of Centerville . He is a resident of San Leandro
and is widely recognized as one of the representative financiers as well as substantial
and highly esteemed citizens of Alameda county.

SAN LEANDRO NATIONAL BANK.
The San Leandro National Bank, of San Leandro, was organized
July 29, 1925, by W. J. Gannon , Edmond E. Herrscher, James A. Dalziel,
Arthur A. Rogers and John H. Begier, with a capital of one hundred
thousand dollars ( all paid in ) and reserve of ten thousand dollars . The
original officers and directors were as follows : W. J. Gannon, president ;
James A. Dalziel, vice president ; John H. Begier, vice president ; Leo H.
Martin, cashier ; Warren A. Bechtel ; Arthur A. Rogers ; S. Godchaux ;
Robert W. Shannon ; and Philip Ehrlich . John C. Vargas succeeded Mr.
Ehrlich as a director and Dr. L. Michael succeeded L. H. Martin as a
director, the latter, however, continuing in the official capacity of cashier.
The San Leandro National Bank began business on the 21st of September, 1925, in leased quarters at 115 Ward street, at the corner of
Washington street, San Leandro, which were remodeled into a modern
banking home.

STATE BANK .
San Leandro .
The State Bank, of San Leandro, was organized and first incorporated
as the San Leandro State Bank, but upon the establishment of its branches
it was deemed advisable to drop the name San Leandro .

The organiza-

tion was effected in September, 1911 , by A. S. Weaver, H. C. Barton, R. H.
Cross and J. N. Frank with an authorized capital of one hundred thousand dollars, of which fifty thousand dollars was paid in.

The bank opened

for business September 25 , 1911 , with A. S. Weaver as president and
cashier, J. N. Frank as vice president and H. C. Barton as assistant
cashier, while in addition to the officers on the board of directors were
Daniel Best, J. J. Gill, J. J. Smith , R. H. Cross, L. J. Martin , Charles Q.
Rideout and T. R. Maderia .

From the beginning Mr. Weaver has con-

tinuously served as president, but Mr. Frank passed away in New Orleans
at a Shriners' meeting in May, 1914 , when he was succeeded by Daniel Best
as vice president.

H. C. Barton has virtually been cashier since the or-

ganization but was elected to that office in 1922 , and L. B. Stagner was
added to the official force as assistant cashier.
The present board of
directors of the State Bank include A. S. Weaver, J. J. Smith, R. H. Cross ,

FINANCING AN EMPIRE

M. D. Chamberlin , P. C. Hansen , C. L. Best, L. H. Bill, N. A. McConaghy,
Farley B. Granger, J. J. Gill and C. Q. Rideout.
In April, 1918, a branch of the State Bank was established at Hayward and when, in July, 1921 , the First National Bank of Hayward was
purchased by the Bank of Italy and the town was thus left without a
national bank, this branch applied for a national charter and nationalized
its commercial business under the name of the First National Bank in
Hayward, continuing its savings department, however, under the name
of the State Bank. In August, 1921 , a second branch was established at
Centerville and in April , 1925, a third branch at Newark. The officers
of the First National Bank are : A. S. Weaver, president ; J. J. Smith,
vice president ; A. A. DeMello , cashier ; and A. S. Weaver, R. H. Cross,
C. L. Best, P. C. Hansen, J. J. Smith, Farley B. Granger, J. J. Gill,
Ray C. King, M. E. Picanco and H. W. Owen, directors .
The capital of the State Bank has been increased to meet the requirements and there is now an authorized capital of five hundred thousand
dollars, of which two hundred and thirteen thousand dollars has been
paid in.

The statement of December 31 , 1925, of the State Bank showed :
$ 213,200.00

Capital paid in

49,680.00
41,584.31

Surplus
Undivided profits
Deposits

2,452,354.01

Total

$2,756,818.32

The statement of the First National Bank in Hayward showed :

Capital paid in

$ 50,000.00
3,000.00

Surplus
Undivided profits

6,348.00

Deposits

237,660.00

Total

$297,008.00

From the organization the State Bank of San Leandro was located
in the Best building at the corner of East Fourteenth street and Estudillo
avenue, but in April , 1924, a remodeling was made whereby they doubled
their space and thereby greatly increased their facilities for capably handling the bank's business .

ALBERT S. WEAVER.
Albert S. Weaver is a prominent figure in financial circles of Alameda county
as president of the State Bank of San Leandro and the First National Bank in Hayward, both of which institutions he organized . He was born at Princeton, Missouri,
in April, 1875 , and in pursuit of an education attended the public schools of Cedar
Rapids, Iowa, and Columbus , Ohio, and also took a course of study in Avalon College at Trenton , Missouri. He was a young man of twenty years when in 1895

HISTORY OF BANKING IN CALIFORNIA

he came to California as an instructor in the San Francisco Business College, in
which he subsequently purchased a half interest and of which he eventually became
sole owner. Early in 1911 Mr. Weaver sold the San Francisco Business College
and entered the International Banking Corporation. In September of that year he
came to San Leandro and organized the State Bank, of which he has remained at
the head through the intervening period of sixteen years. In 1923 he organized the
First National Bank in Hayward , of which he has served as president to this time,
his ability as a financier being demonstrated in the steady growth and continued
success of the institutions which he controls. Mr. Weaver is also the president
of the Western Harvester Company of Stockton, a subsidiary of the Caterpillar Tractor Company of San Leandro, and a director of the East Bay Title Company of
Oakland . His home is in Stockton.

HENRY CLAY BARTON .
Henry Clay Barton, cashier of the State Bank of San Leandro, has been continuously connected with this institution since its doors were opened for business in
September, 1911, and has been its acting head since January , 1926. He has also taken
a prominent part in civic affairs and has served as city treasurer of San Leandro
since 1925 .
His birth occurred at Willows, Glenn county, California, on the 10th of May,
1882, his parents being H. C. and Delia (Meehan ) Barton. In the acquirement of an
education he attended the grade and high schools at the place of his nativity and
subsequently pursued a course of study in Heald's Business College of San Francisco.
His initial experience in the business world was gained during a short period of employment with the real estate firm of Burnham & Marsh, after which he spent five
years in the service of the Haslacher & Kahn Warehouse Company at Oakdale. It
was in 1906 that he came to San Leandro and accepted the position of cashier with the
Best Manufacturing Company, which he thus represented until the concern sold out
to the Holt Manufacturing Company in September, 1909. Thereafter he conducted
a grocery enterprise on his own account until January, 1911, after which he became
office manager for the C. L. Best Gas Tract Company at Elmhurst.
In September, 1911 , upon the opening of the State Bank at San Leandro, Mr.
Barton entered the institution in the capacity of assistant cashier, thus serving until
1922 , when he was made cashier. He has been acting head of the bank since January,
1926, and actuated at all times by a spirit of unfaltering enterprise , has contributed
in large measure to its success. Mr. Barton is also the secretary of the Eden
Bakeries Company and has become widely known as an able banker and substantial
business man of his community.
In 1925 Mr. Barton was made city treasurer of San Leandro, in which office he
has served most acceptably to the present time. He is also a director of the San
Leandro Chamber of Commerce and the San Leandro Kiwanis Club and has ever
taken an active and helpful part in those projects looking toward civic advancement
and progress . He belongs to the Native Sons and fraternally is affiliated with the
Masonic order, the teachings and purposes of which find in him a worthy exemplar.
The many sterling characteristics which he has displayed in the varied relations of
life have gained for him the friendship and high regard of those with whom he has
been associated.

BUTTE COUNTY NATIONAL BANK.
Chico.
The Butte County National Bank of Chico was established in July,
1871 , as the private banking firm of Rideout, Smith & Company, by
N. D. Rideout and William Smith, of Marysville and Charles Faulkner

FINANCING AN EMPIRE

of Oroville.

Business was begun on Broadway, between First and Sec-

ond streets .

In January, 1873 , the firm of Rideout, Smith & Company

was incorporated as the Bank of Butte County, with a capital of two
hundred and fifty thousand dollars. The institution opened for business
under this name on the 1st of February, 1873.

The following officers

were elected : George C. Perkins, president ; Harmon Bay, vice president ;
and Charles Faulkner, cashier and secretary. On the original board were :
N. D. Rideout ; Hon. George C. Perkins , once governor of California and
United States senator ; and H. P. Brisco, of Chico . Mr. Perkins served
as president until January, 1875 , when he was succeeded by Harmon Bay.
In 1879 the latter was succeeded by N. D. Rideout, who remained the
executive head of the bank until his death in 1907, when C. F. Lusk became president and thus served throughout the remainder of his life,
passing away in February, 1913.

William J. O'Connor was next made

president and continued in that official capacity until the sale of the bank
to the Bank of Italy in 1922.
Charles Faulkner occupied the cashiership from 1873 until his death
in 1897 and his successor, John R. Robinson, filled the position from the
latter year until May , 1912, when he resigned on account of ill health .
Ed Harkness was elected cashier in 1912 and became both vice president
and cashier in December, 1917, filling the dual official position until the
sale of the institution.
The office of vice president was filled, successively, by A. H. Chapman ,
F. C. Lusk, George C. Perkins , William J. O'Connor , A. F. Jones and Ed
Harkness. S. K. Troxel was assistant cashier and secretary, and W. F.
Matthews and D. W. Cooper were assistant cashiers when the bank was
sold . The members of the board of directors at that time were W. J.
O'Connor, Ed Harkness , Guy R. Kennedy, J. L. Gianella , Ben E. Crouch,
A. G. Simpson and Stanley L. Sproul.
In January, 1877 , the bank published a report showing resources of
four hundred and nineteen thousand , four hundred and eighty-five dollars.
This grew to be one of the largest and strongest banks in the Sacramento valley, north of Sacramento, showing resources on December 29,
1920, totaling three million, six hundred and thirty-four thousand, seven
hundred and seventy-nine dollars .
ber 15, 1922 , showed :
Capital
Surplus
Deposits
Resources

Its last statement, published Septem-

$ 250,000.00
175,000.00
1,993,859.00
2,518,378.00

On October 2, 1922, this became the Chico branch of the Bank of Italy,
with E. T. Williamson ( assistant vice president ) in charge .

Ed Harkness

is chairman of the advisory board , W. J. O'Connor is vice president and
S. K. Troxel is cashier.

HISTORY OF BANKING IN CALIFORNIA

BUTTE COUNTY SAVINGS BANK.
Chico .
The Butte County Savings Bank of Chico, organized in 1905 by the
stockholders of the Butte County National Bank, was capitalized for one
hundred thousand dollars and was opened on the 2d of September, 1905 ,
with N. D. Rideout as president, E. T. Williamson as cashier, secretary and
treasurer and J. R. Robinson as vice president, while on the board of
directors were N. D. Rideout, J. R. Robinson, F. C. Lusk, C. C. Royce,
B. Cussick and J. B. Robinson . Mr. Rideout died August 3, 1907, and
J. R. Robinson was elected to the presidency, while C. C. Royce succeeded
him as vice president and T. H. Barnard was elected a director. In July,
1909, J. B. Robinson resigned as a director and E. T. Williamson was
chosen to fill his place. In March, 1913, occurred the death of Mr. Lusk,
who was succeeded by John W. Konning as a director. John R. Robinson
died in October, 1915, when B. Cussick was elected to the presidency and
T. H. Barnard became vice president, while Stanley L. Sproul succeeded
him as a director. In September, 1916, T. H. Barnard passed away and
J. W. Konning was elected vice president and Guy R. Kennedy a director.
The death of B. Cussick in January, 1917 , led to the election of John W.
Konning as president, while Guy R. Kennedy became vice president and
James H. Jones a director . Mr. Konning's death in July, 1918 , led Guy R.
Kennedy to become president, while James H. Jones was made vice president and H. C. Compton a director. In January, 1923, E. T. Williamson,
who had been cashier from the organization, resigned to become assistant
vice president in charge of the Chico branch of the Bank of Italy and
Stanley L. Sproul was elected first vice president and manager, with T. J.
Bohling as cashier. Mr. Jones died in December, 1925 , and was succeeded
by J. H. Minderman as a director .
This bank has enjoyed a prosperous career from the start and paid
its first dividend of three per cent on July 1 , 1908. In 1909 the dividend
rate was increased to six per cent, in 1922 to ten per cent and since 1923
it has been twelve per cent.

The interest paid on deposits was three and

one-half per cent until November, 1911 , when it was increased to four
per cent.
On July 29, 1915, the Butte County National Bank and the Butte
County Savings Bank purchased the Bank of Chico, the National Bank
taking over the commercial business and the Savings Bank the savings
business and building of that institution .
In October of that year the
Butte County Savings Bank removed from its first quarters adjoining the
Butte County National Bank to its present location, formerly the home
of the Bank of Chico . In April, 1916, the capital stock was increased to
one hundred and fifty thousand dollars by additional stock subscription
and in March, 1920, to two hundred thousand dollars. Following is the
bank's statement of June 30 , 1926 :

FINANCING AN EMPIRE

Capital

$ 200,000.00
60,000.00

Surplus
Profits

30,000.00
2,000,000.00

Deposits
Real estate loans
Resources

1,600,000.00
2,500,000.00

FIRST NATIONAL BANK .
Chico.
The First National Bank of Chico , whose deposits exceed those of
any other moneyed institution of Butte county, was founded by A. H.
Smith and on August 1 , 1907 , opened its doors to the public.

It was

started with a capitalization of fifty thousand dollars and the first officers
were : B. S. Kerns, president ; Wendel J. Miller, vice president ; A. H.
Smith, cashier ; and E. J. Cain, assistant cashier. B. S. Kerns, Wendel
J. Miller, A. H. Smith, C. B. Swain, I. F. Eaton, C. F. Reynolds and J. F.
Morehead constituted the first board of directors. Mr. Kerns acted as
president until 1910, when W. J. Miller became the executive head of the
bank, remaining as such until his death in 1914, when A. H. Smith was
called to the office .

At the time of Mr. Miller's selection for the presi-

dency C. G. Reynolds and C. B. Swain became vice presidents of the bank,
which Mr. Swain represented in that capacity until January, 1924 , when
he resigned .

Mrs. Susie Miller was chosen to fill his place and Mr.

Reynolds tendered his resignation about 1920.

There have been surpris-

ingly few changes in the bank's executives in the seventeen years which
have passed since its establishment. The present officers are :
A. H.
Smith, president ; Mrs. Susie Miller, widow of W. J. Miller, vice president ; E. J. Cain, cashier ; Thomas Crew, assistant cashier, and these,
together with A. G. Eames, J. F. Morehead and Lon Bond, comprise the
board of directors .
In July, 1920 , it was found necessary to increase the capitalization of
the bank to one hundred thousand dollars, and in October, 1925 , it was
raised to one hundred and fifty thousand dollars through additional stock
subscriptions.
The following table of resources, taken at intervals of
three years, shows a steady and healthful growth :

August 1 , 1908
August 1 , 1911

$ 283,417.14
682,010.03

August 1 , 1914

938,945.19

August 1 , 1917
August 1 , 1920

1,344,467.68
2,102,780.28

August 1 , 1923

2,175,340.26

August 1 , 1926

2,376,987.79

HISTORY OF BANKING IN CALIFORNIA

The last statement of the bank, issued June 30, 1926 , was as follows :
Capital

Surplus and profits
Circulation

150,000.00
68,824.00
149,300.00

Deposits
Resources

2,612,143.00
2,980,268.00

The bank first occupied the small storeroom on Broadway, near Third,
now used as a real estate and insurance office by George E. Vadney. These
quarters soon proved inadequate and the premises at Third and Main
streets were leased. The business grew by leaps and bounds and in 1923
the present site at the southwest corner of Main and Third streets was
secured. It had long been occupied by the Union Hotel, one of the old
landmarks of the town, and in August, 1924, the ancient hostelry was
replaced by a modern bank and office building representing an expenditure of over two hundred thousand dollars .

ARTHUR H. SMITH.
Arthur H. Smith, organizer and president of the First National Bank of Chico ,
is a native of Osawatomie, Kansas, where he was born in 1876, and received his education there in the public schools. His father was Reuben Smith, Civil war veteran,
farmer, banker, state assemblyman and senator, and a man of prominence in the
Sunflower state.
After leaving school Arthur H. Smith entered the Farmers and Mechanics Bank
at Osawatomie and gained his initial banking experience there through ten years' service, finally reaching the post of assistant cashier. In 1902 he made his way westward to Reno, Nevada, where he served as assistant cashier in the Farmers and
Mechanics National Bank until 1905. In the latter year he moved to Fortuna, Humboldt county, California, where he organized the Bank of Fortuna , serving in the capacity of cashier until he sold his interests there in 1907. Attracted to Chico by reason
of its prosperity and future, Mr. Smith believed that here was an excellent opportunity
for the establishment of a national bank, and accordingly that same year he came to
Chico and set about the organization of a financial institution. Interesting local and
other capitalists in the proposition , the required capital stock was subscribed , the proper
authorization issued by the federal authorities and the bank commenced business
August 1 , 1907, with Mr. Smith as cashier . Devoting his entire time and abilities to
the business of building up the bank, Mr. Smith so succeeded that upon the death of
W. J. Miller he was made president on January 9 , 1915 , in which capacity he has continued throughout the intervening period of more than twelve years. He is also a
director of the Bank of Durham and was for some years a director of the Peoples
Savings and Commercial Bank of Chico.

PEOPLES SAVINGS & COMMERCIAL BANK.
Chico.
The Peoples Savings & Commercial Bank of Chico was organized
February 27, 1914, chartered April 22, 1914, and opened for business
July 25, 1914. The prime movers in its organization were J. F. Morehead ,

FINANCING AN EMPIRE

Lee Richardson , J. A. Bennett, C. B. Swain, Duncan McRae, Jesse Bennett,
J. H. Richardson, A. H. Smith and A. H. Mahon , who comprised the first
board of directors . The first officers chosen were as follows : J. F. Morehead, president ; Lee Richardson, vice president ; J. A. Bennett, vice
president ; H. S. Moir, cashier ; and a Mr. Mitchell, assistant cashier.
E. A. Opsal succeeded Mr. Mitchell as assistant cashier in June, 1918 , and
in September, 1924, was elected cashier, A. H. Sanborn being made assistant cashier. Roy C. Uhl was added as assistant cashier in January, 1926 .
The members of the board of directors at this time are J. F. Morehead,
J. A.

Bennett, Lee Richardson, C. B.

Swain, Jesse Bennett,

Duncan

McRae, A. H. Mahon, J. H. Richardson and H. C. Compton.
The original capital stock of sixty-five thousand dollars was increased
in February, 1920, to one hundred thousand dollars by additional stock
subscription . The institution has paid regular dividends of eight per cent
per annum. Its statement of June 30 , 1926 , presents the following figures :
Surplus
Undivided profits
Commercial deposits

Savings deposits
Resources

18,000.00
20,667.00

371,866.00
582,385.00
1,080,883.00

BANK OF DURHAM.
The Bank of Durham, which had its inception in 1913, was founded
by James N. Smith and on February 11 of that year was opened for busiThe first
ness under the name of the Commercial Bank of Durham .
officers were : T. H. Mitchell, president ; G. W. Jones, vice president ;
James N. Smith, cashier ; and J. B. Runnells, assistant cashier.

T. J.

Troxel succeeded George W. Jones as vice president and in 1915 James
N. Smith retired as cashier, at which time J. A. Williams assumed his
duties .

In January, 1923, the following officers were elected : W. S. Hall,

president ; T. S. Troxel, vice president ; and S. N. Graves, cashier.

They

are still serving in these capacities and their associates on the board of
directors are T. H. Mitchell, Harry Deirup, F. A. Dickerson and A. H.
Smith.

With the exception of the last named, who is president of the

First National Bank of Chico, and Harry Deirup , a well known attorney
of that place, all are local men of prominence and the business of the bank
is drawn from the surrounding farming community.
The bank's first statement, dated June 3, 1913, showed undivided
profits of nine hundred and eighty dollars , individual deposits of thirtytwo thousand dollars, time deposits of five hundred and twenty dollars,
and resources amounting to fifty-nine thousand, four hundred and twentythree dollars .

According to its last statement, issued June 30, 1926, the

bank had a surplus of one thousand dollars , undivided profits of three
thousand and twenty-three dollars, deposits of one hundred and fifty-

HISTORY OF BANKING IN CALIFORNIA

seven thousand , five hundred and sixty-one dollars, and resources totaling
one hundred and ninety-five thousand and eighty-four dollars. This was
issued when the business was at its lowest ebb and at the close of 1926
the deposits amounted to two hundred and sixty-nine thousand dollars,
while in 1927 they will probably reach three hundred thousand dollars.
The original capital of twenty-five thousand dollars has remained the same
and on November 15, 1924, the name was changed to the Bank of Durham. At the time of its organization a modern building was erected and
this has since housed the institution.

SIDNEY N. GRAVES .
Sidney N. Graves, cashier of the Bank of Durham in the enterprising town of
Durham, was born in Nebraska in 1888 and was but six years of age when brought
to California in 1894. His education was acquired in the grammar and high schools
of Sacramento and of Oakland and was completed with university extension work
and a course in a business college. He afterward studied in the American Institute
of Banking under Dr. Cross and familiarized himself with those banking methods
which are regarded as standard and which recognize the trend of modern progress and
development in the business world.
In 1907 Mr. Graves entered the Yokohama Specie Bank at San Francisco and his
fidelity and capability are indicated by the fact that he there remained until 1918 ,
when he resigned his position to engage in farming near Durham with the Durham
State Land Colony. He did not find agricultural pursuits altogether to his liking ,
however, and in 1921 he returned to banking by entering the Bank of California in
San Francisco. The following year he accepted the position of auditor in the First
National Bank of Berkeley and in February, 1923, came to the Bank of Durham as its
cashier and active head . Through the intervening period of four years he has remained in this connection, giving the major part of his time to the duties and interests of the bank but still retaining his farming interests in this community. He
measures up to all requirements in financial circles and, moreover, is numbered among
the worthy and substantial citizens of his section of the state.

BANK OF OROVILLE .
The Bank of Oroville was organized in June, 1892, by S. C. Lillis ,
J. M. Ward, Charles St. Sure, M. Goldstein and E. Tucker, who comprised
the first board of directors . The institution opened its doors for business
on the 9th of June, 1892 , under the direction of J. M. Ward as president
and C. H. Schiveley as cashier. The following year C. W. Putnam was
made assistant cashier. Mr. Ward resigned the presidency in 1893 but
continued as a director until his death in 1917. S. C. Lillis succeeded
him as president and remained in that official capacity until his death in
January, 1918. His successor, H. C. Lillis, had served as the executive
head of the institution for one year when in January, 1919, he became
chairman of the board of directors , W. W. Gingles being elected president. C. H. Schiveley served as cashier until 1903, when W. W. Gingles
came into the institution in the dual official capacity of vice president and
cashier and converted it into a national bank. When Mr. Gingles was

FINANCING AN EMPIRE

elected to the presidency, C. W. Putnam succeeded him as vice president
and cashier.
The Bank of Oroville had an authorized capital of one hundred thousand dollars, of which fifty thousand dollars was paid up. When in 1903
Mr. Gingles nationalized the institution it had acquired surplus and undivided profits of seventeen thousand dollars, of which seven thousand
dollars, together with the capital of fifty thousand dollars, was transferred to the First National Bank and ten thousand dollars retained as
capital of the Bank of Oroville .

The latter remained inactive until 1914 ,

at which time a special dividend of fifteen thousand dollars was declared
by the First National Bank and transferred to the Bank of Oroville,
creating a capital of twenty-five thousand dollars.
1926, the Bank of Oroville reported :

On the 30th of June,

Capital
Surplus
Undivided profits

$30,000.00
44,000.00

1,019.00

The First National Bank on the same date showed :
Capital
Surplus
Undivided profits

$50,000.00
51,000.00
18,002.00

Moreover, semi -annual dividends have been paid since June 30 , 1893 ,
and at the end of each six-month period some money has been transferred
to surplus and undivided profits.
No assessments have been paid by
stockholders since 1892. At the time of nationalization in 1903 the deposits of the Bank of Oroville were one hundred and thirty-five thousand
dollars, while at this writing the deposits of the Bank of Oroville are
seven hundred and sixty-four thousand , eight hundred and four dollars
and of the First National Bank one million , one hundred and eighty-one
thousand, eight hundred and ninety dollars, making a total of one million, nine hundred and forty-six thousand, six hundred and ninety-four
dollars.
In 1903 the institution erected a modern bank, store and office building at an approximate cost of fifty thousand dollars, which has about
doubled in value. The members of the board of directors at this time are
W. W. Gingles, H. P. Lillis, C. W. Putnam, Carleton Gray, E. F. Mitchell
and F. B. Wagner.

THE BANK OF RIDEOUT, SMITH & COMPANY.
Oroville.
The Bank of Rideout, Smith & Company at Oroville was originally
established as McWilliams & Tymeson in 1855, when the county seat was
moved from Bidwell Bar to Oroville. This firm was succeeded by George

HISTORY OF BANKING IN CALIFORNIA

A. Emory and he by Faulkner & Company in 1860. In 1866 this was
purchased by Rideout & Smith of Marysville and became the Bank of
Rideout, Smith & Company. James Nelson, who had probably been associated with Faulkner & Company, was in charge until his death in 1872 .
E. W. Fogg entered the bank in January , 1868, as assistant to Mr. Nelson.
Following the death of the latter, in 1874, Mr. Fogg was made cashier.
When the institution was incorporated in 1888 he was elected cashier and
served as the active head until his resignation in 1898.
Mr. Rideout
occupied the presidency until his death in 1907, when he was succeeded by
his wife, Phebe M. Rideout.

In 1884 L. L. Green entered the bank as
assistant to Mr. Fogg and in 1898 succeeded him as cashier and manager,
while in 1912 he was elected to the dual official position of vice president
and cashier.

In July, 1919, Mr. Green resigned as cashier and was made
second vice president, being succeeded in the cashiership by John C.
Boyle, Jr. Dunning Rideout became first vice president at the time of
incorporation. John C. Boyle, Jr., who had been in the bank's ' employ
since 1903, served as cashier until January, 1925, when he resigned . F. L.
Humphrey, who entered the bank in 1908, was made assistant cashier and
secretary in 1918 and became cashier on the 1st of May, 1925. Elmer S.
Ashley assumed the duties of assistant manager of what was now the
Oroville branch of the Bank of Italy on the 1st of May, 1925.
The Bank of Rideout, Smith & Company was incorporated in 1888
with a capital of three hundred thousand dollars, of which two hundred
and fifty thousand dollars was paid in. In 1912 the Rideout- Smith National Bank was organized to take over the commercial business .
Its
statement of November 27, 1912, showed the following figures :
Capital
Surplus
Undivided profits
Total

$250,000.00
60,000.00
66,535.00

$376,535.00

From this sum three hundred thousand dollars was taken as capital
of the National Bank, together with a reserve of twenty-four thousand,
one hundred and fifty dollars.
The Bank of Italy acquired the institution by purchase on August 14,
1921 , and on February 3, 1922, it became the Rideout-Smith branch of
the Bank of Italy, with Phebe M. Rideout as chairman of the board,
Dunning Rideout as vice president, L. L. Green as assistant vice president and F. L. Humphrey as secretary and assistant cashier. On the 1st
of May, 1925, F. L. Humphrey was made manager and E. S. Ashley
assistant manager. The amount of deposits on June 30, 1926 , was two
million, two hundred and forty-three thousand, nine hundred and ninetysix dollars and thirty-six cents. A modern bank building was erected in
1925-1926 at a cost of eighty thousand dollars .

7- VOL. 4

100

FINANCING AN EMPIRE

BANK OF ARBUCKLE .
One of the most important local enterprises at Arbuckle, and one
which has been a large factor in the material prosperity of the community,
is the Bank of Arbuckle , which has enjoyed an excellent record among the
financial institutions of this section of the state . H. H. Seaton and J. E.
Cain were the prime movers in its organization, which was effected in
the early summer of 1901 , it being incorporated June 24.

The original

capital was fifty thousand dollars , all of which was paid in , but the subsequent growth of the bank necessitated an increase to one hundred thousand dollars on March 27, 1920, seventy-five thousand dollars of this
amount being paid in .

The original officers and directors were as fol-

lows : George C. Meckfessel, president ; C. B. Morrison, vice president ;
H. H. Seaton, cashier ; J. E. Cain, secretary and teller ; W. H. Cain , H. V.
Traynham and J. A. Byers.
The bank was first located on Main street, between Hall and Lucas
streets, but later moved to a building which it erected for its own use
on Main street, between Hall and Amanda streets , remaining until the
building was destroyed by fire on May 30, 1918.

They then occupied

temporary quarters on Main street, between Hall and Lucas streets, when
they moved into the Hotel Corporation building, at the corner of Lucas
and Main streets, where they rent a room which is well adapted to their
needs . Mr. Meckfessel has served as president of the Bank of Arbuckle
continuously since its organization, as has C. B. Morrison as vice president. Mr. Seaton served as cashier until his death , in December, 1902 ,
and J. D. Sherer was made cashier April 2 , 1903. J. E. Cain became
assistant cashier January 13, 1903, and cashier September 14, 1909 , while
J. L. Felton was made teller in 1910, and is now assistant cashier.

Up to

June 15, 1904 , the earnings of the bank were carried to the surplus account, but on that date a dividend of six per cent was declared . In 1911
the dividend rate was increased to seven per cent and in 1915 to eight
per cent, at which figure it has since remained. The board of directors.
was reduced to five members, who are at this time G. C. Meckfessel, C. B.
Morrison, J. E. Cain, Asa Kalfbeck and G. F. Green .

J. E. CAIN.
Through his connection with the Bank of Arbuckle, J. E. Cain has long been identified with the banking business in Colusa county, and he has contributed in a very
definite measure to the splendid prosperity of his section of the state, as well as to
the success of the institution. He was born in 1860 at Grand Island, near Grimes,
Colusa county, and is a son of I. N. and Susan J. ( Brasfild ) Cain. I. N. Cain was
a native of Missouri and in 1849 started for California, intending to seek gold. He
followed the southern route , by way of Arizona , and arrived at Los Angeles January
8, 1850. After establishing his home there, he returned to Missouri, where he was
married, and came back to California by way of the Isthmus of Panama. In 1853
he located in Colusa and in 1867 was elected sheriff of the county. In 1874 he moved
to College City, and his death occurred in 1901 .
J. E. Cain secured his early education in the public schools , after which he at-

HISTORY OF BANKING IN CALIFORNIA

101

tended Pierce Christian College, completing his studies in Hysperian College, at
Woodland. In 1884 he engaged in a general mercantile business at College City, in
which he met with very gratifying success , and was also for five or six years engaged
in farming near that place. In 1901 he was one of the organizers of the Bank of Arbuckle, of which he became secretary and teller. Later he was made assistant cashier
and in 1909 became cashier, in which position he is still serving. He has also been
secretary of the bank continually since its organization . In all of his affairs he has
shown a high type of business ability and has discharged the duties of cashier in a
manner that has gained for him the commendation of his associates and the confidence of the public.
In 1883 Mr. Cain was united in marriage to Miss Lizzie L. Clark, of Colusa county,
whose family came overland to this state in 1849. Her father engaged in mining for
a time, but later devoted his attention to ranching in Yolo county. To Mr. and Mrs.
Cain have been born nine children , all of whom received good educations, five of them
becoming school teachers. Mr. Cain has always been deeply interested in whatever
tends to promote the prosperity of his town and county, and to him as much as to
any other man is the community indebted for its material development. He has also
used his influence in moral and benevolent enterprises and has stood consistently for
the best things in the life of the locality where he lives. Because of these things, he
commands uniform respect and good will.

COLUSA COUNTY BANK .
Colusa.
The distinction of being the oldest and strongest bank in Colusa county
belongs to the Colusa County Bank, which has been in existence for fiftyseven years and has always ranked among the most prosperous, progressive and influential banks of central California. It was organized September 15, 1870, by D. O. Mills, Edgar Mills, George Hagar, John Boggs, A. C.
Whitcomb, Calvin Paige, Jerome Lincoln, W. F. Goad, Henry Miller, John
H. Jewett, Peter Decker and W. P. Harrington, all of whom were "Fortyniners" and residents of Sacramento, San Francisco , Marysville or Colusa.
The original authorized capital stock was two hundred thousand dollars ,
all of which was paid in, and the capital was gradually increased from
time to time until by May 26, 1879, it was five hundred thousand dollars,
only ninety-five thousand dollars of which increase was paid in cash, the
remainder being made up of stock dividends.
The first officers and directors were as follows : W. F. Gold , president,
Edgar Miller, George Hagar, John Boggs and Henry Miller, while W. P.
Harrington was cashier, but not on the board . He did become a director,
however, May 26 , 1879. In May, 1893, the official roster was : George
Hagar, president ; W. P. Harrington, cashier ; J. W. Goad, John Boggs
and Frank Miller. In 1910 the officers and directors were : B. H. Burton,
president ; Tennent Harrington, cashier, and M. J. Boggs, C. W. Tuttle
The present officers are Tennent Harrington,
and Elliott McAllister.
president and T. Crane, cashier, while the directors are T. Harrington,
Fred W. Schutz, Alfred S. Tubbs, I. S. Losey, J. L. Browning, M. J. Boggs
and J. J. O'Rourke. M. J. Boggs is a nephew of John Boggs, who served
on the first board. Thus, the presidents of the Colusa County Bank have
been as follows : W. F. Goad, who served from September 15 , 1870, to

102

FINANCING AN EMPIRE

May, 1881 , when he. was succeeded by George Hagar, who served until
August 14, 1902, when W. P. Harrington became the head of the bank,
serving until December, 1903 ; after him came B. H. Burton , who was
succeeded in May, 1923, by the present president, Tennent Harrington .
The bank has never had a vice president. The cashiers have been : W. P.
Harrington, from 1870 to 1902, when he was succeeded by Tennent Harrington, who served until May, 1923, and was followed by Temple Crane,
who has served from January 14, 1924, to the present time. The total
assets of the Colusa County Bank have been as follows : 1870, $ 149,000 ;
1880, $893,500 ; 1890 , $ 1,425,300 ; 1900 , $ 1,202,000 ; 1910 , $ 2,125,600 ;
1920, $4,595,000 ; 1927, $ 3,800,000 .
The bank has always been in its
present location , the building, which is owned by the bank, having been
extensively remodeled in 1910 to meet the needs of the business .
The Colusa County Bank has established three branch banks, one at
Grimes, of which Roy Maxey is manager ; one at Maxwell, of which W. H.
Lovelace is manager, and it bought the Bank of Princeton, of which
Darwin Picknell is manager .

TENNENT HARRINGTON.
For nearly sixty years the Harrington family has been prominent in the business
affairs of Colusa and for fifty- seven years of that time members of the family have
been officially identified with the Colusa County Bank, which is one of the strongest
and most important financial institutions in this part of the state.
Tennent Harrington, who is now serving with marked ability as president of this
bank, is numbered among the leading business men of his community and has been
a factor in its splendid prosperity. He was born in Marysville , California, in 1864,
and is a son of W. P. and Sallie H. ( Tennent ) Harrington. The father was a native
of Maine and in 1849 came to California, by way of the Isthmus of Panama, with the
purpose of seeking gold. He located in Marysville and soon afterward engaged in a
mercantile business . Later he went to Carson City, Nevada, where, in partnership
with Judge Kinkaid , he erected one of the first, if not the first, quartz mills in Nevada.
Eventually he became interested in banking and was for many years president of the
Bank of Willows. Going to San Francisco in the ' 60s, he engaged in the stock brokerage business for awhile, and then came to Colusa for Decker & Jewett, with whom
he remained until the organization of the Colusa County Bank, when he entered that
institution as cashier and manager. On August 14, 1902 , he was elected president
of the bank, which position he retained until his death , which occurred in November,
1903. The Tennent family came originally from Lancaster, Ohio, whence they migrated to California , by the isthmus route, in 1856, and the father engaged in a mercantile business in Marysville, under the firm name of John C. Fall & Company.
Tennent Harrington secured his early education in the public schools of San
Francisco and in private schools , after which he attended Exeter Academy and then
entered Harvard University, which he left in 1887. He spent nine months in a tour of
Europe, and on his return to Colusa, in April, 1888 , entered the Colusa County Bank,
with which he has been connected to the present time. On May 1 , 1893 , he was made
assistant cashier, holding that position until 1902 , when he was made cashier, and in
May, 1923, was elected president, in which capacity he has rendered signally efficient service.
In 1893 Mr. Harrington was united in marriage to Miss Minnie W. Downing , of
New York, and to them has been born a daughter, Mary Louise, now the wife of
David W. Bagley, who is assistant to the commandant of the United States Naval
Academy at Annapolis . In 1905 Mr. Harrington was a member of the executive

HISTORY OF BANKING IN CALIFORNIA

103

council of the California Bankers Association. A man of keen perception , tireless
energy and honesty of purpose, he has been successful in business and respected in
social life, and as a citizen he has discharged his duties in a manner that has won
for him the confidence and respect of his fellowmen.

FIRST SAVINGS BANK OF COLUSA.
The First Savings Bank of Colusa had its genesis in the Farmers and
Merchants Bank of Colusa County, which was organized in February,
1902 , by J. D. Brown, then president of the California Safe Deposit and
Trust Company of San Francisco .

The authorized capital stock at that

time was one hundred thousand dollars , of which amount fifty thousand
dollars was paid in. The first officers and directors were as follows :
J. D. Brown, president ; Fried Monsen, vice president ; J. B. DeJarnatt,
secretary, treasurer, cashier and manager ; J. J. O'Rourke and M. V.
Samuels.

The financial statement of December 31 , 1902 , showed assets

of two hundred and seventy-five thousand dollars , deposits of two hundred
and sixteen thousand dollars , and two hundred and sixty active depositors .
On November 1 , 1911 , the assets of the commercial department of the
Farmers and Merchants Bank were transferred to the First National
Bank of Colusa , which had a capital of seventy-five thousand dollars, and
which bank failed in August, 1922.
At the time of the separation of the business the First Savings Bank
of Colusa County was formed , with the following board : U. W. Brown,
president ; H. F. Osgood , secretary and cashier ; Fried Monsen , J. C. Ahlf,
R. E. Blevins and J. J. O'Rourke. At that time, April, 1912, the resources
of the bank amounted to one hundred and ninety-six thousand dollars .
The presidents of the two banks have been, J. D. Brown, from 1902 to
December, 1907 ; U. W. Brown , from 1907 to 1923 , since which time
J. M. Henderson , Jr. , has held the presidency .

At the beginning of 1923

the official roster was as follows : U. W. Brown, president ; R. E. Blevins,
vice president ; H. F. Osgood, cashier ; Clara C. Packer and Peter Grieve.
In February, 1923, J. M. Henderson, Jr., of Sacramento, who was elected
president January 12, 1923 , bought a controlling interest in the bank,
and the present officers and directors are as follows : J. M. Henderson,
Jr., president ; J. L. Mendenhall, Herman Schutz and Clara C. Packer,
while Everett Bowes is secretary, treasurer, cashier and manager. The
bank was originally located in leased quarters in the I. O. O. F. building,
at Market and Fifth streets, but in 1912 the bank moved into its own
new building, diagonally across the street, at the southwest corner of
Market and Fifth.

When the bank was taken over by Mr. Henderson

the authorized capital was one hundred thousand dollars, of which fifty
thousand dollars was paid in, but in February, 1923, the remaining fifty
thousand dollars was paid in and a commercial department added, thus
increasing the bank's facilities for service to the community. The total
resources at that time were four hundred and thirty-five thousand dollars,
while today they are seven hundred and sixty thousand dollars .

FINANCING AN EMPIRE

104

BANK OF WILLIAMS .
The Bank of Williams, at Williams , Colusa county, is one of the old
and well established financial institutions of that county and has always
commanded the fullest measure of public confidence, due to the safe and
conservative policy that has been followed in its operation.

It was organ-

ized in 1892 by Jesse C. Stovall and Jeff Wilcoxson, as a commercial
bank, with a capital of two hundred thousand dollars, all of which was
paid in. The first officers and directors were as follows : Jesse C. Stovall,
president ; John F. Fouch, vice president ; Williard Smith, secretary and
cashier ; J. F. H. Forbes, James W. Crutcher, James M. Stovall and Jeff
Wilcoxson .

In June, 1900 , the capital stock was reduced to one hundred

thousand dollars , by reducing the par value of the shares from one
hundred dollars to fifty dollars .
In 1904 the Wilcoxson interest in the bank was purchased by the
Stovalls, and the official roster at that time was as follows : H. C. Stovall,
president ; J. M. Stovall , secretary and cashier ; A. Schadd, C. E. Stovall
and Mrs. M. E. Stovall, the board having been reduced from seven to five
members in 1900. The presidents, in order of succession, have been as
follows : Jesse C. Stovall, from 1892 to 1896 ; G. H. Wilcoxson, from 1896
to May, 1900 ; Jesse C. Stovall, from May, 1900 , to his death, in 1902,
since which time H. C. Stovall has been at the head of the bank. The
office of secretary and cashier has been held successively by the following : Williard Smith, J. H. Wright, W. E. Street and J. M. Stovall. The
present officers and directors are : H. C. Stovall, president ; J. H. Wailes,
cashier and secretary ; R. H. Stovall, assistant cashier ; and Mrs. M. E.
Stovall and Mrs. E. A. Brim, mother and sister respectively of H. C.
Stovall. The resources of the bank, in round figures, have been as follows : 1892 , $327,000 ; 1900 , $ 263,000 ; 1910, $ 590,000 ; 1920, $ 1,063,000 ;
1924 , $ 1,080,000 . The bank was originally located across E street from
its present location, which is in the I. O. O. F. building.

H. C. STOVALL .
The financial and banking interests of Williams, Colusa county, have been well
cared for in past years by the Bank of Williams, with the conduct of which the Stovall
family has been very intimately identified , and the present president, H. C. Stovall,
has been at the head of the bank for the past twenty-five years.
Mr. Stovall has been successful in all lines of effort in which he has engaged and
his record has stamped him as a man of more than ordinary ability and character.
He was born near Williams in 1872 and is a son of Jesse C. and Eliza ( Moore ) Stovall ,
both of whom were natives of Missouri . The father came across the plains to the
mines of California in 1850 and met with fair success in his hunt for the yellow metal.
In 1857 he came to Colusa county and engaged in ranching, in which also prosperity attended him, he becoming one of the prominent stock and grain raisers of
this locality. In 1892 he was one of the organizers of the Bank of Williams, of
which he became president, holding that position at the time of his death, which occurred in 1902. The Moore family also settled in this state in an early day, coming
from Missouri in the '50s.
H. C. Stovall attended the public school in Williams and completed his educa-

HISTORY OF BANKING IN CALIFORNIA

105

tion in the Pierce Christian College, at College City, after which he returned to the
home farm, to the operation of which he devoted his attention until 1920, when he
sold it. From that time he has devoted his entire attention to the Bank of Williams,
of which he has been president since the death of his father in 1902. He is a member of the Ancient Free and Accepted Masons, in which he has attained the rank of
Knight Templar, and the Nobles of the Mystic Shrine. He has always shown a helpful public spirit, earnestly cooperating with his fellowmen in all movements for the
advancement of the general welfare of the community, and he is accorded a place in
the front rank of the progressive and influential men of Colusa county.

ANTIOCH BANK OF SAVINGS .
The Antioch Bank of Savings in Antioch, California , was organized
by J. A. West and H. A. West, in 1910, with a capital of twenty-five
thousand dollars . Its first officers were as follows : J. S. Harding, president ; J. A. West, vice president ; and H. A. West, cashier.

The men who

have figured most prominently in the building up and expansion of the
business of the institution are J. A. West and H. A. West. The official
personnel of the bank at this time is as follows : J. A. West , president ;
J. G. Prewett, vice president ; Herbert A. West, cashier ; and Mary Irwin,
assistant cashier.
On January 2, 1911 , its opening day, the Antioch Bank of Savings
received deposits of forty thousand dollars .

Its business, which has shown

a steady growth, is derived from eastern Contra Costa county. Present
conditions are good and prospects are very favorable.
The First National Bank of Antioch, affiliated with the Antioch Bank
of Savings , was organized at the same time as the Antioch Bank of Savings with the same capitalization and the same officers .

BANK OF ANTIOCH .
The Bank of Antioch was organized in September, 1891 , by Robert
Harkenson, S. G. Little, J. C. Rouse, Charles Schimmer, J. H. Rice, A. C.
Hazelton, H. Petersen, R. D. Robbins , Thomas S. Wilson, H. F. Beede,
A. C. Hartley, R. Shyrley and George H. Neuman with a capital of one
hundred thousand dollars, of which eighty thousand dollars was paid in.
The first president was S. G. Little , while Robert Harkenson was chosen
secretary and cashier. The former remained the executive head of the
institution for about six or seven years and his successor, J. C. Rouse,
served about five or six years . Senator Charles M. Bellshaw next occupied the presidency for a short time and was succeeded by Seth Davison,
the predecessor of J. Rio Baker, who served until his death in December,
1923.

The last named was succeeded by H. F. Beede, who in turn con-

tinued as president until he passed away in April, 1926 , when the pres-

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FINANCING AN EMPIRE

ent incumbent, W. W. Morgans, was elected .
Robert Harkenson filled
the position of cashier from the time of organization until 1921 , when he
resigned and was succeeded by R. V. Davis . J. Rio Baker, Seth Davison,
H. F. Beede and W. W. Morgans served in the vice presidency for various
periods. The official personnel of the Bank of Antioch at the present
time is as follows : W. W. Morgans, president ; James Gunn, vice president ; Robert Wallace, Jr. , vice president ; R. V. Davis, cashier ; and
L. W. Mehaffey, assistant cashier.
About 1916 a stock dividend was declared to complete the payment of
the authorized capital of one hundred thousand dollars .
In 1920 the
Bank of Antioch absorbed the Bank of Brentwood and increased its capital to one hundred and fifty thousand dollars. The Bank of Brentwood
has since been conducted as a branch under the management of Lee Durham, the former active head of the institution .
The Bank of Antioch has always paid dividends of eight per cent and
has acquired a surplus of thirty-seven thousand , five hundred dollars.
The deposits are now about one million, two hundred and fifty thousand
dollars and assets total one million , five hundred thousand dollars. In
April, 1922, the institution completed the erection of a modern bank
building of artistic design with every up-to-date banking facility . The
present directors are George Nunn, M. B. Veale, W. W. Morgans, Robert
Wallace, Jr. , James Gunn, R. V. Davis and L. W. Mehaffey.

FIRST NATIONAL BANK.
Antioch.
The First National Bank of Antioch, which was chartered in October,
1910, with a paid-in capital of twenty-five thousand dollars, was organized
by J. A. West, H. A. West and J. S. Harding. The first officers chosen
were as follows : J. S. Harding, president ; J. A. West, vice president and
manager ; and H. A. West, cashier. Mr. Harding died in 1913 and was
succeeded by J. A. West as president, J. G. Prewett being elected vice
president. Miss Mary Irwin was made assistant cashier in 1918. The
present directors are J. A. West, H. A. West, J. G. Prewett, O. E.
Klenger, W. M. Uren, B. B. Horr and John MacAravey.
Since 1913 the First National Bank of Antioch has been paying dividends ranging from four per cent to eight per cent per annum .
The
institution has accumulated a surplus and undivided profits of twentyfive thousand dollars, and deposits amount to about eight hundred thousand dollars . At the time of its organization the First National Bank
erected a commodious bank and office building.
The Antioch Bank of Savings, affiliated with the First National Bank
of Antioch, was organized at the same time as the First National Bank
with the same capitalization and the same officers.

HISTORY OF BANKING IN CALIFORNIA

107

THE FIRST NATIONAL BANK OF BAY POINT .
The First National Bank of Bay Point was organized December 21,
1919 , with a capital of twenty-five thousand dollars.

The officers are

W. W. Moore, president ; H. H. Donovan, vice president ; V. W. Pacini ,
cashier, and E. M. Pacini, assistant cashier. The total resources of the
bank at the close of business on March 23, 1927, amounted to two hundred and eleven thousand, four hundred and twenty-two dollars.

BANK OF BRENTWOOD .
The Bank of Brentwood, which was absorbed by the Bank of Antioch,
December 30 , 1920, was incorporated April 1, 1913 , under the state laws,
with an authorized capital of fifty thousand dollars, of which twenty-five
thousand dollars was paid up. It opened for business July 15, 1913. The
first officers chosen were as follows : R. G. Dean, president ; Alexander
Burness , vice president ; and Lee Durham, cashier.

The original directors

were R. G. Dean , Alexander Burness , Robert Wallace, Jr., R. F. MacLeod
and F. H. Ludinghouse.

Robert Wallace, Jr., is the only one of the

original directors still living.
The officers above named continued in
control of the institution during the entire period of its existence as a
unit bank.
The Bank of Brentwood was organized to serve the financial needs of
a large area of eastern Contra Costa county, of which Brentwood is the
geographical center. It enjoyed a prosperous career, gaining steadily
year by year, as indicated in the following table of deposits :
July 15, 1913 ( opening day)
December 31 , 1915 .
December 31 , 1917
December 31 , 1919 .

$ 22,143.91
63,417.92
160,051.47
289,042.23

The paid-up capital was increased to thirty-five thousand dollars on
December 3, 1919, by the sale of additional stock. The institution paid
annual dividends of six per cent after 1917 and accumulated surplus
and undivided profits to the amount of five thousand, six hundred and
eleven dollars and eighty-one cents . It erected a modern bank building
which was completed in time for the opening in July, 1913. The Bank
of Brentwood was absorbed by the Bank of Antioch on the 30th of December, 1920, and has since been conducted as a branch under the management of Lee Durham, its former cashier.

FINANCING AN EMPIRE

108

BANK OF CONCORD .
The Bank of Concord was established as a private financial institution
about 1900 by M. E. Lyons and conducted as such until about 1910 , when
it was incorporated under the state laws with a capital of twenty- five
thousand dollars. In the official position of president Joseph Boyd was
the predecessor of J. F. Busey, who has been the executive head of the
institution since 1912.

M. E. Lyons, the first cashier, was succeeded at

the end of two years by Guy Greene, who in turn was followed by H. C.
Whitmore in 1912. L. L. Herrick next served as cashier from April,
1913, until 1920, when he gave place to Albert Smith, who continued in
that official capacity until succeeded by the present incumbent, S. Mahler,
in March, 1926. The official personnel of the institution at the present
time is as follows : J. F. Busey, president ; F. C. Galindo, vice president ;
and S. Mahler, cashier. The members of the board of directors are J. F.
Busey, S. Mahler, F. C. Galindo , Charles W. Guy, J. P. Vasconi and
C. F. Foskett.
The original capital has been increased to fifty thousand dollars. The
bank now has a surplus of twelve thousand, five hundred dollars and some
undivided profits .

The first home of the Bank of Concord was so damaged

by the quake in 1906 that it was rebuilt some years later. This was
burned in 1917 and was replaced by a modern bank, store and office
building.

FIRST NATIONAL BANK.
Concord.
The First National Bank of Concord, incorporated in February, 1911,
with a capital of twenty-five thousand dollars, was organized by F. W.
Foskett and H. H. Elworthy and opened its doors for business on the
20th of March, 1911. The first officers chosen were as follows : F. W.
Foskett, president ; H. H. Elworthy, vice president ; and W. L. Brown,
F. W. Foskett resigned in November, 1918 , and was succeeded
in the presidency by H. H. Elworthy, while C. J. Foskett was made first
W. L.
vice president and G. E. Barnett vice president and cashier.
cashier.

Brown resigned the cashiership in February, 1912 , and was succeeded by
L. A. Stevenson, who served in that official capacity until February,
1918. H. H. Elworthy remained in the position of president until the
sale of the bank, with G. E. Barnett as the active head . When the institution was acquired by the American Bank of Oakland the directorate
was composed of H. H. Elworthy, C. J. Foskett, C. H. Keller, John Stockfleth, A. C. Gehringer, Henry Eicher, M. Neustaedter, Genezio Bisso and
G. E. Barnett.
On the 1st of January, 1917, the capital was increased to fifty thousand dollars by stock subscriptions and twenty-five hundred dollars was
added to the surplus of twenty-five hundred dollars, which had been

HISTORY OF BANKING IN CALIFORNIA

109

accumulated from earnings . At the time the bank was sold its surplus
had been increased to fifty thousand dollars and undivided profits to
fifteen thousand dollars. No bank in the county has made such a showing
in so short a period, for the total net earnings in thirteen years amounted
to eighty-eight thousand, seven hundred and sixty-five dollars.
The
amount of deposits was eight hundred and seventy thousand dollars ,
while resources totaled one million , eight thousand dollars .
On the 22d of March, 1924, the First National Bank of Concord was
sold to the American Bank of Oakland , afterward the American Bank of
San Francisco and now the American Trust Company, and has since been
conducted as a branch under the management of G. E. Barnett.

FIRST NATIONAL BANK.
Crockett.
The First National Bank of Crockett came into existence through the
efforts of F. W. Hutchinson, P. Murphy, G. W. Likens, C. P. Thomas,
B. H. Zuppan, T. J. O'Leary, Albert Aljets, P. Lucey, C. Genniganni, A.
Paul and G. M. O'Malley.

It was chartered March 29 , 1919 , with a

capital stock of twenty-five thousand dollars and the first officers were :
T. J. O'Leary, president ; G. W. Likens , vice president ; and J. B. Leadbetter, cashier.

In 1922 Mr. O'Leary sold his interest in the bank to F.

W. Hutchinson, who succeeded him as the president, at which time Albert
Aljets was elected vice president and Mrs. M. D. Parker was made cashier.
The capital was increased to fifty thousand dollars in 1921 by the issue of
additional stock, all of which was subscribed by the original stockholders .
The bank has paid regular dividends, gradually increasing from four to
eight per cent per annum, and has accumulated a surplus and undivided
profits of sixteen thousand , five hundred dollars . Their deposits on April
12, 1926, were five hundred and ninety thousand, six hundred and sixteen dollars and their total resources seven hundred and twelve thousand ,
two hundred and ninety-six dollars .

The First National Bank of Crockett

is a purely local organization and draws its business entirely from local
sources .
Its officers and directors are as follows : F. W. Hutchinson ,
president ; Albert Aljets, vice president ; M. D. Parker, cashier ; William
Desmond and Alton Johnson, assistant cashiers ; and F. W. Hutchinson,
M. D. Parker, Albert Aljets , B. H. Zuppan, August Berger, A. Boehm,
C. Genniganni, P. Murphy, P. Lucey, B. F. Ferreril and C. P. Thomas,
directors.

FRANK W. HUTCHINSON.
There is no better way to judge of the ability and the business enterprise of a
community than to delve into the history of its banking institutions, and the town of
Crockett certainly has reason to be proud of the record made by the First National
Bank, of which Frank W. Hutchinson is the president. He was born in Suisun City,

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FINANCING AN EMPIRE

Solano county, California, September 28, 1876, and is a son of J. W. Hutchinson, who
became a pioneer resident of that county in 1849 , coming to the coast soon after the
discovery of gold . The son obtained his education in the public schools of Suisun City,
continuing through successive grades to the high school, while later he studied for a
time through the correspondence course of La Salle University and at the same time
was employed in the post office of his native town. At the outbreak of the SpanishAmerican war in 1898, however, he put aside all business and personal considerations
and enlisted in the navy as a landsman . A month later he was made a yeoman and
was serving as assistant paymaster when he resigned in June, 1907.
Mr. Hutchinson then turned his attention to the men's furnishing goods business
in Suisun City, where he remained until 1911 , when he sold his store and became associated with the firm of Summers & Company, engaged in the hay and grain business in
San Francisco. He was associated with that house until 1920, when he accepted the
position of cashier in the First National Bank of Crockett. Two years later he purchased the interest of T. J. O'Leary, who was then president, and succeeded him in the
office, so that through the intervening period of five years he has directed the activities
and shaped the policy of the bank, which has enjoyed a steady and substantial growth.
Mr. Hutchinson is also the vice president of the First National Bank at Rodeo and
secretary and treasurer of the Crockett Investment Company. His business affairs
are well managed and the enterprise which he has displayed has led him steadily upward from a humble position until he has become a potent force in the business life
of the community in which he makes his home.
Mr. Hutchinson is also well known in fraternal circles here, being a past exalted
ruler of Vallejo Lodge No. 559 , B. P. O. E.; past president of Solano Parlor No. 39,
N. S. G. W.; and also a past president of Carquinez Parlor No. 210 of the Native
Sons of the Golden West.

BANK OF MARTINEZ .
The following is copied from an attractive booklet which was published by the directors of the Bank of Martinez in commemoration of the
fiftieth anniversary of the institution in 1923 :
"Fifty years ago the
beautifully located little town of Martinez held its position on the Suisun
Bay knowing that the future had much promise . In those days the town,
with its five or six hundred population , was rather inaccessible.
The
only way to reach the larger centers of population was by thirty miles of
very indifferent roads through the hills to Oakland , or by ferry to Benicia
and there taking the mail boats running from San Francisco to Sacramento .

This inaccessibility retarded the progress that was due Martinez,

but did not discourage the civic spirit.

Contra Costa county in those

early days was devoted mainly to stock raising and had some of the finest
ranches of the state. Thus Martinez , backed by the land production , and
opened to the ports of the world through its bay position , had marvelous
undeveloped opportunities.
"It was on October 7, 1873 , that the founders of the Bank of Martinez ,
realizing the wealth that lay in the vicinity of the town and the strategic
shipping position it held , opened the doors of the county's first bank. Its
inception, with capital stock of fifty thousand dollars, was a step forward
in Martinez's growth, and for nearly twenty years it held the position
of the only bank in Contra Costa county and was familiarly known as the
'County Bank .'

HISTORY OF BANKING IN CALIFORNIA

111

"The one big handicap which Martinez experienced prior to the ' 80s
was eliminated in 1879 , when the present railroad was built through the
town.

This made the location of Martinez complete-a junction for rail

and sail

and led to a substantial development.

A transition in the

land production took place in the early ' 60s . The soil was found to
respond marvelously to grain and thereby increased the returns. Then
again, from grain it was learned that the land was even more valuable
under intense cultivation . A change came during the ' 80s in favor of
fruit growing, which has brought vast wealth to the county.

In 1890

manufacturing made its appearance in Martinez .
Step by step it has
grown on a firm foundation until this industry today has towered above
all.
"Through the changes and progress, through lean years and fat ones,
through all , the Bank of Martinez has grown with the city. Its original
building was burned in 1904, and temporary quarters were maintained
until 1906. At that time the new building was erected, which, with the
annex added in 1915 , is the home of the Bank of Martinez today.
"On this, the fiftieth anniversary of the Bank of Martinez, it is with
pride that the bank observes the position to which Martinez has grown ;
especially its wonderful progress of the past fifteen years ; the growth
of population to the five thousand mark ; the success and development of
its great manufacturing industries ; and its many fine improvements too
numerous to mention. Likewise we are proud of the growth of Contra
Costa county to its present sixty-five thousand population and assessed
valuation of eighty-six million dollars. It is gratifying to have played a
part in such development and to feel that the Bank of Martinez has served
the community faithfully during all those fifty years."
The Bank of Martinez was incorporated October 7, 1873, the original
subscribers to the stock being L. I. Fish, C. Fish, Hale and Brother, S.
Blum and Brother, William W. Cameron, Barry Baldwin and Isaac Ayer.
The first directors were L. I. Fish, William W. Cameron, Simon Blum,
Henry M. Hale and William M. Hale.

The first officers of the institution

were as follows : L. I. Fish, president ; W. M. Hale, secretary and cashier ;
and H. M. Hale, teller and accountant. The original capital stock of fifty
thousand dollars was increased on the 26th of May, 1875, to one hundred
thousand dollars.
L. I. Fish, who served as president of the Bank of Martinez from
1873 until 1890 , was succeeded by L. C. Wittenmyer, who filled the position
for nine years .

James Rankin remained the executive head of the insti-

tution from 1899 until 1901 , while W. S. Tinning, who served as president
from 1902 until January, 1924 , was the predecessor of William A. Hale,
who is now in office.
William M. Hale ably filled the office of cashier from 1873 until 1883
and his successor, H. M. Hale, discharged the duties of that position until
1899. In the latter year William A. Hale accepted the position of cashier,
thus serving until January, 1924, when he gave place to Frank R. Jones.
W. S. Tinning served as vice president of the Bank of Martinez from

FINANCING AN EMPIRE

112

1900 until 1902 , when he was succeeded by J. M. Stow, who remained in
the position until 1909.
The next incumbent in the office was A. E.
Dunkel, who served until 1922 and was then succeeded by James E.
Rodgers, who has filled the position during the past five years.
Lee Durham served as assistant cashier from 1906 until 1913 , when
he was succeeded by Frank R. Jones, the predecessor of P. D. Butcher,
who has held the office of assistant cashier since January, 1924.
Janet Rankin acted in the capacity of second assistant cashier from
1913 until 1916, being the predecessor of W. D. Dockstader, who has
served in the office since 1917.
The original building occupied by the Bank of Martinez was erected
in 1873 and was destroyed by fire in August, 1904. Thereafter the business was conducted in a temporary building until January 15, 1906 , since
which date the institution has occupied a handsome structure built in
1905. The bank annex was erected in 1915, and enlarged and remodeled
in 1925 .
On the following dates there was the combined capital and surplus as
shown, together with the total resources :

April 17, 1875
December 31, 1883
December 31 , 1893.
December 31 , 1903.
December 31 , 1913.
June 30, 1923
June 30, 1927 .

Capital and Surplus

Resources

$ 61,907.45
151,035.82

$ 151,521.98
353,191.99
511,087.75

225,000.00
122,109.39

658,288.95

212,000.00
225,000.00
225,000.00

1,006,735.41
1,873,636.56
2,026,423.20

WILLIAM A. HALE .
At all times trustworthy and progressive, fully recognizing the obligations that
devolve upon him, William A. Hale has made an excellent record as president of the
Bank of Martinez. He was born in Pacheco, Contra Costa county, California, December 31 , 1864. His father, William Morrell Hale, a native of Ohio, came to the Pacific
coast in 1853, settling in Placerville, and in 1858 removed to Pacheco, where he established and conducted a mercantile business out of which grew the banking house of
Hale Brothers, now the Bank of Martinez, so that through a period of seventy years
the name of Hale has been closely associated with the business development and
progress of this locality.
William A. Hale pursued his education in the public schools of his native county
and entered the employ of the Bank of Martinez in 1883 upon the resignation of his
father, who was then cashier. His training was thorough and he acquainted himself with every phase of the business, so that in 1899 he was elected cashier and has
since been the active head of the bank. His election to the presidency came in January, 1924. He has built up one of the largest and strongest financial institutions in
Contra Costa county, his administration being thoroughly businesslike, while at all
times he has recognized the fact that the bank is most worthy of patronage that most
carefully safeguards the interests of its depositors.
Mr. Hale was married October 12 , 1887, to Miss Jennie Ipswitch, of San Francisco, and they have become parents of a son and a daughter, William Morrell and
Ida May, the latter the wife of E.C. Livingston, of Los Angeles.

HISTORY OF BANKING IN CALIFORNIA

113

Mr. Hale has always taken an active interest in civic affairs and has served as a
trustee of Martinez for twelve years and has also acted as chairman of the board.
He has long been recognized as a useful factor in his community, contributing in
various ways to its material upbuilding and civic improvement.

FIRST NATIONAL BANK.
Martinez.
The First National Bank of Martinez was organized in 1907 by E. J.
Randall, A. E. Blum, W. K. Cole, M. E. Glucksman and E. A. Majors, with
a capital of twenty-five thousand dollars, and opened its doors for business
on the 7th of July of that year. E. A. Majors served in the official position
of president during its entire existence as a unit bank. M. E. Glucksman
remained cashier of the institution until about 1911, when he was succeeded by E. J. Randall, but neither was active , Mr. Majors always serving as the executive head.
A. E. Blum was the only vice president.
In 1908 the First National Bank of Martinez erected a modern bank
and store building, completed in August of that year, and at that time
increased its capital to fifty thousand dollars. The institution paid regular annual dividends from the start, and accumulated a substantial surplus . Deposits at the time of the sale of the bank had reached the sum
of one million, one hundred and eighty-one thousand dollars .
The First National Bank of Martinez was sold to the First National
Bank of Oakland , afterward the American Bank of San Francisco and
now the American Trust Company, on the 18th of May, 1923 , and has
since been conducted as a branch of the last named, with E. A. Majors
in charge as vice president and manager.

NATIONAL BANK OF MARTINEZ.
The National Bank of Martinez was organized in March, 1924, by
A. J. Heald , Robert B. Borland and Primo Ferrarini with a capital of fifty
thousand dollars and paid- in surplus of ten thousand dollars. The first
officers were as follows : Robert B. Borland , president ; Primo Ferrarini,
The original
vice president ; and A. J. Heald, cashier and secretary .
directors were Robert B. Borland, P. Ferrarini, J. W. McClellan , R. E.
Claeys, M. Pistochini, G. Sparacino, O. K. Smith, James Comazzi and
George J. Winkelman . Mr. Ferrarini died in April, 1925 , and was succeeded by G. Sparacino as vice president and by Louis Rampoldi as director. The members of the board are all men of the highest standing and
influence in this community and the fifty-two stockholders are all local
citizens. Despite the fact that there were two old banks in Martinez at
the time of its organization the National Bank of Martinez has enjoyed
a steady growth, its last statement showing deposits of two hundred and

FINANCING AN EMPIRE

114

seventy-seven thousand, two hundred dollars and assets of three hundred
and eighty-three thousand, five hundred and sixty-three dollars.
In October, 1924 , the institution completed the erection of a modern
bank building, designed by the well known San Francisco architect, A. A.
Cantin, at a cost of thirty thousand dollars.

BANK OF OAKLEY.
The Bank of Oakley, which was established in the town of Oakley,
Contra Costa county, in 1920 , was incorporated on the 6th of August,
with a capital of twenty-five thousand dollars, and among its organizers
was P. A. Anderson, who has since been the cashier and active head of
the business.

The first president was O. M. Champlin , and at the election

of 1922 W. H. Hall was made vice president to succeed J. H. Shaw, who
was elected to the presidency. On the board of directors at the present
time are J. H. Shaw, W. H. Hall , E. J. Sinclair of Berkeley, P. A. Anderson
and Mrs. F. C. Anderson, who is also the secretary .

From the first they

have paid dividends of six per cent per annum and have acquired a
surplus of six thousand, five hundred dollars , while the undivided profits
at the present time amount to seven hundred dollars. The deposits have
steadily grown, being now about two hundred and fifty thousand dollars,
showing a twenty-five per cent increase over the previous year.

The bank

first occupied a small frame building which they purchased, and in the
fall of 1921 a modern bank and store building of reinforced concrete was
erected at an approximate cost of twelve thousand, five hundred dollars .
The bank is located in a very fine fruit section and also enjoys the business which comes from diversified farming.

PAUL A. ANDERSON.
Paul A. Anderson, cashier of the Bank of Oakley, which, as the name indicates, is
located in the town of Oakley, was born in Stockton , California , November 12, 1886,
and is a son of L. N. Anderson . He acquired a public school education in his native
city and in early life began providing for his own support by working in flour mills.
In 1906, when twenty years of age, he removed to the Bay district and secured a position in the First National Bank of Oakland, where he spent five years, working in
various departments, so that he gained a good knowledge of the banking business. He
was afterward with the Berkeley National Bank until 1917, when he enlisted for
service in the World war and went to France, spending a year in the office of the chief
ordnance officer and receiving his honorable discharge in July, 1919.
Upon his return to his native country Mr. Anderson resumed his old position in
the Berkeley National Bank, there continuing until April , 1920 , when desiring that
his labors should more directly benefit himself, he organized the Bank of Oakley, of
which he has since been the cashier and the active head, and the steady growth of its
business is indicative of his reliable and progressive methods and the stable business
principles upon which the bank is founded. Fraternally Mr. Anderson is connected
with the Benevolent and Protective Order of Elks .

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HISTORY OF BANKING IN CALIFORNIA

BANK OF PINOLE .
The Bank of Pinole was organized October 25, 1905, by E. M. Downer,
L. E. Hart, Patrick Tormey and John Bermingham, Jr., with a capital of
twenty-five thousand dollars, and in December of that year opened its
doors for business with John Bermingham, Jr. , occupying the presidency,
although E. M. Downer has filled the office almost from the beginning and
L. E. Hart has been cashier since the organization and the active head
This bank serves the
of the bank since the first two or three years.
splendid water-front section from Giant north to Port Costa, where are
located some of the largest manufacturing concerns in the Bay region
and particularly in Contra Costa county. It has enjoyed a steady and
consistent growth and its conservative but progressive policy, coupled
with its splendid record for service, has won it a position of the first rank
among the financial institutions of this county.
In 1908 they established a branch at Crockett, which, owing to the
greater resources at that point, has rapidly outgrown the parent institution, although the main office of the company is still maintained at Pinole.
Branches have also been established at Rodeo and Port Costa.
In 1915 the home office at Pinole erected a modern stone bank building
and the following year the Crockett institution was also housed in a
splendid new home at the corner of Lorring avenue and Valley street.
Both are equipped with every modern convenience and safeguard for
banking purposes, and the offices at Rodeo and Port Costa are conveniently arranged to take care of the business at those points.

In 1910 the

Bank of Pinole increased its capital to fifty thousand dollars, which from
time to time has been further increased until it is now capitalized for one
hundred and twenty-five thousand dollars . Another increase of seventyfive thousand dollars will very soon be authorized , which will make a
total capital, when all paid in, of two hundred thousand dollars.

They

now have a surplus of seventy-five thousand dollars and undivided profits
of thirty-seven thousand dollars. Their deposits are over two million,
two hundred thousand dollars , while the total resources of the bank at
the time of the last call were in excess of two million, five hundred thousand dollars . The present officers of the Bank of Pinole are as follows :
E. M. Downer, president ; S. S. MacKinley and J. P. Connors, vice presidents ; L. E. Hart, cashier and manager ; and T. W. Hutchison and W. E.
Lewis, assistant cashiers. The directors are E. M. Downer, S. S. MacKinley, J. P. Connors, L. E. Hart, E. D. Armstrong, L. G. Metcalf, Dr.
M. L. Fernandez, J. H. Martin, W. A. Davis, J. A. Fraser and A. Roy Heise.

LOUIS E. HART.
Louis E. Hart, cashier and active head of the Bank of Pinole, was born in San
Francisco, June 20 , 1872 , a son of Jesse B. and Sallie ( Coleman ) Hart. He began his
business career with the brokerage firm of Stauf, Cooper & Redlick, of that city, with
which he remained for a period of ten years . In 1898 he accepted a position with the
California Powder Company of Pinole, and recognizing the opportunity for the estab8-VOL. 4

FINANCING AN EMPIRE

116

lishment of a substantial bank in the district, in 1905 , he assisted in the organization
of the Bank of Pinole, to which he has since devoted his time and energies as the
cashier and active head of the institution. He is also a director of the East Richmond
Heights Land Company and he is affiliated with the Masonic fraternity and the
Benevolent and Protective Order of Elks . Keenly alive to business situations , to the
trend of the times and to the possibilities for growth, he has become a valued factor
in the development of the water front of Contra Costa county, and the county in general through his business interests and his support of measures for the general good.

CONTRA COSTA COUNTY BANK .
Pittsburg .
The Contra Costa County Bank of Pittsburg was organized on the
1st of January, 1904, by C. A. Hooper, D. A. Bender, Andrea Sparboro,
M. Cody, W. J. Buchanan and G. Guaraguella with a capital of twenty -five
thousand dollars . The first officers of the institution , which opened its
doors for business early in 1904 , were as follows : D. A. Bender, president ;
M. Cody, vice president ; and Guido Todaro, cashier. Mr. Bender, who
died in 1914, was succeeded in the presidency by W. E. Creed . Mr. Cody
was succeeded in the official position of vice president by W. J. Buchanan
about 1908. Mr. Todaro remained cashier of the Contra Costa County
Bank during the entire period of its existence as a unit bank.
Stow and N. Canevaro served as assistant cashiers .

Armand

The capital was increased to fifty thousand dollars in 1906 and to one
hundred thousand dollars in 1918 , as the deposits required . The condition of the institution at the time of its sale to the Mercantile Trust Company of California is indicated in the following figures :
Surplus
Undivided profits

Deposits
Resources

50,000.00
16,600.00

1,207,000.00
1,403,000.00

In 1921 the institution erected a modern bank building valued at sixtysix thousand dollars and also retained ownership of its previous home,
valued at eight thousand, six hundred dollars.

The Contra Costa County

Bank of Pittsburg was sold to the Mercantile Trust Company of California, now the American Trust Company, on the 8th of December, 1923,
and has since been conducted as a branch of that institution .
Guido
Todaro served as manager until January, 1925 , when he was succeeded
by Armand Stow.

FIRST NATIONAL BANK.
Pittsburg .
The First National Bank of Pittsburg was organized May 10, 1919, by
O. A. Pearce, Dr. H. E. Peters and W. V. Abrams with a capital of fifty
thousand dollars and surplus of five thousand dollars . The first officers

HISTORY OF BANKING IN CALIFORNIA

117

chosen were as follows : O. A. Pearce, president ; Dr. H. E. Peters , vice
president ; and E. J. Ethington, cashier.

Shortly after its organization

Carlo Lepori purchased the controlling interest in the institution and
assumed the presidency, his son , Carlo Lepori , Jr. , becoming assistant
cashier. Dr. Peters served in the vice presidency only a short time and
was succeeded by W. B. Abrams .

The latter was the predecessor of Guido

Todaro, who filled the official position of vice president from April, 1925 ,
until March, 1926. Carlo Lepori , Jr. , was elected vice president in May,
1924, and served until his death November 12 , 1925 , when he was succeeded by Judge Wade W. Moore.

E. J. Ethington was succeeded in the

cashiership in October, 1919, by I. N. Sproull, who on the 13th of March,
1920, gave place to John R. Bujan .

The last named was the predecessor

of Carlo Lepori, Jr., who served as cashier from August 11 , 1920 , until
May, 1924 , when he was succeeded by G. W. Ellis . Jane T. Brett is filling
the position of assistant cashier. The members of the board of directors
at this time are as follows :

Carlo Lepori ( president ) , Wade W. Moore,

G. W. Ellis, James E. Fahy, Hugh H. Donovan, Dr. G. B. Arentz and
Kate S. Oneto .
In 1923 the First National Bank of Pittsburgh increased its capital
to seventy-five thousand dollars by additional stock subscription .

The

institution pays regular dividends of eight per cent, has deposits amounting to approximately seven hundred and fifty thousand dollars and total
assets of approximately nine hundred thousand dollars . In 1921 the First
National Bank erected a modern bank and office building at an approximate cost of seventy-five thousand dollars.

MECHANICS BANK .
Richmond.
The Mechanics Bank of Richmond, established in 1905 by Joseph Iverson, was conducted by the Iverson Banking Company until 1907, when it
was incorporated as the Mechanics Bank with a paid-in capital of twentyfive thousand dollars. The first officers were : Joseph Iverson, president ;
and W. L. Ballinger, cashier.

Mr. Iverson remained at the head of the

bank until 1909, when he was succeeded by B. H. Griffin, who acted in
that capacity until 1915.

His duties were then assumed by John H.

Nichols, who served until 1918, and E. M. Downer has since been president of the institution.

W. L. Ballinger continued as cashier until 1924

and the office has since been filled by W. S. Poage .

George Thornton, Jr.,

has been vice president since 1925 and the assistant cashiers are Ernest
Emmrich and S. R. MacDonald .
The present directors are :
E. M.
Downer, president ; J. F. Carlston, who is one of the vice presidents of
the bank and president of the Central Savings Bank of Oakland ; E. M.
Tilden, who is vice president of the Mechanics Bank and president of the
Tilden Mill & Lumber Company ; J. T. Brooks , manager of the Standard

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118

Oil Refineries ; H. A. Johnston, realtor ; G. N. Rooker, manager of the
Western States Gas & Electric Company ; and Newton W. Stern , manager
of the Standard Sanitary Manufacturing Company.
The business of the institution was conducted in rented quarters at
Eighth and MacDonald streets until 1921 , when a modern bank and
office building was erected, and this has since been the home of the bank.
Its present capitalization is two hundred thousand dollars, and the sum of
two hundred thousand dollars represents the surplus, while the undivided
profits are fifty thousand dollars .

The constant growth of the bank is

indicated by the following record of its resources :

1907
1909

1915

102,000.00
235,000.00
450,000.00

1924

3,000,000.00

1926

3,215,000.00

EDWARD M. DOWNER.
Intricate financial problems have been readily solved through the efforts of Edward M. Downer, whose keen, alert mind and unfaltering business enterprise have
gained for him a creditable position in the banking circles of California, his present
connection therewith being that of president of the Mechanics Bank of Richmond . He
is a "Native Son," his birth having occurred in Browns Valley, Yuba county, April
28, 1869, his father being J. E. Downer. Having completed a public school course, the
son attended Heald's Business College and thus equipped himself for practical and
responsible duties in later life. He first engaged in railroad service as telegraph operator and agent, being thus employed until 1920.
In 1905 Mr. Downer organized the Bank of Pinole, of which he has been president since 1910. Five years later he and his associates purchased the Mechanics Bank
of Richmond, of which he has since been the active head, and under his guidance the
business of the bank has been steadily increased . Its deposits during that period have
been raised from four hundred thousand dollars to nearly three million, four hundred
thousand dollars. The almost limitless energy of Mr. Downer has enabled him, moreover, to become a factor in the successful control of other interests and he is now
vice president of the First National Bank in Richmond, president of the East Richmond Heights Land Company, president of the Masonic Temple Association, president
of the Richmond Community Hotel, treasurer and a director of the Elks Hall Association, secretary of the East Bay Home Builders Association and secretary of the
Contra Costa Realty Company. He is a director of the Hercules Water Company and
president of the Pinole Light & Power Company. What he undertakes he accomplishes, never stopping short of the successful attainment of his purpose. His plans
are ever carefully formulated and intelligently directed and thus it is that his cooperation has been sought along many lines.
Not only in business but in public connections as well he has labored effectively
and earnestly, giving to his community valuable service. For the past quarter of a
century he has been president of the Pinole- Hercules school district and is a director
of the Richmond Union high school. He is also a director of the Berkeley Country
Club and has long occupied a prominent place in Masonic circles , having attained the
thirty-second degree of the Scottish Rite , while with the Nobles of the Mystic Shrine
he has crossed the sands of the desert. Moreover, he has membership in the Elks
Club, the Carquinez Golf Club, the Athens Athletic Club, the Athenian Nile Club and
the Berkeley Country Club. For more than twenty years he has been mayor of Pinole

HISTORY OF BANKING IN CALIFORNIA

119

and the town has benefited by his businesslike administration. So many and so varied
are his activities that it would be impossible to give a complete history of this section
of the state without reference to Edward M. Downer.

FIRST NATIONAL BANK IN RICHMOND .
The First National Bank in Richmond was organized March 13 , 1923,
with a capital stock of one hundred thousand dollars and surplus of
twenty thousand dollars, all paid in. The officers and directors of the
institution are as follows :

E. M. Tilden ( president ) , who is at the head

of the Tilden Lumber Company of Berkeley ; E. M. Downer (vice president ) , who is also president of the Mechanics Bank of Richmond ; J. F.
Brooks (vice president) , who is manager of the Standard Oil Refineries
of San Francisco ; Fred Caudle, cashier ; C. C. Kratzer, Buick agent in
Richmond ; R. E. Slattery, manager of the Schrader Furniture Company
of Richmond ; and J. L. Ealsle, local manager of the Tilden Lumber Company in Richmond.
The First National Bank in Richmond does both a commercial and
savings business and pays dividends of four per cent semi -annually .

Its

report of condition at the close of business on June 30, 1927 , showed
resources of $ 714,978.44.

EDWIN M. TILDEN.
Edwin M. Tilden, president of the First National Bank in Richmond, which he
organized in June, 1924, is also a prominent representative of industrial interests as
head of the Tilden Mill & Lumber Company, which now has thirty yards and factories reaching from Sacramento to Los Angeles. His birth occurred at St. Michaels ,
Maryland, on the 2d of July, 1866, his parents being Dr. Thomas W. and Helen (Dawson) Tilden, who brought him to California when he was a babe of eighteen months.
The father was successfully engaged in the practice of medicine and surgery at
Chico, this state, until his death in 1874.
Edwin M. Tilden completed a public school course at Chico by graduation in 1884
and in the same year secured the position of office boy with the Sierra Lumber Company at Red Bluff. At the end of six years he was made manager of the company's
branch at Woodland. It was in 1900 that he embarked in the lumber business on his
own account by opening a small lumber-yard at Richmond when the town was founded .
Through the intervening period of twenty-seven years he has gradually expanded the
scope of his operations in the lumber industry until at this time he is in control of a
corporation which conducts twenty-eight yards and factories over the territory between Sacramento and Los Angeles. The Pacific Pipe & Tank Company and the National Mill & Lumber Company of Oakland are departments of the Tilden Mill &
Lumber Company. Mr. Tilden has displayed marked executive ability and correct
business judgment in the successful control of these large interests and his prosperity
is well deserved . Aside from his activity in lumber circles, he is also a factor in
financial affairs, having in March, 1923 , organized the First National Bank in Richmond
and having since served as its president. He was also instrumental in the organization of the Bank of Richmond, the first financial institution of the town, of which he
was a director for ten years. Moreover, he is vice president and director of the

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FINANCING AN EMPIRE

Mechanics Bank of Richmond and a director of the East Bay Title Insurance Company.
His reputation in both financial and business circles of his adopted state is indeed an
enviable one.
Mr. Tilden occupies the presidency of the Elks Hall Association of Richmond, is
likewise president of the Alameda County Builders Exchange, is vice president of the
East Bay Industrial Association and a director of the California Manufacturers Association. Fraternally he is a Mason and member of the Mystic Shrine and is also
affiliated with the Benevolent and Protective Order of Elks. His further appreciation for the social amenities of life is indicated by his membership in the Berkeley
Country Club and the Athens Athletic Club. He resides at Mira Vista, Richmond.

FRED CAUDLE .
Every state in the Union has contributed to the citizenship of California and those
who have come have found in the growing west the opportunities for steady business
progress. Fred Caudle, cashier of the First National Bank in Richmond, is a native
of Kansas, his birth having occurred at Inman, July 22 , 1889. He is a son of John D.
Caudle and while spending his youthful days under the parental roof he pursued his
early education in the public schools of Inman, Kansas , and later attended McPherson College for three years.
Mr. Caudle made his initial step in the business world by entering the employ of
the Citizens State Bank, with which he was associated for two years or from 1908
until 1910. He then resigned to enter the McPherson Bank as assistant cashier and
continued therewith until 1913, when he came to California and continued his
banking career by becoming bookkeeper and teller in the First National Bank
of Richmond . After filling various positions he was made cashier of the Richmond
Savings Bank and assistant cashier of the First National Bank, so continuing
until 1919, when he resigned to accept the cashiership in the Bank of Los Banos.
There he remained until the 31st of December of the same year, when a more advantageous opportunity came to him and he once more tendered his resignation, this
time for the purpose of becoming an inspector of the Bank of Italy. From the fall of
1920 until March , 1923 , he was with the Federal Reserve Bank at San Francisco , by
which he was employed as field agent, handling the rediscounted paper of banks that
had failed . In this connection his judgment proved sound and accurate and his worth
was widely acknowledged by the institution which he represented.
In March, 1923 , Mr. Caudle organized the First National Bank in Richmond,
of which he has since been the cashier and the active head. Under his management
this bank has enjoyed a steady growth, having acquired total resources of threequarters of a million in four years, and it is the only national bank in Richmond at
the present time. The directors of the bank are all well and favorably known and are
backed by a number of stockholders of exceptional character and high business standing.
Mr. Caudle is likewise the treasurer of the Richmond Lions Club and of the
Richmond lodge of Elks ; is a director of Richmond Chamber of Commerce ; is a member of the executive council of the Oakland Association of Credit Men ; and is a graduate of the American Institute of Banking. Thoroughness characterizes all that he
undertakes and a laudable ambition has prompted him at every point in his career,
while at all times his course has been such as would bear the closest investigation and
scrutiny.

RICHMOND BRANCHES OF AMERICAN TRUST COMPANY.
The town of Richmond, Contra Costa county, has been fortunate in
the character of its bankers and the stability of its banking institutions,
through the efforts and influence of which it has been enabled to successfully pass through severe financial crises safely.

Among these, the Bank

HISTORY OF BANKING IN CALIFORNIA

121

of Richmond, the first bank in the city, was organized by Waverley
Stairly, with a paid-in capital of thirty thousand dollars, and opened its
doors for business on April 17, 1902.

William P. Mintzer was the first

president and Mr. Stairly was the first cashier and manager.

At a later

date the capital was increased to fifty thousand dollars, and under Mr.
Stairly's management the bank paid seventeen five per cent dividends. In
early years it cashed pay checks and vouchers for employes of the Santa
Fe Railroad and the Standard Oil Company, for which money was sometimes hurried over from Oakland and San Francisco, but the bank never
closed its doors nor refused specie payment, either after the fire of 1906
or during the panic of the following year. In 1915 Mr. Stairly sold his
interest in the bank for two hundred dollars a share . A branch of this
bank was opened in Richmond about 1921.

In 1922 the Bank of Richmond

was taken over by the Mercantile Trust Company, of San Francisco , at
which time its resources were about eight hundred and seventy-one thousand dollars, and its officers were as follows : C. S. Downing, president ;
J. H. Plate, vice president ; and C. E. Allen, cashier. It is now a branch
of the American Trust Company, and its present officers are John Reyello,
manager, and Garland Howard, assistant manager.
The First National Bank of Richmond, now known as the First of
Richmond branch of the American Trust Company, was organized on
May 23, 1910, by Clinton E. Worden, who is now vice president of the
First Federal Trust Company of San Francisco, and Charles Crary, who
is now with the American Trust Company in San Francisco .

This bank

had a paid-in capital stock of one hundred thousand dollars. In 1911 the
same men organized the Richmond Savings Bank, which was conducted
in the same offices and under the same management.

Its original capital

was twenty-five thousand dollars, which was later increased to fifty thousand dollars, and finally to sixty thousand dollars . The original officers
of the First National Bank and the Richmond Savings Bank were Clinton
E. Worden, president ; E. A. Gow, vice president, and Charles J. Crary,
cashier, the last named gentleman becoming president in 1920.

When

taken over by the Mercantile Trust Company this was the largest financial
institution in Contra Costa county, the joint assets of the two banks
amounting to more than three million dollars .

At the time of the merger

Mr. Crary was president ; L. J. Younce was vice president and cashier ;
and I. T. Conn was assistant cashier. Mr. Younce is now not only manager of the First of Richmond branch, but is also manager of the Richmond district, which includes Richmond, Pittsburg, Martinez, Concord
and Byron, while Mr. Conn is assistant manager of the branch bank. The
present advisory board is composed of the following gentlemen :

F. E.

Beck, manager of the Putman Company, Richmond ; A. H. Campbell ,
superintendent of the California Cap Company, Stege ; Charles J. Crary,
vice president of the American Trust Company, San Francisco ; T. H.
De Lap, attorney, Richmond ; V. A. Fenner, hardware, Point Richmond ;

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FINANCING AN EMPIRE

F. B. La Moine, druggist, Richmond ; W. T. Helms, superintendent of
schools, Richmond ; W. H. McBryde, secretary-treasurer Hawaiian Sugar
Refining Corporation, San Francisco ; C. S. Renwick, capitalist, of Richmond ; and R. H. Stratton.
The Twenty-third and MacDonald Branch of the Mercantile Trust
Company, now the American Trust Company, was formerly a branch of
the Bank of Richmond. It was first established at Eighth and MacDonald
streets, but was found to be too near the First of Richmond branch, at
Sixth and MacDonald streets, and, on November 25, 1922, was moved to
its present location at Twenty-third and MacDonald streets.
Henry C.
Saito is manager of this bank.

A. H. CAMPBELL .
Among the prominent business men and bankers of central California stands
A. H. Campbell, the capable and efficient superintendent of the California Cap Company, at Stege, and a member of the advisory board of the First of Richmond
branch of the American Trust Company, at Richmond , Contra Costa county. Mr.
Campbell was born at Oakland , California, on the 20th of November, 1882, and
is a son of A. J. and Lela A. ( Garrettson ) Campbell . His paternal grandparents
were among the pioneers of California , having come to this state by the way of
Cape Horn, during the first years of the historic gold rush, while his father came
to this state from Iowa in 1872. The mother was born at Sonora, Tuolumne county,
and was a daughter of Elijah Garrettson.
A. H. Campbell received his early
education in the grammar and high schools of Oakland , and then entered the
California School of Mechanical Arts, where he took the course in chemistry and
was graduated in 1901.
His first employment was as a consulting chemist with Dr. Miller, in San
Francisco, after which he was for awhile with a sugar plant at Oxnard, Ventura
county, and then worked as an assayer with Ernest Simmonds in San Francisco.
In 1901 he became a chemist in the laboratory of the California Cap Company,
at Stege, and has been identified with that concern continuously since, having
This company is engaged in the making of
been made superintendent in 1907.
caps, fuses and accessories and does all kinds of metal stamping . It employs two
hundred and fifty men and has a monthly payroll of twenty-five thousand dollars.
In January, 1920 , Mr. Campbell became a director of the First National Bank of
Richmond, and when that institution was taken over by the Mercantile Trust Company, now the American Trust Company, he became a member of the advisory board.
Mr. Campbell was married in July, 1907 , to Miss May E. Watrous, whose
parents were among the first settlers in Richmond. She took a very active part
in local war work, but was taken ill with the influenza in 1918 and died, leaving two
children , A. H. , Jr., and Charyl Elizabeth . In 1919 Mr. Campbell was married to
Aline E. Hoffman , of Stege, of which locality her family were among the earliest
settlers. By her first marriage she is the mother of a son, Roland, whom Mr.
Campbell adopted and he now bears his name.
In his political views Mr. Campbell is a republican , while , fraternally, he is a
member of the Ancient Free and Accepted Masons, being a past master of his
lodge ; is a Noble of the Mystic Shrine, and a member of the Benevolent Protective
Order of Elks , the Order of the Eastern Star and the Rotary Club at Richmond. A
man of good business and executive ability, he has managed the California Cap plant
in a highly satisfactory manner, while his counsel and advice in practical matters
are held in high regard by his business associates. Personally he is a man of
straightforward manner, cordial and friendly in his social relations , and he commands to a marked degree the esteem of all who know him.

HISTORY OF BANKING IN CALIFORNIA

123

FIRST NATIONAL BANK .
Rodeo.
The First National Bank of Rodeo was organized in 1918 by James
Guthrie, J. Mahoney, J. D. Smith , S. J. Claeys and T. J. O'Leary, with
Business was begun on the
a capital of twenty-five thousand dollars .
T. J.
5th of July, 1918, under the direction of the following officers :
O'Leary, president ; J. D. Smith, vice president ; and B. G. Ensign, cashier.
Mr. O'Leary served as president until January, 1925 , when he resigned
and was succeeded by S. J. Claeys . The cashiers have been B. G. Ensign,
Albert Smith , N. O. Wallin, Ruth E. Bull, Charles Thomas and A. D.
Dern, the last named elected in August, 1925. Miss Dolores Whittaker
has served in the capacity of assistant cashier since October, 1923. The
members of the board of directors at this time are S. J. Claeys , James
Guthrie, J. Mahoney, J. D. Smith, F. W. Hutchinson, H. A. Olsen and
T. J. O'Leary .
On the 23d of July, 1921 , the First National Bank of Rodeo increased
its capital to fifty thousand dollars by additional stock subscription. In
1920 the institution erected a modern bank and store building.
The
surplus and undivided profits total about seven thousand dollars, while
deposits amount to two hundred and fifty-three thousand dollars and
assets are three hundred and thirty-four thousand dollars .

THE PLACERVILLE NATIONAL BANK.
The Placerville National Bank, formerly located at 307 Main street,
but now doing business at 451 Main street, was organized in November,
1921 , with a capital of fifty thousand dollars, by the following : Alden
Anderson, W. W. Bassett, George C. Rolleri, J. A. Raffetto, Charles F.
Wood, Joseph Scherrer, Edwin Clark, George E. Loughland and P. L.
Barrette.

It was opened for business December 17 , 1921 , the deposits on

that day amounting to six thousand, four hundred thirty-three dollars
and fifty-four cents. The first officers were : Alden Anderson, president ;
George C. Rolleri, vice president ; W. E. Holmes cashier. At present B. C.
Celio is serving as president, while J. A. Raffetto is vice president and
R. T. Irish is cashier and secretary . The excellent growth of the business
of the bank is due largely to the efforts of George C. Rolleri , B. C. Celio,
J. A. Raffetto, Charles F. Wood, George E. Loughland, Edwin Clark,
J. G. Leonardi , E. A. Scherrer and Frank Bordwell.
The features of the business which are particularly stressed at present
are the savings and commercial accounts and the safe deposit department.
The bank draws its business from the city of Placerville, which is the
county seat of Eldorado county, and surrounding territory, where farming, fruit raising and the cattle and lumber industries predominate . The
largest source of revenue is derived from fruit raising, Bartlett pears
being the principal fruit. The largest pear packing plant in the state is

124

FINANCING AN EMPIRE

located in Placerville and is owned and operated by the Placerville Fruit
Growers Association , which ships annually about two thousand cars of
fruit from the county.

The outlook for the present crops seems favorable

and business conditions in the next few years should be good, as the
community is advancing rapidly.
The Placerville National Bank completed and occupied its new banking quarters about three months ago and now has all up-to-date banking
facilities . Its assets at different times have been as follows :

December, 1922

$373,576
509,532

December, 1923
December, 1924
December, 1925
December, 1926
Assets at present

468,718
464,774
480,251
490,948

THE FIRST NATIONAL BANK.
Caruthers.
The First National Bank of Caruthers was organized April 3, 1919,
with a capital of twenty-five thousand dollars and a surplus of two thousand five hundred dollars, by E. B. Clark, A. Clevenger, W. C. Freeland,
H. C. Hansen, J. Hansen and W. W. Lemon, and was opened for business
July 2 , 1919, the deposits on that day amounting to eight thousand four
hundred and eighty-two dollars and seventy- seven cents . The first officers
were : W. C. Freeland, president ; A. Clevenger, vice president ; W. W.
Mr. Freeland and Mr. Clevenger have continued in
Lemon, cashier.
their respective capacities, but T. K. Dahle , Jr. , is now cashier. These
three, as well as J. Hansen , have been prominent factors in the growth
of the institution, which derives its business largely from the dairying,
vineyard and alfalfa interests.
been as follows :

The deposits since organization have

Individual
Deposits

July 2 , 1919
July 2 , 1920

8,482.77
113,397.63

$ 1,704.11
39,221.00

July 2 , 1921
July 2 , 1922

72,289.99

20,000.00

73,397.89

18,000.00
25,000.00

July 2 , 1923
July 2 , 1924

Savings and
Time Deposits .

84,980.00

July 2 , 1925

68,700.50
62,109.94

July 2 , 1926
July 2, 1927 ( approx . )

86,758.70
84,442.00

25,000.00
35,000.00
45,000.00

24,000.00

HISTORY OF BANKING IN CALIFORNIA

125

UNION NATIONAL BANK.
Fresno.
The Union National Bank of Fresno was organized in 1907 by W. O.
Miles, W. R. Price, C. R. Puckhaber, C. L. Walter, A. B. Clark, J. S.
Jones, Frank Rehorn , F. J. Dow, W. J. Kittrell, O. L. Everts , D. S. Ewing,
Milt Huffman, George W. Drake and others, with a capital of one hundred
and fifty thousand dollars . The first officers were W. O. Miles (president ) , C. R. Puckhaber ( vice president ) and W. R. Price ( cashier ) , all of
whom continued in office during the life of this bank as an individual
institution .

Later on A. B. Clark was added as a second vice president.

Under the able management of Mr. Miles this bank enjoyed a prosperous career and became one of the leading banks of Fresno . In 1923, it
had about $3,700,000 in deposits, surplus and undivided profits of $ 360,000,
and had paid dividends regularly from the beginning at the rate of six
per cent the first year, eight per cent the second year, and ten per cent
thereafter.
In 1920, J. M. Henderson Jr., W. S. Kendall and A. P. Scheld, who
owned the controlling stock in the Sacramento San Joaquin Bank, purchased a controlling interest in this bank at four hundred and twenty-five
dollars per share.
In March, 1923, this bank, together with the Sacramento San Joaquin
Bank and the Merchants National Bank of San Francisco, were merged
under the name of the United Bank and Trust Company of California .

WILLIAM R. PRICE .

In his business career William R. Price has displayed powers of organization combined with executive ability and keen discrimination that have brought him to the
front in banking circles. Since the merger which resulted in making the Union
National Bank the Fresno branch of the United Bank & Trust Company he has been
its vice president and manager . Almost his entire business experience has been along
the line in which he is now engaged. A native of Wales , he was born in 1858 , a son
of James and Jane ( Lewis ) Price, who were also born in that little rock-ribbed country,
where to the age of ten years Mr. Price attended the public schools . In 1869 he
arrived in America, the family home being established in Cleveland , Ohio. It was in
1892 that he became a resident of California, going to Fresno, where he engaged in
business as an accountant, being connected with different institutions in that capacity,
including the Fresno Loan & Savings Bank. After a time he joined the staff of the
First National Bank of Fresno as bookkeeper under the presidency of Mr. Woodward.
Promotions came to him until when he severed his connection with the bank in December, 1906, he was serving as assistant cashier. Prompted by a laudable ambition, he
formulated the plan of organizing a bank, and successfully carrying out his purpose,
the Union National Bank of Fresno came into existence, opening for business on August
31 , 1907, with Mr. Price as cashier. He thus continued to serve until the Union
National Bank merged with the Sacramento - San Joaquin Bank, which was later called
the United Bank & Trust Company of California and is now known as the United
Bank & Trust Company. This merger took place in March, 1923, at which time Mr.
Price was elected vice president and today he is serving as vice president and manager
of the Fresno branch of the United Bank & Trust Company. Experience of thirty-five
years in connection with banking has made him well qualified to act as executive officer

126

FINANCING AN EMPIRE

of this institution and in his management he displays marked ability in solving every
problem which comes up for solution.
Mr. Price was united in marriage to Miss Cecil McMahon, of Santa Rosa, California, and they have become parents of two children. The daughter, Ruth, is now
the wife of Russell Giffen , a son of Wiley M. Giffen, the former president of the California Raisin Company and the promoter of the “ Sun Maid ” raisins. The son, William
Price, is now a junior in the University of California. By a former marriage Mr.
Price also had three sons : Arthur, who is now connected with the Western Electric
Company in Brooklyn, New York; James, a capable court reporter of Fresno ; and
Lloyd, who is connected with a large real estate firm in San Francisco.
Fraternally Mr. Price is a Knight Templar Mason and a Mystic Shriner and he
has membership in the University Sequoia Club of Fresno . He enjoys the reputation
of being an earnest, conscientious banker who is the personification of frankness and
he is a highly esteemed and influential member of the community in which he resides,
giving active, earnest and helpful cooperation to all measures which he deems of vital
worth to the community.

WILLIAM O. MILES.
William O. Miles, of Fresno, occupies the position of executive vice president of
the United Bank & Trust Company. He is a representative of a pioneer family of
this state, although born in Sullivan, Indiana , April 7 , 1870 , his parents being William
J. and Adelia M. ( Hutchinson ) Miles. The father journeyed westward to this state
in 1850 , settling in Placerville, and the mother arrived here in 1852. In 1869, however,
they returned to Indiana, where Mr. Miles passed away, and in 1871 his widow and
children returned to the Pacific coast.
The youthful days of W. O. Miles were spent on a farm , while his education was
acquired in the public schools of Fresno and in a business college at San Jose. The
necessity of early providing for his own support prompted him to seek a position as
clerk in a dry goods and clothing store when a comparatively young lad and later he
filled a position as bookkeeper for five years. In 1893 he entered the Fresno National
Bank in that capacity but later was made assistant cashier, leaving that position,
however, to engage in the oil business, in which he is still interested to some extent.
He returned to banking, however, in 1907 , when he with others organized the Union
National Bank of Fresno , which he conducted as president until March, 1923 , when
this institution merged with several others under the name of the United Bank &
Trust Company of California, of which Mr. Miles has since been vice president and
director, having general supervision over all its branches. In April, 1927, the United
Bank & Trust Company of California consolidated with the French American Bank
of San Francisco , under the name of United Bank & Trust Company and Mr. Miles
was elected executive vice president. He is qualified to find correct solution for all
the intricate and involved problems of banking and is regarded as one of the strong
financiers of the central section of the state. In 1907 he established the San Joaquin
Abstract Company, under which name he is still conducting the business, and he is
also largely interested in farming.
On the 2d of January, 1908 , was celebrated the marriage of Mr. Miles and Miss
Betty M. Maupin, of Fresno, where they reside with their two sons, William M. and
James A. Mr. Miles is a Knight Templar Mason and Shriner, and he also belongs to the Woodmen of the World and has membership in the Commercial Club of
Fresno. Patriotic devotion to his country has ever been one of his strongly marked
characteristics and during the World war period he had charge of the last four Liberty
Loan drives in Fresno county. He has been active in public affairs here since 1888
and has filled many official positions, including those of deputy in the tax collector's
assessor's and auditor's offices. He was likewise public administrator of Fresno county
for four years and was county clerk for eight years. Over the record of his public
service there falls no shadow of wrong or suspicion of evil, for his course has ever
been marked by fidelity to duty.

HISTORY OF BANKING IN CALIFORNIA

127

KINGSBURG BANK.
The Kingsburg Bank was organized February 3, 1911 , by Nicholas G.
Nelson, with a capital of thirty-five thousand dollars, and was opened
for business April 24 , 1911 , the first day's deposits amounting to ten
thousand, forty-one dollars and fifty cents .
The officers at that time
were :

Nicholas G. Nelson, president ; A. T. Carlson, vice president ; J. L.

Norman, vice president ; and O. E. Peterson, cashier, all of whom, as well
as C. E. Fosberg, have been active in furthering the development of the
J. L. Norman ,
institution.
The present official roster is as follows :
president ; C. E. Fosberg, vice president ; Philip G. Peterson, vice president ; O. E. Peterson, cashier, and E. Ed. Peterson and W. C. Nelson,
assistant cashiers, the directors being J. L. Norman, C. E. Fosberg, Philip
G. Peterson, A. T. Carlson, John Peterson, F. G. Anderson and O. E.
Peterson.
The bank derives its business chiefly from the farming community
and it is in good condition. Its deposits at different times have been
as follows :
December 31 , 1911
December 31 , 1914

84,361.23
178,611.30

December 31, 1917

463,457.93

December 31, 1920
December 31 , 1923

1,235,162.97
903,715.67

December 31, 1926

1,038,256.72

FIRST NATIONAL BANK OF ORANGE COVE.
The First National Bank of Orange Cove was opened for business
April 12, 1920, having been organized by E. M. Sheridan, J. Frank
Wright, O. R. Barber, George M. Dundas, J. E. Frane, H. R. Bell , W. H.
Wraith and E. S. Bender, with a capital of twenty-five thousand dollars,
and the deposits on that day amounted to eight thousand nine hundred
E. M.
The first officers were :
and ninety dollars and sixteen cents .
Sheridan, president ; O. R. Barber, vice president ; E. S. Bender, cashier.
Mr. Sheridan and Mr. Barber are still serving in their respective
capacities, but C. G. Le Masters is now cashier and vice president and
E. H. Le Masters is assistant cashier. Chiefly to the efforts of these five
men is due the excellent growth of the institution, which is located in
the First National Bank building.
The bank is extending its territory and taking in a large cattle country
to the east, there being no other bank between it and the high Sierra
mountain range, and its present condition and prospects are good. The
locality is a new territory devoted chiefly to citrus fruit culture, and
the orange groves are gradually attaining greater age and bearing, which
makes for the steady growth of the finances of the community. Fourteen

128

FINANCING AN EMPIRE

years ago the district was a vast wheat field , but it is now subdivided into
ten, twenty and forty acre tracts, making homes for approximately fifteen
hundred people. Table grapes can here be harvested as late as December
in a practically frostless district where smudge pots are unknown . The
Foothills Irrigation District project, which will be completed next year,
will add greatly to the development and prosperity of the community . All
through the general period of depression in the San Joaquin valley the
bank has made consistent gains and has regularly paid dividends . The
following table of deposits speaks for itself :
1920
1921

8,990.16
74,195.12

1922

90,479.71

1923

127,506.46
134,942.09

1924

1925

194,825.54

1926

223,157.77

1927

234,930.70

FIRST NATIONAL BANK OF SAN JOAQUIN.
The First National Bank of San Joaquin was organized by Herman
Janss in 1919, with a capital of twenty-five thousand dollars, and was
opened for business April 10, 1920.
The first officers were :
A. D.
McKean, president ; Herman Janss, vice president ; J. W. Kimball, cashier ;
W. H. Tuttle, assistant cashier. Peter Rusconi is now president and E.
McD. Keller and Herman Janss are vice presidents, while Mr. Kimball
and Mr. Tuttle still serve in their respective capacities. The names of
Herman Janss and Peter Rusconi stand out prominently in the history of
the institution, the business of which, however, has been more or less
stationary in the past few years, due to local conditions .

Prospects are

good providing financial difficulties of large land owning interests are
soon adjusted to permit resumption of land sales and further settlement
and development of the district.
The business of the bank is derived
almost entirely from the farming community surrounding San Joaquin,
Helm and Burrel, and it is stressing the encouragement of dairying as a
local industry.

THE FIRST NATIONAL BANK.
Tranquillity.

The First National Bank, of Tranquillity, was incorporated in July,
1919 , and the charter was authorized August 23, 1919, on which date it
was opened for business, with a capital of fifty thousand dollars, all paid
The prime movers in the organization were John Davis, E. E. Slater,

in.

129

HISTORY OF BANKING IN CALIFORNIA

John N. Daniel, C. F. Goodrich and W. J. Williams, and its official roster
at that time was as follows :

E. E. Slater, president ; W. J. Williams,

vice president ; J. E. Tuttle , vice president ; A. S. Fuqua, cashier.

These

together with J. N. Daniel, John Davis, C. F. Goodrich and K. O. Whitson
completed the first board, with the exception of the cashier.

Mr. Slater

resigned in December, 1921 , and was replaced by W. J. Williams, and
also at this time F. J. Daniel and M. H. Hughes were elected as new vice
presidents, and John S. Potts as secretary and cashier. John Davis died
in 1922. Since the beginning of 1922 to the present time, the board, consisting of nine members, has included the following :

W. J. Williams ,

president ; F. J. Daniel, vice president ; M. H. Hughes, vice president ;
John S. Potts, cashier and manager ; John N. Daniel, C. F. Goodrich, J. T.
Rathmann, Joe Silveira and I. T. Tuck, all of whom are now serving.
The bank has remained independent since the opening, and it has
enjoyed a slow but steady growth in deposits.
of condition as of December 31 , 1926 :

Below is the statement

RESOURCES
Loans and discounts
United States bonds

Municipal and other bonds
Buildings and fixtures and other real estate.
Due from U. S. treasurer.
Cash and due from banks

$ 107,121.94
53,000.00
60,234.65
13,750.00
2,500.00
36,781.95

$273,388.54
LIABILITIES
Capital
Surplus and undivided profits .
Circulation
Borrowed money

$ 50,000.00
9,000.07
50,000.00
None

164,388.47

Deposits

$273,388.54

BANK OF ORLAND .
The Bank of Orland, which for forty years has stood as one of the
distinctive institutions of Orland, Glenn county, has been one of the
bulwarks of the commercial prosperity of this section of the county. It
was organized March 19 , 1887, by Labin Scearce, H. W. C. Nelson , G. W.
Murdock, A. D. Logan, A. Burman and N. D. Rideout, and was first named
The Bank of Orland.

The authorized capital stock was five hundred thou-

FINANCING AN EMPIRE

130

sand dollars , of which fifty thousand dollars was subscribed, about fifty
per cent of the subscribed amount being paid in.

On January 5 , 1889 , the

first dividend, amounting to ten per cent, was paid on the paid- in capital.
In May, 1898 , the capital was reduced to three hundred and fifty thousand
dollars , and in March, 1911 , the Orland Savings Bank was formed, its
capital of twenty-five thousand dollars being represented by dividends
from The Bank of Orland , the stock being held proportionately. In May,
1911 , the capital of The Bank of Orland was reduced to fifty thousand
dollars, all of which was paid in. The Orland Savings Bank, which was
owned by the stockholders of The Bank of Orland, existed until 1921 ,
when it was liquidated and the business taken over by The Bank of
Orland, which, in September of that year, changed its name to Bank of
Orland. At that same meeting the capital stock was increased to one hundred thousand dollars, all paid in, the increase being represented by the
assets of The Bank of Orland and the Orland Savings Bank .
The officers and directors of the Bank of Orland, at different periods,
have been as follows :
1887— A. Burman, president ; L. Scearce, vice
president ; H. W. C. Nelson, G. W. Murdock and A. D. Logan, while R. B.
Murdock

was

cashier,

secretary

and

treasurer.

January,

1891- L.

Scearce, president ; H. W. C. Nelson, vice president ; R. B. Murdock,
cashier ; G. W. Murdock and Milton French.

January, 1896-L. Scearce,

president ; H. W. C. Nelson , vice president ; W. L. Mecum, cashier, secretary and treasurer ; G. W. Murdock and W. R. Hall . 1907 - F. S. Reager,
president ; G. A. Barceloux, vice president ; W. E. Scearce, cashier, secretary and treasurer ; C. L. Donohoe and Frank Freeman.
1915- G. A.
Barceloux , president ; H. J. Barceloux, vice president ; A. Scearce and
C. L. Donohoe.

1919 - G. A. Barceloux, president ; H. J. Barceloux, vice

president ; W. E. Johnson, vice president ; E. M. King, cashier, secretary
and treasurer ; and W. H. Baymiller, who have served thus to the present
time, R. J. Fartheringham being assistant cashier.

The resources of the

Bank of Orland at different periods have been as follows :
1895 , $ 135,100 ; 1900 , $ 95,555 ;
$755,206 ; 1927, $ 782,585.

1906 , $ 123,532 ;

1910 ,

1891 , $ 151,097 ;
$ 220,486 ;

1924,

GEORGE A. BARCELOUX.
The banking interests of Orland, Glenn county, have a worthy representative in
the person of G. A. Barceloux, president of the Bank of Orland, one of the leading
financial institutions of northern California . Mr. Barceloux is a native son of Glenn
county, having been born at Willows, in 1877. His parents, Peter and Lumina ( Le
Croix ) Barceloux, were born and reared in Montreal, Canada , where both their families had been long established. The father had but little opportunity for securing
a scholastic education, having started to earn his own living at the age of nine years.
In 1859 , in the hope of bettering his fortunes, he came to California, by way of the
Isthmus of Panama, and soon afterward went to Nevada, where for nine years he
worked in the gold mines at Virginia City and Carson. He then went back to Montreal, where he was married, and in 1869 brought his wife to Woodland, California,
where he remained about a year, coming then to Glenn county. Here he took up a
quarter section of land , which in the course of time he developed into a fine ranch ,

HISTORY OF BANKING IN CALIFORNIA

131

which is still in the possession of the family. His career was marked by persistent
industry and good judgment , and he became one of the solid and substantial men of
his community. In 1911 he became one of the organizers and a director of the Glenn
County Bank, with which he remained identified up to the time of his death, which
occurred in December, 1918.
G. A. Barceloux attended the public and high schools of Willows and then entered Mount Angel College, in Oregon , from which he was graduated, with the degree
of Bachelor of Science, in 1896. He returned to his father's farm, where he remained
until 1907 , in August of which year he became vice president of the Bank of Orland,
and in February, 1909, was made president, in which position he has served continuously since. Under his sound management the bank has enjoyed a prosperous career,
and its resources are now climbing steadily close to the million mark.
In January, 1896, Mr. Barceloux was united in marriage to Miss Emma C. Muller,
of Willows . Her family was originally from Alsace, Europe, from which country her
parents came to the United States in 1878, their marriage occurring after their arrival
here. To Mr. and Mrs. Barceloux have been born five sons , namely: Clement, Leo,
Reese, Melvin and Edgar. Mr. Barceloux has been a consistent supporter of every
movement relating to public welfare and has been influential in stimulating and encouraging the commercial and agricultural activities of his section of the county. Because of his business ability, sterling character and agreeable personal traits , he stands
high in public esteem and is deservedly popular.

THE FIRST NATIONAL BANK OF ORLAND .
The First National Bank of Orland was organized in May, 1913, by
John J. Flaherty and E. E. Martin, with a capital of twenty-five thousand
E. E. Martin, president ; Frank S.
dollars.
The first officers were :
Reager, vice president ; John J. Flaherty, cashier ; and the first day's
deposits amounted to twenty-three thousand dollars . In June, 1927, the
total resources of the bank aggregated five hundred forty-one thousand ,
four hundred nine dollars and eighty-two cents . In addition to the executive officers, E. E. Martin and John J. Flaherty, the following have also
assisted in building up the business of the institution : Willard Clark,
stockman ; Frank S. Reager, farmer ; John J. Lachenmyer, citrus grower ;
and J. A. Scribner, sheepman.
Conditions are better at the present time than they have been since
May, 1920. The deposit account has increased materially and the loan
account is in a very healthy condition. The bank has at all times featured
the dairy business, and it has been its policy for years to be very liberal
in the granting of dairy loans, repayment on one-half cream check, considering these loans among the soundest securities in their file . However,
the industries of the territory are very diversified , and it would be difficult
to say which constitutes the principal resource of the bank.

FIRST NATIONAL BANK OF WILLOWS.

The First National Bank of Willows was organized in 1910, being
opened for business August 10.

Its organizers were Judge Frank Moody,

B. H. Burton, M. Pirkey, G. A. Gutman , A. Hochheimer, F. Hill and D. W.
9- VOL. 4

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FINANCING AN EMPIRE

Ross, all of whom were residents of Willows.

The bank started with a

capital stock of seventy-five thousand dollars, all of which was paid in, and
it has remained at that figure.
The first officers and directors were as follows :

Judge Frank Moody,

president ; Fentress Hill, vice president ; A. Hochheimer, Floyd D. Waddell, Elliott McAllister, P. H. Green and B. H. Burton. The cashier and
secretary was M. Pirkey and the assistant cashier was L. I. Reed. In 1915
the official roster was : Judge Frank Moody, president ; Judge W. M.
Finch, vice president ; M. Pirkey, cashier and secretary ; G. A. Gutman,
B. H. Burton, P. H. Green and O. E. Schnurbusch, while the assistant
cashier was L. I. Reed .

In 1920 the officers and directors were :

Judge

W. M. Finch, president ; G. A. Gutman , vice president ; M. Pirkey, cashier
and secretary ; Judge Frank Moody , B. H. Burton, O. E. Schnurbusch and
P. H. Green, while the present list includes Judge Frank Moody as president ; H. C. Bell, vice president ; L. I. Reed, cashier and secretary ; and
A. O. Pieper, O. E. Schnurbusch, Carroll F. Byrd and Frank Brenneman,
L. E. Colville being assistant cashier. The banking room was first in the
Crawford Hotel building, corner of Tehama and Sycamore streets, where
it remained until burned out, in July, 1920, when it rented and moved
into the old Bank of Willows building, at the corner of Walnut and
Tehama streets.
The year 1920 was a very bad one in this part of California, due to
the failure of the rice crop and a coincident fall in the price of rice, practically all of the banks in the rice country being hit hard . However, this
crisis found the First National Bank of Willows in exceptionally good
shape, due to the careful policy of its board , and its assets were in a very
liquid condition. It held a large amount of Liberty bonds, which of course
were as good as cash ; its rice business was not large and was insured,
the insurance companies paying the losses in cash ; its automobile loans
were paid monthly and many of its loans were secured by Liberty bonds,
so that but little of its assets were " frozen." The general line of loans
was rapidly reduced and were soon brought down to about one-half of the
deposits. The bank's resources at different periods have been as follows :
1912 , $342,615 ; 1916 , $ 375,527 ; 1920, $ 1,296,008 ; 1927, $ 615,248.

L. I. REED.
One of the leading figures in the banking circles of northern California is
L. I. Reed , cashier and a director of the First National Bank of Willows, to the prosperity of which institution he has contributed in a very definite measure through his
active efforts and sound judgment in the direction of its affairs.
Mr. Reed was born in Illinois in 1878 and is a son of N. H. and Isabel ( Rugg)
Reed, the former of whom was a photographer by vocation. The family came to California in 1889 and located in Santa Barbara, in the schools of which city L. I. Reed
completed his public school training. He subsequently entered the University of California, from which he was graduated in 1902 , his being the first class to complete the
course of the college of commerce of that institution . On leaving college, he entered
the First National Bank of Berkeley as receiving teller, from which position he was
advanced until when he resigned , in 1910, he was auditor of the bank. He then came

HISTORY OF BANKING IN CALIFORNIA

133

to Willows as cashier of the First National Bank, in which position he is still serving.
He has given his close attention to the interests of the bank and his methods have
been duly sound and conservative, the First National having made an enviable record
during the particularly trying period of 1920, when many banks were placed in a
precarious situation.
In 1906 Mr. Reed was united in marriage to Miss Nina Munro, of Berkeley,
California, and they are the parents of two children , Malcolm and Eleanor. Mr.
Reed has given a good citizen's attention to the welfare of his community, supporting
every measure for the advancement of the public interests , and his splendid personal
qualities have won for him many warm and admiring friends in his locality.

GLENN COUNTY BRANCH OF THE BANK OF ITALY .
Willows.
The Glenn County Branch of the Bank of Italy, at Willows, has always
stood high among the country banks of northern California, not only by
reason of its steady and substantial growth, but also because of the sound
and safe policy pursued by its officers and directors , and as a result it has
through the years commanded the confidence of the business world, as well
as of the private citizen.

It was organized as the Glenn County Savings

Bank in May, 1911 , with a capital stock of twenty-five thousand dollars,
all of which was paid in.

H. J. Barceloux and Paul Reynolds were the

prime movers in the inception of the enterprise, and the following were
the first officers and directors : Frank B. Glenn , president ; J. D. Danner,
vice president ; Paul L. Reynolds, cashier, secretary and treasurer ; Peter
Barceloux, H. J. Barceloux, J. K. Moffitt and John Johannsen, all of whom,
with the exception of Mr. Moffitt, who was a resident of San Francisco,
were citizens of Willows.
On October 24, 1911 , the capital was increased to fifty thousand dollars,
and in May, 1912, it was increased to one hundred thousand dollars,
seventy-five thousand dollars for the commercial department and twentyfive thousand dollars for the savings department. At that time seventyfive thousand dollars was paid , the remainder being paid by March, 1918 .
In December, 1919, the directors authorized an increase of the capital to
two hundred thousand dollars , all of which was paid in shortly afterwards. In March, 1920, the name of the institution was changed to that
of the Glenn County Bank, and in March, 1927, it became a branch of the
Bank of Italy.
The bank was first located in the Crawford Hotel building, on Tehama
street, between Sycamore and Oak streets, but on July 7, 1911 , bought a
lot and erected thereon the present fine building, into which it moved in
the spring of 1912. The building and lot, together with vault and furniture, represent an investment of about sixty-five thousand dollars . The
bank operates both commercial and savings departments and since June
30, 1913, has regularly, with one exception, paid a dividend of six per cent.
The official roster in March, 1918, was as follows : F. B. Glenn, president ; J. D. Danner, vice president ; H. M. Plimpton, cashier, secretary and

134

FINANCING AN EMPIRE

treasurer ; P. Barceloux, John Johannsen, G. A. Kennedy, T. M. Flippen
and H. J. Barceloux.

In March, 1920 , the official list was as follows :

B. Glenn, president ; H. J. Barceloux, vice president ; W. K. Hatch, who
had come in as assistant cashier in 1912 , cashier ; F. B. Weinrich, C. S.
Jurges, I. J. Proulx, D. F. Geis. The present officers and directors are :
H. J. Barceloux, president ; D. F. Geis, vice president ; W. K. Hatch,
cashier ; H. H. Goettsch, A. C. Kattenberg, F. B. Weinrich, I. J. Proulx.
The bank's resources at different periods have been as follows :
June,
1911 , $ 112,099 ; November, 1911 , $ 256,263 ; June, 1914, $ 321,075 ; November, 1920, $ 1,138,681 ; June, 1924, $771,488.

H. J. BARCELOUX .
For many years H. J. Barceloux has been a prominent and influential figure in
farming, business and banking affairs in Glenn county, and is now rendering effective
service as president of the Glenn County branch of the Bank of Italy at Willows, of
which he was one of the original organizers. Mr. Barceloux has been a lifelong resident of this locality, having been born in Willows in July, 1873 , and is a son of Peter
and Lumina ( Le Croix ) Barceloux, both of whom were natives of Montreal, Canada ,
and members of old and prominent families of that country. The father was denied
the advantages of an education, having started to earn his own living when nine years
old. In 1859, he came to California, by way of the Isthmus of Panama and engaged
in mining in Carson and Virginia City, Nevada, for nine years. He then returned
to Montreal, where he was married, and in 1869 he brought his bride to the Pacific
coast, locating at Woodland. The following year he came to Willows and took up
five and a half sections of land , on which he engaged in ranching , and which land
is still owned by the family. He was successful in his affairs, becoming a man of
prominence and influence in his community , and in 1911 he was one of the organizers
and a director of the Glenn County Bank, retaining that position up to the time of his
death, which occurred in December, 1918.
H. J. Barceloux attended the public schools of Willows , after which he had one
year in the Oakland Business College , and then entered St. Mary's College, at Oakland, where he pursued the classical course and was graduated in 1892. Returning
to the home ranch, he assisted his father about eight years, and then took over the
farm , which he operated until 1906, when he came into Willows and has since engaged
in the real estate and insurance business . In 1911 he devoted considerable time and
attention to the organization of the Glenn County Bank, of which he became a director,
subsequently being elected vice president and eventually president, in which position
he is still serving , though the bank is now a branch of the Bank of Italy. He has
been an influential member of the board and takes a justifiable pride in the splendid
record which this bank has made. Mr. Barceloux was made a director of the Bank
of Orland in 1910 and is now vice president of that institution.
In 1898 Mr. Barceloux was united in marriage to Miss Laura Tremtlay, of Santa
Rosa, California, whose grandfather, Mr. Gianella, is supposed to have first started the
dairying business in Marysville. Mr. and Mrs. Barceloux are the parents of a son,
Marcell, who is now studying law in Santa Clara.

BANK OF WILLOWS.
Among the solid and substantial banks of northern California, none
has had a better record of steady and continuous growth than the Bank
of Willows, Glenn county.

This bank was incorporated September 2,

HISTORY OF BANKING IN CALIFORNIA

135

1880, having been organized by N. D. Rideout, of Marysville, and W. C.
The authorized capital stock was two hundred thousand dol-

Murdoch.

lars, of which amount forty-five thousand dollars was paid in at that time,
one hundred thousand dollars in 1884 and the remainder in January,
1890. The original officers and directors were as follows : N. D. Rideout,
president ; A. A. Jackson, vice president ; W. C. Murdoch, secretary, treasurer and cashier ; Judge W. C. Belcher and C. H. Merrill . For many
years the profits were added to the surplus. In 1890 the stockholders of
the Colusa County Bank bought the Rideout interests in the Bank of
Willows, giving them control, and at that time the capital stock was
increased to five hundred thousand dollars , of which three hundred thousand dollars was paid in, while at the same time the number of directors
was increased from five to seven.
The official roster of the bank at different periods has been as follows :
In 1884, N. D. Rideout , president ; W. C. Belcher, vice president ; W. C.
Murdoch, secretary, treasurer and cashier ; N. A. Rideout and Warren
Green.

On January 15 , 1885, Warren Green retired and his place was

taken by P. H. Green.

In 1890 , after the reorganization , the officers and

directors were W. P. Harrington , president ; M. French , vice president ;
B. H. Burton, secretary ; P. H. Green, cashier ; George Hagar, W. F. Goad
and John Boggs. In 1905 they were B. H. Burton , president ; M. French ,
vice president ; P. H. Green , secretary, treasurer and cashier ; J. H. Jewett,
M. Hochheimer, A. S. Tubbs and T. Harrington. The present officers and
directors are as follows :

Judge Frank Moody, president ; C. R. Wickes,

secretary, treasurer and cashier ; A. Carttenberg, James Boyd, C. M.
French, T. Harrington , E. C. Longmire , and Ellis J. Levy. P. H. Green
came into the bank as a clerk in September, 1881 , and he was connected with it continuously for a period of forty-five years. The presidents, in order of succession, have been, N. D. Rideout, from date of
organization to April 3, 1889 ; W. P. Harrington , to 1903 ; E. H. Burton,
to June, 1923, when he was succeeded by Judge Frank Moody . The vice
presidents have been, A. A. Jackson, from organization to January 19,
1884 ; W. C. Belcher, to January 10, 1889 ; Milton French, to 1916 ; Judge
Frank Moody, to June, 1923 , and P. H. Green to August, 1926.

The office

of cashier, secretary and treasurer was held by W. C. Murdoch from
organization to April 3, 1889 ; B. H. Burton, to 1903 , and P. H. Green , to
August, 1926 , C. R. Wickes, who entered the bank in January, 1888 , serving from that date . The present assistant cashiers are P. R. Merrill and
E. M. Garrison. The bank was originally located at the southwest corner
of Tehama and Walnut streets, where it had erected its own building, and
remained there until 1911 , when it moved to its present splendid building
on the northwest corner of Tehama and Walnut, which it erected at a
cost of seventy-five thousand dollars . The resources of the bank have
been as follows : 1880 , $ 91,490 ; 1890, $ 607,420 ; 1900 , $ 725,664 ; 1910 ,
$1,493,536 ; 1920, $3,226,579 ; 1927, $ 2,717,000 .

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FINANCING AN EMPIRE

JUDGE FRANK MOODY.
As lawyer, jurist , banker and citizen , Judge Frank Moody has long been regarded as one of Glenn county's most distinguished men, and he is well entitled to
specific mention among those whose activities have contributed to the general welfare
and advancement of their respective communities.
Judge Moody was born in Missouri on the 15th of February, 1867 , a son of J. Y.
Moody, and attended the public schools of his native state until 1883 , when he came
to California, where he completed his education . He read law in the office of James
G. Scarborough, in Los Angeles, during which period he paid for his board by doing
the typewriting for the office . In April, 1891 , he was admitted to the bar in that
city and at once located in Santa Ana, where he practiced his profession for three
years. In January, 1894 , he came to Willows , Glenn county, and began the practice
of law. However, in November of that year he was elected to the bench of the superior court of Glenn county, in which position he served with distinction for four
years, after which he resumed the practice of law, to which he devoted his attention
until 1917, when he laid aside all personal considerations and, as a member of the
exemption board of Glenn county and of the district board of the American Red Cross
Society for this county, gave his entire time to those interests until the close of the
World war.
During 1919 Judge Moody rested, and he then devoted himself to the banking
interests of this city, with which he is still connected. On January 12, 1911 , he was
made a member of the board of directors of the Bank of Willows, was made vice
president of that institution in 1916 and in June, 1923, became president, in which
position he is still serving . On August 10, 1910, he was one of the organizers of the
First National Bank of Willows and became its first president, in which position he
has served to the present time, with the exception of one short intermission. He has
shown himself a keen, able and discriminating business man, and the banks , under
his wise direction , have had excellent records and have been important factors in the
material progress and prosperity of this community.
On April 28 , 1897 , Judge Moody was united in marriage to Miss Rita French,
of Willows , a daughter of M. French, who came to California in the early ' 50s and
located in Willows in 1857. While closely devoted to his individual affairs , the Judge
has never neglected his obligations to the community, to which he has rendered loyal
service in every possible way, his record here having gained for him the unqualified
confidence and esteem of his fellowmen.

P. H. GREEN.
P. H. Green was for more than forty-five years recognized as one of the leading
and active members of the officiary of the Bank of Willows, Glenn county, and his
record as a banker gained for him an enviable standing in the business circles of his
community. He was born in Fort Wayne, Indiana, on the 25th of March, 1855 , and
was a son of Corydon and Sarah A. ( Huss ) Green, the former of whom was a grain
buyer. He secured his education in the public schools of his native city, graduating
from high school, and then entered a lawyer's office in Fort Wayne, where he was
employed in keeping the books for a manufacturing concern. Later he became the
bookkeeper for Huestis & Hamilton , a wholesale coffee and spice company in that
city , with which concern he remained until August, 1877, when he came to California.
His first employment here was as bookkeeper for the Sweepstake Plow Company at
San Leander, where he remained until poor health compelled him to seek outdoor life,
and he came to the ranch of his uncle , Warren Green, in Glenn county, where he remained two years. When the firm with which he had formerly been employed moved to
Benicia, where it became known as the Benicia Agricultural Works, under the ownership of Baker & Hamilton, of San Francisco , he rejoined the concern, with which he
remained until , through the influence of his uncle, he resigned and entered the Bank
of Willows, September 10 , 1881. He was closely identified with this well known institution until his death , and for several years held the offices of vice president, cashier,
secretary and treasurer, in which capacities the active management of the bank
largely devolved upon him. His record here was characterized by a sound conservatism ,

HISTORY OF BANKING IN CALIFORNIA

137

which at the same time was marked by a liberal policy in relation to local enterprises
and interests, through which the Bank of Willows has proven a tower of strength in
the commercial affairs of the community. Mr. Green was also a director of the First
National Bank of Willows.
In May, 1889 , Mr. Green was united in marriage to Miss Augusta Knight, who was
born near Detroit, Michigan, where her father was an extensive landowner and
farmer. Mrs. Green was living in Sonoma county, this state, at the time of her marriage. Mr. Green was a member of the Kiwanis Club and the Chamber of Commerce and no movement for the advancement or betterment of the community ever
lacked his active support. He was successful in his material affairs and was engaged
extensively in the cattle business , owning nine thousand acres of land and renting
four thousand acres additional, on which he had large herds of cattle, which he shipped
to Los Angeles, San Francisco and points north and east. Solid and substantial in
his makeup , he stood for years among the most dependable and influential business
men of Glenn county, and his life was an honor to his community.

BANK OF ARCATA.
The Bank of Arcata, incorporated with an authorized capital of one
hundred thousand dollars , of which forty thousand dollars was paid in,
was organized September 14, 1886, by Wesley W. Stone, who became the
first cashier. Thomas Bair, the first president, remained the executive
head of the institution until his death in 1913, when he was succeeded by
Wesley W. Stone, Frank H. Tooby then becoming cashier. Messrs . Stone
and Tooby continued in the official positions of president and cashier,
respectively, until the Bank of Arcata was sold to the Liberty Bank on
September 19, 1925 , when Mr. Stone became chairman of the advisory
board and Mr. Tooby was made manager. O. H. Spring, the first vice
president of the Bank of Arcata, had served in that official capacity for
many years, when he was succeeded by Sylvester Myers, who filled the
vice presidency until the sale of the institution .
On the 7th of February, 1913, the Arcata Savings Bank was organized
with a capital of fifty thousand dollars (twenty-five thousand dollars
paid) by the stockholders of the Bank of Arcata, with the same officers
and directors .

The balance of authorized capital of both banks has been

paid in, principally from earnings, and regular dividends of seven dollars
per share have been paid semi-annually in later years.
At the time of its sale the Bank of Arcata showed :

Capital

100,000.00

Surplus
Undivided profits

100,000.00
22,468.00

Deposits
Assets

447,621.00
677,090.00

The Arcata Savings Bank showed the following figures :

Capital

$ 100,000.00

Surplus

15,000.00

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FINANCING AN EMPIRE
Undivided profits

46,119.00
1,184,376.00

Deposits
Assets

1,350,492.00

In 1913 the institution erected a modern fireproof bank building, Class
A, at an approximate cost of forty-five thousand dollars, which is now
carried on the books at thirty-two thousand dollars, but which has probably tripled in value. This was the first bank in Arcata and the third in
Humboldt county.

FIRST NATIONAL BANK.
Arcata.

The First National Bank of Arcata was organized in April, 1913 , by
Isaac Minor with a paid- up capital of fifty thousand dollars and was
opened October 1 , 1913. Its first officers were Isaac Minor ( president ) ,
Peter Johansen (vice president ) , J. C. Toal ( cashier ) , with Frank
Graham, Thad A. Smith and A. M. Hunt also on the board of directors.
Isaac Minor passed away late in 1915 and was succeeded by George W.
Harpst as president . Peter Johansen resigned his position in January,
1916, when Frank Graham became the vice president, and when J. C.
Toal resigned the cashiership in February, 1926 , he was succeeded by
Henry A. Sorenson, who had been assistant cashier from the beginning.
The present board consists of George W. Harpst, W. Vinal Hunt, Thad A.
Smith and Henry A. Sorenson .
The steady growth of the bank has
brought a surplus of eleven thousand dollars and undivided profits of
twenty-one thousand and sixty dollars , in addition to which a regular
dividend of six per cent has been paid . The deposits now amount to
five hundred and sixteen thousand , six hundred and thirty-one dollars
and sixty cents and the total resources to six hundred and twenty-eight
thousand, one hundred dollars and ninety- eight cents .
Between the organization and the opening of the bank a modern bank
building was erected by Isaac Minor at an approximate cost of fourteen
thousand dollars and it is still owned by his heirs . Mr. Minor was a
retired lumberman and a pioneer settler of Arcata, coming here when
the work of development had scarcely been begun.
Mr. Harpst is a
retired liveryman , while Henry A. Sorenson, cashier, was in mercantile
business in Arcata prior to the organization of the bank and from 1903
until 1906 was associated with the Bank of Loleta. Upon the organization of the bank he became assistant cashier and as cashier since February, 1926 , has been a strong contributing factor to the growing prosperity of the institution .

HISTORY OF BANKING IN CALIFORNIA

139

BANK OF EUREKA.
SAVINGS BANK OF HUMBOLDT COUNTY .

The Bank of Eureka and the Savings Bank of Humboldt County were
organized in 1889 by C. P. Soule, who for some years had represented the
Bank of California in one of its branches at White Pine , Nevada, while
later he was cashier of the Paxton & Curtis Bank at Austin, Nevada,
and subsequently a member of the firm of Paxton & Curtis. In 1889 he
came to Eureka and interested prominent men of this locality in the
organization of the Bank of Eureka and the Savings Bank of Humboldt
County. These were incorporated October 4, 1889 , and the bank opened
for business July 1 , 1890 , with the following as members of the board
of directors : J. K. Dollison, Robert Porter, Allen A. Curtis, Alexander
Connick, A. Berding and C. P. Soule. At the first meeting of the board
on October 29, 1889 , William Carson was elected president, J. K. Dollison
vice president and C. P. Soule the cashier, while later L. T. Kinsey became
assistant cashier.
The Bank of Eureka was originally capitalized for two hundred thousand dollars, of which one hundred thousand dollars was paid in, and on
the 21st of June, 1909 , the balance was called and paid in.

By the 1st of

July, 1908 , the bank had accumulated a surplus of fifty thousand dollars ;
one hundred thousand dollars , January 27, 1922 ; one hundred and fifty
thousand dollars, September 27, 1923 ; and two hundred thousand dollars,
January 22, 1925.

In addition regular dividends of ten per cent have

been paid, with frequent extra dividends , and undivided profits to the sum
of ninety-two thousand, one hundred and thirteen dollars and fifty-nine
cents have accrued . The last bank statement of June 30, 1926 , showed
deposits of one million, four hundred and thirty- six thousand and thirtyfive dollars and thirty-eight cents and resources of one million , nine
hundred and twenty-nine thousand, six hundred and eighty-three dollars.
and ninety-seven cents .
The Savings Bank of Humboldt County was originally capitalized for
one hundred thousand dollars , of which fifty thousand dollars was paid in,
and on the 30th of June, 1909 , the balance was called and paid.
The
surplus up to July, 1909, was twenty-five thousand dollars and has since
steadily increased until it has reached two hundred thousand dollars.
The Savings Bank has regularly paid dividends of twelve per cent on par,
with frequent extra dividends , and has accumulated undivided profits of
one hundred and twenty-seven thousand , six hundred and twelve dollars
and two cents. Its last report of June 30 , 1926 , showed deposits of three
million, eight hundred and ninety thousand, three hundred and thirty-nine
dollars and resources of four million, three hundred and nineteen thousand, seven hundred and ninety-three dollars .

The combined banks have

a capital of three hundred thousand dollars, surplus of four hundred
thousand

dollars,

undivided

profits

two

hundred

and

nineteen

thousand, seven hundred and twenty-five dollars, deposits amounting to

140

FINANCING AN EMPIRE

five million, three hundred and twenty-six thousand, three hundred and
seventy-five dollars and resources totaling six million, two hundred and
forty-nine thousand, four hundred and seventy-seven dollars .
William Carson, one of the original directors, died February 19, 1912,
on the eighty-seventh anniversary of his birth . He had resigned as president March 28, 1901 , but had served as a director until his demise . He
was succeeded by J. K. Dollison as president, while Robert Porter was
elected to the vice presidency. J. K. Dollison retired March 23 , 1905 ,
when his duties were taken up by C. P. Soule, who served as president
until his death on the 17th of April, 1922, at which time C. H. Palmtag
was then elected president. Mr. Porter continued as vice president till
March 28 , 1907, when L. T. Kinsey became his successor and in turn was
followed August 27, 1908 , by W. S. Clark, who filled the position until
March 26, 1914 , when G. A. Belcher became his successor in the vice presidency. In 1917 Mr. Belcher resigned and was followed by C. H. Palmtag,
who remained as vice president until April 17 , 1922, when he was elected
president, while Coll Deane became vice president. C. P. Soule served
as cashier until March 23, 1905 , when he was elected president, being
succeeded in the cashiership by C. H. Palmtag. On the 23d of November,
1905 , the latter resigned this official position to enter other business and
he was succeeded by G. A. Belcher, who continued as cashier until March
26, 1914, when he was elected vice president . Coll Deane , the successor
of G. A. Belcher, served as cashier until April 17 , 1922, when he was
elected vice president and was succeeded in the cashiership by C. F. Edson.
On the 27th of April, 1922 , T. R. Dinsmore was elected cashier of the
Savings Bank, while C. F. Edson became secretary. C. P. Soule was the
active head of the institution until the latter years of his life, when because of failing health he turned over the management to C. H. Palmtag,
who has since remained in control.
The present officers of the Bank of Eureka are therefore as follows :

C. H. Palmtag, president ; Coll Deane, vice president ; C. F. Edson, secretary, cashier and treasurer ; and E. A. Melanson and J. E. Locke, assistant
cashiers. The officers of the Savings Bank are as follows : C. H. Palmtag,
president ; Coll Deane, vice president ; C. F. Edson, secretary and treasurer ; T. R. Dinsmore, cashier ; H. F. Madsen and S. F. Matthias, assistant
cashiers . The board of directors of the two institutions include H. W.
Bell, H. W. Cole, Coll Deane, N. H. Falk, George E. Hanson, J. M. Hutcheson, Hans C. Nelson, C. H. Palmtag, R. D. Porter, Nels Thogersen and
W. J. Wrigley.

C. H. PALMTAG .
C. H. Palmtag, president of the Bank of Eureka and of the Savings Bank of
Humboldt County, is a native of California, having been born in Salinas, January 4,
1876, a son of George Palmtag. His early life was spent in his native county and in
1898 , when a young man of twenty-two years, he came to Eureka to enter the employ

HISTORY OF BANKING IN CALIFORNIA

141

of the Wells Fargo Express Company. He became identified with the Bank of Eureka
about 1895 and was made cashier on the 23rd of March, serving in that capacity until
the 23rd of November, 1905, when he retired to enter into partnership with Harvey
F. Ferrill in the real estate and insurance business . He gave his time and attention
to that line until 1917, when he again entered the Bank of Eureka, this time as the vice
president and active head of the institution . On the 27th of April, 1922, he was elected
to the presidency and has since served in that position of executive control. He is a
director of the Eureka Chamber of Commerce and interested in all that pertains to the
welfare of his city. He is past grand master of the Knight Templar commandery,
belongs to the Sciots, to the Mystic Shrine , to the Benevolent and Protective Order of
Elks, to the Native Sons of the Golden West and the Humboldt Country Club, in all
of which organizations he is popular by reason of his attractive personal qualities and
his loyalty to every cause which he espouses.

COLL DEANE .
Coll Deane, vice president of the Bank of Eureka, was born in Oakland , California ,
January 29, 1874. His father, Coll Deane, Sr., was president of the San Francisco
Stock Exchange in 1876. The son obtained a public school education in Oakland and
in the San Francisco high school and started out in the business world as an employe
of the old Valley Railroad Company. In 1901 he came to Eureka to take charge of
the office of the California Northern Railroad Company and subsequently served as
secretary for John M. Vance. He entered the Humboldt County Bank about 1905 , and
in 1909 came to the Bank of Eureka as teller. He was next chosen assistant cashier
and in 1914 was elected cashier, while in 1922 he became vice president and has since
been active in directing the management and shaping the policy of the bank. He is
also president of the Humboldt Fish and Game Association and is chairman of the
fish and game committee of the Eureka Chamber of Commerce. His name is on the
membership roll of the Benevolent and Protective Order of Elks and the consensus of
public opinion places him with the foremost residents of his adopted city.

HUMBOLDT COUNTY BANK .
Eureka .
The Humboldt County Bank of Eureka, now Eureka Branch of the
Bank of Italy National Trust & Savings Association, organized in 1873 ,
was the first incorporated bank in this county. It entered the national
system in May, 1914, as the Humboldt National Bank.
In 1884 the
Home Savings Bank was organized as an auxiliary institution with a
capital of fifty thousand dollars, which was later increased to one hundred
thousand dollars from earnings .
In 1910 E. A. Leach became president of the institution, while his
son, H. W. Leach, was made cashier.

They sold their interests in April,

1916 , at which time the official personnel changed as follows : C. F. Gorman, president ; George W. Cousins, vice president ; and Merton Belcher,
cashier.

Following the resignation of the last named on the 6th of Au-

gust, 1918 , H. T. Trollness was elected cashier. C. F. Gorman resigned
the presidency on the 12th of August, 1919, and was succeeded by H. F.
Charters.
On the 30th of June, 1921 , the Humboldt National Bank was merged

FINANCING AN EMPIRE

142

with the First National Bank and the Home Savings Bank took over the
First Savings Bank. On June 30, 1920 , a year prior to the consolidation,
these banks issued the following statement :
Humboldt National.
$ 200,000.00

Capital

60,817.00

Surplus and profits_
Circulation

197,100.00

Deposits

864,017.00

Total

$1,321,934.00
H. F. Charters

President

Vice president
Cashier

___H . M. Devoy
H. T. Trollness

Home Savings.

Combined.

$ 100,000.00
70,106.00

$ 300,000.00
130,923.00

1,341,342.00

197,100.00
2,205,359.00

$ 1,511,448.00
H. F. Charters

$2,833,382.00

G. W. Cousins
H. T. Trollness

The statement of the Home Savings Bank on June 30, 1921 , showed :

Capital
Surplus
Profits
Deposits
Assets

100,000.00
50,000.00
12,000.00

1,415,000.00
1,600,000.00

On the 1st of July, 1921 , subsequent to the consolidation, the following
statement was issued :
Capital

$ 200,000.00

Surplus
Profits
Deposits

40,000.00
13,000.00
2,386,673.00

Total

2,640,013.00

At this time the following officers were elected : A. E. Connick, president ; H. F. Charters, vice president ; George W. Cousins, vice president ;
H. W. Schwab, vice president ; E. N. Tooby, vice president ; and H. T.
Trollness, cashier. On December 1 , 1925 , this became the Eureka Home
Savings branch of the Liberty Bank of San Francisco, now the Eureka
branch of the Bank of Italy National Trust & Savings Association, with
the following officers : A. E. Connick, chairman of the advisory board ;
H. F. Charters , vice chairman of the advisory board ; E. N. Tooby, vice
chairman of the advisory board ; H. T. Trollness, manager ; and F. H.
Gronemeyer, assistant manager.
was as follows :

Capital
Reserve
Profits

Deposits
Assets

The statement of November 30, 1925,

$ 200,000.00
85,000.00
193,000.00
3,030,000.00
3,530,000.00

HISTORY OF BANKING IN CALIFORNIA

143

FIRST NATIONAL BANK OF EUREKA.

The First National Bank of Eureka was organized September 17, 1901 ,
by A. B. Hammond, with a paid-in capital of one hundred thousand dollars.
The first officers were as follows : A. B. Hammond , president ; William
Gosslin, vice president ; H. F. Charters, cashier ; and Guy L. Roberts , assistant cashier. The members of the original board of directors were A. B.
Hammond, E. H. Vance, William G. Gosslin, W. H. Hammond, S. G. Murphy, G. W. Fenwick, Thomas Bair, S. I. Allard and C. M. Wheeler. A. B.
Hammond served as president until April 29, 1907, when he resigned and
was succeeded by S. I. Allard . The latter, who resigned in January , 1915 ,
was the predecessor of A. E. Connick, the present incumbent in the presiWilliam Gosslin resigned as vice president in January, 1904, and
was succeeded by G. W. Fenwick .
H. F. Charters , the first cashier,
resigned in August, 1918, to assume the presidency of the Humboldt National Bank and was succeeded by N. A. McMillan .
In April , 1907, the capital was increased to two hundred thousand
dollars . In addition to paying regular dividends of twelve per cent per
dency.

annum this bank had on June 30 , 1921 , acquired a surplus of two hundred
thousand dollars and undivided profits of three thousand , three hundred
and thirty-three dollars .

Its statement of that date showed :

Commercial deposits

$ 749,523.00
650,343.00

Savings deposits
Resources

2,270,158.00

On July 1 , 1921 , the First National Bank and the Humboldt National
Bank merged under the name of the former, while the First Savings
Bank was merged with the Home Savings Bank under the name of the
latter.
A statement of the First National Bank issued on that date
shows this institution, after the merger, to have :
Capital
Surplus
Undivided profits
Deposits
Resources

300,000.00
200,000.00

108,000.00
2,437,224.00
3,337,235.00

At that time the following officers were elected : A. E. Connick, president ; H. F. Charters, vice president ; G. W. Fenwick, vice president ; E. N.
Tooby, vice president ; and H. W. Schwab, vice president and cashier.
The official personnel of the institution at the present time is as follows :
A. E. Connick, president ; H. F. Charters, vice president ; E. N. Tooby ,
vice president ; C. W. Connick, cashier ; G. L. Roberts , assistant cashier ;
N. A. McMillan, assistant cashier ; W. McCann , assistant cashier ; and
J. R. Pederson, assistant cashier.
Since the merger this bank has increased its dividends to sixteen per
cent per annum and shown an appreciable growth in surplus and profits .
Its statement of June 30, 1926 , gives the following figures :

144

FINANCING AN EMPIRE
Capital (paid in )
Surplus
Undivided profits

$ 300,000.00
300,000.00

186,090.00
2,209,182.00

Deposits
Resources

3,295,269.00

FERNDALE BANK.
The Ferndale Bank of the town of Ferndale was organized February 17, 1893 , by J. H. Trost with an authorized capital of one hundred
thousand dollars, of which twenty-five thousand dollars was paid in. Two
years later an added ten thousand dollars was called and paid in, so that
the working capital of the bank was thirty-five thousand dollars.

The

doors were first opened for business May 10, 1893 , with the following
officers in charge : A. Putnam, president ; W. N. Russ, vice president ;
and J. H. Trost, cashier.
the organization .

Mr. Putnam has served in the presidency since

About the 1st of July, 1905, Mr. Trost resigned and was

succeeded by F. N. Rasmussen, who resigned September 1 , 1915, when
George N. Lund was called to the office, continuing to act in that capacity
until his death in June, 1916 , when Mr. Rasmussen was persuaded to
return and has since had active charge.
Mr. Russ was vice president for only one year, when E. P. Nissen
became his successor on the 14th of April, 1894, and so served for twentyeight years or until his death October 9, 1922. He was then succeeded by
R. H. Smith at the next annual meeting. During the thirty-four years
of the bank's existence it has had but one president, while one of the vice
presidents served twenty-eight years and its present cashier has been in
the office for twenty-one years. On the board of directors are A. Putnam ,
R. H. Smith, P. L. Calanchini, J. A. Shaw, E. B. Lytell, F. N. Rasmussen,
J. H. Ring, P. J. Petersen and R. H. Edwards , of whom Putnam, Shaw
and Calanchini were members of the original board.
In addition to paying dividends amounting to one hundred and ninetysix thousand dollars since the organization, there has been accumulated
a surplus of one hundred and forty thousand dollars and undivided profits
of sixty-six thousand, four hundred and eighty-six dollars.

There has

been a steady growth in deposits, which on June 30, 1926, amounted to
one million, three hundred and eighty thousand, nine hundred and twentysix dollars . At the time when the bank moved into its present building
July 15 , 1912, the total resources were about four hundred thousand
dollars, which have since been increased to one million, six hundred and
twenty-eight thousand, four hundred and twelve dollars . Rented quarters
in the Russ building were occupied until 1912 , when a fine bank building
was erected at an approximate cost of between thirty-five and forty
thousand dollars, which is now carried on their books at seventy-five
hundred dollars .

HISTORY OF BANKING IN CALIFORNIA

145

ADAM PUTNAM .
Adam Putnam, president of the Ferndale Bank and a substantial and publicspirited citizen of Ferndale, was born in Truro, Nova Scotia, in 1847, and was therefore a young man of twenty years when in 1867 he came to California by way of the
Isthmus route and settled in Marin county, where he worked on a ranch for a few
months. He then went to the Sierra Nevadas in the construction of the Dutch Flat
Railroad, now a part of the Southern Pacific system, and he also drove a stage from
Little Truckee to Sierra, Nevada, now Verdi. In December, 1869, he came to Humboldt county, California, and formed a partnership with H. D. Smith. They rented
ranch land and soon became extensively engaged in buying cattle and ranching in
northern California, eastern Oregon and Nevada, and in this business Mr. Putnam is
still interested to some extent. In 1876 he acquired considerable interest in the mercantile business of Russ & Searles at Ferndale, the firm name being then changed to
Russ, Searles & Putnam and later to Searles & Putnam. Until 1888 Mr. Putnam was
active in the conduct of the business, after which he sold out. In 1893 he organized the
Ferndale Bank and through the intervening period of about thirty-five years has been
its president. He is well known as a member of the Independent Order of Odd Fellows and is a charter member of the Eureka lodge of Elks.

FRANK N. RASMUSSEN.
Frank N. Rasmussen is a representative of the personnel of the Ferndale Bank,
now filling the position of cashier. He is a native son of the town in which he still
makes his home, his birth having here occurred in 1876, his father being Jacob Rasmussen, who was a director of the Ferndale Bank for twenty years. The son was
educated in the public schools and in St. Mary's College at Oakland, after which he
worked as a clerk in Ferndale and then became manager of a creamery. Subsequently
he was associated with Mr. Putnam as manager of a large ranch in Stanislaus county
until July 15 , 1905 , when he came into the Ferndale Bank as cashier. He was thus
active in directing the affairs of the bank until September, 1915, when he resigned , but
in June, 1916, he returned and has since had active charge, while since 1922 he has
continuously been a director. He has also been associated with Mr. Putnam in a number of ranch enterprises covering a period of a quarter of a century and in business
affairs displays sound judgment and unfaltering enterprise, each step in his career
having been a forward one. In Masonic circles he is well known, having attained high
rank in the order, while with the Nobles of the Mystic Shrine he has crossed the sands
of the desert.

RUSS-WILLIAMS BANKING COMPANY.
Ferndale.
The Russ-Williams Banking Company has a fair share in the control
of the financial interests of Ferndale. The corporation was organized
November 17, 1909, by Mrs. Zipporah Russ, William N. Russ, Frank G.
Williams, Mrs. Georgia Russ Williams, Ira A. Russ, George N. Lund,
Edward B. Lytell, Mrs. Bertha Russ Lytell and R. S. Feenaty, who were
the original incorporators . This was a continuation of a private banking
business which had been established by the Russ, Early & Williams Company, general merchants.
Upon the incorporation of the present bank
the first officers were F. G. Williams ( president) , William N. Russ (vice
president) and R. S. Feenaty ( cashier) , and all have served continuously

146
to the present time.

FINANCING AN EMPIRE
George M. Brice was added to the bank's personnel

as vice president on the 11th of May, 1914.

George N. Lund was assist-

ant cashier from the organization until he resigned August 26 , 1913.

The

present directors are William N. Russ , Frank G. Williams, Chris P.
Hansen, R. S. Feenaty and George M. Brice.
The bank was originally started with a paid-up capital of twenty-five
thousand dollars, which was increased to fifty thousand dollars June 17,
1918, by the creation of a savings department.

After two or three years

they began paying dividends at the rate of seven per cent, which was
increased to eight per cent several years ago.
In addition they have
accumulated a surplus of twenty-seven thousand, five hundred dollars
and undivided profits of fourteen thousand dollars. The bank was opened
January 2 , 1910 , with deposits of twenty-one thousand dollars and total
These have shown a steady
resources of forty-six thousand dollars.
growth and the last bank statement, as of June 30 , 1926 , showed deposits
of five hundred and twenty-one thousand, five hundred and eighty-three
dollars and resources of six hundred and fourteen thousand, nine hundred
and twenty-six dollars . The bank was conducted in the general store of
Russ, Early & Williams until December 1 , 1913 , when they removed to
banking quarters in the Russ building, formerly occupied by the Ferndale Bank.

FRANK G. WILLIAMS .
Frank G. Williams, president of the Russ -Williams Banking Company of Ferndale, was born in Weaverville , California , September 15 , 1861 , and is a son of George
Williams, who removed with his family to Hydesville, Humboldt county, in 1867. Frank
G. Williams, then a lad of but six summers , pursued his education in the public schools
and in Heald's Business College of San Francisco. He kept books for some years in
Hydesville and for a time served as hotel clerk in San Diego. In 1884 he took up his
abode in Ferndale and purchased an interest in the mercantile business of Russ, Early
& Mason, which then became Russ , Early & Williams. Mr. Williams assumed active
management of the business and continued its directing head until the store was consolidated with that of Aggler, Morrison , Hansen & Company in 1913 , when he resigned
the management but still remains a director. Constantly seeking to broaden his field
of labor and make his efforts effective not only in the attainment of personal success
but in the development of the community as well, in 1909 he became one of the organizers of the Russ-Williams Banking Company, of which he has continued as president
and to the management of which he devoted his attention continuously until 1921 .
He has also been a factor in the public life of the community, serving as city treasurer of Ferndale since its incorporation . He is a Mason of high rank and a Mystic
Shriner and also belongs to the Native Sons of the Golden West . His cooperation can
at all times be counted upon to further plans and projects for the public good and
Ferndale gives him place with her most valued citizens.

ROLLIN S. FEENATY.
Rollin S. Feenaty, cashier of the Russ -Williams Banking Company of Ferndale , has
been a lifelong resident of California , his birth having occurred at Hayfork, Trinity
county, October 4, 1875. His father, Henry Feenaty, removed to Hydesville , Humboldt
county, when Rollin was but seven years of age and there he acquired his public school

HISTORY OF BANKING IN CALIFORNIA

147

education and also pursued a business course. He afterward followed various lines of
business until twenty-four years of age, when he came to Ferndale in 1900 as bookkeeper for Russ, Early & Williams, general merchants. Upon the organization of the
Russ-Williams Banking Company in 1909 he was made one of its directors and the
cashier, which offices he has since filled , and following the retirement of Frank G.
Williams ( president ) in 1921 he has been the active head of the institution . His
interest in civic affairs has been manifest in many tangible ways and he has done
much to achieve desired results. He served as president of the Ferndale Chamber of
Commerce and he has membership with the Masons, the Odd Fellows and the Native
Sons.

BANK OF FORTUNA.
The Bank of Fortuna, located in the town of Fortuna, was incorporated
on the 5th of March, 1905, with a paid-in capital of twenty-five thousand
dollars . The prime movers in the organization of the institution were
Samuel Dickson, C. W. Kearner, L. F. Dunaway, E. W. Haight, William
P. Newell , A. G. Grant, H. A. Hansen, A. H. Smith and P. E. Bowles, who
constituted its first board of directors .
The official personnel in the
beginning was as follows : E. W. Haight, president ; William P. Newell,
vice president ; and A. H. Smith, cashier and secretary. The last named
resigned in 1906 and was succeeded in the official capacity of cashier and
manager by Fred P. Newell, who has remained the active head of the
institution to the present time.

Frank W. Luther occupied the vice

presidency at the time the Bank of Fortuna was sold to the Liberty Bank.
Gordon R. Legg has continuously served as assistant cashier since 1907.
In addition to paying dividends beginning with six per cent and
increasing to eight per cent, the Bank of Fortuna has built up a surplus
of forty thousand dollars from earnings and at the time of its sale had
undivided profits of forty thousand dollars, while the amount of deposits
was five hundred and eighty-two thousand, three hundred and thirteen
dollars and resources totaled six hundred and eighty-eight thousand, three
hundred and sixty-nine dollars .

The institution manifested a steady

growth in both the commercial and savings departments.
In 1912 the Bank of Fortuna erected a modern bank building at an
approximate cost of seventeen thousand dollars. This was purchased on
the 27th of March, 1926, by the Liberty Bank and is now a branch of the
Bank of Italy National Trust & Savings Association , with Fred P. Newell
in charge as manager.

BANK OF LOLETA.
The Bank of Loleta, located in the town of Loleta, was organized in
1910 by R. O. Dickson and W. F. Dickson , with a capital of twenty- five
thousand dollars, and was the outgrowth of a private banking business
established by them in 1906 under the name of Dickson & Dickson . The
10-VOL. 4

FINANCING AN EMPIRE

148

officers since the time of organization have been as follows : R. O. Dickson, president ; W. F. Dickson, vice president ; and E. E. Hill , cashier .
The above named, together with C. S. Rasmussen and George D. Herrick,
comprise the board of directors.
The Bank of Loleta has accumulated a surplus of sixteen thousand
dollars and undivided profits of three thousand dollars, in addition to
paying regular dividends every year averaging a little better than eight
per cent, which is the present rate. Deposits now amount to about two
hundred thousand dollars .

The business was entirely commercial until

January 1 , 1926 , when a savings department was established . The institution was conducted in the general merchandise store of Dickson & Dickson until 1921 , when it erected a modern bank building at an approximate
cost of twenty-five thousand dollars . In addition to paying dividends and
accumulating surplus, the Bank of Loleta has written off on its bank
property .

THE FIRST NATIONAL BANK OF SCOTIA.
The First National Bank of Scotia was organized May 13, 1910, by
Henry M. Robinson, with a capital stock of twenty-five thousand dollars.
The first officers were : C. W. Penoyer, president ; E. A. Blocklinger, vice
president ; and F. B. Richardson , cashier. Mr. Penoyer resigned March
13 , 1911 , and was succeeded by Donald MacDonald , who served as president until June 24 , 1919 , when W. M. Nelson was elected to that office.
The vice presidents have been E. A. Blocklinger, from the organization
to August 26, 1910 ; L. L. Hotchkiss to March, 1911 ; P. E. Carland to
November 4, 1919 ; H. E. Crawford to June 30, 1926 ; and A. S. Murphy
to date.
Mr. Richardson, the first cashier, resigned November 4, 1910 , and
was followed by C. S. Woten. He served until April 10 , 1917 , and was
followed by T. A. Greig. On October 7, 1919, Mr. Greig was succeeded
by E. P. McKenzie.
The present officers are as follows : William Nelson , president ; A. S.
Murphy, vice president ; E. P. McKenzie, cashier ; and J. M. McCall,
assistant cashier ; while the present directorate comprises William Nelson, A. S. Murphy, E. E. Yoder, F. W. Bender and E. P. McKenzie.
On January 16, 1924, the capital was increased to sixty thousand dollars by additional stock subscription . Up to 1919 this bank paid regular
dividends of six per cent per annum. In 1920 they paid fifteen per cent ;
in 1921 , thirty per cent ; in 1922 , one hundred per cent ; in 1923 and 1924,
fifty per cent ; and in 1925 , forty per cent. The total dividends paid since
their incorporation amount to one hundred and eighteen thousand, two
hundred and fifty dollars. In addition they have accumulated a surplus
of sixty-five thousand dollars and undivided profits of nine thousand,
seven hundred and fifty-eight dollars.
Their deposits, commercial and

HISTORY OF BANKING IN CALIFORNIA

149

savings, are one million , fifty thousand, nine hundred and six dollars and
their total resources one million , four hundred and forty-one thousand
dollars . By virtue of the fact that they have created a surplus equal to
their capital stock, for the greater protection of their depositors, this bank
is designated by the government as an " honor roll bank.”
Henry M. Robinson , the founder of the First National Bank of Scotia,
is today president of the First National Bank of Los Angeles, chairman of
the board of the Pacific Southwest Trust & Savings Bank, and a financier
of international repute .
William M. Nelson, president, is comptroller of the Pacific Lumber
Company of San Francisco and assistant secretary and treasurer of same.
Elmer P. McKenzie, cashier and active head of the bank, began his
banking career with the Humboldt National Bank at Eureka, in 1913.
He resigned in 1916 for enlistment and served overseas in the Three
Hundred and Forty-seventh Machine Gun Battalion of the Ninety-first
Division . Upon his discharge in May, 1919, he entered the First National
Bank at Eureka, where he served until October 7, 1919 , when he assumed
his present position.

FIRST NATIONAL BANK IN BAKERSFIELD .
The National Bank of Bakersfield was organized February 4 , 1913,
the board of directors being as follows : W. A. Bonynge, William W. Kelly ,
Joseph Redlick, George Haberfelde, Fred H. Hall, L. P. Keester, J. B.
Batz, J. O. Michelle, Eugene M. Brown, Charles E. Baer, C. L. Claflin,
A. P. Eyraud and E. D. Burge.
The First National Bank in Bakersfield took over the National Bank of
Bakersfield on the 12th of May, 1924 , the directors then being as follows : G. M. Gunter, W. E. Young, James Baker, J. P. Shields, N. L.
Levering, Paul Matlock, E. E. Holm , E. C. Williams, E. F. Sims, I. D. Iler,
G. L. Hottle, L. C. Dunn, Dallas Hayes, R. F. Barnett, P. A. Murray,
W. F. McCaleb and John W. Frye .
The members of the board of directors of this institution at the
present time are as recorded below : James Ogden, president of the First
National Bank in Bakersfield , who is filling the office of city manager ;
Melvin Hay, vice president, who also occupies the presidency of the Citizens Land & Loan Company ; W. E. Young, vice president of the bank,
who is a conductor on the Santa Fe Railway ; A. J. Sutherland , cashier ;
E. L. Holladay ; George L. Hottle ; C. O. Winberg, president of the National Investment Company ; J. T. Graham , retired ; C. Renshaw, engineer ;
J. W. Frye, police judge ; J. P. Shields, treasurer of Kern county ; E. E.
Johnson ; C. C. Stockton, retired ; E. Carlisle ; L. C. Dunn, carpenter ; E.
W. Kelly, of the real estate firm of W. W. Kelly & Son ; and Arthur Hirst.
On the 31st of December, 1925, the First National Bank in Bakersfield had deposits of one million, three hundred and sixty-three thousand,

150

FINANCING AN EMPIRE

two hundred and eighty-seven dollars, and on December 31 , 1926 , had
deposits amounting to one million, four hundred and twenty-eight thousand, four hundred and seventy-two dollars.

ALLAN JENNINGS SUTHERLAND .
Allan Jennings Sutherland , cashier and manager of the main office of the First
National Bank in Bakersfield , also in charge of the East Bakersfield branch, had his
initial experience in financial circles at Waverly, Nebraska , in which town he was born,
his parents being A. E. and Minnie ( Olson ) Sutherland, who were natives of Illinois.
At the usual age he entered the public schools and when he had completed his preliminary course matriculated in the University of Nebraska , from which in due course of
time he was graduated , becoming during his college days a member of the Alpha Kappa
Psi. When he had finished his collegiate work he sought a position in the Lancaster
County Bank and was placed in charge of their insurance department, while later he
was promoted to the position of assistant cashier. When America entered the World
war, however, he put aside personal and business considerations and in March, 1918,
joined the navy as a representative of the wireless department , being advanced to the
rank of ensign . Following the signing of the armistice he received an honorable discharge in New York and reentered banking circles as an employe of the First National
Bank of Bridgeport , Nebraska . There he remained , taking charge of affairs until a
receiver was appointed. Mr. Sutherland next became associated with the Palmer State
Bank of Palmer, Kansas, where he remained for three years, acting as cashier and
manager.
Through the request of P. E. Bowles , president of The American Bank of San
Francisco, Mr. Sutherland came to the coast and for two years was connected with
the various branches of The American Bank and institutions of their own, after which
he went to Bakersfield with the First National Bank in Bakersfield , of which he became
cashier and manager in February, 1925. He has since opened a branch bank of the
institution at East Bakersfield and has also served as its manager to the present time.
The bank has been established on a safe and conservative basis and its business is
steadily growing owing to the wise direction and capable control of Mr. Sutherland.
In 1919 Mr. Sutherland was united in marriage to Miss Estella Warner, of
Nebraska , also a graduate of the State University there. They have become parents of
a son and a daughter, Allan Paul and Barbara.
In his fraternal connections Mr. Sutherland is a Mason and member of the Woodmen of the World and he has also filled the office of president of the Kiwanis Club of
Bakersfield and stands stanchly for the high principles which underlie that organization. In fact his aid and influence can always be counted upon to further any measure
which is a matter of civic virtue or of civic pride. His own career has been marked
by continuous progress and what he has already accomplished points to greater success
in the future.

GROWERS SECURITY BANK .
Delano.
The Growers Security Bank, of Delano, was organized in 1920, with
a capital of fifty thousand dollars, by Frank E. Green, Harry R. DeVenney,
Rodney L. Turner, W. J. Wallace, G. L. Holton and S. A. Lines , and the
first officers were : G. L. Holton, president ; Frank E. Green, vice president ; L. E. Pryor, cashier. The following men have been prominently
identified with the growth and expansion of the business of the institution : Frank E. Green, who was president from 1921 to 1924 ; Rodney L.

HISTORY OF BANKING IN CALIFORNIA

151

Turner, president from 1924 to 1927 ; E. A. Roberts , who began as bookkeeper in 1922, later becoming teller, then assistant cashier, and cashier
and vice president in 1927 ; and Harry R. DeVenney, chairman of the
board since 1925.
The recent failure of the First National Bank of Delano has thrown
a very heavy burden on the Growers Security Bank, which has financed
every depositor who had security or was entitled to credit in its opinion.
At present the bank carries one thousand or more accounts on the books ,
and is placing particular emphasis on the savings department.
The basic industry of the locality is farming . Nearly a million dollars
worth of cotton passes through local gins every year and the greater part
of the proceeds passes through the hands of the local merchants.

The

raisin industry furnishes a large portion of the business in the district,
there being thousands of acres adjacent to Delano now in vines, while
dry farming and stock raising are pursued extensively in the foothill districts. The community has been one of the most prosperous in the San
Joaquin valley, and its prosperity has been directly reflected in the growth
of the bank, which has always been progressive but at the same time conservative, its present sound condition being evidence of the wisdom of the
policy pursued .

BANK OF UPPER LAKE .
Incorporated August 4, 1921 , the Bank of Upper Lake was opened
November 2, 1921 , and its organizers were J. A. Youngreen, George W.
Johnson, W. O. Edmands and Roy Bucknell. The bank was capitalized
at twenty-five thousand dollars and its first officers were : William O.
Edmands, chairman of the board of directors ; J. A. Youngreen, president ; C. C. McMahan and Charles H. Green, first and second vice presidents ; and Marion A. Youngreen, cashier. With the exception of Mr.
McMahan, who died in September, 1925, and was succeeded by G. W.
The first directors
Johnson, the original officers have served to date.
were W. O. Edmands, J. A. Youngreen, C. C. McMahan, Frank Howe,
George W. Johnson, H. W. Manor and Marion A. Youngreen . Mr. Manor
never qualified and was replaced by A. F. Griner, who resigned in June,
1925, and was succeeded by Dr. J. B. Baker. Frank Howe resigned in
May, 1926, and his place was taken by Dr. R. H. Sneed . Upon the death
of C. C. McMahan, G. W. Kiblinger was elected as a director. W. O.
Edmands, who was chairman of the board, passed away November 11,
1926, and was succeeded by R. H. Sneed . The present directors are R. H.
Sneed, J. A. Youngreen, Marion A. Youngreen, G. W. Kiblinger, Charles
H. Green, George W. Johnson and Dr. J. B. Baker.

Since July, 1923, the stockholders of the bank have received a regular dividend of six per cent per annum, and a surplus of four thousand ,.
two hundred dollars has been accumulated , while the undivided profits

152

FINANCING AN EMPIRE

are four thousand , five hundred and twenty-one dollars . The last statement of the bank, issued June 30 , 1926 , showed deposits of one hundred
and sixty-eight thousand , nine hundred and sixty-seven dollars and assets
amounting to two hundred and seventeen thousand, six hundred and
ninety-eight dollars .

At the time of its organization a modern structure

was erected and the approximate value of the bank building and fixtures
is thirteen thousand dollars .
John Arthur Youngreen , who successfully administers the affairs of
the bank, is a son of Malcolm Youngreen and was born March 15, 1873,
in Whitehall, Michigan.

He attended the public schools of his native

town, and in 1898 migrated to Washington, where he engaged in the lumber business . In 1907 he moved to Eugene, Oregon, where he embarked
in the live stock business ; and in 1914 came to California, locating at
Orland, and engaging again in the livestock business.

He aided in form-

ing the Orland Cheese and Butter Company, of which he became a director, and in May, 1921 , was the leading spirit in the organization of the
Bank of Upper Lake, whose destiny he has since controlled . Mr. Youngreen was also one of the organizers of the Edmands Reclaimed Land Co. ,
which is developing a fine tract of eight hundred acres in this locality,
and acts as a director and secretary of the corporation.

He manifests

a helpful interest in civic affairs and is a member of the Rotary Club.
He is a thirty- second degree Mason and a Noble of the Mystic Shrine.
Miss Marion Youngreen was for four years connected with the First
National Bank of Orland, resigning as assistant cashier to accept the
cashiership of the Bank of Upper Lake upon its organization .

THE ALTADENA NATIONAL BANK.
The Altadena National Bank, located at the intersection of Lake and
Mariposa streets in Altadena, was organized with a capital of fifty thousand dollars by W. F. Biedebach, C. H. Johnston , Milton E. Giles, J. A.
Donovan, Willis H. Brown and C. K. Newhall. The first officers were as
follows : W. F. Biedebach , president ; C. H. Johnston, vice president ;
C. K. Newhall, vice president and cashier ; and J. W. Mann, assistant
cashier. The official personnel of the institution at the present time is
as follows : William F. Biedebach, president ; Charles H. Johnston, vice
president ; P. H. Nelson , vice president and cashier ; and G. A. Sheldon,
assistant cashier.
The original board of directors was composed of
William F. Biedebach, Willis H. Brown, J. A. Donovan, Milton E. Giles,
Charles H. Johnston , C. K. Newhall and J. Frank Ware.
The Altadena National Bank opened its doors for business on the 26th
of May, 1926 , on which date the deposits were fifty-seven thousand dollars. In its report of condition at the close of business on March 23,
1927, the Altadena National Bank showed total resources of one hundred
and sixty thousand, three hundred and seventy dollars .

HISTORY OF BANKING IN CALIFORNIA

153

GEOFFREY J. HAMILTON .
Geoffrey J. Hamilton, manager of the Baldwin Avenue branch of the Bank of
Italy in Arcadia, was born at Seaforth, Ontario, Canada, August 30 , 1884, a son of
Edward and Lenora ( Jeffery) Hamilton . He acquired his early education as a public
school pupil at the place of his nativity and subsequently pursued a five-year course
at the Seaforth Collegiate Institute, specializing in mathematics and graduating therefrom in 1903. His initial experience in the field of banking was gained in The Dominion Bank, Toronto , Canada, while in 1907 he was transferred to the inspection department in Winnipeg and was made accountant in the main office. He resigned his position in 1910 to embark in the real estate business in Winnipeg, which there engaged his
attention for a period of four years, or until 1914. In the latter year he was made
assistant department manager for the T. Eaton Company, Ltd. , the service of which
he left five years later, in 1919, to take up his work as district organizer with the
Ford Motor Company, Ltd., of Canada , at Regina, Saskatchewan.
It was in January, 1922, that Mr. Hamilton came to California and identified
himself with the Security Trust & Savings Bank as teller in the Guaranty Office, thus
serving for one year. In 1923 he became cashier of the First National Bank of
Arcadia, which had been organized in September, 1918 , with a capital of twenty-five
thousand dollars and surplus of fifteen thousand dollars. His associate officers were
C. L. Dunham and L. R. Peck, president and vice president, respectively. The First
National Bank of Arcadia was absorbed by the Bank of Italy in March, 1927 , becoming
its Baldwin Avenue branch, of which Mr. Hamilton has been manager through the
intervening period to the present time. Long and varied experience in the banking
business has made him thoroughly conversant with every phase thereof, and his
efforts have therefore constituted an important factor in the successful conduct of the
interests under his control.
In October, 1920 , Mr. Hamilton was united in marriage to Willa May Hislop , of
Winnipeg, Canada. Their home is at 896 Sunset boulevard in Arcadia.

FIRST NATIONAL BANK.
Artesia .
The First National Bank of Artesia was organized by C. B. Scott,
G. W. Felts , G. R. Frampton, James W. Gillespie, Herman W. Hellman,
W. H. Holliday and R. E. Dolley on the 4th of January, 1906, with a
capital of twenty-five thousand dollars . Its first officers were as follows :
Herman W. Hellman , president ; G. W. Felts , vice president ; C. B. Scott,
vice president ; and George R. Frampton, cashier . The institution has
been located successively at the northwest corner of Orange and Main
streets, at the southwest corner of Third and Main streets and at the
northwest corner of Third and Main streets .
The steady growth of the business of the bank is indicated in the following table of deposits :

January 26, 1906
January 26, 1907.
January 26, 1908.

$ 20,071.75
52,273.39

January 26, 1909.

40,768.84
74,119.43

January 26 , 1910.

84,994.73

January 26, 1911

123,751.58
148,991.52

January 26, 1912.

154

FINANCING AN EMPIRE
January 26 , 1913 .

144,497.28

January 26, 1914.

149,820.05

January 26, 1915.

157,270.59

January 26, 1916

150,224.99
200,609.10

January 26, 1917
January 26 , 1918.

268,132.67

January 26, 1919 .
January 26 , 1920

290,248.73
354,001.87

January 26, 1921
January 26 , 1922.

399,857.62
339,349.20
412,146.01

January 26, 1923 .
January 26 , 1924
January 26, 1925.

584,409.63
524,560.66

January 26, 1926.

582,797.73

January 26, 1927.

694,397.72

On the 24th of June, 1927 , deposits amounted to six hundred and
ninety-nine thousand, seven hundred and twenty-three dollars and fortythree cents. The institution was moved to its present site in 1925, in
which year the bank erected a handsome structure which received honorable mention in the contest of the California Architects Association in
1927. The building was erected at a cost of forty-six thousand dollars,
while fixtures are valued at ten thousand dollars . On the 28th of December, 1926, the bank increased its capital from twenty-five thousand dollars to fifty thousand dollars, and there is also a surplus of thirty- seven
thousand dollars.
The present officers of the First National Bank of Artesia are as follows : George R. Frampton, president ; R. E. Dolley, vice president ; and
A. T. Frampton, cashier. The members of the board of directors are
George R. Frampton, W. N. Frampton, A. T. Frampton, A. E. Frampton
and R. E. Dolley.

GEORGE R. FRAMPTON .
George R. Frampton, the well known president of the First National Bank of
Artesia, came to California from the northwest, his birth having occurred in Idaho
City, Idaho, November 14, 1873, his parents being George and Sarah Ann ( Todd )
Frampton. The father became a resident of California in 1850 and Idaho in 1863,
casting in his lot with the pioneer settlers, and in 1880 he established his home in
Artesia, so that George R. Frampton of this review has been a resident here for
forty-seven years. He was a lad of but seven years at the time of his arrival and
his education was pursued in the public schools, from which he was graduated with
the class of 1890. He next attended the Woodbury Business College of Los Angeles
and was graduated in 1892. His business career has been one of untiring activity
and of unfaltering enterprise , while at all times he has manifested a most progressive
spirit.
Following the completion of his business course, Mr. Frampton was made cashier
of the First National Bank of Artesia and continued in that position for fourteen
years, when in 1906 he was elected to the presidency and also made a director, serving
in both positions to the present time. He possesses notable business capacity and power

HISTORY OF BANKING IN CALIFORNIA

155

and not only wisely directs the interests of the First National Bank but since 1905
has also been secretary of the Artesia Improvement Company, is vice president and
a director of the California Milk Producers Association and a director of the California
Dairy Council and its president in 1925 , 1926 and 1927.
His public spirit has been manifest in various positions and offices of public
honor and trust. He was postmaster of Artesia from 1894 until 1897 and again was
called to that office in 1914, serving for a second period of five years. He was likewise food administrator in Artesia during the World war period, was one of the
Four-Minute men and chairman of all the Liberty Loan drives. Since 1907 he has
been president of the board of school trustees and chairman of the board of trustee
of the Excelsior Union high school. He is a trustee of the New San Gabriel River
Levee District and at no time is his cooperation withheld from any plan or movement
that seeks to benefit and upbuild the community or the state along business , political,
social or moral lines. He is serving for the third year as president of the Artesia
Chamber of Commerce and three times has been honored with the presidency of the
California Dairy Association.
Mr. Frampton's interest in intellectual progress is shown by his mastery of the
Chautauqua courses , of which he is a graduate of 1907. He stanchly espouses the
high principles and purposes of the Masonic order, has become a Knight Templar
Mason and a member of the Mystic Shrine and of the Eastern Star. He likewise
belongs to the Independent Order of Odd Fellows and the Rebekahs , to the Modern
Woodmen of America and the Fraternal Aid Union . His religious faith is indicated
by his membership in the First Methodist church of Artesia and thus through fortyseven years he has remained a most active factor in the life of his adopted city, doing
everything in his power to promote its welfare, his life at all times being actuated by
those purposes which will bear the closest investigation and scrutiny.
On the 6th of October, 1906, at Watonga, Oklahoma, Mr. Frampton was united in
marriage to Nellie B. Smith and they are the parents of a son, George H. Frampton.

FIRST BANK OF MAYWOOD .
Bell.
The prime movers in the organization of the First Bank of Maywood
at Bell, California, which was incorporated September 16, 1922 , were
C. R. Bell, Lee D. Meyers, John C. Samson and George W. W. Meyers.
The official personnel of the institution at the present time is as follows :
George E. Tweedt, president ; Percy W. Wilson, vice president ; E. P.
Folsom, vice president and cashier ; and C. B. Graham, secretary. The
members of the board of directors are George E. Tweedt, F. L. Whitelock, Ray F. Chesley, E. P. Folsom, John C. Samson and Percy W. Wilson.
In its statement of condition at the close of business December 31 ,
1926, the First Bank of Maywood showed :
Capital
Surplus and undivided profits.
Deposits
Total resources

$ 50,000.00
21,492.86
474,452.81
559,131.13

The steady growth of the business of the institution is indicated in
the following table of deposits :

December 31, 1924.
June 30 , 1925

$271,710.94
323,057.14

FINANCING AN EMPIRE

156

December 31 , 1925.

357,963.60

June 30, 1926

318,127.06

December 31 , 1926.

474,452.81

THE FIRST NATIONAL BANK OF BELLFLOWER.
The First National Bank of Bellflower, located at Somerset and Belmont avenues, was organized on the 25th of January, 1923, with a capital
of twenty-five thousand dollars, by F. E. Woodruff, R. V. Bashore and
E. E. Noon. The first officers chosen were as follows : F. E. Woodruff,
president ; R. V. Bashore, cashier ; and C. S. Hill, assistant cashier.
On March 3 , 1923, when the institution opened its doors for business ,
deposits totaled thirty -five thousand dollars .

At the end of the first year

deposits amounted to about one hundred thousand dollars, at the end of
the second year to about two hundred and fifty thousand dollars, at the
end of the third year to about three hundred and ten thousand dollars
and at the end of the fourth year to about four hundred thousand dollars .
The First National Bank of Bellflower is at present expanding its
business in the direction of the dairy industry.

Its patronage is derived

from dairymen, farmers, merchants, oil workers, poultry ranchers , etc.
Present conditions are good and prospects are exceptionally bright for
the installation and expansion of factories, oil industries, etc.

Bellflower ,

with two major highways- Somerset avenue ( north to south ) and Century boulevard ( northwest to southeast ) -opening up traffic from inland
towns to harbor and beach cities, bids fair to take the lead among cities
of the third magnitude in the vicinity of Los Angeles.

BEVERLY HILLS SAVINGS BANK .
The Beverly Hills Savings Bank, located at Burton way and Beverly
drive in Beverly Hills, was organized by O. N. Beasley in 1924 with a
capital of fifty thousand dollars.

The institution opened its doors for

business on the 2d of January, 1925, under the direction of the following
officers : O. N. Beasley, president ; L. A. Wilson, vice president ; G. J.
Brooks, secretary ; and L. V. Brooks , assistant secretary. The present
officers and directors are : O. N. Beasley, president ; Roland P. Bishop,
vice president ; G. J. Brooks, secretary ; L. P. Reeder ; and George S. Rees.
The Beverly Hills Savings Bank is expanding its business in the commercial and savings departments and derives its patronage from the
people of Beverly Hills and vicinity . The men who have figured most
prominently in building up the business of the bank are O. N. Beasley,
G. J. Brooks , R. P. Bishop and L. P. Reeder. The institution reports

HISTORY OF BANKING IN CALIFORNIA

157

present paid- in capital of one hundred thousand dollars, surplus and
profits amounting to thirty-two thousand , five hundred dollars and deposits totaling over one million dollars.

BEVERLY NATIONAL BANK.
Beverly Hills .
The Beverly National Bank, located at 1400 Wilshire boulevard in
Beverly Hills, was organized on the 28th of February, 1925 , with a capital
of one hundred thousand dollars, by Frank N. Bull, E. F. Snowden and
R. W. C. Shull.

Its first officers were as follows : R. W. C. Shull , president ;

E. F. Snowden, vice president ; and Frank N. Bull, cashier. The first
day's deposits amounted to one hundred and sixty-five thousand dollars ,
and the healthy growth of the bank is indicated in the following table of
total resources :

$ 715,285.00
1,188,577.00

December 31 , 1925 .

April 30 , 1926
October 30, 1926 .
December 31 , 1926.

1,200,000.00
1,061,000.00

June 30, 1927 .

1,250,000.00

The Beverly National Bank has become a branch of the Bank of Italy.
The men who have figured most prominently in the building up and
expansion of its business are Frank N. Bull, E. F. Snowden, G. H.
Clarke and D. B. Pierce. In the words of one of its officers : "This bank
has done, and will continue to do, its part in the making of Beverly Hills
Its business is steadily
the finest community of homes in the world.
growing by reason of the influx of new home owners taking advantage
of one of the most beautiful spots in the world to live . Conditions are
ideal and prospects good.

Beverly Hills has developed from a barley

field to a city of twelve thousand people in five years, with bank deposits
totaling eight million dollars and homes assessed at thirty million dollars .
This bank was the third one started."

FIRST NATIONAL BANK.
Beverly Hills.
The First National Bank of Beverly Hills was organized by O. N.
Beasley, in 1920 , with a capital of thirty thousand dollars .
The first
officers of the institution were Kirk B. Johnson, who was elected president, and O. N. Beasley, who was chosen cashier.

The men who have

figured most prominently in the building up and expansion of the business of the bank are O. N. Beasley, L. A. Wilson and Leo M. Meeker.

158

FINANCING AN EMPIRE

The present officers are as follows : George B. Mauser, chairman of the
board ; Richard L. Hargreaves, president ; Fred Le Blond, vice president ;
William G. Walby, vice president and cashier ; Fred E. Mauldin, assistant
cashier ; D. N. Thompson, Jr., assistant cashier ; P. B. Storm, assistant
cashier ; E. S. Hartz, assistant cashier.
The First National Bank is located at the corner of Beverly drive and
Santa Monica boulevard . Its patronage is derived from a business and
residential district within a radius of two miles.
On September 1 , 1927, the Liberty National Bank of Beverly Hills
purchased the First National and consolidated the two institutions under
the name of The First National Bank of Beverly Hills.
conducted at the original location of the First National.

Business is still

Present capital,
surplus, and undivided profits total $ 300,000.00 with total assets of four
and one-half millions .

WILLIAM G. WALBY.
William G. Walby, vice president and cashier of the First National Bank of
Beverly Hills, is a western man by birth , training and experience whose life has been
an exemplification of the spirit of western enterprise . He was born in Portland, Oregon, February 20 , 1900 , a son of Major William Walby, who died in South Africa in
1901 , and of Lillian ( MacMillan ) Walby. In early manhood he became identified with
financial affairs through his service as an employe of the United States National Bank
at Portland and his laudable ambition prompted him to apply himself thoroughly and
earnestly to his duties, thus acquiring a broad knowledge of the business . He afterward served as national bank examiner for a period of five years. He was also identified with the Hellman Bank of Los Angeles, acting as manager of the Hollywood
branch, and also served as manager in several other branches. He is identified with
the San Francisco Chapter of the American Institute of Banking, in the work of which
he has taken active part. His interest in civic affairs in Beverly Hills has been of a
tangible and helpful character and his cooperation can be counted upon to further any
project promoted for the benefit and upbuilding of city or state.

THE LIBERTY NATIONAL BANK.
Beverly Hills.

The Liberty National Bank of Beverly Hills was organized on the
1st of April , 1926 , by Richard L. Hargreaves , William Jennings Bryan
and William G. Walby, the two last named having been former national
bank examiners. The institution opened its doors for business on the
17th of April, 1926 , with a capital of one hundred thousand dollars and
surplus of twenty thousand dollars . The first year it netted twenty per
cent on capital and thirty-three and one-half per cent earnings net on
capital .
The Liberty National Bank controlled the West Hollywood National
Bank, which was sold to the Pacific- Southwest Trust & Savings Bank. It

159

HISTORY OF BANKING IN CALIFORNIA

also owned the Beverly National Bank, which was sold to the Bank of
Italy, and the Bank of Beverly Hills, which was likewise sold to the Bank
of Italy .
A condensed statement of the condition of The Liberty National Bank
of Beverly Hills as of March 23, 1927 , showed deposits of one million,
seven hundred and twenty-nine thousand , five hundred and twenty
dollars and twenty-eight cents and total resources of one million, nine hundred and eighty-two thousand, eight hundred and seventy-five dollars and
ninety-one cents .

The Liberty National Bank is Beverly Hills' own bank,

supplying a strictly independent and thoroughly efficient banking service
to this community.

The institution renders a competent service covering

commercial, savings , special checking and escrow business .
The officers and directors of The Liberty National Bank from the
beginning have been as follows :

E. H. Allen, vice president Educational

Studios, Inc.; E. G. Bieg, president of the Empire Finance Corporation ;
Eugene D. Bottler, Jr., investments ; A. A. Comey, vice president and
general manager of the Beverly Globe Ice Company and vice president
of the Pacific-Southwest Bakeries Corporation ; U. T. Clotfelter, counsel,
Atchison, Topeka & Santa Fe Railway ; Warren C. Daniel, capitalist ;
Emerson C. Eachel, vice president and director of the Underwood Typewriter Company of New York ; R. S. Elliott, Cadillac distributor, Beverly
Hills and Hollywood ; George E. Foley, vice president and treasurer of
the Murphy Oil Company ; Richard L. Hargreaves, president ; G. W. Jones,
president of the Beverly Hills Securities Corporation ; Oscar Lawler, an
outstanding attorney-at-law of California ; Fred Le Blond, vice president
and capitalist ; George B. Mauser, chairman and capitalist ; Andrew
Mullen,

vice

president and

managing

director

of Mullen

Bluett,

clothiers ; Winthrop Page, president of the Liberty National Company ;
Dave F. Smith, attorney-at-law, who is potentate of Al Malaikah Temple
of the Mystic Shrine in Los Angeles ; William G. Walby, vice president
and cashier ; J. H. White, vice president Educational Studios , Inc.; D. N.
Thompson, Jr. , assistant cashier ; and D. M. Jarrett, escrow officer.
Of the above named , E. H. Allen was the builder of the Metro- GoldwynMayer moving picture studios and general manager for Thomas H. Ince
and William S. Hart.
Richard L. Hargreaves, president of The Liberty National Bank, is
thirty-seven years of age, served for five years as national bank examiner
and has figured prominently in financial circles of the east and west. He
has been identified with the Hellman organization and was vice president
of the Commercial National Bank of Los Angeles .
Fred Le Blond, sixty-one years of age, who is vice president of The
Liberty National Bank of Beverly Hills, is well known in manufacturing

circles of Cincinnati , Ohio, in connection with the R. K. Le Blond Machine
Tool Company.

FINANCING AN EMPIRE

160

BURBANK STATE BANK.
The Burbank State Bank, which became the Burbank branch of the
Security Trust & Savings Bank when consolidated with the latter institution in 1923 , was organized by Henry Arthur Church and Ralph Owen
Church, with a capital of twenty-five thousand dollars, and opened its
doors for business on the 1st of April, 1908. The first officers of the
institution were as follows : Henry A. Church, president ; A. O. Kendall,
This
vice president ; and Ralph O. Church, cashier and active head.
became the First National Bank in 1911 , and at the same time the Burbank Savings Bank was organized with a capital of twenty-five thousand
dollars and with practically the same officers and directors, Martin Putka
being elected vice president.
The capital of the First National Bank was subsequently increased to
fifty thousand dollars by a one hundred per cent stock dividend . At the
time of the merger this bank had capital of $ 50,000, surplus of $ 12,000 ,
deposits amounting to $ 742,197.79, and assets totaling $ 866,985.45 . The
Burbank Savings Bank had capital of $25,000, surplus of $ 16,500, deposits
of $406,733.46, and assets to the amount of $454,698.85 .
The institution was located at the corner of Olive street and San
Fernando road in Burbank, where a one- story structure, twenty by forty
feet, was erected in the beginning.

In 1911 an additional twenty-five feet

was purchased and a two- story bank and office building was erected
thereon. This is now being replaced by a modern two-story structure,
fifty-five by one hundred and twenty-five feet, valued at approximately
two hundred thousand dollars , including fixtures .
The opening day's deposits of the Burbank State Bank amounted to
thirty thousand dollars, and the town at that time had a population of
but three hundred . The same officers and directors have served the institution throughout the period of its existence and six of the number are
now members of the advisory board of the Security Trust & Savings
Bank.

Henry A. Church passed away in May, 1925.

His son , Ralph O.

Church, conducted the Burbank establishment as cashier until February
3, 1923 , when it became the Burbank branch of the Security Trust & Savings Bank, of which he has since remained in charge in the official capacity
of vice president and manager.

THE CITIZENS NATIONAL BANK OF CLAREMONT.
The Citizens National Bank of Claremont was organized with a capital
of fifty thousand dollars by Martin Abernethy, Harry T. Belcher, J. E.
Hundley, Herbert E. Mead, Charles G. Neely, O. H. Duvall, George Jencks
and Alfred O. Woodford .

Its officers from the beginning have been as

follows : Martin Abernethy, president ; J. E. Hundley , vice president ;
Charles G. Neely, vice president ; Harry T. Belcher, cashier ; and Herbert
E. Mead, assistant cashier.

The members of the board of directors are

HISTORY OF BANKING IN CALIFORNIA

161

Martin Abernethy, Harry T. Belcher, J. E. Hundley, Herbert E. Mead,
Charles G. Neely, O. H. Duvall, George Jencks and Homer E. Robbins .
All the officers and directors of the Citizens National Bank of Claremont, with the exception of Charles G. Neely and Homer E. Robbins, were
for many years identified with the First National Bank of Claremont,
and through their efforts mainly built up that bank since its consolidation with the Claremont National Bank in the year 1916. In the year
1925 these directors, together with Mr. Belcher and Mr. Mead , the officers
of the Citizens National Bank, retired from the First National Bank and
organized the Citizens National Bank, and from the opening day in 1925
the growth of the new bank has been very marked , deposits having more
than doubled since the opening day. The bank has a very strong list of
stockholders and is forging ahead, increasing its deposits at a very marked
rate.

The Citizens National Bank of Claremont is a community bank

whose officers and directors are not only experienced bankers, but are
well known for their active interest in promoting community enterprises
in Claremont. Its success is attributable to the combined efforts of all
the directors working in close cooperation.

The institution is endeavor-

ing to serve the citizens of Claremont in all banking matters and endeavClaremont is
oring to develop along conservative, well managed lines.
situated in the heart of a very prosperous citrus district and a good deal
of banking business is derived from that source.
Moreover, Pomona
College is located in Claremont and brings to the bank a good deal of local
business .
On its opening day the Citizens National Bank of Claremont received
deposits amounting to two hundred and eleven thousand , five hundred and
eleven dollars and fourteen cents . Its statement of condition at the call
of the comptroller of the currency on March 23 , 1927 , showed capital stock
of fifty thousand dollars, surplus of ten thousand dollars and total resources of four hundred and seventy-seven thousand, four hundred and
forty-eight dollars and thirty-eight cents.

The bank's steady growth in

deposits is indicated in the following table :
May 11 , 1925 ( opening day)
June 30, 1925

$211,511.14
292,985.25

September 28, 1925 .

345,725.93

December 31 , 1925.

355,367.25

April 12, 1926.
June 30, 1926_

378,885.97

December 31 , 1926.
March 23 , 1927-

408,767.71

384,238.84

411,606.01

THE COMPTON NATIONAL BANK.
The Compton National Bank, located at 253 East Main street in Compton, was organized on the 11th of March, 1926, with a capital of one
hundred thousand dollars, by Harry E. Reed , George Nygaard, K. T.

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FINANCING AN EMPIRE

Hubbell, W. J. Stockwell, A. C. Morton .

The officers and directors of the

institution are as follows : Harry Reed, president ; George Nygaard, vice
president ; Robert McGovney, cashier ; Frank Whitaker, assistant cashier ;
and K. T. Hubbell , E. M. James , A. C. Morton, W. J. Stockwell and E. M.
Williams , directors .

All are Compton men, interested in the success of

Compton enterprises .

Those who have figured most prominently in the

building up and expansion of the business of the bank are Harry E. Reed,
George E. Nygaard , W. J. Stockwell, E. M. James, K. T. Hubbell, Asa
Morton and E. M. Williams.

The Compton National Bank conducts both

commercial and savings departments and has continued to attract new
accounts.

In the words of one of its officers :

"The entire community is

going ahead very rapidly in a continued steady development which has
all been active some eight or ten years .

Our patronage is derived from

laborers and artisans of Los Angeles as well as from the Compton community, and our business has grown by reason of the harbor, oil wells
and the several manufacturing districts in the surrounding community.
The larger accounts are received principally from landowners who have
subdivided."
The healthy growth of the bank is indicated in the following table
of deposits :

$ 31,568.32
136,126.41
310,764.59

April 3, 1926 (opening day)
June 30, 1926.
December 31, 1926.
March 23, 1927 .

412,073.09

June 30, 1927 .

486,354.75

FIRST NATIONAL BANK OF CULVER CITY.

The First National Bank of Culver City was organized July 1 , 1920,
by Robert Wankowski , R. H. Jeffries, A. B. Grunewald, R. P. Davidson
and Will A. Dunn, the original five directors. Two more directors, C. W.
Decker and J. C. Lenk, were added in 1924. Charles J. Ritt was made
cashier and C. H. Dolan the assistant cashier. The present officers are
as follows : Robert Wankowski , president ; R. H. Jeffries , vice president ;
W. E. Carnahan, vice president ; and F. J. Pritchett, cashier.
The original capital of twenty-five thousand dollars was increased to
fifty thousand dollars on the 4th of August, 1923, and to one hundred
thousand dollars on the 28th of July, 1926.

The bank's report of condi-

tion at the close of business on March 23, 1927, showed surplus and undivided profits of eighteen thousand, four hundred dollars and fifteen cents
and total resources of seven hundred and eighty-eight thousand, six hundred and twenty-four dollars and fifty-eight cents.

The institution has

paid semi -annual dividends of six per cent since December 31 , 1923.
The First National Bank of Culver City was first housed in a building

163

HISTORY OF BANKING IN CALIFORNIA

on Main street for seven months and then removed to its present location at the corner of Washington street and Van Buren place, eventually
purchasing the building, which is valued at one hundred thousand dollars.

EL SEGUNDO STATE BANK.
The El Segundo State Bank was organized in February, 1912 , by
James E. Howell and M. L. McCray with a capital of twenty-five thousand dollars and surplus of twenty-five hundred dollars .

The first officers

were as follows : J. E. Howell, president ; Dan Murphy, vice president ;
and J. A. Small, cashier. E. O. Lewis succeeded Mr. Small as cashier
in 1913 and four years later, in 1917, was succeeded by J. D. D. Gladding,
who was made vice president and cashier in 1920 and still fills the dual
official position.

J. H. Borthistle was made assistant cashier in 1924.

The

institution has paid annual dividends of six per cent and now has a surplus of twelve thousand, five hundred dollars .
The First National Bank of El Segundo was organized by J. D. D.
Gladding on the 8th of October, 1922 , as an affiliated institution, with a
capital of twenty-five thousand dollars and surplus of twenty-five hundred
dollars . The first officers were J. E. Howell, who was elected president,
and J. D. D. Gladding, who became vice president and cashier.

In Janu-

ary, 1924, Mr. Gladding was elected president and F. B. Neeland succeeded him as cashier, J. E. Howell becoming vice president. This institution now has a surplus of four thousand dollars and also pays annual
dividends of six per cent.
The combined statement of the El Segundo State Bank and the First
National Bank of El Segundo shows capital of fifty thousand dollars, surplus and profits of eighteen thousand dollars, deposits amounting to four
hundred and fifty thousand dollars and resources totaling more than a
half million dollars . Mr. Gladding has remained the active head since
1917.

FARMERS & MERCHANTS BANK OF GARDENA.
The Farmers & Merchants Bank of Gardena was organized in May,
1920, by W. Simpson, R. Robertson, J. D. Adams, H. M. Stone, Frank R.
Carrell, E. O. Weed, J. F. Spencer, L. F. Foster and W. Medland , with a
capital of fifty thousand dollars . The first officers elected were as follows :
W. Simpson, president ; R. Robertson, vice president ; and J. D. Adams,
cashier.

Deposits amounted to fourteen thousand, two hundred and

ninety-five dollars and eighty-seven cents on the opening day and have
now reached the sum of five hundred thousand dollars .

11-VOL. 4

164

FINANCING AN EMPIRE

AMERICAN NATIONAL BANK.
Glendale.
The American National Bank of Glendale, incorporated May 4, 1927,
was organized by Roy L. Kent and Peter L. Ferry, with a capital of two
hundred thousand dollars , surplus of forty thousand dollars and contingent fund of ten thousand dollars. The officers are as follows : Roy
L. Kent, president ; George Farmer, vice president ; and C. T. Johnson ,
cashier. The members of the board of directors are Dan Campbell, W. J.
Clendenin, A. T. Cowan, W. E. Evans, George Farmer, Peter L. Ferry,
D. J. Hanna, C. T. Johnson , Frederick G. Jones and Roy L. Kent, together
with R. W. Jessup.
Roy L. Kent, the president of this bank, was instrumental in the
organization of the Golden State Building & Loan Association and has
served as vice president since its beginning.

He is also a director of the

Peoples Finance & Thrift Company, and president of the Roy L. Kent
Company.
George Farmer, the vice president, has but recently resigned from
the Glendale State Bank, where he has served since its organization and
has served the greater part of this time as the cashier, in which capacity
he became very popular .
Optimist Club.

Mr. Farmer is at present the president of the

Carl T. Johnson, the cashier, has had a similar experience with the
National Bank of Hollywood, where he has served as the assistant cashier
since its beginning .
Mr. Johnson has had twenty-five years' banking
experience previous to his association with this bank.
Dan Campbell has been in the banking business in Glendale since the
advent of the Pacific Electric Railway as president of three different
banks and is now president of the First Bond and Mortgage Company.
W. J. Clendenin is associated with the Golden State Building & Loan
Association . He was for twenty-five years the active head of a similar
institution in Baltimore.
A. T. Cowan was for many years publisher of the Glendale Evening
News and is now at the head of a very active real estate business bearing
his name .
W. E. Evans , a practicing attorney, for many years city attorney of
Glendale, was elected to serve the ninth congressional district as their
representative in congress .
Peter L. Ferry, a pioneer road contractor of southern California,
specializes in the big jobs and operates one of the largest road building
outfits in the state.
State Bank.

Mr. Ferry was formerly a director of the Glendale

D. J. Hanna has had fifteen years of active banking business in the
middle west, until recently also a director of the Glendale State Bank and
now an associate in the Investors Corporation .
Frederick G. Jones has had a wide and successful business experience

HISTORY OF BANKING IN CALIFORNIA

165

in the general insurance and contracting business and also in the development of business and residential properties and organizing and developing various business projects .
R. W. Jessup owns one of the largest herds of certified dairy stock in
California. He is a prominent member of the Exchange Club.
All of the above named are local business men and bankers of many
years' experience in the directing of large enterprises, financial institutions and banks and are well known in the community.
The American National Bank is located at the southeast corner of
Brand boulevard and Colorado street, in Glendale, and is a very beautiful
building of the modern type of Spanish architecture, with a combination
of cast stone and a stucco treatment over the brick walls.

The policy of

this bank is to operate a strictly local institution with no connection other
than that of correspondent with any outside bank. Its endeavor is to
serve the interests of Glendale and its citizens in a manner that will
promote and maintain the closest and most friendly relationship between
the public and the local bank. The ownership of the bank is vested in a
large group of representative citizens of the community whose advice
and counsel are appreciated at all times and who are taken into the confidence of the board of directors in all matters affecting the future policy
of the institution.

ROY L. KENT.
Roy L. Kent, president of the American National Bank of Glendale, was born
March 31 , 1886 , in Edinboro, Pennsylvania. He pursued his education in the public
schools of Edinboro, Pennsylvania, and after graduating entered a business college
in the city of Erie. On completing this course he started out in the business world
as an employe of the American Steel & Wire Company at Sharon, Pennsylvania , when
seventeen years of age, being appointed to the position of timekeeper. There he
remained for about two years and when he left the company in 1905 he was filling the
position of assistant paymaster.
In that year Mr. Kent came to California and has never had occasion to regret
his determination to try his fortune on the coast. Here he was first employed by the
Title Guarantee & Trust Company of Los Angeles in the plant department and there
continued for three years or until 1908. As his father had always been a contractor
and builder and Roy L. Kent had previously worked with him in planing mills, during
the time he was with the Title Guarantee & Trust Company he devoted his evening
hours to the study of architecture, so that after he gave up his position he was associated with several large building concerns, thus obtaining valuable experience and
wide knowledge concerning that phase of business . In 1910 his father came to California and, the two established a building business on their own account in Glendale,
the business association being continued until 1918, when the father retired, but Mr.
Kent continued operations under the name of the Roy L. Kent Company. For the past
eight years he has been extremely active in real estate development , handling large
subdivisions , and was instrumental in organizing the Golden State Building & Loan
Association in 1922. To day this company has total resources of a million and a half
dollars and the rapid growth and substantial development of the enterprise are a
credit to the efforts of Mr. Kent, who is acknowledged as a man of marked ability,
of notably sound judgment and of unfailing enterprise. The extent and importance
of his interests have necessarily brought him to the front in financial circles, and in
January, 1927, he enjoyed the honor of being elected president of the American

166

FINANCING AN EMPIRE

National Bank of Glendale, which organization was started and carried to completion
by Mr. Kent.
He is also a director in the Peoples Finance & Thrift Company as well as being
president of the Roy L. Kent Company, which handles the subdivision and development
of its own residential and business properties. Mr. Kent is one of the largest owners
of improved business properties in Glendale.
On the 12th of September, 1912, Mr. Kent was united in marriage to Elizabeth
Conners, of Los Angeles, and they are the parents of three children , namely : James
Wesley, a youth of sixteen ; John Howard, who is fourteen years of age ; and Ethelwyn,
thirteen years old. The family resides at 522 North Central avenue in Glendale.
Mr. Kent is a member of the board of trustees of the University of Redlands.
He has served three years on the board of directors of the Glendale Chamber of
Commerce and in 1922 was instrumental in organizing the Rotary Club in Glendale,
of which he was the second president. His cooperation is never sought in vain in
connection with any project or enterprise for the upbuilding and improvement of
the section in which he lives and he well deserves to be classed among the valued and
representative citizens of his part of the state.

FIRST NATIONAL BANK OF GLENDALE .
The First National Bank of Glendale was organized in 1905 by L. C.
Brand and others, with a capital of twenty-five thousand dollars, and
opened for business on November 14 of that year, with L. C. Brand as
president, Dan Campbell as vice president, and E. V. Williams as cashier.
The first directors were L. C. Brand, Dan Campbell, H. W. Hellman,
W. H. Holliday and D. Griswold. Upon the death of Mr. Hellman, E. V.
Williams was elected a director . In 1908 he tendered his resignation and
on April 4 of that year Dan Campbell assumed the duties of cashier and
secretary. At that time E. S. Keating was made assistant cashier, and
on September 15, 1908, John A. Logan became a director of the bank,
filling the place vacated by E. V. Williams .

On January 12 , 1909, Dan

Campbell was elected vice president, and E. S. Keating succeeded him as
cashier and secretary.
In September, 1909 , Mr. Brand and Mr. Campbell sold their interests
to W. W. Lee, M. P. Harrison and Edward M. Lee, who became president,
vice president and cashier, respectively.

These men , together with E. U.

Emory and W. H. Holliday, constituted the board of directors in 1916.
The affiliated Glendale Savings Bank was organized in 1913, in which
year they erected the first three-story building in Glendale at the corner
of Brand and Broadway, opposite the present location.
In 1919 the interests of W. W. Lee, E. M. Lee and M. P. Harrison were
purchased by C. C. Cooper and R. F. Kitterman, the former becoming
president and the latter vice president. A few months later Mr. Kitterman assumed both the offices of vice president and cashier, which he held
until the merger in 1922 .
In 1921 the capital was increased to fifty thousand dollars, and in
the same year the First Savings Bank was organized as a joint institution, with a capital of twenty-five thousand dollars . On August 2 , 1922,
these were absorbed by the Security Trust & Savings Bank of Los Angeles

HISTORY OF BANKING IN CALIFORNIA

167

and became the Glendale Branch of the latter, with Mr. Kitterman in
charge as vice president and manager.
At that time the First National Bank had a capital of fifty thousand
dollars, surplus and profits of seventy-five thousand dollars, and deposits
of one million, seven hundred thousand dollars.

The First Savings Bank

had a capital of twenty-five thousand dollars, a surplus of two thousand,
five hundred dollars , and deposits amounting to one hundred and sixty
thousand dollars, while the combined resources of the two institutions
were about one million , nine hundred thousand dollars .
In 1923 the Security Trust & Savings Bank began the construction of
their present Glendale home, the first six-story building to be erected in
that city. The structure was completed in June, 1924 , and represents an
expenditure of six hundred and fifty thousand dollars.

THE FIRST NATIONAL BANK.
THE FIRST SAVINGS BANK .
Glendora .
In an attractive little pamphlet entitled " Glendora- Yesterday, Today
and Tomorrow," appears the following :
"The material progress and
development of Glendora can better be illustrated by the building activities of The First National Bank and The First Savings Bank than by any
other event.

This bank completed the remodeling in January , 1927 , of a

splendid banking building , with improvements of a most substantial
character and is now housed in one of the finest and most modern homes
of any similar institution in the San Gabriel valley .

The building was

completely remodeled on the exterior as well as the interior and today
presents an unusually attractive and up-to-date banking quarters ."
The official personnel of The First National Bank is as follows : E. E.
Gard, president ; C. C. Warren, vice president ; C. W. Richardson, vice
president ; C. W.

Chamberlain , cashier ; and A. M. Bernhardt,

Templeton and Charles Ragan, directors.

C. A.

The officers and directors of

The First Savings Bank are as follows : E. E. Gard, president ; C. C.
Warren, vice president ; C. W. Richardson, vice president ; A. M. Bernhardt, Charles Ragan , R. B. Bidwell and J. A. Jones .
In its statement of condition at the close of business March 23, 1927,
The First National Bank of Glendora showed :
Capital stock paid in
Surplus and undivided profits .
Total deposits.
Resources

$ 25,000.00
50,526.43
526,278.59
654,754.92

In its statement of condition at the close of business March 23, 1927,
The First Savings Bank showed :

FINANCING AN EMPIRE

168

$ 25,000.00
25,000.00

Capital stock paid in
Surplus
Undivided profits

14,169.89

Total deposits

287,974.26

Resources

352,144.15

The rapid increase in the combined resources of The First National
Bank and The First Savings Bank is indicated in the following table :

1915

$ 233,849.83
248,716.16
380,992.60

1916
1917

1918
1919

374,985.85

1920

508,032.83

518,936.01

1921

562,718.17

1922

636,701.38

1923
1924

719,480.31
768,085.25

1925

989,981.22

1926

985,189.63

1927

1,006,899.07

HAWTHORNE STATE BANK.
The Hawthorne State Bank, located at 300 North Hawthorne avenue
in Hawthorne, was organized by E. J. Whitney, A. P. Manning and R. R.
Reynolds . Its charter was dated April 20 , 1922 , and its original capital
was twenty-five thousand dollars . The first officers elected were as follows : E. J. Whitney, president ; R. M. Newman, vice president ; R. R.
Hopkins, cashier ; and R. R. Reynolds, secretary.

The official personnel

of the institution at the present time is as follows : R. M. Gregg, president ; H. C. Dolde, vice president and cashier ; R. E. Heidenreich, assistant
cashier ; R. R. Hopkins, secretary and escrow officer ; and R. M. Gregg,
F. A. Ewing, H. C. Dolde, H. L. Powers and H. H. Stowell, directors.
The statement of condition of the Hawthorne State Bank at the close
of business June 30, 1927 , showed capital of fifty-three thousand, nine
hundred dollars, surplus and undivided profits amounting to nine thousand, four hundred and fifty-six dollars and twenty-three cents, deposits of
four hundred and sixty-three thousand, nine hundred and seventeen dollars and seventy-two cents

and resources totaling five hundred

and

twenty-seven thousand, two hundred and seventy-three dollars and ninetyfive cents .

HISTORY OF BANKING IN CALIFORNIA

169

BANK OF HOLLYWOOD.
The officers of the Bank of Hollywood are as follows : Gilbert H. Beesemyer, chairman of board ; John Camphouse, president ; Charles E. Hammel, Maurice DeMond and Clifford Gillespie, vice presidents ; Dana H.
Bennett, cashier ; and Charles Lumpkin (branch manager ) , B. H. George
and W. H. Westerman, assistant cashiers .

The members of the board of

directors are as follows : John R. Avery, capitalist ; Gilbert H. Beesemyer,
chairman of the board ; J. Stuart Blackton , motion picture producer and
magazine publisher ; John Camphouse, president ; C. C. Craig, president of
the Community Laundry ; G. S. G. Croft, bonds ; Maurice DeMond, merchant ; G. R. Dexter, attorney ; C. B. Edington, gasoline and petroleum
products ; Clifford Gillespie, of the real estate firm of Dickinson & Gillespie ; R. Clifford Gordon, capitalist ; Charles E. Hammel, vice president ;
H. J. Heffron, of Heffron, McCray, St. John ; Jean Hersholt, motion picture artist ; Samuel Kress , president of the American Discount Corporation ; B. N. Moss , capitalist ; Jacob Muller, capitalist ; R. A. Puffer,
wholesale dealer in eggs-produce ; Orville L. Routt, president of Plastoid
Products ; E. R. Smith, capitalist ; R. N. Stevenson, vice president of the
Mountain States Life Insurance Company ; H. J. Strathearn , physician
and surgeon ; B. Y. Taft, real estate ; Gene Tilden, dealer in home and
office furnishings ; and Robert S. Weaver, president of the Weaver-Mason
Company.

BANK OF WEST HOLLYWOOD.
The Bank of West Hollywood was incorporated May 10, 1926.

It is the

outgrowth of the West Hollywood Savings Bank, which was opened in
November, 1924 , with a capital of fifty thousand dollars and a surplus of
five thousand dollars .

The prime movers in the organization of the West

Hollywood Savings Bank were F. C. Hardy and W. J. Bryan, Jr. Mr.
Hardy was elected vice president and the other officers were : A. J. Sayre
and John Johnson, vice presidents ; H. J. Ernster, secretary and treasurer ; and C. T. Johnson , cashier.

The directors were B. F. Bailey, H. J.

Ernster, A. J. Sayre, John Johnson, T. M. McKenna, F. C. Hardy and
C. T. Johnson. After the reorganization the following officers were elected
and are still serving : L. A. Henry, president ; B. R. Lanneau , vice presiTheir associates on the board of
dent ; and E. H. Johnson, cashier.
directors are Jean Hersholt, Paul Ecke, G. S. G. Croft, Edwards Davis,
E. Offerman and W. J. Schloem .
The deposits at the time of the reorganization were one hundred thousand dollars and the capital stock was increased to one hundred thousand
dollars, of which seventy-six thousand five hundred dollars was paid in .
A surplus of five thousand dollars has been accumulated and on March 15,

170

FINANCING AN EMPIRE

1927, the deposits amounted to five hundred and forty thousand dollars.
The institution was operated as a savings bank until the commercial
charter was received and is enjoying a steady growth .

FEDERAL TRUST & SAVINGS BANK.
Hollywood .
The prime movers in the establishment of the Federal Trust & Savings Bank of Hollywood, which had its inception September 13, 1922,
were C. E. Toberman, George L. Eastman, F. A. Hartwell , W. A. Bonynge,
Carman R. Runyon, M. Crowe, Thompson Buchanan, R. L. Hinckley, W.
S. Turner, Cecil B. de Mille, John H. Fisher, A. V. Wolcott, C. E. Boag,
H. H. Welch, Frederick Beutel and Neil S. McCarthy . The institution
opened its doors for business on the 14th of October, 1922 , and the original
capital of three hundred thousand dollars ( paid in ) was increased to five
hundred thousand dollars on the 20th of March, 1926 .
The first officers and directors were as follows :
C. E. Toberman,
president ; Cecil B. de Mille, vice president ; George L. Eastman, vice president ; A. J. Olsen, vice president and manager ; Joseph E. Brewer, cashier
and secretary ; Henry Dalton , assistant cashier and assistant secretary ;
and C. E. Toberman, H. H. Welch, George L. Eastman, Frederick Beutel,
Ralph L. Hinckley, Cecil B. de Mille, C. E. Boag, F. A. Hartwell, Neil S.
McCarthy, W. A. Bonynge, Carman Runyon, A. V. Wolcott, Malcolm
Crowe, William S. Turner, John J. Fisher, Thompson Buchanan , C. H.
Thompson, T. P. Regner, J. E. Ransford , E. W. Hulette, H. H. Bennett,
directors .
The following table indicates the steady growth in deposits :

October 14 , 1922 (opening day)
June 30, 1923
December 31 , 1924
December 31 , 1925
December 31, 1926

$ 275,120.23
954,890.44

1,234,274.19
3,314,150.47
3,754,793.90
3,934,523.41

May 31 , 1927

The condensed statement of the Federal Trust & Savings Bank of
Hollywood at the close of business March 23, 1927, showed capital of five
hundred thousand dollars , surplus and undivided profits of one hundred
and eighty- six thousand ,

five

hundred

and twenty-three

dollars

and

eighty-seven cents and total resources of four million , nine hundred and
forty thousand , five hundred and ninety-four dollars and eight cents .
The present officers of the institution are as follows :

Joseph M.

Schenck, president ; L. J. Huff, M. D. , vice president ; S. G. Sucher, executive vice president ; Joseph E. Brewer, vice president and trust officer ;
Henry Dalton, cashier ; C. E. Boag, treasurer ; Frederick Beutel, assistant

HISTORY OF BANKING IN CALIFORNIA

171

trust officer ; and D. B. Martin, assistant cashier. The members of the
board of directors are C. E. Toberman ( chairman) , Lou Anger, Frederick
Beutel, C. E. Boag, Joseph E. Brewer, Charles H. Crawford , Henry Dalton, Earl D. Dietz, Douglas Fairbanks, John H. Fisher, Parker V. Foster,
Sidney Franklin, Sidney Grauman, L. J. Huff, M. D. , M. C. Levee, Edwin
J. Loeb, Louis B. Mayer, Fred Niblo, Mary Pickford , Joseph M. Schenck,
S. G. Sucher, Norma Talmadge, R. E. Trengove and A. V. Wolcott.

SAMUEL G. SUCHER.
Samuel G. Sucher, executive vice president of the Federal Trust & Savings Bank
of Hollywood, was born at Ogden, Iowa , May 12 , 1886 , and is a son of Samuel M. and
Jennie R. ( Dirr ) Sucher. In the public schools of Chicago , Illinois , he pursued his
youthful studies and later had the benefit of instruction in a high school of Redlands,
California, having become a resident of this state. When his textbooks were put aside
he sought to provide for his own support by entering the employ of the telephone
company, with which he remained for six months.
Mr. Sucher then became bookkeeper with the Redlands National Bank on the 16th
of November, 1906 , and remained with that institution for seven years, working his
way upward until he was serving as teller when on the 3d of May, 1913 , he severed
his connection with that corporation . He then went to the Los Angeles Clearing House
Association as assistant to John W. Wilson, who was special examiner, being the first
organizer and the first examiner ever employed in the Los Angeles department of examiners, performing the duties of that position in 1907. Mr. Sucher was assistant examiner from 1913 until 1918 , his duties including the examination of more than
eighty banks in Los Angeles county. Promotion brought him to the position of examiner and he therein continued until May 1 , 1926 , when he entered the Federal Trust &
Savings Bank of Hollywood as executive vice president, thus assuming added responsibilities for which his previous experience, his thoroughness and his broad study
had well equipped him.
On the 11th of October, 1922, Mr. Sucher was married to Miss Marie Lawver, of
Chicago, and they reside at 1746 Courtney avenue in Hollywood. Mr. Sucher has membership in the Hollywood Athletic Club and also belongs to the Business Men's Club
of Hollywood and the Chamber of Commerce-connections which indicate his interest
and earnest support of those plans and projects which have to do with the upbuilding
and progress of that section of the city.

CITY NATIONAL BANK .
Huntington Park.
The City National Bank of Huntington Park was opened in October,
1926, with a capital stock of one hundred thousand dollars, and its organizers were A. M. Price, C. W. Welter and James R. Johnston, who have
since devoted their energies to the task of developing the institution.
From the time the bank was established Mr. Price has been its president
and Mr. Johnston has served as vice president, while Mr. Welter has
discharged the duties of cashier. The deposits on the first day of business were two hundred and thirty-five thousand dollars and in less than
a year they have increased to approximately one million dollars.
The
bank is located at No. 222 South Pacific boulevard and is building up a
savings department. The institution serves an industrial and manufacturing district and is growing along constructive, progressive lines .

FINANCING AN EMPIRE

172

BANK OF INGLEWOOD.
The Bank of Inglewood was organized in November, 1926, by E. B.
Harris, T. G. Stevens, H. D. Moseley, Newcomb Condee, Ralph F. Lamb,
Henry H. Zillgitt and S. M. Greene.

It was opened for business Decem-

ber 3 , 1926 , with a capital of one hundred thousand dollars and a
surplus of twenty-five thousand dollars and has been in operation for
only nine months.

Its officers are S. M. Greene, president ; E. B. Harris,

vice president ; Newcomb Condee, vice president and counsel ; and R. F.
Lamb, cashier, all of whom have served in these capacities since the
institution was established . It carries commercial and savings accounts
and maintains escrow and collection departments .

The bank was first

located at No. 317 East Queen street and in September, 1926 , was moved
to its new home at the northeast corner of Queen and Market streets .

The

affairs of the institution are in a prosperous condition and its business
is derived from Inglewood, a city with a population of about twenty- five
thousand, while its patronage is also drawn from several nearby towns
with a population of twenty-five thousand more.

INGLEWOOD BRANCH , SECURITY TRUST AND SAVINGS BANK
OF LOS ANGELES.
Successors to Citizens Savings Bank.
The Citizens Savings Bank of Inglewood, which was founded in 1910,
became the Inglewood branch of the Security Trust and Savings Bank on
the 5th of April, 1924.

It was opened for business in June, 1911 , under

the control of the following officers : W. G. Brown, president ; W. H. Kelso ,
vice president ; F. A. Zillgitt, cashier ; John Aerick, L. O. Calkins and
Adolph Leuzinger, directors .
The Hyde Park branch was opened in
June, 1922.
The following officers were chosen in 1919 : F. A. Zillgitt, president ;
H. H. Zillgitt , vice president ; L. B. Zillgitt, cashier ; T. C. Stephens , J. F.
Nelson and John Aerick, directors .
In January, 1922, the original capital of twenty-five thousand dollars
was increased to fifty thousand dollars , which amount was subsequently
increased to seventy-five thousand dollars. When the Citizens Savings
Bank was merged with the Security Trust and Savings Bank, becoming its
Inglewood branch, the total resources had grown to one million, one
hundred and fifty-three thousand dollars.

AMERICAN SAVINGS BANK OF LONG BEACH .
The American Savings Bank of Long Beach was opened July 1 , 1922,
with a capital of one hundred thousand dollars and a surplus of twenty
thousand dollars .

Its first officers were :

H. R. Earp, president ; H. A.

HISTORY OF BANKING IN CALIFORNIA
Bull, vice president ; and S. M. Smith, cashier.

173

The institution was taken

over by the Bank of Italy on December 23, 1923 , and at that time its
deposits were nine million dollars, while they now aggregate two million
dollars.
The present officers are :
M. W. Daubney, manager ; F. E.
Hardiker and L. E. Thomas, assistant cashiers ; and George A. Brown,
manager of the bond department.
The American Savings Bank established a branch at Fourth street
and American avenue, and of this business D. G. Bing was made manager, while F. E. Hardiker became assistant cashier.

The consolidated

offices were at Third street and American avenue and the bank occupied
a leased building at Fourth street and American avenue.

In April, 1927,

removal was made to its new home, an imposing building which constitutes the headquarters of the bond department of the Bank of Italy in
Long Beach.

CALIFORNIA NATIONAL BANK .
Long Beach.
The California National Bank of Long Beach, known as "The Home
Bank Under the Clock," was organized in December, 1920, by Nelson
McCook, president of the First National Bank of Sumner, Iowa, in association with Fred L. Dennie, Herbert M. Haskell, Frank E. Wall, W. J.
Towner, M. A. White and Graydon Hoffman.

Seventy-five local stock-

holders were secured and the original capital was two hundred thousand
dollars .

The first officers were :

Nelson McCook, president ; F. L. Dennie,

H. M. Haskell, F. E. Wall and W. J. Towner, vice presidents ; M. A.
White, cashier ; and Graydon Hoffman, assistant cashier.

All are still

serving in these capacities except Mr. Hoffman, who is now a vice president of the bank, and the assistant cashiers are Karle B. Morgan, Fonda
McCook and S. W. Coverdale, while M. L. Stephens is trust officer. The
Fred L. Dennie,
following names appear on the board of directors :
Herbert M. Haskell, E. H. Horsch, Graydon Hoffman, Tom R. Merrell,
Nelson McCook, R. D. McCook, Harry Ross, W. J. Towner and Frank
E. Wall.
The bank opened seven hundred and thirteen accounts on December 4,
1920, its first day, on which the total deposits were two hundred and
fifty thousand dollars . For the first thirty months the deposits increased
at the rate of about one hundred thousand dollars per month, making a
total of three million dollars in two and a half years. Since that time
the growth has been steady but at a much slower rate in savings , and
the commercial department now constitutes an important feature of the
business. The statement issued by the bank on March 23, 1927, showed
a surplus of fifty thousand dollars , undivided profits of ninety-three thousand, two hundred and ninety-one dollars , deposits amounting to four
million, three hundred and sixty-one thousand, six hundred and ninety-

174

FINANCING AN EMPIRE

two dollars, and total resources of four million, eight hundred and eightyfour thousand, five hundred and eighty-three dollars.
The bank maintains a complete trust department under national and
state supervision and is a United States depositary.

The business is

firmly established and the prospects for its future development are most
encouraging. The original location of the institution was the southwest
corner of First and Locust streets and the next site was the northwest
corner of the same thoroughfares .

In June, 1925 , removal was made to

the present structure, a finely equipped building, which had previously
housed the First National Bank and which is situated on the corner of
Pine avenue and First street.

FARMERS & MERCHANTS TRUST COMPANY.
Long Beach .

The Farmers & Merchants Trust Company of Long Beach was organized in 1920 by the Farmers & Merchants Bank and C. J. Walker and
H. V. Ketcherside have been the chief factors in its upbuilding . The original capital was one hundred thousand dollars and the first officers were :
C. J. Walker, president ; H. V. Ketcherside, vice president and trust
officer ; W. H. Dunn, secretary and treasurer ; and C. E. Huntington,
assistant secretary and assistant treasurer. C. J. Walker is now chairman
of the board of directors and H. V. Ketcherside serves as president of
the corporation.

C. Z. Walker, T. W. Williams and H. McQuilkin are the
vice presidents and W. H. Dunn continues as secretary and treasurer,
while H. V. Ketcherside and K. A. Davis are trust officers. The company
handles court and private trusts but does not transact a regular banking
business, and its statement of June 30, 1927, shows a capital, surplus

and undivided profits amounting to two hundred and thirty thousand ,
four hundred and five dollars and twenty-seven cents. The firm derives
its clientele from a city with a population of one hundred and fifty thousand and conducts a large business , situated at the corner of Third street
and Pine avenue .

EXCHANGE NATIONAL BANK.
Long Beach.
The Exchange National Bank of Long Beach was opened for business.
January 15 , 1907 , with a capital of twenty-five thousand dollars, and the
first officers were : A. J. Wallace, president ; M. V. McQuigg, vice president ; and W. H. Wallace, cashier.

In 1911 the assets of the State Bank were purchased by the Exchange
National Bank, the business being consolidated at First and Pine streets

HISTORY OF BANKING IN CALIFORNIA

175

with combined deposits of four hundred and seventy-five thousand dollars .
The officers of the bank at that time were :
P. H. Updike, president ;
C. A. Wiley and W. H. Wallace, vice presidents ; W. J. Gardiner and W. J.
Morrison.

In 1913 Charles A. Wiley was elected president and served

until May, 1921 , in which year the deposits of the bank totaled three
million, four hundred thousand dollars.
In May, 1921 , the controlling interest of the bank was purchased by
Leo Meeker, who became president of the institution, and the other officers
were : L. A. Davis, vice president, and J. R. Davis, cashier. During the
year 1921 the name was changed from the Exchange National Bank to
the Long Beach National Bank.

There was no change in the manage-

ment until May, 1924 , when the institution was merged with the Bank
of Italy, having a capital and surplus of five hundred thousand dollars.
At that time the deposits had reached a total of six million , five hundred
thousand dollars and branches had been established at Fourth street and
American avenue and at the corner of Seventh and Pine streets .

The

institution has since been known as the Long Beach Branch of the Bank
of Italy and after the merger was effected the former was governed by
the following executives :

J. R. Davis, manager ; Lee Meeker, vice presi-

dent ; and J. S. Dutton and Robert Muckler, assistant vice presidents.
Mr. Meeker severed his connection with the bank on December 31 , 1925 ,
and J. R. Davis has continued as manager, while he also holds the title
of vice president, bestowed January 1, 1927.

The other officers of the

branch are : J. S. Dutton and Robert Muckler, assistant vice presidents ;
and F. W. Sinclair and J. S. Crow, assistant cashiers .

STATE BANK OF MANHATTAN BEACH .
The State Bank of Manhattan Beach was organized in January, 1922 ,
by A. P. Manning, with an authorized capital of fifty thousand dollars,
of which thirty-five thousand dollars was paid up . The first officers of
George H. Kern , president ; G. S.
the institution were as follows :
Thatcher, vice president ; and J. C. Stockwell, cashier. M. S. Wick succeeded Mr. Stockwell as cashier in November, 1925. The official personnel
of the bank at the present time is as follows : George H. Kern, president ;
G. S. Thatcher, vice president ; M. S. Wick, cashier ; and N. B. Grose,
assistant cashier. The members of the board of directors are George H.
Kern, J. Chattwood , R. E. Matteson , M. S. Wick and G. S. Thatcher.
In its report of condition on December 31 , 1926, the State Bank of
Manhattan Beach showed :
Capital
Surplus
Undivided profits

$ 35,000.00
4,250.00
1,020.87

176

FINANCING AN EMPIRE
204,863.52
246,212.39

Deposits
Resources

The institution pays dividends of six per cent and is the only bank
in Manhattan Beach .

FIRST NATIONAL BANK .
Monrovia.
The First National Bank of Monrovia was organized in June, 1887,
by J. F. Sartori, with a capital of fifty thousand dollars , opening its doors
for business June 27 , 1887 , the first officers being J. F. Brossart ( president ) and J. F. Sartori ( cashier ) , while on the 13th of April, 1888 , John
H. Bartle was elected assistant cashier, and Mr. Sartori was made vice
president.

On the 10th of January , 1888 , I. W. Hellman was elected

president and served until January 27, 1894 , when he was succeeded by
John H. Bartle.

In September, 1889, Mr. Sartori, Mr. Bartle and asso-

ciates organized the Security Trust & Savings Bank of Los Angeles, and
Mr. Sartori removed to that city to become cashier, while later he was
made vice president.

He was succeeded by John H. Bartle as cashier,

the latter holding the office till elected to the presidency.

He was suc-

ceeded January 10, 1895, by W. A. Chess, who continued as cashier until
the First National Bank was purchased by the Security Trust & Savings
Bank in April, 1924, continuing until January, 1925 , when he resigned .
W. J. Ellery was elected assistant vice president in April, 1925.

The

original capital of fifty thousand dollars was increased from the surplus
at every semi-annual meeting until it amounted to one hundred thousand
dollars, while the further assets of the bank were a surplus of one hundred thousand dollars and undivided profits of thirty thousand dollars.
Besides this a regular dividend averaging from eight to twelve per cent
was paid.
On April 26, 1924, this institution was merged with the Security Bank, '
at which time it had deposits of about one million, eight hundred thousand dollars and became the First Monrovia branch.
At that time its
officers and directors were : J. H. Bartle, president ; J. F. Sartori, vice
president ; and W. A. Chess, cashier.
In addition as members of the
directorate were J. A. Graves, Henry S. McKee and Joseph Fowler. Lewis
Bradbury, H. E. Huntington, I. W. Hellman and H. W. Hellman also
became directors and served for many years . In 1912 they erected a
modern bank building at a cost of fifty thousand dollars.

In 1903 Mr.

Bartle organized the Monrovia Savings Bank with a capital of ten thousand dollars, which was increased from the surplus to fifty thousand dollars and later to one hundred thousand dollars, at which time the surplus remaining was thirty thousand dollars and the deposits amounted to
one million, two hundred and fifty thousand dollars .

The original officers

JOHN H. BARTLE

HISTORY OF BANKING IN CALIFORNIA
were :

179

John H. Bartle, president ; W. A. Chess, vice president ; K. E.

Lawrence, cashier ; with H. W. Hellman and Lewis Bradbury also on the
board of directors .

This was also merged with the Security Bank on the

26th of April, 1924.

JOHN H. BARTLE .
Well known in banking circles in the Los Angeles district, John H. Bartle is now
serving as vice president of the Security Trust & Savings Bank, Monrovia branch , and
also as vice president of the Second Monrovia branch. Born in Eagle Harbor, Michigan, in 1855, he is a son of John and Theresa ( Reynolds) Bartle. The public school
system of his native city accorded him his educational opportunities to the age of thirteen years, after which he entered and later was graduated from a preparatory school.
He was employed in merchandising in Eagle Harbor for a few years , and later opened
a men's furnishings business in Port Arthur, Michigan, conducting the business successfully for a period of nine years.
Thinking to find still broader opportunities on the Pacific coast, Mr. Bartle then
made his way to California and was so impressed with the state and its facilities that
after spending a year here he returned to Port Arthur , sold out his business and established a permanent residence on the Pacific coast. At that time J. F. Sartori, now
president of the Security Trust & Savings Bank of Los Angeles , was cashier of the
First National Bank and offered Mr. Bartle a position as bookkeeper in the First
National Bank of Monrovia , California. This was in April, 1888 , and within six
months' time he had been promoted to the position of assistant cashier and subsequently
became cashier when Mr. Sartori was made vice president. They established the
Security Trust & Savings Bank in 1889 , adding the trust department later, and Mr.
Bartle was elected a director and is now vice president of both the Monrovia branch
and the Second Monrovia branch of the Security Trust & Savings Bank. He organized
the Monrovia Savings Bank, the First National Bank of El Monte, the First National
Bank of Arcadia, the Santa Monica Savings Bank, and helped organize and was one
of the first officers of the First National of Covina and president of the First National
Bank of Puente. He has fully measured up to all requirements and to the highest
standards of banking service, and his intelligently directed activity has been a forceful
and resultant element in the success of the institutions with which he is identified.
The marriage of John H. Bartle and Miss Amelia Bowerman , of Canada, was celebrated in 1885, and they have become parents of a daughter and a son , Kathleen and
Gerald F., the latter now pro-manager of the Second Monrovia branch of the Security
Trust & Savings Bank.
Mr. Bartle belongs to the Masonic order and also to the Benevolent and Protective
Order of Elks. He succeeded Mr. Sartori and was the second treasurer of Monrovia
and later became president of the board of trustees , serving for two terms , 1901-1903 .
He is today recognized as one of the most prosperous residents of Monrovia by reason
of his well directed efforts and one of its most prominent and influential citizens by
reason of his sterling worth and his devotion to the public welfare. His entire life is
an exposition of the fact that honesty is the best policy.

ARTHUR F. GRAF.
Arthur F. Graf, manager for the Bank of Italy at Monrovia, was born in Buffalo,
New York, September 9, 1895, and is a son of George and Charlotte (Landel ) Graf.
The public school system of his native city accorded him his early educational opportunities and later he had the advantage of training in the Bryant & Stratton Business
College. In early manhood he was for a short time engaged in the insurance and
real estate business , which constituted the initial step toward his entrance into a
private banking business , in which he handled various investments. He was also
associated with the Jefferson Loan Association.
Mr. Graf was thus engaged in the east until he decided to come to California,
12- VOL . 4

180

FINANCING AN EMPIRE

where he was elected president of the Granite Savings Bank of Monrovia in January,
1923. This bank was taken over by the Bank of America, December 8 , 1926 , and
became a branch of the Bank of Italy in March, 1927. When it was merged with the
Bank of America he became branch manager and has so continued, carefully and wisely
controlling the interests of the institution, which is therefore a contributing factor
to the success of the great corporation which he now represents.
In November, 1920 , ere his removal to the west, Mr. Graf was married to Miss
Margaret Steenman , of Buffalo, and they have a son , Arthur, now five years of age.
They reside in Monrovia, where Mr. Graf is well known through fraternal and club
associations as well as by reason of his business affairs. He is a member of all the
Masonic bodies, also of the Benevolent and Protective Order of Elks, is a Kiwanian
and belongs to the Surf and Sand Club and to the Oakmont Country Club. He is
actively interested in the progress of his section of the state and the many sterling
traits of character which he has displayed in all the relations of life have gained him
the confidence and high regard of those with whom he has been associated.

GRANITE SAVINGS BANK.
Monrovia.
The Granite Bank & Trust Company of Monrovia was incorporated
July 24, 1903 , and opened December 8 of that year with a capital of
twenty-five thousand dollars and a surplus of two thousand, five hundred
dollars . The original incorporators were W. T. Botsford , D. E. Juvenal,
Walter S. Newhall, John J. Massin, H. N. Unruh, T. J. Barkley, A. E.
Cornewell, George B. McLaughlin and Mrs. E. B. Prewitt Bowels.

The

first officers were : Walter S. Newhall, president ; F. A. Haines, vice president and secretary ; and W. T. Botsford , chairman of the executive board.
These officers and the other incorporators constituted the directorate .

January 10, 1905 , Mr. Juvenal tendered his resignation as a director and
his place was taken by C. O. Monroe.

N. B. Scaraborough succeeded W.

S. Newhall as president on January 11 , 1907 , at a salary of twenty-five
dollars per month, and was reelected in 1909, but resigned May 1 of that
year. C. H. Ainley, who was then first vice president of the company,
was called to the presidency on May 8, 1909 , and F. A. Haines continued
to act as secretary .

W. S. Hedges became president on January 2 , 1915 ,

and W. M. Baird was made cashier, assuming the duties of president
January 11 , 1916. C. W. Higgins was elected president January 10, 1920,
and in January, 1923, was succeeded by A. F. Graf, who remained at the
head of the business until December 8 , 1926 , when it was sold to the Bank
of America, which was merged with the Bank of Italy in March, 1927,
Mr. Graf becoming manager at that time.
A five per cent dividend was paid on the old stock and in January,
1922, the capitalization was increased to fifty thousand dollars . A fifty
per cent dividend was declared December 30 , 1922 , and in 1923 and 1924
a ten per cent dividend was paid .

The stockholders received a dividend

of eleven per cent in 1925 , and in January, 1926 , a dividend of seven per
cent was paid. When the business was acquired by the Bank of America
the deposits had reached six hundred thousand dollars and the total
resources were eight hundred thousand dollars .

The statement of Decem-

181

HISTORY OF BANKING IN CALIFORNIA

ber 1 , 1926 , showed a capital stock of fifty thousand dollars , a surplus
and undivided profits of thirty-five thousand dollars, and total resources
amounting to seven hundred and eighty thousand, six hundred and sixtyeight dollars.
A. I. Mellenthin, who is now manager and vice president of the Bank
of America, a branch of the Bank of Italy, was for a few years a director
of the Granite Savings Bank, formerly known as the Granite Bank &
Trust Company, the change in name becoming effective on July 22, 1911.
To W. M. Baird is due much of the credit for the upbuilding of the bank
and Mr. Ainley is still numbered among its patrons. The rooms which it
occupies also house the business of the First National Bank of Monrovia,
which was established in 1905 as the American National Bank of Monrovia.

In 1919 the style was changed to the National Bank of Monrovia

and subsequently to the First National Bank of Monrovia, which throughout its history has had the same officers.

FIRST STATE BANK OF MONTEBELLO.
The First State Bank of Montebello was incorporated March 20, 1923,
by Arthur E. Zigler and was opened for business on the 21st of April
following. The official personnel of the institution is as follows : George
S. Dodge, president ; Arthur E. Zigler, vice president and cashier ; and
Clara E. Earney, assistant cashier. The directorate is composed of Fred
T. Beaty, B. E. Coffman, Stanton J. Ellis, Walter F. Malone, William H.
Yerian, George S. Dodge and Arthur E. Zigler.
On its opening day the First State Bank of Montebello received deposits of thirty-nine thousand dollars .

In its statement of condition at

the close of business on June 30, 1927 , the institution showed :

$ 25,000.00
8,000.00

Capital paid in
Surplus
Undivided profits

1,355.65

406,165.50

Deposits
Total resources

440,521.15

MONTEBELLO STATE BANK.
The Montebello State Bank of Montebello was organized by H. A.
Church and associates and opened its doors for business on the 19th of
August, 1912.

The first officers were as follows :

H. A. Church, presi-

dent ; George W. Scott, vice president ; J. W. Van Orsdell , secretary and
treasurer ; and H. A. Church, E. A. Matson, George W. Scott, L. C.
Edmondson, E. T. Cochrum, E. A. Martin , J. F. Atkinson , B. E. Coffman,

182

FINANCING AN EMPIRE

C. C. Cottle, R. O. Church and J. W. Van Orsdell, directors .

The institu-

tion began business with a capital of twenty-five thousand dollars , and
six years later, in 1918 , the First National Bank of Montebello was organized with a capital of similar amount by the stockholders of the State
Bank to take over the commercial business, the savings business being
continued under the original name until July, 1919 , when this was
The first officers were as
changed to the Montebello Savings Bank.
follows : H. A. Church, Jr. , president ; J. F. Atkinson, vice president ;
J. W. Van Orsdell, cashier and treasurer ; and J. F. Atkinson, H. A.
Church, E. T. Cochrum, Fred Layman, E. A. Matson, W. H. Russell , H. A.
Church Jr. , Robert Wilson and J. W. Van Orsdell, directors .

On the 18th

of May, 1920, a stock dividend of twenty per cent was declared by the
First National Bank of Montebello, increasing the capital to forty thousand dollars, and on November 1 , 1921 , the capital was further increased
to fifty thousand dollars by additional stock subscription .
On the 3rd of February, 1923, the First National Bank of Montebello
and the Montebello Savings Bank were merged with the Security Trust
& Savings Bank of Los Angeles and became the Montebello branch of the
latter institution .

At that time the two banks had a combined capital

of $ 80,000 , surplus and undivided profits of $21,394.62 , deposits amounting to $ 682,413.91 , and assets totaling $ 770,011.58.
J. W. Van Orsdell resigned the official positions of cashier, secretary
and treasurer on the 17th of July, 1917 , and in the following month was
succeeded by George S. Dodge.
H. A. Church, Jr. , resigned the presidency of the First National Bank of Montebello in October, 1921 , when he
was succeeded by Glen W. Smith, while William F. Johnson succeeded
George S. Dodge, who had also resigned.

From that time on Messrs .

Church and Dodge continued to discharge the duties of their respective
positions in the Montebello Savings Bank, while Messrs . Smith and Johnson remained with the First National Bank of Montebello . When these
two institutions became the Montebello branch of the Security Trust &
Savings Bank, Mr. Smith was chosen manager and Mr. Johnson assistant
manager thereof.

On the 1st of October, 1924, Mr. Smith resigned and

Mr. Johnson was made acting manager, being officially appointed manager
on the 1st of February, 1925.

WILLIAM F. JOHNSON.
William F. Johnson , manager and assistant secretary of the Montebello branch
of the Security Trust & Savings Bank since October, 1924, is a representative of a
family which has been prominently identified with financial affairs in the middle west.
His birth occurred in Parkersburg , Iowa, on the 5th of April, 1881 , his parents being
N. T. and Anna R. ( Wolfe ) Johnson. His grandfather and two uncles on the maternal
side were bankers of Parkersburg, Iowa, and Beatrice , Nebraska, while among the
numerous other members of the family who took a leading part in financial activities
in the middle west was Frank P. Judson, formerly cashier of the Bankers National
Bank of Chicago and for many years secretary of the Illinois Bankers Association.
William F. Johnson pursued a high school course at Freeport, Illinois, and was

HISTORY OF BANKING IN CALIFORNIA

183

graduated from the University of Chicago with the degree of Bachelor of Philosophy
in 1903. The business of banking attracted him, as it had so many others of his
family, and his initial experience therein was gained in the service of the Lewistown
National Bank at Lewistown, Illinois , during the years 1904 and 1905. Thereafter he
was connected with the old Federal Trust & Savings Bank of Chicago until it was
merged with the American Trust & Savings Bank in 1907. In that year he entered
the Chicago office of the American Linseed Company of New York, which subsequently
transferred him to its Omaha plant in the capacity of manager, while from 1915 until
1919 he represented the corporation as sales manager in Chicago.
In the latter year Mr. Johnson resigned his position to come to California and
on the 1st of November, 1921 , accepted the cashiership of the First National Bank of
Montebello, with which he was thus connected until it was merged with the Security
Trust & Savings Bank on the 3rd of February, 1923, becoming its Montebello branch.
The services of Mr. Johnson were retained in the capacity of assistant manager and
in October, 1924 , he succeeded to the management of the branch, the business of which
has thrived and prospered steadily under his capable control.
On the 3rd of September, 1913, Mr. Johnson was united in marriage to Marguerite
H. Conaway, of Omaha, Nebraska . They are the parents of a daughter, Mary Ann ,
who is four years of age , and they make their home in Montebello . Mr. Johnson
is a director of the Chamber of Commerce, a director of the Rotary Club and a member
of the local Forum Club and has manifested an active and helpful interest in all
community affairs.

FIRST NATIONAL BANK OF OCEAN PARK .
The First National Bank of Ocean Park was organized in April , 1905 ,
by E. J. Vawter and associates, with a capital of twenty-five thousand
dollars, which was later increased to fifty thousand dollars.
The first
officers of the institution were as follows :
E. J. Vawter ( president) ,
who died in June, 1914 ; E. J. Vawter, Jr. (vice president ) , who died in
July, 1926 ; and T. M. Meldrum ( cashier ) , who resigned in April , 1909 .
The men who have figured most prominently in the building up and
expansion of the business of the bank are E. J. Vawter, Sr., E. J. Vawter,
Jr., and R. B. Harris, who has filled the dual official position of vice president and cashier since 1909.
The First National Bank of Ocean Park sold out to the California
Bank of Los Angeles on the 1st of February, 1927 , and is now operated
as a branch of the latter institution, with R. B. Harris as manager. The
bank was originally located on the ocean front, between Marine and Navy
streets, and subsequently moved to the Masonic Temple building at the
southwest corner of Marine and Trolleyway, but in 1912 erected its own
building at the northwest corner of Marine and Trolleyway and has since
The institution largely derives its patronage from
occupied the same.
tourists and retired residents . The steady growth of its business is indicated in the following table of deposits :
May 15 , 1905 ( opening day)

May 15 , 1915
May 15 , 1925
February 1 , 1927

16,352.00
320,318.00
871,819.00
1,037,804.00

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187

HISTORY OF BANKING IN CALIFORNIA

Francisco) , University (Chicago ) , Graduates ( New Haven) , University, The Recess ,
and Sleepy Hollow Country ( New York ) .
Addresses : No. 1 West 54th street, New York city, and No. 1000 Buena Vista
street, South Pasadena, California.

FIRST NATIONAL BANK.
Pasadena .
The First National Bank of Pasadena was opened for business January
12, 1885 , under the name of the First Bank of Pasadena. It was started
with a capital stock of twenty-five thousand dollars and began its career
in a frame building situated on the southwest corner of Fair Oaks and
Colorado streets . The bank was founded by P. M. Green, who was its
first president, and acted in that capacity until his death in 1903.

At the

time of the organization B. F. Ball became vice president and David Galbraith assumed the duties of cashier. In the early days the burden of the
work devolved upon Mr. Green and Mr. Galbraith, whose associates on
the first board of directors were Henry G. Bennett, John Allin , Colonel
J. Banbury, Colonel O. S. Pitcher, John H. Painter, B. F. Ball, George H.
Bonebrake and A. K. McQuilling.
Later the names of C. M. Parker,
Thomas Earley and others were added to the directorate.
On May 10 , 1886 , the institution was converted into the First National
Bank of Pasadena and moved to its own building , erected on the northwest corner of Fair Oaks and Colorado streets . In 1905 this structure
was sold and the bank next occupied the northeastern corner of the Slavin
building. Mr. Green was born May 7, 1838 , in Indiana and settled in
Pasadena in 1873. He was elected a member of the California house of
representatives and introduced the bill for the establishment of the State
Normal School in Los Angeles .

He formed the board of trade of Pasa-

dena, was a director of its first gas company and street car company and
served as president of the Pasadena Land & Water Company. He manifested a keen interest in civic affairs and was a director of the Young
Men's Christian Association .
In 1901 Mr. Green organized the Pasadena Savings Trust & Safe
Deposit Company, now the First Trust & Savings Bank, with a capital
of twenty-five thousand dollars and deposits of one hundred thousand
dollars.

At the time of Mr. Green's demise A. R. Metcalf became presi-

dent and served until his death in May, 1905 , when he was succeeded by
Ernest H. May, who acted in that capacity until November, 1911.

At that

time W. H. Vedder was elected president and filled the office until failing
health compelled him to relinquish the duties devolving upon him, becoming chairman of the board of directors. He held that post until 1915 ,
when he was replaced by A. E. Edwards, who served until his death in
January, 1919, and J. S. Macdonnell was then chosen as his successor.
The First National Bank and the First Trust & Savings Bank are

188

FINANCING AN EMPIRE

affiliated institutions having the same stockholders and officers.

Their

combined deposits amounted to :
$ 3,759,000 in December , 1914
4,700,000 in December, 1916
5,000,000 in December, 1917
7,685,000 in December, 1920
8,278,000 in December, 1921
10,395,000 in December, 1922
13,130,000 in December, 1923
14,721,000 in December, 1924
15,557,000 in December, 1925
14,735,000 in December, 1926
The following table shows the successive changes in capitalization :
First

First Trust &

National Bank.

Savings Bank.

1902

$ 100,000

1917

300,000
300,000

$100,000
300,000
400,000

1918
1919

300,000

500,000

1921

300,000

600,000

1922

350,000

1923
1924

350,000

700,000
800,000

400,000

800,000

1926

450,000

900,000

The combined capital, surplus and undivided profits amounted to six
hundred and eighty-two thousand dollars in 1914 ; one million and fortythree thousand dollars in 1919 ; one million , six hundred and sixty-six
thousand dollars in 1924, and two million , four hundred and twenty-nine
thousand dollars in 1926, while the deposits in the last named year
reached seventeen million , one hundred and ninety thousand dollars.
In June, 1922, the First National Bank was moved to No. 305 East
Colorado street, and in 1920 a branch of the First Trust & Savings Bank
was opened on the corner of Lake avenue and Colorado street, Pasadena,
with H. A. Doty as executive vice president and manager.

An eight-story

steel building is now being erected and this will house the business of the
First National Bank and the First Trust & Savings Bank.
The present officers are : J. S. Macdonnell, president ; H. I. Stuart,
chairman of the board of directors ; Francis E. Stevens, A. K. McQuilling,
H. C. Hotaling and J. E. Whitehouse, vice presidents ; W. D. Lacey, vice
president and trust officer ; C. Z. Jackson, junior vice president and
cashier ; and T. W. Smith, cashier. The directorate is composed of F. G.
Cruikshank, Stuart W. French, H. C. Hotaling, W. D. Lacey, W. L. Leishman, J. S. Macdonnell, F. H. Macpherson , F. C. E. Mattison, John McDon-

HISTORY OF BANKING IN CALIFORNIA

189

ald, John McWilliams, Jr., R. M. Modisette, Don C. Porter, Charles H.
Prisk, J. Foster Rhodes, Douglas Smith, Francis E. Stevens and H. I.
Stuart.

J. S. MACDONNELL .
Pasadena's banking interests find a worthy representative in J. S. Macdonnell,
president of the First National Bank of that city and a resident of California since
1902 , since which time he has played a prominent part not only in promoting business
interests but in advancing the public welfare along various other lines. He was born
in Toronto, Canada , in September, 1877 , and was therefore a young man of about
twenty-five years when he arrived in this state. The necessity of providing for his own
support and his natural attraction toward the banking business led him to become messenger in the First National Bank of Pasadena, in which he has worked his way upward through all the intermediate positions to the presidency, having been elected the
chief executive in January, 1919. He is also the president of the First Trust & Savings Bank of Pasadena and is president of the First Holding Corporation of Pasadena .
In December, 1923, he was elected a director of the San Francisco branch of the Federal
Reserve Bank and served in that capacity for three years. For several years he has
been a member of the legislative committee of the California Bankers Association. He
is likewise a director of the Union Oil Associates and every business interest with
which he has been associated has profited by his clear vision and sound judgment as
well as by his powers as an organizer and executive. He has been vice president of
the Independent Bankers League since its organization and he is well known to the
banking fraternity throughout the country, having been called to Washington in discussion of branch banking as set forth in the McFadden bill. In 1924 he spoke before
the congressional committee and in 1926 before the senate committee, his speeches
showing a thorough mastery of the subject under discussion. He has also served on
committees of the American Institute of Banking and no one has labored more consistently or earnestly to uphold the standards of financial activity in California than
J. S. Macdonnell.
It was in 1907 that Mr. Macdonnell was married to Miss Alice Talcott, of Pasadena,
and their children are Marjorie, Grant, Lorna and Norman.
In matters of citizenship Mr. Macdonnell has always maintained a progressive position and during the World war period he wrote many Liberty Loan advertisements
that were quoted all over the world . His religious faith is that of the Presbyterian
church, in which he is serving as a trustee. He is also a director of the Young Men's
Christian Association of Pasadena and a director of the Community Chest, which
apportions the support given to the organized charities of the city. He has ever recognized his duties and obligations to his fellowmen and has put forth earnest effort to
alleviate the hard conditions of life for the unfortunate.

THE FIRST NATIONAL BANK OF LAMANDA PARK.
The First National Bank of Lamanda Park was incorporated August
25, 1916, and opened for business October 16 of that year with a capital
of twenty-five thousand dollars . The first officers were : J. W. Rogers,
president ; Fred E. Vanderhoof and W. W. Flatt, first and second vice
presidents ; and R. R. Craig, cashier. All served on the first board of
directors and the other members were H. P. C. Besse, Ralph S. Vanderhoof and C. W. Rodecker. Mr. Rogers remained at the head of the bank
until June 19 , 1919, and W. W. Flatt was then elected president. R. R.

190

FINANCING AN EMPIRE

Craig tendered his resignation as cashier on June 19 , 1919 , and E. Grimes
was chosen to fill his place, while on January 11 , 1921 , J. M. Wilson was
appointed assistant cashier.

Fred E. Vanderhoof continued as vice presi-

dent until June 20 , 1921 , and was succeeded by E. Grimes . J. M. Wilson
became cashier on June 20, 1921 , and R. D. Hart was made assistant
cashier February 8, 1924.

J. M. Wilson resigned June 20 , 1924, and

R. D. Hart was then elected cashier. The present officers are : W. W.
Flatt, president ; E. Grimes, vice president ; and R. D. Hart, cashier. The
board of directors is composed of W. W. Flatt, E. Grimes, F. G. Webber,
A. N. Cole, Roy N. Richardson , R. V. Richardson and M. Morgan .
The increase in the total deposits during a period of six years is indicated by the following figures :

December 31 , 1921 .
December 30, 1922.

$327,000
489,000

December 31 , 1923 .

601,000

December 31 , 1924 .

568,000
675,000

December 31 , 1925.
December 31 , 1926 .
June 10, 1927.

720,000
770,000

The bank has a surplus of ten thousand dollars, undivided profits of
four thousand, nine hundred and sixteen dollars and total resources of
eight hundred and nine thousand , nine hundred and sixteen dollars .

NATIONAL BANK & TRUST COMPANY .
Pasadena.
The Pasadena National Bank of Pasadena was organized in 1886 by
Dr. William Converse, I. W. Hellman of the Farmers & Merchants National Bank of Los Angeles, E. F. Spence of the First National Bank of
Los Angeles , and George A. Swartwout. Mr. Hellman became the first
president, with Mr. Spence as vice president and Mr. Swartwout as
cashier. The bank was first located in the Carleton building, on the north
Mr.
side of Colorado street, between Fair Oaks and Raymond streets.
1889,
January,
in
Conger
Arthur
by
cashier
as
succeeded
was
Swartwout
and he in turn by Hon. T. P. Lukens. In 1895 the banking quarters were
moved to the southeast corner of Raymond and Colorado streets and T. P.
Lukens became president, with William Stanton as vice president and E. E.
Jones as cashier, while on the board of directors, in addition to the officers,
were G. Roscoe Thomas, L. P. Hansen and James Campbell. The business
grew rapidly and the deposits, after sinking to sixty-three thousand
dollars at the collapse of the 1886-88 boom, increased to over two hundred thousand dollars . Later George F. Kernaghan purchased the Lukens
holdings and became president and Charles A. Smith cashier.
The founders of this institution and their successors were real pioneers

HISTORY OF BANKING IN CALIFORNIA
in the Pasadena district.

191

Through the bank and in other ways they

assisted very materially in building homes, setting out orchards, improving ranches and developing business. Men of strong character like Dr.
Converse, Arthur Conger, T. P. Lukens, William Stanton, G. Roscoe
Thomas and George F. Kernaghan were a real force in the upbuilding and
progress of the community and they left their impress upon all the early
institutions which figure in Pasadena's development.
In October, 1900, Henry Newby and Edward J. Pyle bought a controlling interest with the following stockholders : H. W. Hines, Dr. J. C.
Fraser, B. O. Kendall , C. J. Willett, James Clarke, Mel E. Wood and
Leonard Perrin.
Dr. Fraser became president, with Mr. Newby as
cashier and Mr. Pyle as assistant cashier.

In 1901 Mr. Perrin succeeded

to the presidency and the capital stock was increased from fifty thousand
dollars to one hundred thousand dollars, the bank having become a very
popular financial institution . In four years the deposits increased from
one hundred and twenty-five thousand dollars to one million, seven hundred thousand dollars.

In 1905 Mr. Newby was elected president, with

E. J. Pyle as cashier. During the panic of 1907 deposits dropped to six
hundred thousand dollars, but in four years climbed back to more than
one million, seven hundred thousand dollars- certainly a notable record.
By gaining control of the East Pasadena Crown City Bank in 1907,
J. B. Coulston entered the banking circles of Pasadena, and through a
series of purchases and consolidations between 1909 and 1914, the Bankers
Savings Bank, Crown City Savings Bank, American Bank & Trust Company, the National Bank of Commerce, the Crown City National Bank
and the Pasadena National Bank merged to one institution, called the
National Bank of Pasadena, with a capital stock of three hundred thousand dollars . The name was afterward changed to the National Bank
& Trust Company of Pasadena with the opening of a trust department,
the outgrowth of the combined savings departments.
With the creation of the National Bank of Pasadena, Mr. Coulston
was elected president and Mr. Newby chairman of the board, with Charles
N. Post, Charles A. Goodyear, H. H. Goodrich, Roy C. Davis and J. H.
Woodworth as vice presidents, E. J. Pyle as cashier, and E. W. Smith,
H. C. Holt and W. R. Scoville as assistant cashiers, while the directorate
included the names of men prominent in almost every phase of Pasadena's
community life-George Brenner, L. A. Boadway, Walter E. Nichols, G.
A. Gibbs, N. T. Nixon, Thomas Chisholm, Charles Y. Knight, G. Lawrence
Stimson, Thomas Dallin, Garfield R. Jones and the above named officers .
W. R. Scoville was made cashier in 1919.
In 1920 L. A. Boadway succeeded to the presidency, and in October,
1921, a merger was effected with the Guaranty Trust & Savings Bank,
being absorbed in December of the same year by the Security Trust &
Savings Bank of Los Angeles . This institution thus became a Security
branch, with Joseph Caunt as manager and W. R. Scoville assistant manager, both being vice presidents of the parent bank.
The Maryland branch proper was opened in March, 1924, at the corner

192

FINANCING AN EMPIRE

of Euclid avenue and Colorado street, with Roy F. Reineman as manager,
though they had occupied temporary rooms in the Maryland Hotel a year
previous (January, 1923 ) .

PASADENA NATIONAL BANK.
The Pasadena National Bank received its charter under date of May
29, 1923, and opened for business the following November.

It was organ-

ized by a number of local men, and after various changes in the personnel
of its officers and directors, elected William F. Knight as president, Albert
Dodge ( who had been connected from the date of the organization in the
same capacity) as vice president, and S. L. Bierbauer as cashier . Mr.
Bierbauer had also been connected with the bank from the start as assistant cashier.
In June, 1925, the Pasadena National Bank absorbed the State Bank
of Pasadena, one of the oldest institutions and located in the northerly
part of the city. The State Bank, during the preceding year, had opened
a branch at Lake avenue and Washington street.
On the 1st of July, 1925 , Colonel George S. Parker, a vice president
of the Pacific- Southwest Trust & Savings Bank, came to the Pasadena
National as executive vice president .
tion are therefore as follows :

The present officers of the institu-

W. F. Knight, president ; George S. Parker,

executive vice president ; Albert Dodge, vice president ; L. B. Howard,
vice president ; S. L. Bierbauer, cashier and escrow officer.

The members

of the board of directors are W. F. Knight, Albert Dodge, Ira J. Holloman, W. R. Dykeman, Frank C. Dunham, W. F. Creller, Philip S. Doane ,
L. R. McKesson , George S. Parker, T. W. Bishop and W. D. Howard.
In its statement of condition at the close of business December 31 ,
1926, the Pasadena National Bank showed capital stock of one hundred
thousand dollars, surplus and undivided profits of more than thirty thousand dollars, and resources totaling one million, seven hundred and eightythree thousand , seven hundred and seventy-four dollars and eighteen cents .
The bank has been prosperous and successful, showing a substantial gain
in deposits and resources .

Its directors are men of influence and financial

standing, and the bank is destined to be eventually one of the popular and
prosperous institutions of the city.

WILLIAM FRANKLIN KNIGHT.
On the list of those who are active in the control of financial interests in California appears the name of William Franklin Knight, who is wisely and profitably
managing the interests of the Pasadena National Bank as its president. A native of
Brooklyn, New York, he was born September 2 , 1859 , of the marriage of Samuel Frost
and Mary Eleanor ( Firth ) Knight. His early education was acquired in the public
schools of Providence, Rhode Island, following the removal of the family to that city,

HISTORY OF BANKING IN CALIFORNIA

193

and later he attended a military academy and the Berlitz School of Languages in Providence. He spent many years in Providence engaged in the wholesale flour , grain and
hay business, and his wise management and indefatigable energy constituted the
foundation upon which he built a trade of large proportions. Nor did he confine
his efforts entirely to commercial interests, for he became a prominent factor in
public life there and served for four terms as a member of the city council in
Providence, Rhode Island, discharging his duties with a promptness and fidelity that
won him high endorsement. He was also president of the Rhode Island Business Men's
Association—a fact indicative of his high standing in commercial circles and he
also represented Rhode Island in the New England Chamber of Commerce.
In 1903 Mr. Knight arrived in Pasadena , California, and through the intervening
years he has maintained a place of prominence in this city by reason of his important
business affairs and his strong support of projects for the public good . His colleagues
and contemporaries in financial circles speak of him in terms of high regard, for he
is efficiently serving as the president of the Pasadena National Bank, in which connection his plans are always carefully formulated , while in business affairs he
readily discriminates between the essential and the non-essential, nor is he ever at
fault in his judgment concerning the value of a business situation or the capability
of those who may want financial aid from the bank. He has been most careful
to safeguard the interests of depositors as well as of stockholders and the success of the
Pasadena National Bank is attributable in large measure to his efforts. He is also
president of the Pasadena Mercantile Finance Corporation and a director of the
West Coast Bond & Mortgage Company.
Mr. Knight has also rendered important service in public office in Pasadena , having
been appointed postmaster by President Harding on the 1st of May, 1922, and reappointed by President Coolidge. As such he is also the custodian of the Federal building
and he has received strong endorsement in office by reason of his wise management
of the business interests under his control. He has served as president of the Board
of Trade of Pasadena and as vice president of the board of education, and he was
chairman of the building and grounds committee when the new high school on Colorado street was built. It was Mr. Knight who first conceived the idea of the high
bridge at the head of Colorado street and his efforts in promoting this project deserve
wide recognition and praise. He was likewise chairman of the committee that secured
plans and raised the money for the construction of the bridge and in a word he
never paused until his ideas had taken tangible form in an improvement the value
of which can scarcely be overestimated.
In 1887 Mr. Knight was united in marriage to Miss Carrie E. Pratt and their
children are Harold Pratt, Courtland Whitney and William F., Jr. Mr. Knight has
always been appreciative of the social amenities of life and because of this has become a
member of the Valley Hunt Club and of the Overland Club. His religious faith is
that of the Episcopal church and he is now serving as senior warden of All Saints
church, to which position he has been elected for twenty consecutive terms. Fraternally
he is a Knight Templar Mason and a thirty-second degree Scottish Rite Mason and a
Shriner. He is a member of the Chamber of Commerce and is senior vice commander
of the Military Order of the Loyal Legion , Department of California and Nevada. The
interests and activities of his life have been well balanced, making him a well
rounded character, and he is today a man whom to know is to esteem and honor.

PASADENA SAVINGS BANK .
The Pasadena Savings Bank had its inception in the organization of
the East Pasadena State Bank on the 28th of May, 1923, with a capital
of one hundred thousand dollars, of which fifty per cent was paid in,
and a surplus of twenty-five hundred dollars . Among the prime movers
in its organization were the Vanderhoof brothers, A. F. Stevens and
H. P. C. Besse. In June, 1925 , the controlling interest in the institution
was purchased by I. J. Holloman, H. G. Farrar and C. E. Farrar, and

194

FINANCING AN EMPIRE

subsequently the name was changed to the Pasadena Savings Bank.

Re-

moval was made from 2538 East Colorado street to a new building at
1767 East Colorado street .
The official personnel of the Pasadena Savings Bank at the present
time is as follows : I. J. Holloman, president ; H. P. C. Besse, vice president ; F. E. Vanderhoof, vice president ; H. G. Farrar, cashier ; H. P. C.
Besse, treasurer ; M. Piesinger, secretary ; and H. B. Dickie, assistant
cashier and assistant secretary. The members of the board of directors
are A. F. Stevens , W. M. Franklin , R. B. McCurdy, O. A. Nelson, F. H.
Spencer, M. Piesinger, Fred E. Vanderhoof, Ira J. Holloman and H. G.
Farrar.
In its statement of March 23,
showed :
Capital
Surplus
Undivided profits
Deposits
Total resources

1927, the Pasadena Savings

Bank

$ 50,000.00
8,000.00
2,771.34
326,241.30
387,012.64

THE SECURITY NATIONAL BANK OF PASADENA.
The Security National Bank of Pasadena was organized February 24,
Among the
1912 , by Ernest H. May, who became its first president.
organizers were Augustus Busch and Harrison I. Drummond, of St. Louis,
and J. N. Burnes, of St. Joseph, Missouri . The paid-up capital was one
The
hundred thousand dollars, with surplus of ten thousand dollars.
I.
;
Harrison
president
May,
H.
:
Ernest
officers
following were elected as
original
The
cashier.
Macbeth,
E.
N.
;
and
Drummond, vice president
directors were Ernest H. May, Elmer I. Moody, Harrison I. Drummond,
Peter Orban, James N. Burnes, Dr. Henry Sherry and E. B. Blinn .
On the 13th of January, 1914, John W. Roach was elected to the
board of directors, and on May 15, 1916, Charles L. Wright was elected
cashier to fill the vacancy caused by the death of N. E. Macbeth . On the
29th of March, 1917, John W. Roach was elected a vice president and on
April 26 , 1917, Stephen S. Wold was elected a member of the board of
directors.
On October 26, 1922 , the capital was increased to two hundred thousand dollars and on March 27, 1924, the capital was increased to three
hundred thousand dollars.
On January 13, 1925 , Ernest H. May was
elected chairman of the board, Charles L. Wright was elected president,
and Lansing R. Rawson, cashier.

Announcement was made on January 1,

1926, of the retirement of Ernest H. May, and the controlling interest in
the bank was taken over by Charles L. Wright, John W. Roach and Stephen
S. Wold, the last named being elected a vice president.
The official personnel of The Security National Bank of Pasadena at

HISTORY OF BANKING IN CALIFORNIA

195

the present time is as follows : Charles L. Wright, president ; John W.
Roach, vice president ; Stephen S. Wold, vice president ; James T. Wallace,
assistant to the president ; Lansing R. Rawson, cashier ; E. S. Oliver,
assistant cashier ; and S. C. Bradford, assistant cashier. The members
of the board of directors are : A. W. Byrne, president of the California
Security Loan Corporation ; F. C. Fairbanks, capitalist ; Lucius E. Jarvis ,
vice president of the California Security Loan Corporation ; W. J. Lawrence, investments ; E. O. Nay, president of the E. O. Nay Company ; John
W. Roach, vice president ; Leroy B. Sherry, physician ; John H. Simpson,
building contractor ; Stephen S. Wold, vice president ; and Charles L.
Wright, president.
In its condensed statement of condition on March 31 , 1927, The Security National Bank of Pasadena showed :
Capital
Surplus
Undivided profits

Deposits
Total resources

$ 300,000.00
145,000.00
27,284.60
3,261,087.70
4,027,072.30

POMONA COMMERCIAL AND SAVINGS BANK.
The Pomona Commercial and Savings Bank of Pomona was organized
July 11 , 1904 , as the Savings Bank and Trust Company of Pomona, by
L. T. Gillett, Charles P. Curran, George W. Hill, C. M. Parsons, W. T.
Botsford, E. Hinman and H. B. Miller, with a capital of fifty thousand
dollars . The institution opened its doors for business on the 19th of
September, 1904, under the direction of the following officers : L. T.
Gillett, president ; E. Hinman, vice president ; W. F. Botsford, treasurer ;
and F. C. Eells, cashier and secretary.
The men who have figured most prominently in the expansion of the
business of the institution , which is building up its commercial department in a conservative, constructive way, are L. T.

Gillett, William

Benesh, W. M. Lattin, W. L. Wright, A. B. Endicott, D. B. Woodbridge
and E. J. Sandford . In the words of one of the officers of the bank :
"Pomona has experienced a consistent steady growth .
Diversified are
her resources- manufacturing, citrus , deciduous fruits , grains , dairying
and poultry. The future looks very promising." The present officers and
directors of the Pomona Commercial and Savings Bank are as follows :
E. J. Sandford, president ; A. E. Huntington, vice president ; D. B. Woodbridge, cashier ; J. B. Chaffey, Gordon C. Smith, George B. Jess, Lewis
L. Wright, Charles P. Curran and W. S. Hufford , directors.
The bank originally conducted business at the southeast corner of Second and Main streets in Pomona and is now located at the northwest
corner of Second street and Garey avenue.

Its total deposits on the 30th

of June, 1927, amounted to nine hundred and forty - six thousand, six hun-

196

FINANCING AN EMPIRE

dred and eighty-one dollars and eighty-nine cents . That the directors of
the institution foresaw the future of branch banking is indicated in the
fact that the minutes of the directors' meeting held on September 6 , 1904,
record authorization of purchase of five hundred branch banks, at sixty
cents each.
The Pomona Commercial and Savings Bank has always been very conservatively operated and has never missed the payment of a dividend . It
is interesting to note that the salary of the first president was one hundred
dollars per month, while the cashier and secretary received seventy-five
dollars.
Minutes of March 7 , 1905 , read as follows :
"The question of our
relation to the Pomona Building and Loan Association was discussed at
length, particularly the proposition of loaning the Association funds from
this bank to the amount of twenty-five thousand dollars or thirty thousand
dollars at five per cent or six per cent on condition that they stop paying
more than four per cent on paid-up stock. No action was taken ."
The first dividend of four per cent on paid- in capital was paid January 1 , 1906. On the 6th of July, 1913 , the name of the institution was
changed to the Savings Bank of Pomona .
On the 4th of June, 1917,
five thousand dollars worth of three and one-half per cent Liberty bonds
were purchased ; later many purchases of bonds and United States treasury certificates were made.

66*
Minutes of September 3, 1918 :

that after due considera-

tion of the matter as therein set forth and having taken into account the
statement made by Superintendent of Banks W. R. Williams therein repeated, this board of directors do believe it to be their patriotic duty to
make the exchange of gold reserve for Federal Reserve notes so far as
the exigency of their business will permit , and therefore direct the officers
of the bank to make shipment to the Federal Reserve Bank, San Francisco, of thirty-five hundred dollars ' Gold Certificates' to be exchanged for
thirty-five hundred dollars Federal Reserve notes."
In March, 1921 , the bank increased its capital to seventy thousand
dollars and the stock sold at par. On the 1st of July, 1922, the capital
was increased to one hundred thousand dollars by stock dividend . In the
fall of 1923, shortly after E. J. Sandford became president, a commercial
department was added and the name of the institution was changed to
Pomona Commercial and Savings Bank. On June 27, 1924 , this became
affiliated with the California Bank of Los Angeles through sale of controlling interest.

AMERICAN COMMERCIAL AND SAVINGS BANK.
Redondo Beach .
The American Commercial and Savings Bank of Redondo Beach was
organized in January, 1923, by J. B. Ferguson, who was its first president, E. S. Welch (vice president ) , Leo C. Kearney (cashier ) and Rich-

197

HISTORY OF BANKING IN CALIFORNIA
ard R. Freeman (secretary) .

The institution opened its doors for busi-

ness on the 9th of June, 1923. C. E. Perkins was elected president on the
15th of January, 1924 , while E. C. Heath became vice president and
cashier.

The latter resigned in March, 1926, and was succeeded by C. W.

Richards in the dual capacity of vice president and cashier.

The official

personnel of the institution at the present time is as follows : C. E.
Perkins, president ; C. W. Richards, vice president and cashier ; V. H.
Burnham, vice president ; and G. W. Moor, assistant cashier. The directorate is composed of J. E. Scott, C. C. Mangold, H. J. McNally, L. B.
Pemberton, C. E. Perkins, F. E. Strange, C. W. Richards, V. H. Burnham
and J. G. Thomas.
The American Commercial and Savings Bank was capitalized for one
hundred thousand dollars , with a contingent fund of ten thousand dollars.
The institution has accumulated a surplus of six thousand dollars and
undivided profits of five thousand dollars . It began paying dividends in
June, 1926, on a basis of five per cent per annum. At the time of reorganization in January, 1924 , when C. E. Perkins assumed charge, the
bank had resources of four hundred and two thousand dollars.
Its statement of condition on December 31 , 1926 , showed resources
totaling six hundred and forty-eight thousand, three hundred and sixteen
dollars and seventy-one cents, and deposits as follows :
December 31 , 1925
December 31 , 1926.

$403,593.15
521,362.78

In the fall of 1922 the American Commercial and Savings Bank began
the erection of the only Class A structure in Redondo-a modern bank
and store-room building which was completed for the opening at an
approximate cost of sixty thousand dollars .

FARMERS & MERCHANTS TRUST & SAVINGS BANK OF
REDONDO.
Redondo Beach.
The Farmers & Merchants Trust & Savings Bank of Redondo, now
the Redondo branch of the Bank of Italy, was organized as a state institution on the 17th of October, 1902, and became the Farmers & Merchants
National Bank in 1905.

Business was begun with a paid-in capital of

thirty-two thousand dollars . The first officers of the institution were as
follows : J. A. Graves, president ; J. H. Cavanaugh, vice president ; and
Alfred H. Klein, cashier.
The Farmers & Merchants National Bank was organized by J. A.
Graves on the 1st of August, 1905 , with a capital of fifty thousand dollars,
which was paid in at the time of opening on the 1st of September following .
Associated with Mr. Graves as directors were H. B. Ainswood ,
13-VOL. 4

FINANCING AN EMPIRE

198

F. H. Seymour, N. M. Newmark and V. S. Venable. The following officers
were elected : J. A. Graves, president ; F. H. Seymour, vice president ;
and Alfred H. Klein, cashier and secretary.

FIRST NATIONAL BANK OF REDONDO .
REDONDO SAVINGS BANK.
Redondo Beach .
The First National Bank of Redondo and the Redondo Savings Bank
were organized in February , 1906, by H. W. Hellman, William A. Garland, Will J. Hess , O. C. Hinman, M. Mayer, H. B. Rollins and W. H.
Holliday, who constituted the first board of directors. The firstofficers
were as follows : H. W. Hellman, president ; H. B. Rollins, vice president ;
and S. M. Webster, cashier. H. W. Hellman died in October, 1906 , and
was succeeded as president by his son, Marco H. Hellman , who served as
head of the institution until 1920 , when he persuaded J. E. Walker to take
charge as vice president.
Subsequently Mr. Walker purchased all the
Hellman interests and was made president. J. B. Mullen followed Mr.
Rollins as vice president in 1911 and Will J. Hess was added as vice
president in the following year.

George H. Anderson succeeded Mr. Web-

ster as cashier in 1907 and served in that capacity until April, 1916, when
he was succeeded by C. E. Perkins.

Claud V. Walker succeeded him in

January, 1924. Mr. Mullen resigned in 1917 and Mr. Hess in February,
1918. E. E. Webster was elected vice president but resigned August 30,
1918, when he was succeeded by J. E. Walker.

In January, 1924 , Dr. A. T.

Hembree was elected vice president and C. V. Walker succeeded Mr. Perkins in the position of cashier.

In January, 1926 , C. V. Walker was

elected vice president and cashier, while L. A. Walker became assistant
cashier and vice president later in the same year.
These banks were conducted in the same quarters until 1923 , when
the Redondo Savings Bank erected its own building and the two were
separated.

C. V. Walker served as cashier of the Redondo Savings Bank

until January, 1924 , when he was succeeded by George H. Anderson, who
held that office until the institution was consolidated with the First National Bank of Redondo on the 12th of May, 1927.
The First National Bank of Redondo and the Redondo Savings Bank
began business with a capital of twenty-five thousand dollars each.

1920 the capital of the First National Bank was increased to fifty thousand dollars, while the capital of the Redondo Savings Bank was increased
from time to time until it amounted to one hundred thousand dollars .
These banks were consolidated in May, 1927 , and at that time the First
National Bank had capital of fifty thousand dollars, surplus of one hundred and four thousand dollars and undivided profits of twenty-five
thousand dollars, while the Redondo Savings Bank had capital of one
hundred thousand dollars, surplus of thirty-six thousand dollars and undi-

199

HISTORY OF BANKING IN CALIFORNIA
vided profits of more than five thousand dollars .

Upon the merger the

capital was increased to two hundred thousand dollars by a one hundred
per cent stock dividend of the First National Bank of Redondo. A statement issued May 12, 1927, showed :
Capital
Surplus
Undivided profits

$ 200,000.00
90,000.00

25,107.00
None

Bills payable
Borrowed money

None
1,680,482.00

Deposits

The surplus was increased to one hundred thousand dollars on the
26th of May, 1927, and the total resources now amount to over two million dollars.

This bank has been wholly under the direction of J. E.

Walker since 1918, and he has owned the majority of the stock since
1921. The growth of the institution under the present administration is
indicated in the following table of resources :

$ 236,172.23
307,846.69

August 30, 1918.
July 1, 1919_

498,847.92
551,138.96

July 1, 1920.
July 1 , 1921__
July 1, 1922.

716,282.98

1,086,677.28
1,241,529.90

July 1, 1923.
July 1 , 1924.
July 1, 1925.

1,289,558.76

July 1 , 1926.
November 1 , 1926 .

1,278,477.98
1,421,475.41
2,044,589.00

May 12, 1927.

During this period the First National Bank of Redondo has been paying dividends of about twenty per cent annually since 1920 and the Redondo Savings Bank twelve per cent until the last two years, when they
reduced to eight per cent owing to the installation of additional fixtures.
These two banks have been the most potent factors in the upbuilding of
Redondo Beach. They own free and clear of all incumbrances the First
National Bank building and the Redondo Savings Bank ( Arcade ) building-both modern three-story brick and steel structures with sixty - six
thousand feet of floor space from which they are receiving rentals of
about thirty-seven thousand dollars a year.

J. E. WALKER .
J. E. Walker is president of the First National Bank of Redondo and has been
identified with financial activity in California since 1912. He was born in West Virginia, November 25 , 1865 , and is a son of Andrew and Eveline ( Morris ) Walker, who
left his native state to become residents of Kansas when the son was but two and onehalf years of age. Following the completion of a public school education he started

200

FINANCING AN EMPIRE

out to provide for his own support by working in a general merchandise establishment
of Kansas and later he engaged in business as a jobber and manufacturer in Kansas
City, Missouri.
The year 1912 witnessed his arrival in California and , locating in Hermosa , Mr.
Walker organized the First Bank of Hermosa Beach, which he made a substantial and
growing institution, continuing as its president until 1921. Three years before, or in
1918, he assumed charge of the Redondo Savings Bank and First National Bank as
president of the former and vice president of the latter . From time to time he acquired additional stock in those banks and for many years has owned the controlling
interest. His policy is always sound, his methods progressive and he has made it his
object to most carefully safeguard the interests of depositors . His two sons are officers
and directors of the institution, Claude V. being vice president and cashier, while
Lloyd A. is vice president.
Mr. Walker has never had occasion to regret his determination to try his fortune
in the far west, for here he found the opportunities which he sought and in their wise
utilization has gained a well merited prosperity.

FIRST NATIONAL BANK.
SAN DIMAS SAVINGS BANK.
San Dimas .
The First National Bank of San Dimas and the San Dimas Savings
Bank are both roll of honor banks, possessing surplus and profits in excess
of capital.

The official personnel is as follows : W. A. Johnstone, presi-

dent ; F. H. Harwood, vice president ; L. S. Taylor , vice president ; Fay C.
Marchant, cashier ; and Mrs. Hattie Offield, assistant cashier. The directorate is composed of W. A. Johnstone, F. H. Harwood, Fay C. Marchant,
H. E. Walker, J. J. Maechtlen, W. H. Collins and L. S. Taylor.
In its statement of condition on March 23, 1927 , the First National
Bank showed :

Capital stock
Surplus and undivided profits
Deposits
Resources

$ 50,000.00
61,119.59
410,232.89
621,174.98

In its statement of condition on March 23, 1927, the San Dimas Savings Bank showed :

Capital
Surplus and undivided profits
Deposits
Resources

Combined capital, surplus and profits .
Combined deposits
Combined assets

$ 25,000.00
30,749.11
237,052.93

292,802.04

$ 166,868.70
641,285.82
913,977.02

HISTORY OF BANKING IN CALIFORNIA

201

SAN FERNANDO VALLEY SAVINGS BANK .
(Now San Fernando Branch of Bank of Italy. )
The First National Bank of San Fernando, nationalized prior to 1914,
was the outgrowth of the San Fernando Valley Bank, which was organized in 1902 by T. J. Walker .

The first officers and directors of whom we

have record were for 1914 and are as follows : J. E. Wheat, president ;
R. H. Maclay , vice president ; T. J. Walker, vice president ; and Fred W.
Prince, cashier.

The directorate was composed of J. E. Wheat, R. H.

Maclay, T. J. Walker, F. M. Wright, H. C. Hubbard, J. H. Jenifer and
E. H. Schwinger.
J. E. Wheat, who resigned as president on the 17th of August, 1916,
was succeeded by J. M. Douglass . On the 5th of April , 1917, L. A. C.
Waite was elected assistant cashier, and on the 3d of October, 1918 , Mabel
R. Wilkinson was elected assistant cashier.

Fred W. Prince resigned as

cashier on the 31st of March, 1919 , on which date I. H. Malin was elected
to that official position . R. W. Bailey was elected assistant cashier on the
13th of July, 1920. L. A. C. Waite resigned as assistant cashier on the
8th of August, 1922.

H. W. Woodard was elected cashier August 15,

1923, to succeed I. H. Malin, who had resigned, while C. W. Cannon was
elected assistant cashier following the resignation of R. W. Bailey.

the 21st of September, 1923 , R. W. Bailey was elected to the cashiership
as the successor of H. W. Woodard, who had resigned . C. W. Cannon
resigned on the 30th of June, 1924 , and was succeeded by Marie Fischer.
The institution increased its capital to fifty thousand dollars in June,
1924, and merged with the Bank of Italy on the 6th of June, 1925.
The San Fernando Valley Savings Bank was organized on the 1st of
March, 1917 , with a capital of twenty-five thousand dollars . The institution was controlled by the same officers and directors who were in charge
of the First National Bank until June, 1924 , when the following officers
were chosen : Henry Baly, president ; I. H. Malin , cashier ; and C. W.
Cannon, assistant cashier.
In February, 1922, the capital was increased to fifty thousand dollars.
At that date a branch was established at Newhall, where L. A. C. Waite
served as manager until August 8, 1922, when he was succeeded by
R. R. Riedel.
On the 24th of March, 1925 , the San Fernando Valley Savings Bank
was consolidated with the Bank of Italy and on the 6th of June following
merged with the First National Bank of San Fernando .

I. H. Malin was

made manager, with C. W. Cannon as assistant manager, and on the 1st
of January, 1926 , the former was succeeded by H. J. Muller .

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FINANCING AN EMPIRE

BANK OF SAN PEDRO .
The Bank of San Pedro , the oldest and largest bank in San Pedro, was
established in 1888 by W. G. Kerckhoff, James Cuzner and George H.
Peck, with a capital of twenty-five thousand dollars. The first officers of
the institution were as follows :
W. G. Kerckhoff, president ; James
Cuzner, vice president ; and George H. Peck, cashier.
sonnel at the present time is as follows :

The official per-

Henry E. Sherer, president ;

George P. Adams, vice president ; Robert C. Baly, vice president and
cashier ;

Gladys E.

Lever, assistant cashier ;

M. L.

Mayer,

assistant

cashier ; D. MacLean, assistant cashier ; R. L. Morter, assistant cashier ;
and S. Rocco, assistant cashier.

The members of the board of directors

are George P. Adams, C. N. Krog, Robert C. Baly, E. D. Seward, J. A.
Privett, John Gray and Henry E. Sherer.
The Bank of San Pedro was first located at 619 Beacon street and
next at the northwest corner of Sixth and Beacon streets, while now it
has a handsome new home at the southwest corner of Seventh and Mesa
streets, with a branch at Sixth and Beacon streets .
In its statement of condition at the close of business June 30, 1927,
the Bank of San Pedro showed :

Capital stock

$ 350,000.00

30,000.00
19,339.50

Surplus
Undivided profits

Commercial and savings deposits .
Total resources

3,763,659.72
4,162,999.22

CITIZENS BANK.
San Pedro .
The Citizens Bank was organized on the 10th of June , 1922 , in Harbor
City, with a capital of twenty-five thousand dollars, by Harry J. Thomas,
who became its first president. On the 23d of May, 1927, the bank was
moved from Harbor City to 700 South Pacific avenue, San Pedro.

AMERICAN NATIONAL BANK.
Santa Monica.

The American National Bank, located at Broadway and Third street.
in Santa Monica, was organized with a capital of one hundred thousand
dollars by N. S. Gandy, E. S. Welch, Arthur P. Creel, B. W. Vallat, H. J.
Borde, E. E. McIntyre, H. I. Lea and C. E. Nichols. The first officers
elected were as follows : N. S. Gandy, president ; Arthur P. Creel, vice

HISTORY OF BANKING IN CALIFORNIA

203

president ; B. W. Vallat, vice president ; and E. S. Welch, vice president
and cashier.
On the 16th of September, 1925 , its opening day, the American National Bank received deposits of about one hundred and fifty thousand
dollars. Resources in December, 1925, amounted to three hundred and
fifty-eight thousand, eight hundred and seventy-three dollars , and in
December, 1926, to five hundred and twenty-five thousand, four hundred
and fifty-five dollars.

The institution is expanding its business along a

general commercial line.
for substantial growth.

Present conditions are normal, with prospects

THE FIRST NATIONAL BANK IN SANTA MONICA .
The First National Bank in Santa Monica was organized as the Merchants National Bank in September, 1907 , and changed its name to the
present form December 30, 1922. The official personnel of the institution
is as follows :

C. D. Francis, president ; George B. Dickinson, vice presi-

dent ; A. W. McPherson, vice president ; Vance C. Kibbe, cashier ; Olga B.
Kibbe, assistant cashier ; Elsie T. Francis, assistant cashier ; Ethel Simpson, escrow officer ; Elsie A. Thomas, director ; Elmira T. Stephens, director ; Louis Evans , director ; and W. H. Olds , director.
In its statement of condition at the close of business March 23, 1927,
The First National Bank in Santa Monica showed :

Capital
Surplus and profits
Deposits
Resources

100,000.00

58,360.12
2,606,225.51
2,863,385.63

MARINE BANK OF SANTA MONICA.
The Marine Bank of Santa Monica maintains its head office at Fourth
and Wilshire streets , in Santa Monica, and its Ocean Park office at Marine
and Speedway.

The official personnel of the institution is as follows :

Michel, president ; Ray J. Folks, vice president and cashier ; Kenneth Hills,
assistant cashier ; Julius Rupp, assistant cashier ; and H. Michel , Charles
J. Lick, H. W. Reed, Ray J. Folks , A. C. Corrington , Austin McFadden and
Arthur C. Verge, directors.
A condensed statement of the condition of the Marine Bank of Santa
Monica as of March 23, 1927, shows :

Capital stock
Surplus and undivided profits .
Deposits
Resources

$ 100,000.00
47,337.03
1,225,551.87
1,373,888.90

204

FINANCING AN EMPIRE

SANTA MONICA BAY CLEARING HOUSE ASSOCIATION .
Ocean Park.
The Santa Monica Bay Clearing House Association, which maintains
offices in the First National Bank building at Ocean Park, was organized
by the banks of Santa Monica , Ocean Park and Venice and began operations on the 1st of May, 1914.

The first officers chosen were as follows :

E. J. Vawter, president ; C. D. Francis, vice president ; and H. J. Engelbrecht, secretary and manager.

The presidents of the association are

rotated each year. H. J. Engelbrecht served as secretary and manager
from 1914 until January 23, 1923, when he was succeeded by R. B. Harris,
who has filled the dual position since the latter date.
The officers for
1927 are : George A. Neilson , president ; T. M. Perry, vice president ; and
R. B. Harris, secretary and manager.
The steady growth of the business of the association is indicated in
the following table of clearings :

1914

1925

$ 10,215,113.41
23,466,057.66
105,364,051.71

1926

119,396,863.51

1920

FIRST STATE BANK OF SHERMAN .
The First State Bank of Sherman was incorporated in December, 1922 ,
and began business with a paid-in capital of fifty thousand dollars. The
deposits of the institution , which have grown steadily, on the 23d of March,
1927 , amounted to four hundred and forty-three thousand , four hundred
and seventy-nine dollars. The bank moved into new quarters on the 1st
of May, 1927. The present directors of the First State Bank of Sherman
are F. M. Douglass , Sr., president ; W. G. Culbreth, vice president ; F. C.
Ferry ; L. J. Durfy ; and J. M. Gulley.
F. M. Douglass, Sr. , who has devoted about thirty -eight years to banking interests in Los Angeles and vicinity, was vice president of the California Bank of Los Angeles at the time of his retirement from active
business .

He owns a beautiful home adjacent to Magnetic Hills and

spends the greater part of his time in the care of a young orchard and in
horticultural pursuits, being very fond of flowers.

He has been a member

of the Los Angeles Country Club, the Los Angeles City Club, and the City
Club since the organization of each society.
W. G. Culbreth, vice president and active manager of the First State
Bank of Sherman, began his banking career in North Carolina about
twenty-five years ago. He spent fourteen years in northern California
and occupied the presidency of the Lassen Industrial Bank at Susanville
until 1925 , when he resigned the office to come to southern California.

205

HISTORY OF BANKING IN CALIFORNIA

FIRST NATIONAL BANK IN SOUTH PASADENA.
The First National Bank in South Pasadena, located at 945 Fair Oaks
avenue, South Pasadena, represents the conversion of the Home Commercial & Savings Bank on the 29th of July, 1925.

The institution was

organized by J. C. Johnson and L. A. Norris on the 19th of October, 1922 ,
with a capital of fifty thousand dollars . Its first officers were as follows :
H. C. Mason, president ; J. C. Johnson, vice president ; and L. A. Norris,
cashier.

The official personnel at the present time is as follows :

Frank

H. Hale, president ; R. G. Johns, vice president ; O. R. Clanton, vice president and cashier ; and L. N. Ackerson, assistant cashier. The men who
have figured most prominently in the building up and expansion of the
business of the bank are J. C. Johnson, L. A. Norris and O. R. Clanton.
The steady growth of the business of the First National Bank in South
Pasadena is indicated in the following comparative table of deposits :

Commercial

Savings
2,567.65

February 8, 1923

$ 20,921.64

February 8, 1924
February 8, 1925

125,141.35
171,592.16

60,098.32
91,624.69

February 8, 1926
February 8, 1927

235,794.38
246,174.87

126,606.04
164,542.56

The bank largely derives its patronage from the residential district of
the community in which it is located .

THE TEMPLE NATIONAL BANK.
The Temple National Bank, located at Los Tunas drive and Sunset
street, in Temple, was organized by A. P. Manning and C. M. Church,
with a capital of twenty-five thousand dollars. The institution opened
its doors for business under the direction of the following officers : A. P.
Manning, cashier and director ; C. M. Church, vice president and director ;
George Woodruff, vice president and director ; Roy Teeters, assistant
cashier and director ; and W. T. Shephard, director. C. L. Dunham is
now president of the bank, while I. M. Duvall has been chosen cashier.
The men who have figured most prominently in the building up and
expansion of the business of the institution are A. P. Manning, C. M.
Church, C. L. Dunham and I. M. Duvall.

FIRST NATIONAL BANK.
Torrance.
The First National Bank of Torrance was organized in May, 1913, by
George W. Post (president ) , George W. Neill ( vice president ) , James
W. Post (cashier) , and J. S. Torrance, who constituted the first board of

206

FINANCING AN EMPIRE

directors.

In 1919 George W. Post retired and was succeeded by his son,

James W. Post, as president. The present cashier is E. C. Nelson. The
members of the board of directors of the First National Bank of Torrance at this time are as follows :

James W. Post, George W. Neill, J. S.

Lancaster, Brian K. Welch and Mrs. George W. Post.
The institution began business with a capital of twenty-five thousand
dollars and surplus of five thousand dollars.

The capital was increased

to fifty thousand dollars about 1920, while the surplus has been built up
to seventy thousand dollars, with undivided profits of ten thousand dollars.
The deposits are now more than one million dollars and resources total
one million, two hundred and fifty thousand dollars. In 1922 the First
National Bank of Torrance erected a modern bank and office building at
an approximate cost of sixty-five thousand dollars.

THE WHITTIER NATIONAL BANK.
HOME SAVINGS BANK OF WHITTIER.
The statement of condition of The Whittier National Bank at the close
of business June 30, 1927, showed :

Capital stock

$ 100,000.00

Surplus
Undivided profits

100,000.00
88,010.75

1,291,854.35

Deposits
Total resources

1,823,842.60

The condensed statement of the Home Savings Bank of Whittier at
the close of business March 23, 1927, showed :
Capital

Surplus and undivided profits .

90,000.00
156,484.88

1,605,020.57
1,851,505.45

Deposits
Total resources

The combined resources of The Whittier National Bank and the Home
Savings Bank of Whittier on the 23d of March, 1927 , amounted to three
million, five hundred and sixty-seven thousand, four hundred and eightyfour dollars and twenty-two cents .
The official personnel of The Whittier National Bank is as follows :
C. B. Johnson, president ; C. C. Barr, vice president ; H. Demarest, cashier.
The directorate is composed of A. C. Johnson (chairman ) , J. A. Cole, L.
M. Greene, T. L. Gooch, George L. Hazzard , C. C. Barr, H. Demarest,
C. B. Johnson, Ralph J. Reed and F. E. Frantz.
Savings Bank of Whittier are :

The officers of the Home

C. B. Johnson , president ; C. C. Barr, vice

president ; W. E. Butler, cashier ; and M. A. MacLean , assistant cashier.
The members of the board of directors are A. C. Johnson ( chairman ) ,

HISTORY OF BANKING IN CALIFORNIA

207

W. E. Butler, George L. Hazzard, C. B. Johnson, D. C. Andrews, T. L.
Gooch, C. C. Barr, E. M. Wheatland, Frederick W. Smith, Ralph J. Reed
and Herbert E. Tebbetts.

WILMINGTON CLEARING HOUSE .
The Wilmington Clearing House was organized in January , 1926, by
Don C. Fohl , manager of the Wilmington branch of the Pacific-Southwest
Trust & Savings Bank ; Fred Richardson, manager of the Wilmington
branch of the Security Trust & Savings Bank ; and Paul Eubank, president of the Seaboard Commercial & Savings Bank, now known as the Seaboard branch of the California Bank .
The present banks that are members of the Wilmington Clearing House
and which constitute all the banks of Wilmington are as follows : Wilmington branch, First National Trust & Savings Bank, formerly the
Pacific-Southwest Trust & Savings Bank ; Wilmington branch, Security
Trust & Savings Bank ; Seaboard branch, California Bank ; Wilmington
branch, Bank of Italy National Trust & Savings Association ; and Wilmington branch of the Citizens Trust & Savings Bank.
Don C. Fohl is manager of the Clearing House Association and K. A.
Nairne, manager of the Wilmington branch of the Bank of Italy National
Trust & Savings Association, is secretary. The Association started with
four members and now has five members . It has been the means for
improving banking conditions in Wilmington , particularly reflected in the
earnings of its members as well as reducing expenses . There has been
splendid cooperation among its members in the instituting of charges for
the handling of various types of banking service which heretofore, in
many instances, have been performed without charge.

BANK OF ZELZAH .
The Bank of Zelzah was organized by E. O. Hanson and associates
with a capital of twenty-five thousand dollars .

Its first officers were as

follows : E. O. Hanson , president ; P. G. Owen, vice president ; H. C.
Robsham, vice president ; and R. D. Oliver, cashier. The men who have
figured most prominently in the building up and expansion of the business of the institution, which has shown a steady gain from year to year,
are E. O. Hanson , C. A. Thompson, Olaf Halvorson and J. H. Willis . In
the words of one of the officers , " business is derived from the ranches
and in the development of the community in general."
The official personnel of the Bank of Zelzah at the present time is as
follows : Olaf Halvorson, president ; E. O. Hanson , vice president ; G. A.
Allard, vice president ; and J. H. Willis, cashier.

208

FINANCING AN EMPIRE

FIRST NATIONAL BANK .
Madera.
(Reprint from Madera Daily Tribune, June 15 , 1927. )
This is the first of a series of articles regarding successful corporations, firms and men, builders of Madera and Madera county.
Twenty-three years ago in the year 1904 , July 13, a group of men
petitioned the comptroller of the currency requesting approval of articles
of association to form the First National Bank of Madera . The charter
was granted and the bank was opened for business on August 1 , 1904.
The following men were the main parties instrumental in opening the
bank : L. D. Scott, president ; Dr. J. L. Butin, vice president ; Robert L.
Hargrove, secretary-treasurer ; L. Elliott, cashier , with the other directors
being O. J. Woodward, J. W. Barrett, M. D. Lehrfeldt.
It is very interesting to look back on the records of the bank's books
to the first day's business showing no cash on hand, deposits of $ 1,435.45,
certificates of deposits in the amount of $ 625 , no loans, no bonds, no interest and no exchange ; $ 8.75 deposited in the Crocker Woolworth National Bank of San Francisco ; $ 52.82 in the Hanover National Bank of
New York ; $ 12,500 being the capital of the bank, making a total at the
close of the day's business of $ 14,622.02 .
Turning over quite a few pages to June 13, 1927 , is found the following condition existing : Cash on hand and in banks , $ 161,595.08 ; deposits
considerably over $ 1,000,000, including certificates of deposit ; loans , $ 592 ,156.94 ; bond account of $340,246.03 .

Turning to capital, the capital has

increased from $ 12,500 to $ 125,000 with a surplus of $40,000 .

An item

now appearing on the books which did not appear for the first few years
is building, the First National Bank now owning one of the most important corners in the city of Madera, in fact the First National Bank
corner is the base from which all assessments are made on all other property in the city of Madera .
the city .

It is by far the most valuable building in

The records also disclose the fact that since the year 1913 the bank has
paid in stock and cash dividends considerably over $ 150,000 in addition
to the increase of capital as it originally stood on August 1, 1904, to the
$ 125,000 with a surplus of $40,000 .
It is interesting to note that about one-half of the deposits of the bank
are at the present time in liquid assets in the form of cash and bonds.
Also the bank bears the unique history of never having to use the facilities
of the federal reserve bank for rediscounting except for a period of about
The bank has never had to resort to the
borrowing of money to take care of its clientele . Very few banking institutions operating for a period of 23 years can boast of such a record . The
30 days during the year 1924.

First National is quite a few years older than the federal reserve system
of the United States.

A glance at the board of directors list now discloses the following :
Dr. J. L. Butin, retired physician and surgeon , many years president
of the bank during the years intervening between 1904 and 1927, is now

HISTORY OF BANKING IN CALIFORNIA

209

chairman of the board of directors . During these years men have come
and gone, Robert L. Hargrove having passed away, some of the other
original stockholders and incorporators are no longer here, a few only of
the original men are still living . New and younger men have taken their
place.
O. W. Hunsucker, a successful farmer and business man now heads
the bank as president. Mr. Hunsucker is a tireless worker for the betterment of Madera and Madera county, being very active in chamber of commerce work and a director in that body.

He is also vice president of the

Association of San Joaquin Valley Bankers and owner of considerable
property in Madera county in addition to being heavily interested in
the bank.
Another young man but still quite some few years in Madera county
as a successful farmer and business man, is First Vice President A. L.
Scott.

Mr. Scott is also quite active in the interests of Madera county,

being very prominent in social work in the Presbyterian church, a trustee
of the Madera Union high school, a director of the Madera Irrigation district, also a member of the firm of A. L. Scott & Company, owners of
considerable lands highly developed to orchard and vineyard and also bearing the distinction of being one of the largest sheep owners in Madera
county.
A. E. Christian, who has been a resident of Madera county since 1878
and who has demonstrated his ability as a success in business and farming ,
owner of the Madera Hardware Company and considerable property
within the county, is second vice president.
C. B. Swift, for 14 years with Henry Miller of Miller & Lux as superintendent of the Colony Farms division comprising a large area at Dos
Palos and for 10 years past assistant cashier of the bank, now occupies
the position of cashier. He is not only heavily interested in the bank but
heavily interested in real estate in Madera county.
D. B. Harris, director, is a prominent citizen and resident of Madera
and the San Joaquin valley, owner of several large ranches and dairy
herds, a director in the San Joaquin River Water Storage district and of
the California Peach & Fig Growers' Association.
E. E. Nelson, director, has been a resident of Madera county for nearly
14 years, a very successful business man, being valley representative of
the Indiana State Life Insurance Company, owner of considerable property, past president of the Madera Rotary Club, past president of the
Madera County Chamber of Commerce.

Mr. Nelson bears the distinction

of being high man in point of sales for the State Life of Indiana for the
State of California.
L. H. Sly, director, is retired builder and philanthropist, of San Francisco, millionaire, owner of numerous properties in San Francisco and
Madera county, now residing in Madera county.
It is also interesting to scan the stockholders list composed of 55 stockholders. Some of the very best, stable, financial bulwarks of strength in
the old-time families represented on the list, men who are high in public

210

FINANCING AN EMPIRE

office in the county, men who are interested in chamber of commerce work,
men who are interested in the Rotary Club, the Lions Club, Boy Scout
work, church work, business men, insurance men, printers, fruit farmers,
grain farmers, business men of Raymond and Chowchilla, and retired
successful men and women .

All of the stock of the bank is owned by par-

ties within Madera county except one small block.
The beautiful building erected by the board of directors stands as a
monument to the faith and courage of the stockholders of the institution .
The bank during its 23 years of existence has passed through good times,
bad times, depression, panics, but by its safe, sane, constructive management, by the quality of its directors and stockholders, has continued to
progress until it is now known as one of the finest , strongest, old -time
honorable banking institutions in the state of California.

BANK OF MILL VALLEY.
In 1907 W. C. Barnard and F. A. Losh conceived the idea of establishing a bank at Mill Valley and invited F. F. Bostwick to join them.
After canvassing the situation, he agreed to do so, and Fred Schlingmann
and John Dias also joined them. The organization of the bank was effected June 15, 1907 , with a capital of twenty-five thousand dollars , and
from the beginning the institution has enjoyed a steady and continuous
growth, due to the careful management and conservative policy of the
officers and directors . This bank has always commanded the absolute
confidence of the community. It became a part of the Bank of Italy in
December, 1926. From 1907 it rented a banking room, but on August 11,
1911 , it moved into its present splendid bank building, which it owns , and
which is admirably adapted to its present use.

It is well furnished and is

equipped in an up-to-date manner, including an electric protective system ,
and fire and burglar-proof vaults, and every possible step has been taken
to safeguard the interests of the depositors .
Mr. Bostwick has served
as president of the Bank of Mill Valley continuously since 1911 .

HOME SAVINGS & COMMERCIAL BANK.
San Anselmo .
The Home Savings & Commercial Bank of San Anselmo, now San
Anselmo Branch of the Bank of Italy National Trust & Savings Association, was organized December 21 , 1925 , by H. S. Foote, with a capital of
fifty thousand dollars .

The first officers chosen were as follows : H. S.

Foote, president ; C. F. Reindollar, vice president ; H. P. Bostick, vice
president ; and William E. Eastman, cashier.

The original directors were

HISTORY OF BANKING IN CALIFORNIA

211

Dr. O. W. Jones, H. S. Foote, C. F. Reindollar, H. P. Bostick and Charles
M. Paganini .
The Home Savings & Commercial Bank was absorbed by the Liberty
Bank of America, which was succeeded by the Bank of Italy National
Trust & Savings Association .

The official personnel of what is now the

San Anselmo branch of the latter great financial institution is as follows :
H. S. Foote, chairman of the advisory board ; C. F. Reindollar, vice chairman of the advisory board ; H. P. Bostick, vice chairman of the advisory
board ; and William E. Eastman, manager.

NOVATO BANK .
The Novato Bank was organized in 1913 by G. D. Morrison, with a
capital of $ 25,000, the officers being James B. Burdell, president ; Hermann Rudolff, vice president ; and G. D. Morrison, cashier. The bank is
in good condition , deriving its business from local sources, and the assets
have advanced from nothing to over $400,000 .

BANK OF ITALY .

Tamalpais Branch, San Rafael.
The directors and officers of what was formerly the Tamalpais Bank,
but is now a branch of the Bank of Italy, are operating the institution
for the benefit of the stockholders and the community at large.

There

are one hundred and thirty stockholders, mainly resident in Marin county.
This home-owned bank is a bulwark erected by the people for financial
independence, and makes its own separate connection with financial reserve center cities for the purpose of bringing investment money here at
unusual times, as needed .

The home-owned bank represents the steward-

ship of community wealth, and its endeavor is along the line of promoting
local development .
The officers of the bank are as follows : H. S. Foote , president ; C. F.
Reindollar and H. P. Bostick, vice presidents ; A. R. Marall, cashier and
secretary ; and H. S. Foote, treasurer.

According to its statement of

June 30, 1924, the bank's invested capital, surplus, and undivided profits
representing two thousand shares capital stock owned by one hundred
and thirty Marin county people amounted to two hundred and twentytwo thousand, five hundred and ninety-five dollars and twenty-four cents ,
while the deposits ( aggregate due nearly two thousand customers of this
bank) had reached the sum of seven hundred and ninety-seven thousand,
seven hundred and seventy-three dollars and four cents .
Resources at
that date were one million, eighteen thousand, three hundred and sixty-

FINANCING AN EMPIRE

212

eight dollars and twenty-eight cents. The institution has an authorized
capital of five hundred thousand dollars, of which two hundred thousand
dollars is paid up.

FIRST NATIONAL BANK IN SAN RAFAEL .
BANK OF SAN RAFAEL .
The First National Bank in San Rafael, originally the commercial
department of the Bank of San Rafael, was organized with a capital of
one hundred thousand dollars. The officers from the beginning have been
as follows : M. J. Pedrotti , president ; E. B. McNear, vice president ; W. P.
Murray, vice president and cashier ; A. C. Latno, assistant cashier and
secretary ; and W. M. Crane, assistant cashier and assistant secretary.
The members of the board of directors are M. J. Pedrotti, J. A. Saunders,
E. B. McNear, A. M. Newhall, Robert Trumbull, M. T. Freitas and W. P.
Murray. The men who have figured most prominently in the building up
and expansion of the business of the institution are M. J. Pedrotti and
W. P. Murray.

The bank derives its patronage from the farming district

in the community in which it is located and from the local business men,
and reports good condition and prospects at the present time.
The First National Bank in San Rafael began business on the 1st of
May, 1925 , and below is a condensed statement of its condition on December 31 , 1926 :
Capital
Surplus
Undivided profits
Deposits
Resources

$ 100,000.00
50,000.00
16,092.72

641,479.69
807,572.41

A condensed statement of the condition of the Bank of San Rafael
(savings ) at the close of business December 31 , 1926 , shows :

Capital
Surplus
Undivided profits
Deposits
Resources

$ 100,000.00
100,000.00
36,353.13
2,441,407.14

2,677,760.27

The following table indicates the steady growth in deposits :
December 31, 1910.
December 31, 1911.
December 31 , 1912.
December 31 , 1913.

December 31 , 1914.
December 31 , 1915 .

$ 337,874.33
443,036.25
529,926.91

615,703.41
700,491.42
844,280.19

HISTORY OF BANKING IN CALIFORNIA

December 31 , 1916
December 31 , 1917___.
December 31 , 1918.

987,417.28
1,103,083.17
1,241,034.69
1,669,173.11
1,931,789.66

December 31 , 1919_
December 31 , 1920.
December 31, 1921

2,096,715.73

December 31 , 1922
December 31 , 1923

2,247,467.69
2,588,536.89

December 31 , 1924
December 31 , 1925.

2,834,905.86
2,959,516.90
3,082,886.83

December 31 , 1926.

213

The Bank of San Rafael was organized by M. T. Freitas, M. J. Pedrotti
and Arthur Foster with a capital of one hundred thousand dollars. The
first officers elected were Arthur Foster, Jr. , president, and M. T. Freitas,
vice president. The men to whom the continued growth and success of
the bank, which began business December 21 , 1910 , is largely due are
M. T. Freitas, M. J. Pedrotti , A. M. Newhall and W. P. Murray .

BANK OF SAUSALITO .

The men who organized the first directorate of the Bank of Sausalito , which is now a branch of the American Trust Company, were F. A.
Robbins, R. J. Tyson, J. E. Hall, E. L. Braswell, J. V. Silva, F. D. Linsley,
F. A. Fiedler , C. P. Overton and Robert P. Greer. Three of the nine
directors, F. A. Robbins, J. E. Hall and F. A. Fiedler, still hold seats on
the board, while F. D. Linsley, who had held an interim seat as an accommodation, is and has been continuously identified with the bank as assistant cashier. M. V. Silva is carrying on in his father's footsteps, having
been elected to office at the annual meeting in July, 1914, six months after
J. V. Silva's death. C. P. Overton died in December, 1914, and E. W.
Jackson was named in his place the following April. The late R. J. Tyson
resigned as vice president and director in March, 1915 , Cashier E. S. Rayburn being elected to fill the vacancy at the annual meeting in the following July. Vice President and Director C. M. Gunn stepped into office
in 1910, succeeding to the seat of Robert P. Greer. Similarly Director
J. Mecchi took the place of C. E. Church, who, in turn, had succeeded E. L.
Braswell as a director. H. Cartan, who had taken office when Assistant
Cashier Linsley resigned as director in 1909, was the predecessor of E.
Broderick, the youngest member of the board in point of service, his term
Nothing better emphasizes, perhaps, the solidity
of the bank's policies than the long period of service of those who are
charged with the responsibilities of its administration .
The following article appeared in the Sausalito News of August 30,
1924 :
"In July, 1907, there was organized in Sausalito a commercial
and savings bank which was duly incorporated under the name of the
having begun in 1916.

VOL. 4

214

FINANCING AN EMPIRE

Bank of Sausalito .

Space was secured in the building now occupied by

the candy store adjoining Fiedler &

Company's general merchandise

store . Within two years the bank outgrew these quarters and acquired
what was then known as the Grethel property, remodeling to suit its banking needs, and moving in during the latter part of 1909. Four years ago
( 1920 ) the bank's business had increased to such an extent that these
quarters were found to be entirely inadequate for its needs . Believing in
the future of Sausalito, the board of directors decided to erect a bank
building worthy of the community and today opens it to your inspection .
This splendid new home, finished and occupied, stands out a fitting monument to Sausalito, the pride of every stockholder and director .
This
month, celebrating its seventeenth anniversary , this bank throws open the
doors of its new and permanent home with over two thousand, five hundred accounts, covering the towns of Sausalito, Tiburon, Belvedere, Corte
Madera, Stinson Beach and contiguous territory .
"In 1919 this bank joined the Federal Reserve System and enjoys the
same rights of protection and privilege as other banks which are members
of this wonderful organization . The bank is also a member of the American Bankers' Association and the California Bankers' Association and is
under both state and federal government supervision .

These affiliations

make it possible for the bank to keep in close touch with the banking
conditions throughout the country.

Not only are ample reserves main-

tained as required by law, but the established policy has always been to
carry in addition United States government securities instantly convertible into cash, and today these reserves voluntarily kept up by the bank
amount to seven times the reserves required by law.

The success of this

bank is largely due to the recommendations of its friends, a friendly spirit
of helpfulness gratefully acknowledged and appreciated by its officers and
directors , who will do their utmost to merit a continuance of this confidence and good will .

The new reinforced building, with its reinforced con-

crete vaults protected by non-burnable vault doors, and Class A burglar
alarm system, the best obtainable, is now open for your inspection . No
formality here ; it is the home of courtesy and cheerful service."
The present officers of the Bank of Sausalito are as follows : J. E. Hall,
president ; F. A. Fiedler , vice president ; C. M. Gunn, vice president ; E. S.
Rayburn, cashier ; and F. D. Linsley, assistant cashier. The members of
the board of directors at this time are J. E. Hall, F. A. Fiedler, C. M. Gunn,
E. S. Rayburn, E. W. Jackson, J. Mecchi , M. V. Silva, E. Broderick and
F. A. Robbins .
The Bank of Sausalito has a paid-in capital of one hundred thousand
dollars and shows growth in resources as follows :

1908

86,945.64

1910

178,583.33

1913
1915

315,712.87

270,145.34

215

HISTORY OF BANKING IN CALIFORNIA

376,125.13

1918
1922

850,681.41

1924

1,007,034.00

The following article is copied from the bank's statement of condition at the close of business June 30, 1924 : "Good soil , deep roots , and
sustained care have made the tiny acorn of 1907 the sturdy oak of 1924 .
It is indeed a far cry from the modest beginning of the Bank of Sausalito on July 18, 1907

(the date of its incorporation with a capital of
twenty-five thousand dollars ) , in the narrow little store down the street,
where it shared quarters with Wells, Fargo & Company, to this memorable date-August 30, 1924 , which marks the dedication of its new homea first-class building in every respect. The imposing new building, worthy,
the directors believe, of the Sausalito of today and tomorrow, is the third
home of the bank. The banking room it is just leaving in the building
jointly occupied by the city authorities, has housed it since 1909, and at
the end of the intervening fifteen years it had reached the goal- an objective that had long seemed unattainable-of the million mark in resources.
"The man who saw the need and the opportunity for a bank in Sausalito was J. E. Hall, whose vision, energy and resourcefulness led to the
organization of the institution, of which he has been a director from the
start, succeeding to the presidency three years ago

( 1921 )

when that

office was relinquished by F. A. Robbins, who had headed the directorate
since the bank began business . F. A. Fiedler, also, has been a director
from the beginning , and the Silva family too has held a seat continuously,
M. V. succeeding his father, J. V., upon the latter's death ten years ago.
( 1914 ) .

The active executive officers have served the bank since it was

founded : E. S. Rayburn, theretofore Northwestern Pacific Railroad agent,
as cashier and secretary, and F. D. Linsley, who as Wells- Fargo agent
had rented to the bank its first premises, as assistant cashier.

It is sig-

nificant, perhaps, of the conservative policies of the bank that the junior
member of the board of directors has served no less than eight years,
while the average term of service of the members of the board is twelve
and one-half years .

With ample capital and reserves , with the fine facili-

ties of its splendid new building, commanding the Plaza , the Bank of
Sausalito dedicates itself anew to the advancement of the interests of the
community and its people."

GEORGE H. HARLAN .
George H. Harlan, who has been an active representative of the legal profession
in Marin county for nearly a quarter of a century, maintaining an office at San
Rafael, resides at 219 Harrison avenue in the latter town. His birth occurred in San
Francisco, California, on the 3d of June, 1877 , his parents being Charles and Marie
(Moeller ) Harlan . Charles Harlan, father of George H. Harlan, was a native of Ohio
and came to California with his father, Aaron Harlan, in the year 1864. The old
Harlan homestead in the Buckeye state is now a local show place owned by Mr. Kelly,

216

FINANCING AN EMPIRE

the well known tire manufacturer. Aaron Harlan , who was an attorney by profession,
served as member of congress from Ohio under President James Buchanan . Following his arrival in California he located in Napa, whence he subsequently removed
to San Francisco, where he spent the remainder of his life. For many years Charles
Harlan was connected with the auditing department of the Southern Pacific Railroad
and resided at Sausalito until his death.
George H. Harlan completed a high school course at San Rafael by graduation
with the class of 1894 and thereafter attended the University of California until 1899 ,
when he was graduated from the College of Social Sciences of the latter institution.
In 1902 he was graduated from Hastings College of Law and the same year was admitted to the bar. After spending about a year as managing clerk for Judge Ralph
Harrison and R. H. Countryman in San Francisco , he opened an office at San Rafael,
where he has remained in the general practice of law to the present time and has built
up a clientage of extensive and gratifying proportions . During the period between
1912 and 1916 he rendered valuable assistance in the work incident to the organization
of the Marin Municipal Water District, which he has since represented in the capacity
of attorney. He is also attorney for the Northwestern Building & Loan Association
and the Sausalito Mutual Loan Association.
On the 9th of September, 1908 , Mr. Harlan was married to Miss Esther Greaves,
a native of England who came to this country in girlhood . Her brother, Thomas T.
Greaves, is vice president of the San Francisco Furniture Exchange. Mr. and Mrs.
Harlan are the parents of two sons, John M. and George H. , Jr. , who are eighteen and
eleven years of age, respectively.
In his political views Mr. Harlan is a stanch republican . He represented his
district in the state legislature in 1911 and 1912 and made a most commendable record
as a lawmaker, giving thoughtful and earnest consideration to the many vital questions which came up for settlement. A worthy exemplar of the teachings and purposes
of the Masonic fraternity, he belongs to Mill Valley Lodge No. 356 , F. & A. M. , of
which he is past master, and to Mill Valley Chapter of the Eastern Star , of which
he is past patron . The sterling worth of his character, his unfeigned cordiality and
his appreciation of friendship have gained for him the high regard and warm esteem
of all with whom he has been brought into contact.

FORT BRAGG COMMERCIAL BANK.
The Fort Bragg Commercial Bank, of Fort Bragg, now Fort Bragg
Branch of the Bank of Italy National Trust & Savings Association, was
organized in 1912, by H. P. Preston, with a capital of fifty thousand dollars, of which twenty-five thousand dollars was paid in. This was increased to fifty thousand dollars about 1915 and to ninety thousand dollars
in 1918, partly from earnings .

In addition the institution accumulated a

surplus of sixty thousand dollars.

The bank paid ten dollars per share

after the first year of its existence. Deposits had reached the sum of
more than one and one-half million dollars and assets totaled one million,
seven hundred and twenty thousand dollars when in 1926 the Fort Bragg
Commercial Bank was sold to the Liberty Bank of San Francisco, the
former being at that time the largest financial institution in Mendocino
county.
In 1918 the Fort Bragg Commercial Bank purchased the Mendocino
Bank of Commerce, which had been established in 1907, by Joshua Grindle, and which had capital of twenty-five thousand dollars, surplus of
twelve thousand, five hundred dollars and deposits amounting to three
hundred thousand dollars .

HISTORY OF BANKING IN CALIFORNIA

217

On the 27th of March, 1926 , the Fort Bragg Commercial Bank and
its Mendocino branch were purchased by the Liberty Bank of San Francisco, becoming branches of the latter institution, now the Bank of Italy
National Trust & Savings Association .

The official personnel at Fort

Bragg is as follows : H. P. Preston, manager ; C. D. Blackledge, assistant
manager ; and H. E. Abramson, M. C. Biaggi and A. D. Thompson, assistant cashiers.

THE COAST NATIONAL BANK .
Fort Bragg .
The Coast National Bank of Fort Bragg, opened May 1 , 1922 , is owned
and controlled by local stockholders and "A Home Bank for Home People."
It is an outgrowth of the First National Bank and the First Bank of
Savings of Fort Bragg, the former of which was established as the Bank
of Fort Bragg in 1891 by H. A. Weller, Calvin Stewart, T. L. Johnson,
Thomas Pollard, E. J. Dodge, Samuel Blair and James Hunter with an
authorized capital of one hundred thousand dollars , of which twenty- six
thousand dollars was paid in. This was the first bank opened in Fort
Bragg and in 1910 it was converted into the First National Bank with a
capital of fifty thousand dollars and a surplus of eight thousand dollars ,
while the deposits at that time amounted to about two hundred thousand
dollars.
The First Bank of Savings was organized under the state laws as an
affiliated institution in 1910 with a capital stock of twenty-five thousand
dollars .

Owing to financial difficulties these banks were closed on May 1 ,

1922 , but at the end of four months new capital was secured and the
business was reorganized by W. J. Schultz , formerly national bank examiner, who had been in charge of affairs during the time the institutions
were closed.

The business was resumed on September 1 , 1922 , under the

style of the Coast National Bank with a capital of one hundred thousand
dollars and a surplus of twenty thousand dollars . The new directors were
E. A. Sinclair, George H. Fee, F. C. White, Charles M. Mannon, A. H.
Shafsky, W. G. Collins and W. J. Schultz.

The executives chosen were

E. A. Sinclair, who became president ; A. H. Shafsky, who was elected
vice president ; and W. J. Schultz, who assumed the duties of cashier and
manager.

These officers have since served continuously and Charles M.

Mannon is acting as secretary, while the assistant cashiers are F. D.
Watkins and Harold T. Bolden .
Under the new administration the bank has enjoyed a steady growth
and today has deposits of one million, three hundred and ten thousand ,
nine hundred and ninety-two dollars and total assets of one million, four
hundred and ninety-four thousand, seven hundred and forty-four dollars.
In addition to paying a dividend of eight per cent per annum the officers.
have accumulated undivided profits of ten thousand , four hundred and

218

FINANCING AN EMPIRE

ninety-four dollars .

On June 30, 1926, the cash on hand reached the sum
of one hundred and seventy- seven thousand, four hundred and ninety-five
dollars and the government, municipal and corporation bonds amounted

to four hundred and sixty-two thousand, eight hundred and seventeen
dollars, making a total of six hundred and forty thousand , three hundred
and twelve dollars in liquid assets as against deposits of one million,
three hundred and ten thousand, nine hundred and ninety-two dollars .
Mr. Sinclair, who ably controls the destiny of the bank, is general
manager of the Glen Blair Redwood Company, which operates a manufacturing plant near Fort Bragg and has large timber holdings . Walter J.
Schultz, the bank's efficient cashier, is a native of Texas. He was born
in 1892 and came to California in 1912. His connection with financial
affairs dates from 1915 , when he entered the Sonoma County National
Bank at Petaluma, and remained with that institution until his appointment as national Bank examiner in 1921. As before mentioned , he organized the Coast National Bank of Fort Bragg and is its active head.

He is

vice president and a director of the Redwood -Coast Hospital, Inc., and
secretary-treasurer of the Coast Line of Stages, Inc.
Along fraternal
lines he is connected with the Independent Order of Odd Fellows and is
also a Knight Templar Mason and a Shriner.

FARMERS SAVINGS BANK .
Lakeport.
The Farmers Savings Bank of Lakeport, incorporated December 8,
1874, was organized October 30, 1874, by J. H. Renfro, D. Q. McCarty,
George Tucker, Ralph Nichols and A. A. Ritchie with a capital of one
hundred thousand dollars. The original directors were R. S. Johnson,
J. H. Renfro , W. J. Biggerstoff , D. V. Thompson, Lindsay Carson and
D. T. Taylor. The first officers were R. S. Johnson and J. W. Mackall,
who were elected president and cashier, respectively. On the 1st of March,
1875, Lindsay Carson succeeded to the presidency .
H. C. Boggs was
elected president on the 3d of March, 1878 , and remained the executive
head of the institution until his death in September , 1898, when he was
succeeded by his son, J. W. Boggs, who in turn occupied the presidency
until he, too, passed away in February, 1920. The last named was succeeded as president by his nephew, F. H. Boggs. Mr. Mackall served as
cashier until his death in 1877, when the office was assumed temporarily
by L. H. Boggs, then vice president.

On the 2d of April, 1888 , W. A.
Thompson was elected cashier, continuing in that official capacity until
his death in 1893. David Williams, his successor, served in the cashiership from May 10, 1894, until his resignation because of ill health in
October, 1909. F. H. Boggs was next chosen cashier, in which capacity
he continued until elected president of the institution in February, 1920,

when he was succeeded in the cashiership by George H. Voss.

The office

HISTORY OF BANKING IN CALIFORNIA

219

of vice president was filled successively by L. H. Boggs, D. V. Thompson,
J. D. Robinson, J. W. Byrnes, S. T. Packwood, Jabez Banks and H. C.
Boggs, the last named passing away in September, 1925. At the time of
the sale of the Farmers Savings Bank of Lakeport to the Liberty Bank of
San Francisco, the official personnel of the former institution was as follows : F. H. Boggs, president ; George H. Voss, secretary and cashier ;
and F. H. Boggs, B. A. Price, W. B. Rantz, Henry Smith and George H.
Voss, directors .
The authorized capital of one hundred thousand dollars was fully paid
up between the years 1900 and 1905. The regular dividend rate for many
years was eight per cent.

The condition of the Farmers Savings Bank in

September, 1925 , is indicated in the following figures :
Capital
Surplus
Undivided profits

$ 100,000.00
40,000.00
47,661.00

705,445.00

Deposits
Assets

893,362.00

On the 18th of October, 1925, the Farmers Savings Bank became the
Lakeport branch of the Liberty Bank of San Francisco, with F. H. Boggs
in charge as manager. It is now the Lakeport branch of the Bank of
Italy National Trust & Savings Association.

BANK OF MENDOCINO.
Ukiah.

The second bank in Ukiah was the Bank of Mendocino, which was
established in the early '70s by William Heeser, Eugene Brown, C. W.
Denslow and others and was a savings bank without capital stock . Its
officers were as follows : Eugene Brown, president ; William Heeser, secretary and cashier ; and C. W. Denslow, treasurer.
The above named
also established an auxiliary commercial bank, known as the Mendocino
Discount Bank, with a capital of about thirty -five thousand dollars. They
built up deposits of about four hundred thousand dollars. Their money
was loaned on farming and timber lands and in the depression of 1893
the institution was closed by the commissioners.
The Mendocino Discount Bank paid depositors in full, but the savings bank paid only about
sixty cents on the dollar.

FIRST NATIONAL BANK OF UKIAH.
The First National Bank of Ukiah was organized January 10, 1874,
as the Bank of Ukiah by John P. Hoffman, A. F. Redemeyer, Alex
McNabb, John F. Todd, John G. Bush, Robert McGarvey and Samuel

220

FINANCING AN EMPIRE

Wheeler, who constituted its first board of directors.

This was the first

bank in Ukiah and opened for business January 24 , 1874 , with an authorized capital of two hundred thousand dollars, of which ten per cent was
paid in, while the balance was paid up within the first year.

Prior to the

opening of the Bank of Ukiah the Bank of Santa Rosa had established
a branch here and had erected the building now occupied by the First
National Bank.
In January, 1876, the Bank of Ukiah purchased the
business and building of the above mentioned branch and increased its
capital to two hundred and fifty thousand dollars, which amount was
reduced to one hundred and fifty thousand dollars in 1914.
In 1917 this institution was converted into the First National Bank
of Ukiah with a capital stock of one hundred thousand dollars and a
surplus of twenty thousand dollars . In the early years of its existence
the bank paid a dividend of twelve per cent, but this was later reduced
to eight per cent and for many years has stood at ten per cent. In addition the men who direct the activities of the institution have increased
its surplus fund to fifty thousand dollars and accumulated undivided
profits of twenty-five thousand dollars . The deposits have steadily increased and on June 30 , 1926, reached one million , fifteen thousand , four
hundred and forty-eight dollars, while the total assets were one million,
two hundred and fifty-eight thousand , six hundred and ninety-six dollars .
The first executives were A. F. Redemeyer, president, and Samuel
Wheeler, cashier. T. B. Bond succeeded Mr. Redemeyer in 1876 and served
until 1879, when John Reed was elected president of the bank.

R. Mc-

Garvey next became its executive head, serving from 1881 until 1901 ,
when his place was taken by Hale McCowen. In 1903 H. T. Hopper was
called to the presidency and has since held that office . Samuel Wheeler
served as cashier until 1906 , when his duties were assumed by W. F.
Thomas, who acted in that capacity until 1917 , and was followed by C. H.
Duncan, the present cashier. F. C. Albertson became vice president in
1912 and has since filled the office . C. H. Duncan was assistant cashier
from 1908 until 1917 and since that time Miss R. E. Gibson has been
assistant cashier , a position which S. E. Mitchell has held since 1924.
The present directors are H. T. Hopper, F. C. Albertson, W. H.

Gibson,

P. W. Handy, and J. A. Redemeyer, a son of the first president of the bank.

HENRY T. HOPPER.
Henry T. Hopper , president of the First National Bank of Ukiah, has throughout
his entire life enjoyed the advantages and the opportunities of California. He is a
native of Sonoma county, born July 28 , 1860 , and is a son of Thomas Hopper , who
was a pioneer settler of that county and one of the incorporators of the Santa Rosa
Bank. In the fall of 1890 , Henry T. Hopper removed to Mendocino county, where
he has since been extensively engaged in ranching , and his wisely directed interests in
that connection have brought him substantial success. In 1880 he became a director of
the Bank of Ukiah, now the First National Bank, and in 1903 was elected to the
presidency, since which time he has devoted his attention largely to the conduct of the
bank and the results attained have been most gratifying.

HISTORY OF BANKING IN CALIFORNIA

221

CHARLES H. DUNCAN.
Charles H. Duncan, cashier of the First National Bank of Ukiah , was born in
Tuolumne county, California, but came to Mendocino county when eleven years of age.
His identification with banking interests dates from October, 1903 , when he entered
the Bank of Ukiah as bookkeeper, serving in that capacity until 1908, when he was
made assistant cashier, continuing to fill that position until 1914, when he was elected
to the cashiership. He has since continued active in the management and control of
the bank and his long experience, combined with his thoroughness and systematic
methods, has been an element in the success of the institution . He is also a director of
the Industrial Finance Company of Ukiah nor has he been neglectful of public duties ,
at all times faithfully meeting his responsibilities and obligations as a citizen. He is
an active member of the Ukiah Chamber of Commerce and formerly served for eight
years as a clerk of the Mendocino State Hospital , while previously he had held nearly
every position in the courthouse, at all times discharging his duties with promptness
and fidelity. He is an interested and helpful member of the Knights of Pythias, in
which he is serving as trustee, and he has membership relations with the Woodmen of
the World and the Independent Order of Foresters.

SAVINGS BANK OF MENDOCINO COUNTY .
Ukiah.
The Savings Bank of Mendocino County in Ukiah has had a prosperous existence covering about a quarter of a century.

It was incorporated

November 28 , 1903 , with an authorized capital of fifty thousand dollars,
of which twenty-five thousand dollars was paid in. Its organizers were
A. F. Redemeyer and J. M. Mannon and the business was started December 10, 1903 , with J. H. Barker in charge as president, J. M. Mannon as
vice president and secretary and A. L. Tracy as cashier. Mr. Barker
resigned to remove to San Francisco, February 25, 1914 , at which time
J. M. Mannon was elected to the presidency, with J. L. McCracken as
vice president.

A. F. Redemeyer, J. M. Mannon, J. H. Barker, J. L.

McCracken and Dr. George W. Stout composed the first board.

Mr. Rede-

meyer died early in 1904 and was succeeded by his son Otis as a director,
but the latter passed away in August, 1923, when his position was filled
by Charles M. Mannon. When Mr. Barker resigned in 1914 he was succeeded as a director by A. L. Tracy.

Two years after the organization

the remainder of the authorized capital was called and paid in and on the
1st of July, 1920 , the capital stock was increased to seventy-five thousand
dollars.

On the 2d of September, 1925, the bank received authorization

to raise the capital to one hundred and fifty thousand dollars, of which
one hundred thousand dollars was paid in . The first increase was made
by additional stock subscription and the second increase from the earnings of the bank.

In addition they paid a six per cent dividend regularly

until January, 1921 , when this was increased to eight per cent and in
January, 1922, to ten per cent. The surplus is twenty-five thousand dollars and undivided profits thirty-six thousand, nine hundred and eighteen
dollars.

On June 30, 1926 , their deposits were nine hundred and twelve

thousand, four hundred and eighty dollars and assets one million, two

FINANCING AN EMPIRE

222

hundred and twenty-one thousand , nine hundred and fifty-one dollars .
A modern bank and office building was erected in 1915 at a cost of thirtytwo thousand dollars, including ground and equipment, and is now carried on the books at twenty-four thousand, two hundred and fifty dollars.
William Bromley has been the assistant cashier since November 3,
1915, and its present officers are : Charles M. Mannon, president ; J. L.
McCracken, vice president ; A. L. Tracy, cashier ; and William Bromley,
assistant cashier . The members of the board of directors are, J. L. McCracken, A. L. Tracy, and Dr. George W. Stout.
A creditable position in financial circles was that occupied by James
M. Mannon, formerly president of the Savings Bank of Mendocino County
at Ukiah . He was born in Brown county, Ohio, April 9, 1847 , and was
a son of Robert and Eliza ( McFerson ) Mannon . He attended the Russellville high school, the Booneville Academy and the National University
and thus acquired a liberal education well fitting him for life's responsi⚫bilities and duties .

The year 1873 witnessed his arrival in California,

at which time he located in San Luis Obispo county, there engaging in
various business pursuits and also studying law. In 1881 he came to
Ukiah, where he entered upon the active practice of his profession , but
after the organization of the Savings Bank of Mendocino County in 1904
he gave his attention principally to that institution, acting as vice president until 1914 and then as president until his death, which occurred
October 2 , 1926.

At one time he served as district attorney of Mendo-

cino county, having been elected in 1886 , and in 1896 he was chosen for
the office of superior judge, serving on the bench for one term.

He was

a Mason and a Shriner and also belonged to the Independent Order of
Odd Fellows and the Knights of Pythias. He had two sons : James M.,
Jr., of San Francisco ; and Charles M. , of Ukiah .
the practice of law.

Both are engaged in

J. L. McCracken, vice president and a director of the Savings Bank
of Mendocino County, is a retired farmer making his home in Ukiah.
Dr. George W. Stout, secretary and director of the bank, has been a
practicing physician here for more than forty years .
Arthur L. Tracy, director and cashier, has been identified with the
bank in his present official position since its organization .
Charles M. Mannon , now president of the Savings Bank of Mendocino
County, is a son of James M. Mannon and a practicing attorney of Ukiah.
He is also a director of the Coast National Bank of Fort Bragg, the Bank
of Willits and the First National Bank of Willits .

BANK OF WILLITS .
The Bank of Willits, a commercial and savings institution situated
in Willits , Mendocino county, was incorporated April 11 , 1904 , with a
paid-up capital of fifty thousand dollars and opened its doors for business
on the 2d of May following, at which time its affairs were in the hands of

HISTORY OF BANKING IN CALIFORNIA

223

P. N. Lilienthal, manager of the Anglo Californian Bank, who became
president of the new institution , W. A. S. Foster (vice president ) , P. I.
Lancaster (secretary) and W. H. Baechtel (treasurer and cashier ) . The
original directors, in addition to the officers, were A. J. Fairbanks , Gor.
don Baechtel, Luther Redemeyer and J. S. Rohrbough. Upon the death
of P. N. Lilienthal in 1906 , W. A. S. Foster was elected to the presidency
and has since served in that office, while W. H. Baechtel has been both
vice president and cashier . In addition to paying regular dividends after
the first three years, ranging from six to twelve per cent, the bank has
accumulated a surplus of fifty-four thousand dollars and undivided profits
of seven thousand, five hundred and fifty-six dollars. On June 30, 1926 ,
the deposits amounted to six hundred and sixty-four thousand and eightythree dollars and eighty cents and its resources to seven hundred and
seventy-five thousand , six hundred and forty dollars and thirty-two cents.
In 1912 they erected a modern banking house at an approximate cost of
fifteen thousand dollars, now carried on their books at seven thousand
The present directors are W. A. S. Foster, W. H. Baechtel,
dollars .
Charles M. Mannon, G. A. Smart and R. C. J. Ritschel .
W. A. S. Foster, president of the Bank of Willits, is a son of A. W.
Foster, of San Francisco. For more than a quarter of a century he has
resided in Willits and with business affairs of this section has been closely
and prominently identified , being now vice president and manager of the
Northwestern Redwood Company, president of the Willits Mercantile
Company and president of the First National Bank of Willits.
William H. Baechtel, vice president and cashier of the Bank of Willits, was here born and from 1888 until 1896 was engaged in merchandising, while later he became interested in stock raising. Since the organization of the bank in 1904 he has devoted his attention to its conduct and
his close application, thoroughness and sound judgment have featured
largely in its success. He is also secretary-treasurer and a director of
the First National Bank of Willits .

FIRST NATIONAL BANK.
Willits .
The First National Bank of Willits was organized in 1914, with paidin capital of fifty thousand dollars, and opened its doors for business in
September of that year as the Willits Commercial Bank. In December,
1919, it was nationalized with the same capital. The institution has paid
dividends of six per cent per annum as a rule and has accumulated a surplus of forty- eight hundred dollars and undivided profits of three thousand dollars . Deposits now amount to three hundred and two thousand,
one hundred and eighty-six dollars, while resources total four hundred
and eleven thousand dollars . In 1914 the institution erected a modern

224

FINANCING AN EMPIRE

bank building at an approximate cost of eighteen thousand dollars, including ground and equipment, which is now carried on the books at eleven
thousand, five hundred dollars .
The first officers were as follows : W. T. Saxon , president, G. A. Smart,
vice president ; and H. B. Ramsey, cashier.

The last named was suc-

ceeded late in 1921 by G. A. Smart, who served in the cashiership for a
few months and then gave place to Max H. Haskett, who had served in
the capacity of assistant cashier since March 1 , 1920.

The members of

the original board of directors were W. T. Saxon, G. A. Smart, H. B.
Ramsey, H. L. Preston and T. E. Simonson .
assistant cashier since March 1 , 1920.

Leta L. Noonan has been

In June, 1922, the control of the institution was purchased by another
group of men, and at this writing

( 1927 ) the officers are as follows :

W. A. S. Foster, president ; C. M. Mannon, vice president ; M. H. Haskett,
cashier ; W. H. Baechtel, secretary and treasurer ; and Leta L. Noonan,
assistant cashier. The present directors are W. A. S. Foster, C. M. Mannon, W. H. Baechtel, G. A. Smart and R. C. J. Ritschel.

FIRST NATIONAL BANK.
Merced.
A newcomer in the banking field is the First National Bank, in
Merced, which was opened for business January 14, 1927, with a capital
of $ 100,000 , the deposits on that day amounting to $ 102,000 . The officers
from the beginning have been William J. George, president ; W. R. Ford,
vice president ; and J. M. Anderson, cashier.

THE BANK OF CARMEL .

The Bank of Carmel, located on Ocean avenue, Carmel , was organized
May 16, 1923 , by B. J. Segal, and was opened for business July 23, 1923,
having an original capital of twenty-five thousand dollars. The officers
at the time of organization are still serving in their respective capacities,
being T. A. Work, president ; C. O. Goold , vice president ; B. J. Segal,
secretary and cashier ; and C. L. Berkey, assistant secretary and assistant cashier.
The business of the bank is derived from Carmel, Carmel highlands,
Carmel valley and Pebble Beach. Its report of condition as of March 23,
1927, gave the total combined resources as five hundred and eighty- seven
thousand ninety dollars and fifty-two cents .

225

HISTORY OF BANKING IN CALIFORNIA

BANK OF PACIFIC GROVE .
The Bank of Pacific Grove was organized , with a capital of fifty thousand dollars, by O. S. Trimmer, H. S. Ball , J. H. Osborn, A. Banta, B. A.
Eardley and George W. Eckhardt of Pacific Grove, and T. J. Field, Charles
D. Henry and M. M. Gragg of Monterey.
It was opened for business
January 1 , 1904, in temporary quarters, the first days' deposits amounting to twenty-five thousand dollars, and on July 1 was moved into its new
building.

It was originally officered by O. S. Trimmer, president ; Charles

D. Henry, vice president ; George W. Eckhardt, cashier, secretary, treasurer ; and B. A. Eardley, assistant cashier ; while the present officers are
as follows :

E. S. Johnston , president ; M. M. McPherson, vice president ;

and George W. Eckhardt, cashier.

The development of the business of

the institution has resulted largely from the efforts of O. S. Trimmer,
Charles D. Henry, T. J. Field , M. M. Gragg, H. S. Ball, Paris Kilburn,
George W. Eckhardt, A. J. Macnab, E. S. Johnston and M. M. McPherson.
The Bank of Pacific Grove derives its business from all parts of the
Monterey peninsula and the Pebble Beach area, most of it, however, being
drawn from Pacific Grove and the Asilomar section .

The following table

of deposits indicates the excellent growth of the institution :
June 30, 1910.
$ 322,000
June 30, 1918 .
476,000
1,088,000

June 30 , 1923__.
June 30, 1927-

1,273,000

BANK OF NAPA.
The Bank of Napa, located at the northwest corner of Main and Second
streets in Napa , was organized September 14, 1871 , by J. F. Zollner, W. C.
Wallace, C. Hartson, Edward Stanly, William H. Nash, R. H. Sterling,
E. L. Sullivan, A. B. Walker, W. W. Thompson, G. M. Fisher, R. B. Woodward, Henry L. Davis, Thomas H. Thompson , I. N. Larimer, John Lawley,
D. McDonald and D. L. Haas.

The authorized capital was two hundred

and fifty thousand dollars , of which two hundred thousand dollars was
subscribed. The first officers of the institution were : C. Hartson, president ; and W. C. Watson, secretary and cashier .

The men who have fig-

ured most prominently in the building up and expansion of the business
of the bank are C. Hartson , S. M. Chapman and Henry Brown .

The pres-

ent officers are as follows : Henry Brown , president ; R. L. Brown, vice
president ; Frank E. Trubody, cashier ; and R. S. Holden, assistant cashier.
In furnishing funds for the agricultural and manufacturing community
in which it is located, the Bank of Napa is steadily expanding its business. Present condition and prospects are reported good.

226

FINANCING AN EMPIRE
The institution began business on the 2d of October, 1871 , on which

date the deposits were nine thousand , two hundred and twenty dollars ,
representing twelve depositors.

Its report of condition at the close of

business on the 23d of March, 1927, showed paid-in capital of one hundred and fifty thousand dollars , surplus and undivided profits totaling
two hundred and fifty-two thousand , three hundred and twenty-eight dollars and seventy-one cents and resources amounting to two million, one
hundred and six thousand , four hundred and sixty-five dollars and twentyfour cents .

FIRST NATIONAL BANK
Napa.
The First National Bank of Napa was organized February 11 , 1904 ,
by H. P. Goodman, E. L. Bickford, J. A. McClelland, C. E. Trower and
D. S. Kyser with a capital of fifty thousand dollars, paid in . The opening
date was July 1 , 1904, and the first officers and directors were as follows :
H. P. Goodman ( president ) , formerly vice president of the J. A. Goodman
& Company Bank ; J. A. McClelland (vice president ) , formerly director
of the J. A. Goodman & Company Bank ; E. L. Bickford ( cashier ) , formerly cashier of the Commercial & Savings Bank of Napa ; and C. A.
Kather, assistant cashier .
H. P. Goodman, who was elected chairman of the board on January 11 ,
1921 , was succeeded in the presidency by E. L. Bickford. J. A. McClelland,
who died November 23, 1919, was succeeded as vice president by D. A.
Dunlap, who died April 7 , 1923 , being succeeded by Charles E. Trower.
E. L. Bickford, who was elected president on January 11 , 1921 was succeeded as cashier by C. A. Kather . The last named , who was elected cashier
on January 11 , 1921 , was succeeded in the capacity of assistant cashier by
B. C. Corlett. H. S. Davis , formerly cashier of the Napa Savings Bank,
was elected assistant cashier on January 9, 1917.
The original capital of fifty thousand dollars was increased in January, 1917 , to one hundred thousand dollars and in February, 1925 , to
one hundred and fifty thousand dollars .

The original surplus of fifteen

thousand dollars was increased in January, 1917, to fifty thousand dollars and in February, 1925 , to one hundred thousand dollars. The following table indicates the steady growth in deposits :
1904

1908

146,506
485,585
604,114

1910
1912

658,190
834,411

1914

1,041,844

1906

HISTORY OF BANKING IN CALIFORNIA

1916

227

$ 1,497,115
1,936,633

1918
1920
1922

2,572,834

1924

2,743,326
3,034,471

1925
1926

3,590,507

3,105,148

The First National Bank of Napa has remained on the site on which
it was established- the northeast corner of First and Brown streetssince 1904.

The old building was razed in July, 1916, and the new build-

ing occupied May 7, 1917.
The First National Bank of Napa is an independent home bank, owned
and entirely controlled by Napa people. Its officers and directors are as
follows : H. P. Goodman, chairman of board ; E. L. Bickford , president ;
Charles E. Trower, vice president ; Charles A. Kather, cashier ; H. S. Davis,
assistant cashier ; and B. C. Corlett, assistant cashier . The members of
the board of directors are E. L. Bickford, Charles E. Trower, J. C. Fawver,
H. P. Goodman, E. G. Manasse, W. Bamburg and C. A. Kather.
Below is the statement of the First National Bank of Napa on June 30,
1926 :
ASSETS.
Loans and Discounts .
Overdrafts
U. S. Bonds and Securities_

$1,865,447.30
912.09
504,468.03

Other Bonds and Securities .

823,047.63

Cash on hand and with banks___ .

643,128.34

Real estate, furniture and fixtures .
Due from U. S. Treasurer_

103,244.89

Total

5,000.00

$3,945,248.28
LIABILITIES.

Capital stock paid in.
Surplus
Undivided Profits
National Bank Notes in Circulation_
Deposits
Total

$ 150,000.00
100,000.00
4,740.31
100,000.00
3,590,507.97

$3,945,248.28

E. L. Bickford, president of the First National Bank, was president
of Group 1 of the California Bankers Association in 1924. He was elected
a member of the executive council of the California Bankers Association
in June, 1924, is a member of the legislative committee of the California
Bankers Association and has been a member of the executive council of the
California League of Independent Bankers since organization .

228

FINANCING AN EMPIRE

SEELEY & BICKFORD.
COMMERCIAL & SAVINGS BANK.
Napa
On the 1st of April, 1879, C. B. Seeley and L. A. Bickford organized
a private bank under the title "Seeley & Bickford . "

In 1898 Mr. Seeley

retired and a partnership was formed between L. A. Bickford and E. L.
Bickford to conduct the bank as a private bank under the title "Commercial & Savings Bank."
On the 6th of March, 1903 , following the death of L. A. Bickford, whose
interest in the bank had been assumed by his widow, Addie I. Bickford ,
the Commercial & Savings Bank was incorporated with E. L. Bickford,
A. I. Bickford, E. A. Bickford , A. P. Bickford and A. J. Hull as directors ;
Addie I. Bickford as president ; and E. L. Bickford as cashier.

The insti-

tution was capitalized for twenty-five thousand dollars .
On the 11th of February, 1904, the stockholders of the Commercial &
Savings Bank and others organized the First National Bank of Napa, and
transferred to the latter the commercial business of the Commercial &
Savings Bank.

The First National Bank of Napa was organized with a

capital of fifty thousand dollars, and H. P. Goodman was elected president, while E. L. Bickford became cashier of the institution . The Commercial & Savings Bank was thereafter conducted as a savings bank, with
D. S. Kyser as president and H. S. Davis as cashier.

In 1906 the name

was changed to the Napa Savings Bank.
In 1916 the bank proposed to sell its assets and transfer its deposit
liability to the First National Bank of Napa.

Meeting opposition to this

plan from the then superintendent of banks, the directors decided to liquidate the bank.

Checks were obtained from practically all of the depositors

of the bank transferring their accounts to the First National Bank in
Napa, to which latter bank all of the assets were sold .

The small number

of deposit accounts for which withdrawal receipts could not be obtained
were, on the approval of the superintendent of banks, transferred to Bank
of Napa ( a state bank) .
In July, 1917, final dissolution of the Napa Savings Bank was declared .

D. S. Kyser served as president until his death on May 8, 1914 .

E. L. Bickford served as president until January, 1916. D. A. Dunlap
was president until the bank went out of business . E. L. Bickford was vice
president from July, 1904, to January, 1915.
cashier from May, 1904 , to March, 1916.

Hensley S. Davis was

Thomas P. Amoss was cashier

from March, 1916 , until the dissolution of the bank. A. J. Hull, Esq. ,
was counsel for the bank through its whole existence until his death in
April, 1914.

He was the first attorney, so far as we know, to apply the

theory of "joint tenancy" to joint accounts, and to draw a form of agreement between depositors to that end, which was generally adopted by
banks throughout the country.

HISTORY OF BANKING IN CALIFORNIA

229

FIRST NATIONAL BANK IN GRASS VALLEY .
The First National Bank in Grass Valley was chartered September 7,
1923, and opened its doors for business on the 26th of that month with
a capital of fifty thousand dollars and a surplus of five thousand dollars .
It was organized by J. T. Michell, C. B. Johnson , Thomas Ingram and
W. J. Grenfell and its first officers were as follows : Thomas Ingram,
president ; J. T. Michell, vice president ; Burr W. West, cashier ; and
C. C. Carveth, assistant cashier.
Mr. Ingram resigned on account of ill health in June, 1925 , and was
succeeded by J. T. Michell as president, while C. B. Grenfell was elected
vice president and director .
On the 1st of July, 1924 , owing to the
resignation of Mr. West, F. Foster Miles was elected cashier. He continued to serve until August 1 , 1926 , when he was succeeded by William
T. Garland.

The present board of directors consists of J. T. Michell,

C. B. Grenfell , W. J. Grenfell, C. B. Johnson and William T. Garland .
This bank has enjoyed a steady growth and its resources are now approximately a half million dollars.
J. T. Michell, who is the president of the bank, is a native of Grass
Valley and proprietor of the Centennial Market ofthis city.
C. B. Grenfell is an old resident here who has long successfully engaged in the real estate and insurance business.
With the resignation of F. Foster Miles as cashier, taking effect on
the 1st of August, 1926 , William T. Garland, who for some years was
treasurer of Nevada county, assumed the duties of cashier.

F. FOSTER MILES .
Ever actuated by a spirit of progress , F. Foster Miles has steadily advanced since
starting out in the business world , and having concentrated his efforts upon financial
activity, became cashier of the First National Bank in Grass Valley. He is a native
son of Sacramento, California, born in 1892 , and spent his youthful days in the home
of his parents, Mr. and Mrs. Fred C. Miles, while pursuing a public school education.
He began his banking career in 1915 as an employe of the First National Bank of
San Francisco, with which he continued until 1916, when he was transferred to the
Central National Bank of Oakland . During 1917 and 1918 he was with the United
States Signal Corps as radio technical engineer and in the latter part of 1919 became
associated with the Capital National Bank of Sacramento, with which and with other
Alden Anderson banking interests , including the Bank of Lincoln , the Redding National
Bank and the Citizens Bank of Sacramento, he was associated until 1924. In the
last named institution he served as assistant cashier for two years, resigning his position on the 30th of June of that year to enter the First National Bank in Grass Valley
as its cashier and active head. He resigned this office on the 1st of August, 1926 , to
devote his attention to other banking interests but continued as a director. He is also
vice president of the Independent Securities Corporation and a director of the Industrial Finance Company of Nevada and Placer counties. He makes a close study
of every business problem which comes up to him for consideration and in financial
affairs his judgment is seldom, if ever , at fault.
Mr. Miles is a Scottish Rite Mason and a member of Nevada Commandery, K. T. ,
while with the Nobles of Ben Ali Temple of the Mystic Shrine he has crossed the
sands of the desert. He loyally follows the teachings and purposes of the craft and is
ever a faithful citizen, actuated by a public spirit in his devotion to the welfare and
upbuilding of the community in which he resides.
15-VOL. 4

230

FINANCING AN EMPIRE

FIRST NATIONAL BANK .
AMERICAN SAVINGS BANK.
Anaheim .
The First National Bank of Anaheim, the oldest and largest bank in
the city, had its inception in 1893 and has enjoyed a prosperous existence
throughout the intervening period of more than a third of a century.
Its official personnel at the present time is as follows : H. H. Benjamin,
president ; Samuel Kraemer, vice president ; J. G. Hilleary, vice president ;
O. E. Hanson, cashier ; H. L. Jacobson, assistant cashier ; Evan S. Alsip ,
assistant cashier ; and Arthur G. Porter, trust officer. The members of
the board of directors are W. J. Siemann , H. H. Benjamin, Samuel
Kraemer, H. A. Johnston , S. C. Hartranft, Charles Eygabroad, J. G. Hilleary, P. J. Weisel and S. P. Kraemer.
The report of the First National Bank of Anaheim on March 23, 1927,
showed the following figures :

Capital stock
Surplus and undivided profits.
Circulation
Deposits

$ 150,000.00
119,639.42
98,100.00
2,224,703.13

$2,592,442.55
The combined report of the First National Bank and the American
Savings Bank, affiliated institutions, on March 23, 1927, showed :

Combined capital , surplus and profits.
Combined deposits
Combined resources

$ 462,540.73
3,505,069.02
4,065,709.76

On the 12th of July, 1927, the American Savings Bank was merged
with the First National Bank of Anaheim .
The American Savings Bank of Anaheim was organized in 1905 by
Frank Shanby, C. O. Rust, Dr. F. H. Houck, A. Nagel , F. Baum, John
Hartung, Charles Federman , Dr. H. A. Johnston, W. G. Hale, George B.
Miller and B. Dauser, stockholders of the First National Bank of Anaheim . The bank was opened May 22, 1905, with a capital of twenty-five
thousand dollars and the following officers : Frank Shanley , president ;
Drs. H. A. Johnston and F. H. Houck, vice presidents ; and John Hartung ,
secretary and cashier. The capital has been increased to one hundred
thousand dollars and there is now a surplus of sixty-five thousand dollars,
while the resources total more than one million, five hundred thousand
dollars . Frank Shanley , John Hartung, C. E. Holcomb , F. C. Benjamin ,
William J. Siemann , H. H. Benjamin and Samuel Kraemer have exercised
a strong influence in the development of the institution , which is situated
in a growing community and was merged with the First National Bank
of Anaheim on July 12, 1927.

231

HISTORY OF BANKING IN CALIFORNIA

OILFIELDS NATIONAL BANK.
Brea.
The Oilfields National Bank, located at 118 South Pomona street, Brea,
is a comparatively new institution, having been organized October 14,
1926, and incorporated in that month. The original capital was fifty thousand dollars, with a surplus of ten thousand dollars, and it was opened for
business on November 6 , receiving two hundred and seventy-five thousand
dollars in deposits on that day. The first officers are still serving in their
respective capacities . They are : Alonzo H. Brown , president ; Dr. William E. Jackson, vice president ; Walker C. Davis , vice president and cashier ; and R. E. Barnes, assistant cashier.
The bank stresses community development, and its prospects are excellent, its business being derived chiefly from the oil and
interests .

farming

CITIZENS BANK OF GARDEN GROVE .
The Citizens Bank of Garden Grove was organized December 23, 1921 ,
by F. H. Felberg, who became its president, Fred Andres becoming vice
president and R. E. Geren secretary-treasurer and cashier. The original
capital was twenty-five thousand dollars , and the deposits on the opening
day, January 28, 1922, amounted to twenty-six thousand, two hundred
and seventy-two dollars and ninety cents .

Dividends are paid semi-

annually on capital stock at the rate of four per cent. The present officers
are H. A. Lake, president ; M. B. Allen, vice president ; and L. W. Schauer,
secretary-treasurer and cashier, while the board of directors is made up
of C. S. Holt, H. A. Lake, P. N. Larson , L. W. Schauer, P. D. Brady, M. B.
Allen and C. L. Cotant. The efforts of F. H. Felberg, W. T. Lambert,
H. A. Lake and L. W. Schauer have been chiefly responsible for the development of the business, which is derived largely from the agricultural
interests of that section, the products being citrus fruits, walnuts, chili
peppers, sugar beets, etc. Following is the statement of the bank as of
June 30, 1927 :

Loans
Overdrafts
U. S. bonds.

Commercial.

Savings.

Combined.

$ 93,749.90
164.93

$35,395.02

$ 129,145.01
164.93

28,000.00

Bank premises
Due from banks

28,000.00
14,446.55
43,490.34

3,274.30
1,449.18

17,720.85
44,939.52

Cash on hand

11,871.76

2,414.53

14,286.29

$ 191,723.57

$41,083.85

$232,807.42

Total

FINANCING AN EMPIRE

232

Capital stock
Surplus

$ 20,000.00
1,200.00

$ 5,000.00

$ 25,000.00
1,200.00

959.54

408.81

1,368.35

1,000.00

Individual deposits 126,592.10
Other deposits
41,971.93

35,675.04

152,267.14
41,971.93

$41,083.85

$232,807.42

Undivided profits_
Dividends unpaid_

Total

$ 191,723.57

FIRST NATIONAL BANK.
Newport Beach .
The First National Bank, located on the corner of Twenty-second street
and Ocean avenue in Newport Beach, where it has always maintained
.
its headquarters, was formerly the State Bank of Newport.
It was
organized in 1906 by Lew H. Wallace , Joseph Ferguson , John King, W. W.
Wilson and S. Townsend, and the first day's deposits, October 22 , 1906 ,
amounted to seven hundred and seventeen dollars and seventy-three cents .
The original capital was twenty-five thousand dollars, of which twelve
thousand five hundred dollars was paid in.

The official personnel at that

time consisted of S. Townsend , president ; A. J. Wallace, vice president,
and Lew H. Wallace, secretary and cashier. The last named is now president, while C. H. Way and J. O. Downing are vice presidents, George P.
Wilson is cashier, and F. L. Couper is assistant cashier. Lew H. Wallace,
S. Townsend and W. W. Wilson have been the most prominent factors in
the upbuilding of the business .
The bank has enjoyed a gradual, steady growth and its present condition and prospects are good, its business being drawn from the general
commercial business of the community and the resort and fishing indusThe town expects to develop a commercial port and the indications
point to a fast industrial growth.

tries.

FIRST NATIONAL BANK OF ORANGE .
NATIONAL BANK OF ORANGE .
The National Bank of Orange, which was consolidated July 1 , 1927,
with the First National Bank of Orange under the latter name and which
is located at the northeast corner of Plaza and East Chapman streets in
the town of Orange, was incorporated November 27 , 1886 , with a capital
of twenty-five thousand dollars . Its first officers were as follows : Noah
Palmer, president ; Jesse H. Arnold, vice president ; and George J. Mosbaugh, cashier. Credit for the steady growth and continued success of
the institution is largely due J. R. Porter, who became cashier in 1895
and has been its active head to the present time.

HISTORY OF BANKING IN CALIFORNIA

233

The condensed statement of the National Bank of Orange on March 23,
1927, showed the following figures :

Capital stock
Surplus and undivided profits
Circulation
Rediscounts
Reserve for real estate

$ 150,000.00
69,565.21
98,550.00
72,650.00

10,000.00
852,606.83

Deposits

$ 1,253,372.04
The condensed statement of the Orange Savings Bank (affiliated with
the National Bank of Orange ) , on March 23, 1927, showed the following
figures :

Capital stock
Surplus and undivided profits

$ 50,000.00
101,856.22

735,844.16

Deposits
Resources

887,700.38

The official personnel of the National Bank of Orange prior to its consolidation with the First National Bank of Orange was as follows : F. L.
Ainsworth, chairman of the board ; J. R. Porter, president ; K. E. Watson,
vice president ; Willard Smith, active vice president ; F. M. Gulick, cashier ;
B. J. Fletcher, assistant cashier ; F. T. Goode, assistant cashier ; and F.
L. Ainsworth, J. R. Porter, K. E. Watson, Willard Smith, D. C. Pixley,
F. C. Drumm, L. W. Evans , R. W. Jones and P. W. Ehlen, directors .
The officers of the First National Bank of Orange, with which the
National Bank of Orange was consolidated on July 1 , 1927, are as follows :
F. L. Ainsworth, chairman of the board of directors ; N. T. Edwards,
president ; K. E. Watson, vice president ; E. W. Bollinger, vice president ;
D. F. Campbell, vice president ; Willard Smith, vice president ; W. F.
Kogler, cashier ; B. J. Fletcher, assistant cashier ; Roy Edwards, assistant
cashier ; F. T. Goode, assistant cashier ; and E. Granger, assistant cashier.
The present officers of the Orange Savings Bank, with which the
Security Savings Bank of Orange was merged July 1 , 1927 , are as follows :
W. D. Granger, chairman of the board of directors ; H. L. Haynes , president ; Fred Struck, vice president ; J. R. Porter, vice president ; E. W.
Bollinger, vice president ; F. M. Gulick, cashier ; and B. S. Brubaker,
assistant cashier.

ORANGE SAVINGS BANK.
On July 1 , 1906 , the Orange Savings Bank was opened for business ,
with a capital of $ 25,000 , having been organized by the stockholders of
the National Bank of Orange. The first officers were D. C. Pixley , president ; P. W. Ehlen, vice president ; and J. R. Porter, secretary and cashier,

234

FINANCING AN EMPIRE

while the present official roster is as follows :

H. L. Haynes, president ;

J. R. Porter, Fred Struck and E. W. Bollinger, vice presidents ; and F. M.
Gulick, cashier and secretary.

The Orange Savings Bank is expanding

its business by absorbing the Security Savings Bank.

Capital and surplus

aggregate $200,000 , while deposits amount to $ 1,419,521.51 .

FIRST STATE BANK .

San Juan Capistrano .
The First State Bank of San Juan Capistrano, the only financial institution in the town, was incorporated and opened February 9, 1924 , by
F. F. Rogers, who served as its president until his death in 1925. His
successor, C. W. Knight, who was the first vice president, has remained
at the head of the institution to the present time.

J. G. Cash, the first

cashier, was succeeded in 1925 by Albert Pryor, who in 1926 was succeeded by Fred L. Jones . The original directors were J. H. Shreve, J. G.
Cash, F. F. Rogers, C. W. Knight, C. S. Hutson, Dr. Post and R. W.
Whitaker.

The official personnel of the First State Bank at the present

time is as follows :

C. W. Knight, president ; R. W. Whitaker, vice presi-

dent ; Albert Pryor, vice president ;

and Fred

L. Jones, cashier and

manager .
The report of the First State Bank of San Juan Capistrano on July 11 ,
1927, shows the following figures :

Capital
Surplus
Undivided profits

$ 25,000.00
1,250.00

1,503.28
Deposits (commercial, savings and public funds) 241,692.53

Total resources

$284,634.01

THE FARMERS & MERCHANTS SAVINGS BANK OF SANTA ANA.
The Farmers & Merchants Savings Bank of Santa Ana is the result of
an amalgamation formed in July, 1919, taking in the Santa Ana Savings
Bank and the Home Savings Bank of Santa Ana, by the same interests
that control the First National Bank of Santa Ana. The original capital
was one hundred and fifty thousand dollars, with a surplus of fifty thousand dollars, and it began business with deposits of one million, five hundred thousand dollars and assets of one million, seven hundred thousand
dollars, after the consolidation was effected .

It was first located at Fourth

and Main streets, but since January, 1925, has been doing business at
Fourth street and Broadway. The first officers were W. A. Huff, president ; A. J. Crookshank, vice president ; Alex . Brounridge , cashier and
secretary, and E. P. Stafford and J. H. Metzgar, assistant cashiers, which
list remains the same except that W. B. Tedford is now vice president.

HISTORY OF BANKING IN CALIFORNIA

235

The men most prominent in the activities of the bank have been W. A.
Huff, A. J. Crookshank, W. B. Tedford, W. B. Williams and Alex . Brounridge.
The expansion of the savings department of the bank is being particularly stressed . The business is increasing at a satisfactory rate, being
derived from Orange county, which is prosperous and progressive, and
1927 will be the banner year.
Condensed statement of condition of The Farmers & Merchants Savings Bank June 30, 1927 :
RESOURCES .
Loans and discounts
U. S. bonds

$2,673,729.07

Furniture and fixtures

13,000.00
153,101.79
25,690.61

Safe deposit vault
Cash and due from banks.

308,417.74

Other bonds

8,311.59

Total

$3,182,250.80

THE FIRST NATIONAL BANK.
Santa Ana.
The First National Bank of Santa Ana was organized May 15, 1886 ,
by M. M. Crookshank and A. J. Crookshank with a capital of fifty thousand dollars.
Its first officers and directors were as follows :
W. H.
Spurgeon, president ; S. W. Preble, vice president ; M. M. Crookshank ,
cashier ; A. J. Crookshank, assistant cashier ; and W. H. Spurgeon , M. A.
Forster, S. W. Preble, F. C. Howes, D. R. Sterling, C. L. Foster, G. H.
Bonebrake and M. M. Crookshank, directors.
The present officers of
The First National Bank of Santa Ana are :

A. J. Crookshank, president ;

W. B. Williams, vice president and cashier ; W. A. Huff, vice president ;
George S. Briggs, vice president ; C. S. Crookshank, vice president ; Frank
J. Was, vice president ; F. E. Farnsworth, vice president ; E. B. Sprague,
vice president ; F. M. Robinson, assistant cashier ; H. L. Hanson, assistant
cashier ; C. M. Rowland , assistant cashier ; F. H. Cloyes, assistant cashier ;
H. C. Chaney, auditor ; and C. L. Pritchard , trust officer. The members
of the board of directors are A. J. Crookshank, C. S. Crookshank, Frank
J. Was, W. G. Mitchell, Robert M. Simon , W. B. Williams, George S.
Briggs, C. D. Ball, W. A. Huff, C. E. Parker, O. H. Barr, George S. Smith
and Sam W. Nau.
The bank has conducted business successively at the southeast corner
of Broadway and Fourth street in Santa Ana, at 116 West Fourth street,
at the northwest corner of Fourth and Main streets, and at the southwest
corner of Fourth and Main streets , its present location.
The first report of condition of The First National Bank,

made

FINANCING AN EMPIRE

236

August 27, 1886, showed loans and discounts of twenty-six thousand, three
hundred and thirty-nine dollars and eighty-one cents and deposits amounting to twenty thousand, eight hundred and forty-four dollars and two
cents . The following comparative table of deposits indicates the steady
growth of the business :
$

December 31 , 1886
December 31 , 1906

89,019.58

1,153,039.00
9,978,337.30

December 31, 1926

Eighty-odd employes are today required to handle the business of the
bank, the development of which spans the years from the beginning when
the two Crookshanks, father and son, were personally able to serve the
banking needs of business and commerce of Santa Ana. Since its inception, its policy has been to serve agriculture, to be a commercial bank, to
render the greatest amount of service to the greatest number consistent
with good banking. Underlying all activities has been a dominant conservatism, and the bank's successful growth and wide influence attest the
prudence of its course.

The erection of its present six-story building at

the southwest corner of Fourth and Main streets was begun on the 1st
of May, 1923. The cost of the building and equipment was four hundred
and fifty thousand dollars, the fixtures and equipment representing an
outlay of one hundred and fifty thousand dollars.
The First National Bank of Santa Ana merged with the Farmers and
Merchants National Bank in February, 1919, increasing resources from
about four million dollars to over six million dollars . The capital stock
was increased from fifty thousand dollars to seventy-five thousand dollars
in June, 1887 ; to one hundred and fifty thousand dollars in June, 1888 ;
to two hundred thousand dollars in June, 1904 ; to three hundred thousand dollars in May, 1912 ; to five hundred and fifty thousand dollars in
February, 1919 ; and to seven hundred and fifty thousand dollars in
January, 1923.
Condensed statement from report to comptroller June 30 , 1927 :
RESOURCES .
Loans and discounts
Overdrafts
U. S. bonds
Stocks, bonds and securities
Stock in Federal Reserve Bank.
Furniture and fixtures
Safe deposit vaults
Other real estate
Five per cent Redemption Fund.
Uncollected accrued interest
Cash and due from banks.

Total

$ 7,477,432.19
1,623.70

500,556.20
1,018,085.12
30,000.00
111,799.14
43,000.00
114,762.95

25,000.00
78,703.59

1,859,322.89

$ 11,260,285.78

HISTORY OF BANKING IN CALIFORNIA

237

The Farmers and Merchants is owned by the stockholders of The First
An
National Bank, and operates closely with the parent institution .
interlocking directorate is represented by W. A. Huff, W. B. Williams
and A. J. Crookshank.
The men who built up the business of The First National Bank of
Santa Ana were M. M. Crookshank and his sons, A. J. Crookshank and
C. S. Crookshank.
Since September, 1917, when W. B. Williams succeeded C. S. Crookshank as cashier, he, too, has borne a large part in
the growth and expansion of the business of the institution . The business
of the bank is being largely developed through the trust department and
patronage is derived from the southern part of Orange county.

CALIFORNIA STATE BANK.
Seal Beach.
The California State Bank of Seal Beach, an institution devoted to
the upbuilding and interests of western Orange county, is under the
capable control of the following officers and directors :
W. D. Miller,
president ; J. C. Ord, vice president ; Job J. Denni , vice president ; C. A.
Miller, cashier ; Nelson McCook, W. J. Towner, J. A. Graham and E. J.
Hughes, directors . Every branch of the banking business, including commercial, savings and escrow, is extended to patrons .
The California State Bank of Seal Beach is an independent financial
institution , catering to and fostering business enterprises and home building in the western section of Orange county. In its statement of condition at the close of business December 31 , 1926 , the bank showed total
resources of two hundred thousand, five hundred and sixty-nine dollars
and twenty-five cents.

FIRST NATIONAL BANK .
CENTRAL BANK OF CALIFORNIA.
Auburn.
The town of Auburn, Placer county, has been fortunate in having
among its business institutions two such powerful and influential banks
as the First National Bank and the Central Bank of California, which
have had a large and salutary effect in the promoting of the commercial
development of the community .

The First National Bank was organized

in August, 1908 , by G. W. Brundage, with a capital stock of twenty- five
thousand dollars , all of which was paid in .
were as follows :

The first officers and directors

A. Shadbolt, president ; Walter F. Jacobs, vice presi-

dent ; G. W. Brundage, cashier ; S. G. Watts, J. B. Landis , B. B. Deming
and J. E. Walsh . In January, 1915 , they were as follows : E. T. Robie,
president ; W. F. Jacobs, vice president ; G. W. Brundage, cashier ; J. B.

FINANCING AN EMPIRE

238

Landis, J. E. Walsh, S. G. Watts and L. Dolly.
official roster was as follows :

In January, 1920 , the

E. T. Robie, president ; W. F. Jacobs,

vice president ; G. W. Brundage, cashier ; J. E. Walsh, L. Huntley , J. B.
Landis and S. G. Watts, while the present officers and directors are : J. E.
Walsh, president ; W. F. Jacobs, vice president ; Dr. Robert A. Peers, vice
president ; G. W. Brundage, cashier ; H. T. Dyer, S. G. Watts and L. F.
Klumpp ; J. G. Walsh and Paul G. Oehler are assistant cashiers . Thus
the presidents, in order of succession, have been A. Shadbolt, from
organization to October, 1908 ; W. F. Jacobs, to April, 1909 ; E. T. Robie,
to January, 1922 , since which date J. E. Walsh has been at the head of
the bank. On November 12, 1919, the capital of the First National Bank
was increased to fifty thousand dollars.
The Central Bank of California had its genesis in the Placer Loan
Company, which was organized in 1898 , by E. T. Robie, a lumber man
of Auburn, who was its first president. It had a paid- in capital of fifty
thousand dollars, and its place of business was maintained in the office of
the Auburn Lumber Company until it was merged into the Auburn Savings Bank in 1910.

The savings department of the First National Bank

became so important that it could not be well handled under the national
banking laws, whereupon the Auburn Savings Bank was organized and,
instead of putting in new capital, the Placer Loan Company was renamed
as the Auburn Savings Bank, in October, 1910. The first officers and
directors of this bank were as follows :

E. T. Robie, president ; J. H.

Robie, vice president ; L. Huntley, secretary ; George P. Collins and C. H.
Slade.

E. T. Robie served as president until January, 1922 , when he

was succeeded by the present president, J. E. Walsh.

Mr. Huntley is

still the secretary. J. H. Robie served as vice president until 1914 , being
succeeded by L. Huntley, who in 1922 was succeeded by Dr. Peers.. G. W.
Brundage has served as cashier continuously throughout the history of
the bank . In the spring of 1922 the capital of the Auburn Savings Bank
was increased to one hundred thousand dollars, and in the spring of 1923
its name was changed to that of the Central Bank of California , in order
to take care of branch bank operations. The control of the First National
Bank of Auburn and the Central Bank of California is held by the Central
California Corporation, a California corporation, which also owns voting
control of the Central California Corporation, a Delaware corporation,
which is a finance concern, interested in several different enterprises .
This is said to be the only arrangement of this kind to be found outside
of the large cities .

The Central Bank of California has a record of having

paid dividends continuously since the organization of the Placer Loan
Company, which paid a dividend at the end of its first year. The First
National Bank has paid dividends regularly, with one exception, since the
close of the first six months of its third year, the present rate for both
banks being twelve per cent.

Both Central California Corporations have

paid dividends since their first year. The total number of stockholders in
all of these corporations is one hundred and five. The present officers
and directors of all of the companies are as follows : J. E. Walsh, presi-

HISTORY OF BANKING IN CALIFORNIA

239

dent ; Dr. Robert A. Peers, vice president ; G. W. Brundage, cashier ; L.
Huntley, secretary ; C. H. Slade. The assistant cashiers are as follows :
At Auburn, J. G. Walsh and P. G. Oehler ; at Colfax, A. C. Weaver, manager, and J. F. Lange ; at Truckee, C. B. White, manager ; at Newcastle ,
The branch bank at Colfax was established in
L. Huntley, manager.
January, 1922 ; the branch at Truckee, on June 4, 1923, and the branch
at Newcastle, on June 25, 1923.
The story of the growth of the First National Bank of Auburn, the
Central Bank of California and the Central California Corporations is
well told in the following statement of total combined resources, as of
December 31st of each year : 1908, $ 84,985 ; 1909, $ 113,013 ; 1910,
$125,630 ; 1911 , $ 254,719 ; 1912 , $ 384,067 ; 1913, $461,251 ; 1914 , $ 454,579 ;
1915, $ 464,971 ; 1916 , $ 589,229 ; 1917 , $ 627,220 ; 1918 , $ 678,367 ; 1919 ,
$854,697 ; 1920 , $ 1,207,711 ; 1921 , $ 1,092,041 ; 1922 , $ 1,665,488 ; 1923 ,
$ 1,924,679 ; October 2, 1924, $ 2,567,398.

G. W. BRUNDAGE .
In the history of the First National Bank of Auburn , the Central Bank of California and the Central California Corporation, all of Auburn, Placer county, no one
person has had a more effective part in promoting their success than G. W. Brundage,
who has served as cashier of each organization from the date of its inception to the
present time, a fact which in itself stands in marked evidence of the recognition and
appreciation of his splendid services.
Mr. Brundage was born in Kalamazoo, Michigan, in September, 1883, and is a son
of O. W. and Susie E. (Woodhams ) Brundage. After attending the public and high
schools of Kalamazoo , he came to California in 1901 and for two years held a position
in the Central Bank of Oakland, after which he returned east and entered Grinnell
College, at Grinnell, Iowa , where he was graduated in 1907. During the ensuing year
he was with the Citizens National Bank at Des Moines, Iowa, and then came to Auburn,
California, and organized the First National Bank, of which he has since been cashier.
He was a member of the original board of directors of that bank, became a director of
the Auburn Savings Bank in 1914, and is now one of the heaviest stockholders in the
holding company, the Central California Corporation, of which he is now vice president.
In November, 1908 , Mr. Brundage was united in marriage to Miss Pauline Starzinger, of Des Moines, Iowa , and they are the parents of two children : Beatrice , fourteen years of age, and Vincent, nine years old.
In his political views , Mr. Brundage has been an ardent republican and has taken
an active part in public affairs, having served as a member of both the county and
state central committees of his party. He is a member of the Ancient Free and Accepted Masons, in which he has taken all the degrees of the York Rite ; the Nobles
of the Mystic Shrine and was worthy grand patron of the Order of the Eastern Star.
A man of marked ability, sterling integrity and strong social qualities, he is deservedly
held in high esteem throughout the community.

PLACER COUNTY BANK.
Auburn.
For four decades the Placer County Bank has stood in its community
like the rock of Gibraltar, solid and substantial, ever commanding the confidence of the people and enjoying a steady and continuous growth, due to

240

FINANCING AN EMPIRE

the wise and conservative management of its officers and directors .

was organized on October 3, 1887, by D. W. Lubeck, Fred D. Adams,
Lieutenant Governor J. H. Neff, N. D. Rideout, A. Huntley and A. Abbott .
The authorized capital was one hundred thousand dollars, of which twenty
thousand dollars was called in on November 1st of that year, the remainder being paid in at a later date. The bank at that time did a commercial
business only, and in the early years of its history it held a considerable
amount of county script.

The first dividend, paid in November, 1894 ,

was at the rate of four per cent on the paid-in capital.

In 1911 the bank

established a savings department, which has been maintained to the present time.
In 1908 the Placer County Bank took over the Bank of Auburn , which
had been organized about 1906 , with a capital stock of twenty-five thousand dollars , and which was located "up town," in the newer part of
Auburn . In October, 1916, the bank bought the Bank of Newcastle, of
which J. F. Cook was made assistant cashier and manager.

The first

location of the Placer County Bank was in the old town, on Commercial
street, between Main and Court streets, where it remained until 1913 ,
when it moved into its present fine bank building, which, with the lot,
represents an investment of nearly thirty-two thousand dollars, while
the fixtures and equipment cost nearly seven thousand five hundred dollars.

In August, 1920, the authorized capital stock was increased to two

hundred thousand dollars, of which one hundred and eighty-five thousand dollars is paid in.
The original officers and directors of the Placer County Bank were
N. D. Rideout, president ; D. W. Lubeck, vice president ; A. Huntley, J. H.
Neff and A. Abbott, while T. J. Nichols was cashier, secretary and treasurer. In 1896 the official roster was as follows : N. D. Rideout, president ; D. W. Lubeck, vice president ; T. J. Nichols, cashier, secretary and
treasurer ; J. H. Neff and H. T. Power. In 1913 they were Alden Anderson, president ; L. M. Francis and W. J. Wilson, Jr. , vice presidents ;
George McAulay, Charles Keena, E. S. Birdsall and F. S. Stevens. The present bank officers are Alden Anderson , president ; W. J. Wilson and George
McAulay, vice presidents ; H. S. Clegg, cashier, secretary and treasurer ;
A. F. Sandrock, assistant cashier and manager of the Bank of Newcastle ;
E. S. Birdsall, assistant cashier ; and Alden Anderson , W. J. Wilson, F. S.
Stevens, H. E. Butler, George McAulay, E. S. Birdsall and Joseph Johnson, directors . The best of harmony has always prevailed among the
directors and stockholders , there never having been a contest in the selection of any director.

The presidents in order of succession have been,

N. D. Rideout , from organization to August, 1907, when he was succeeded by F. C. Lusk, who was followed by Dunning Rideout, who served
until February, 1913, when the present president, Alden Anderson, was
elected. The first vice president, D. W. Lubeck, was succeeded by T. J.
Nichols, after whom L. M. Francis and W. J. Wilson , Jr. , were elected ,
Mr. Francis being succeeded in January, 1919, by George McAulay. The
cashiers have been T. J. Nichols, 1887 to 1898 ; A. L. Smith, to 1907 ;

241

HISTORY OF BANKING IN CALIFORNIA

Grant Cordrey, to August, 1907 ; Pearl T. Smith, to March, 1913 ; George
W. Eckhardt, to March, 1917 ; J. W. Anderson, Jr., to January, 1918 ;
J. S. John, to June, 1918 ; J. E. Seaton, to June, 1921 ; J. A. Raffetto, to
March, 1922, when he was succeeded by the present incumbent, H. S.
Clegg. The resources of the bank at different periods have been as follows : October, 1892 , $ 198,174 ; October, 1896 , $ 264,999 ; October, 1898,
$390,240 ; October, 1901 , $ 476,918 ; January, 1911 , $ 603,061 ; December,
1914 , $ 798,451 ; June , 1920 , $ 1,388,096 ; June, 1924, $ 2,030,193 ; December,
1926, $2,256,171.21.

THE BANK OF LINCOLN .
One of the leading banks of Placer county is The Bank of Lincoln,
which has been in operation for twenty-five years and has been an important factor in the commercial prosperity of that locality.
It was
organized March 31 , 1902 , under the name of Bank of Lincoln , which
name it bore until March 7, 1916 , when it was changed to The Bank of
Lincoln.

The original organizers of the bank were Walter Jansen, A.

Hemphill , A. J. Gladding and J. S. Mariner, all of whom were residents
of Lincoln, and on the formal organization of the company the following
Walter Jansen, president ; J. S.
officers and directors were chosen :
Mariner, vice president ; A. Hemphill, A. J. Gladding and John Haenny.
B. C. Musser was made cashier .

The authorized capital was twenty-five

thousand dollars , of which half was paid in at that time and the remainder
in two years.

In the course of time the surplus accumulated to twenty-

five thousand dollars, in addition to the undivided profits, and with this
the capital was increased to fifty thousand dollars in June, 1912.

On May

25, 1918 , the authorized capital was increased to one hundred thousand
dollars, of which sixty-four thousand dollars has been paid in.
The bank first occupied rented quarters at the northeast corner of
Fifth and G streets, where it remained about ten years, or until 1912 ,
when it moved into its own new building, on the southwest corner of
Fifth and F streets, where it has a well equipped, spacious and up-to-date
banking room . The first dividend, at the rate of six per cent, was declared
July 1 , 1903 , and dividends have been declared regularly since, being now
at the rate of eight per cent. In 1910 the officers and directors were :
W. Jansen, president ; John Haenny, vice president ; A. J. Gladding, J.
Gerber and B. C. Musser, the last named having become a member of the
board in January, 1903. On November 9, 1918, the membership of the
board was increased from five to seven, and in January, 1920, the official
roster was as follows : A. J. Gladding, president ; Hans Andresen, Jr. ,
vice president ; Alden Anderson, B. C. Musser, Kate A. Haenny,
De Golyer and W. V. Hayt. The present officers and directors are :
Musser, president ; W, V. Hayt, vice president ; Alden Anderson,
Andresen, Kate A. Haenny, F. M. Van Dyke and Andy Rasmussen.

J. B.
B. C.
Hans
J. A.

242

FINANCING AN EMPIRE

Bannister is cashier, and Amos Seifert, assistant cashier.

The officers

of the bank have devoted themselves closely to its welfare and have extended every possible courtesy to the business interests of the community,
and it has been so operated as to command the confidence and good will
of the people of this section of the county.

B. C. MUSSER.
Among the men who have by their able and loyal service made The Bank of Lincoln one of the leading and most influential financial institutions in Placer county,
is B. C. Musser, its efficient and capable president. Mr. Musser was born in Stephenson county, Illinois , in 1876 , and is a son of Daniel Musser, who was a farmer by occupation.
B. C. Musser received his education in the public schools of his home neighborhood and then took a commercial course in a business college in Dixon , Illinois. In
1896 he came to California, locating in Escondido , San Diego county, where he entered
the Bank of Escondido as a bookkeeper, eventually becoming assistant cashier. In
1902 he came to Lincoln and became cashier of The Bank of Lincoln , was made a member of the board of directors in January, 1903, and on October 23, 1919 , became vice
president, which position he filled until 1926, when he became president. He gives his
entire time and attention to the interests of the bank.
On May 23, 1907, Mr. Musser was united in marriage to Miss Aileen Sparks, of
Lincoln, and they are the parents of two children, Jeannette and Daniel. Mr. Musser
possesses to a marked degree the essential qualifications of good citizenship and ever
since becoming a resident of Lincoln has manifested a fine interest in the general welfare of the community, which he has endeavored to promote in every possible way. Because of this, as well as for his splendid character, he commands the respect of all who
have come in contact with him.

FIRST NATIONAL BANK.
Roseville.
The First National Bank of Roseville was organized in April, 1921 , by
Alden Anderson and others with a capital of fifty thousand dollars and
Business was
surplus of six thousand, two hundred and fifty dollars.
begun in June, 1921 , under the direction of the following officers :

F. A.

Fiddyment, president ; J. H. Smart, vice president ; and B. W. West,
cashier. On the 30th of June, 1923, the last named was succeeded in the
cashiership by G. C. Brooks , who continued as active head of the institution throughout the remainder of its existence as a unit bank.

The direc-

tors were F. A. Fiddyment, F. L. Farlow, J. H. Smart, M. J. Royer, A. G.
Wolf, J. B. Gibson , J. A. Hill , B. Huskinson and O. F. Saugstad .
The report of the First National Bank of Roseville on December 31 ,
1925, showed the following figures :

Capital stock
Surplus and profits
Circulation
Deposits

$ 50,000.00
10,142.05
50,000.00

364,276.74

$474,418.79

HISTORY OF BANKING IN CALIFORNIA

243

The First National Bank of Roseville was merged with the Liberty
Bank of America and is now the First branch of the Bank of Italy National Trust & Savings Association, with G. C. Brooks in charge as
manager.

ROSEVILLE BANKING & TRUST COMPANY .

The Roseville Banking & Trust Company was organized at Sacramento
in February, 1906 , by A. L. Darrow, with a capital stock of twenty-five
thousand dollars . The first officers and directors, all citizens of Sacramento, were as follows : J. L. Flanagan, president ; T. R. Jones , vice
president ; A. K. Varney, secretary and cashier ; W. J. Hall, treasurer ;
and Charles A. Palmer.
On April 28, 1906, the control passed into the hands of local men, the
authorized location was changed to Roseville and new officers and directors
were elected as follows : A. L. Darrow, president ; A. H. Hawley, vice
president ; H. L. Bissell, cashier ; F. W. Chapman , and O. G. Hopkins.
The bank opened for business July 2, 1906 , with deposits of eight thousand dollars . The authorized capital of fifty thousand dollars was
gradually paid up by June 4, 1909. The authorized capital at the time
the bank was sold on November 28 , 1925 , was one hundred thousand
dollars, of which ninety thousand dollars was paid up. The institution
had paid eight per cent dividends for many years and had accumulated
surplus and undivided profits of over ninety thousand dollars . Deposits
had reached the sum of one million, one hundred thousand dollars, and
assets totaled one million, two hundred and eighty- seven thousand dollars .

PLUMAS COUNTY BANK.
Quincy.
The Plumas County Bank, located at Main and Harrison streets , in
Quincy, was opened in 1903, with a capital of $ 25,000, under the direction of C. J. Lee, president ; H. C. Flournoy, cashier ; and E. Huskinson ,
vice president, having been organized by the following, all local people :
C. J. Lee, H. C. Flournoy, E. Huskinson, D. W. Johnson, Harry Miller,
J. W. Tregaskis , J. W. Forgens , C. E. McLaughlin, J. D. Goodwin, M.
Scheeline, C. Gerard, Eliza J. Clinch, S. S. Lee and George Furritin , nine
of whom have passed away.

The bank does business all over Plumas

county, which is growing and improving steadily, and has twenty-four
hundred accounts in a total population of six thousand. By January 1 ,
1917 , the resources had reached $250,000 , and from that sum have gradually increased until they now total $ 1,350,000, this growth having been
made since A. H. Bar, as president, and H. H. Bar, as cashier, took charge

244

FINANCING AN EMPIRE

early in 1917.
The present capital, surplus and undivided profits are
approximately $ 165,000 . These figures cover a branch at Portola, Plumas
county, whose resources are from two hundred fifty to two hundred
seventy-five thousand dollars .

CITIZENS BANK OF ARLINGTON.
The Citizens Bank of Arlington, located on the northwest corner of
Magnolia avenue and Van Buren street, was established in 1907 by the
Citizens National Bank of Riverside, with an original capital of twentyfive thousand dollars, the first officers being S. H. Herrick, president ;
Charles H. Low, vice president ; W. B. Clancy, cashier, and E. C. Seares ,
assistant cashier. During the first year the assistant cashier worked as
part time clerk for a merchant, the business done by the bank in that
time being but nominal. The general farming, fruit growing and dairying interests have contributed to the growth of the institution, which is
now officered by the following :

W. B. Clancy , president ; S. H. Herrick,

vice president ; J. W. Wells , cashier, and E. C. Bennett, assistant cashier.
Below is the statement of condition at the close of business June 30 , 1927 :
RESOURCES .
Loans and discounts
Bonds and other securities

$318,471.64
71,900.00

Bank premises

18,700.00

Furniture and fixtures

12,000.00

Cash and sight exchange

49,217.80

Total

$470,289.44
LIABILITIES.

Capital stock

$ 25,000.00
25,000.00

Surplus
Undivided profits
Deposits

18,176.22
402,113.22

Total

$470,289.44

BANK OF BEAUMONT.
On April 12 , 1909 , the Bank of Beaumont was opened for business,
having been organized by C. B. Eyer, E. D. Reynolds, C. D. Kemper, J. E.
Smoot and E. J. Gillis, with a capital of twenty-five thousand dollars, and
the deposits on that day amounted to three thousand, four hundred and
seventy-five dollars and thirty-five cents .

It was formerly located at

HISTORY OF BANKING IN CALIFORNIA

245

California and Fifth streets, but is now doing business at Egan and Sixth.
The first officers were W. A. Bonynge, president ; E. D. Reynolds, vice
president ; and E. J. Gillis, cashier, and the present official roster reads
as follows : K. R. Smoot, president ; R. P. Stewart, J. A. Kelly and K. M.
Gobin, vice presidents ; E. J. Gillis , cashier ; and H. W. Morrison, assistant
The men chiefly responsible for the upbuilding of the business
have been E. D. Reynolds , as president for a time ; K. R. Smoot, as president ; and R. P. Stewart, as vice president. The bank is enjoying a period
of general expansion in its business, which is derived from a territory
cashier.

about six miles square, and is in good condition.
follows :

Its assets have been as

December 31, 1909
December 31 , 1919

$ 100,015.56
258,664.61

December 31, 1926

421,227.57

FIRST NATIONAL BANK.
Blythe.
The First National Bank of Blythe, located at Hobsonway and Broadway, is the successor of the Palo Verde Valley Bank, which was organized
as a state bank in July, 1910, with a capital of $ 25,000, by H. M. Fraser,
R. W. Ward, Charles W. Petit, Henry C. Downes, P. D. McIntyre, George
N. Hayslip and M. S. Willits, who constituted the first board of directors,
H. M. Fraser serving as president, H. C. Downes as vice president, and
M. S. Willits as secretary and treasurer. On the opening day, July 5,
1910, the deposits aggregated $ 1,277.13, and the total resources were
$26,258 . In January, 1916 , it became the First National Bank of Blythe,
and A. F. Masterman has since been president of this institution, E. E.
Masterman, Herman Bahls and E. A. MacDonald, financially responsible
and reliable directors, having been associated with him since 1917.
The locality is strictly a rural farming district, in which, like in all
other similar districts, the patrons of the bank have been hard hit. Cotton
is the chief crop, and last year the price was below the cost of production.
However, conditions are improving and prospects for this year seem
brighter. The dairy and fruit industries are also being developed, which
is very encouraging, and the bank is doing everything possible to assist
the farmers in developing their farms.
The Palo Verde valley is an irrigation district composed of ninetyeight thousand acres of irrigable land located on the Colorado river about

midway between Parker and Yuma, Arizona, on the California side, in
Riverside county. About half of the irrigable land is under cultivation ,
The soil is very proirrigated with water from the Colorado river.
ductive and with plenty of water and the tropical climate can produce
almost anything very prolifically . The great and apparently only handicap is the danger of overflow water. As in the great Mississippi valley, a
16-VOL. 4

FINANCING AN EMPIRE

246

levee must be maintained, and the removal of silt which is deposited in
the irrigation ditches results in an expense that is a very great burden on
The great problem of the
those with small acreage under cultivation .
district is the building of the Boulder Canyon dam.
river would be controlled and the silt eliminated.

With that built the

Blythe is the only town in the district and is located near the center
of the valley on a direct east and west highway (interstate and international) between Phoenix, Arizona , and Los Angeles , bringing these two
places more than a hundred miles nearer each other than any other established route. The population is about twenty-five hundred , of whom onethird are colored and Mexican and two-thirds white. The town has paved
streets, electric lights, an ice plant, a creamery and two national banks
and is well provided with stores with good stocks of goods. Rural mail
delivery service is maintained. A five-span iron bridge is being erected
over the Colorado river at this point and will be completed some time
early in 1928.
The First National Bank of Blythe has weathered the financial storms
of the past six years and has seen two other banks go under in the community. It has earned a reputation as a sound and reliable institution ,
and its slogan is , "There are larger banks but none safer." The total
resources of the bank at different times have been as follows :

July 5 , 1911
July 5 , 1912

$ 39,800

July 5 , 1913
July 5 , 1914

84,314
99,728
85,555

32,600

July 5 , 1915 .
July 5 , 1916

98,360
203,000

July 5 , 1917
July 5 , 1918

249,000
368,000
465,000

July 5 , 1919
July 5 , 1920
July 5 , 1921

317,000

July 5 , 1922

210,000

July 5 , 1923
July 5 , 1924

215,000
260,000
245,000
353,000

July 5 , 1925
July 5 , 1926
June 15, 1927

326,000

CITIZENS BANK.
Corona.
On November 5 , 1890, articles of incorporation were filed with the
secretary of state by R. B. Taylor, J. T. Burton, E. W. Freeman, A.
Compton, C. L. Graber, J. M. Kelley and George L. Joy, and on November

HISTORY OF BANKING IN CALIFORNIA

247

17 following the Citizens Bank, of Corona, was opened for business , with
a capital of thirty thousand dollars, under the direction of R. B. Taylor,
president ; George L. Joy, vice president ; and J. T. Burton, cashier. Since
its organization the bank has changed its quarters four times, but has
never been more than one block away from the original location .
Its
business growth has been steady and consistent, due chiefly to the efforts
of the following : George Brown, formerly postmaster, and now deceased ;
Frank Scoville, formerly manager of the Fruit Association , and now
deceased ; L. D. Bedford , now president of the First National Bank at
Alhambra ; T. C. Jameson, now president of the Citizens Bank ; George
E. Snidecor, secretary and cashier of this institution ; T. O. Andrews, vice
president ; and L. L. Andrews and R. L. Willits , directors .
Emphasis is placed upon both the savings and commercial departments
of the bank, which is in good condition , its business being derived from a
fair-sized area with diversified resources, the citrus industry predominating .

FIRST NATIONAL BANK .
Corona .
The First National Bank of Corona, located at Sixth and Main streets,
was organized in July, 1905 , by William E. Hibbard, A. J. Ware, John P.
Key, Ernest H. May and Wilson C. Patterson , with a capital of twentyfive thousand dollars, and was officered by the following : Ernest H. May,
president ; W. E. Hibbard , vice president ; and John P. Key, cashier.
The prospects of the bank have never been better. It is keeping pace
with the community growth of Corona and derives its business from the
alfalfa, dairying and poultry interests, as well as from the production of
citrus fruits and clay and mineral products, the last three being of par-

ticular interest to the bank. The present official roster of the institution
is as follows :
George E. Snidecor, president ; Fred E. Snidecor, vice
president ; F. S. Johnson, vice president ; A. M. Root, Jr., cashier ; and
G. V. Clayton, assistant cashier ; and the credit for the expansion of the
business lies largely with A. J. Ware , formerly president , and the present
president and vice president.

The growth in the resources of the bank
is indicated in the following table :
January, 1906
December, 1907

January, 1910
January, 1915
January, 1920
January, 1925
January, 1927

63,205.75
108,292.25
324,977.15

487,745.21
569,004.40
1,034,785.11
1,179,176.31

248

FINANCING AN EMPIRE

ELSINORE STATE BANK.
The Elsinore State Bank, located at Main and Peck streets in Elsinore,
was organized by F. M. McBurney, George H. Morton and Loyal C. Kelley
with a capital of fifty thousand dollars . Its officers from the beginning
have been as follows : F. M. McBurney, president ; George H. Morton ,
vice president ; E. L. Osborn, vice president ; and R. E. Horton, cashier.
On the 20th of November, 1926, its opening day, the Elsinore State
Bank received deposits of ninety-six thousand dollars .

On the 24th of

September, 1927, the amount of deposits was two hundred and thirtyseven thousand dollars.

The men who have figured most prominently in

the building up and expansion of the business of the institution are F. M.
McBurney and George H. Morton. The bank at this time is developing
its business in both the mining and agricultural districts and reports good
condition and prospects.

FIRST NATIONAL BANK OF ELSINORE .
The Exchange Bank, now the First National Bank of Elsinore, was
opened September 1, 1887, with F. H. Heald as president, and among
the prime movers in its organization were Larkin Wright, S. A. Stewart,
W. E. Hampton , Peter Wall , S. M. Cambert, and J. T. Kuhns , the last
named being still a stockholder in the institution .

It was incorporated in

September, 1887 , with a capital of sixteen thousand, three hundred and
sixty-seven dollars, deposits of fifty thousand, seven hundred and two
dollars and total resources of sixty-seven thousand and sixty-nine dollars.
The original authorized capital was two hundred and fifty thousand dollars
and the first home of the bank is still standing.
structure was ready for occupancy.

In June, 1925, the new

W. F. Baird became cashier and manager of the bank in 1888 , and in
1889 S. A. Stewart was elected president.

In 1919 he was succeeded by

H. A. Dahl , who resigned at the end of a year, and L. T. Horton administered the affairs of the institution during 1920-21 .

His place was then

taken by W. B. Clancy and the next incumbent of the office was R. J.
Horton, who served from 1922 until 1924. For a year thereafter S. H.
Burton was president of the bank, and since 1925 G. R. Gough has been
its president . The other officers are : S. H. Burton and J. B. Lehigh,
vice presidents ; R. W. Lewis , cashier ; and A. E. Gustafson , assistant
cashier.
The directorate comprises S. H. Burton, W. B. Clancy, Olof
Erickson, G. R. Gough, C. F. B. Klarer, J. B. Lehigh, E. M. Sherman, M. H.
Wesner and Thomas H. Wilks.
The paid-up capital on July 28 , 1890, was thirty-seven thousand, five
hundred dollars, and on November 13 of that year it was increased to
forty-four thousand dollars .
On March 20, 1890, the Exchange Bank
was merged with the Bank of Elsinore and the business was conducted

HISTORY OF BANKING IN CALIFORNIA

249

under the style of the Consolidated Bank of Elsinore until January, 1921 ,
when the name was changed to the First National Bank of Elsinore. It
now has a paid-up capital of fifty thousand dollars, a surplus of twentyfive thousand dollars, undivided profits of eight thousand, eight hundred
and sixty-five dollars , deposits of five hundred and fifty thousand, three
hundred and thirty-six dollars, and total resources amounting to six hunThis is a
dred and fifty-nine thousand, two hundred and one dollars .
strong home bank and has to its credit a record of forty years of useful
service .
Roy J. Horton played a conspicuous part in its upbuilding and was
also identified with the local building and loan association . He was also
active in civic and religious affairs and in December, 1924, was removed
from his sphere of usefulness .
J. T. Kuhns acted as cashier of the bank practically throughout the
period when S. A. Stewart was president, and for years was a central
figure in the financial life of the community.
Mr. Stewart served the bank longer than any other president and
G. R. Gough enjoys the distinction of being its youngest president, assuming the duties of the office when twenty-eight years of age. He was born
October 9, 1897 , in Bristow, Iowa, and was reared on a farm in that state.
He is vice president of the Mutual Building & Loan Association and a
member of the executive committees of two bankers' associations . He
manifests a keen interest in civic affairs and is a past president of the
local high school board and the Lions Club. He is an officer of the Elsinore
Lodge of Masons and Scout Master of the Boy Scouts of America . He
has charge of the Sunday school of the Methodist Episcopal church , of
which he is a zealous member, and golf affords him relaxation and diversion from the cares of business. On August 16, 1919, Mr. Gough was
united in marriage to Miss Joy M. Horton, and theirs is one of the
attractive homes of Elsinore.

CONDITION OF BANK FROM 1915 .

March 4, 1915 , deposits__.
February 23, 1918 , deposits .
March 1 , 1921 , deposits___

March 1 , 1924 , deposits__.
March 1 , 1927 , deposits .

$ 94,683.74
154,435.88
243,242.83
569,955.23
520,981.45

GALAL R. GOUGH.
Galal R. Gough, who since 1925 has been president of the First National Bank of
Elsinore and enjoys the distinction of being the youngest bank president in California,
was born in Bristow, Iowa , October 7, 1897. His early life was that of the farm-bred
boy who divides his time between the acquirement of an education in the public schools:

FINANCING AN EMPIRE

250

and the work of the fields . He early became familiar with the best methods of tilling
the soil, but it was to other lines of activity that he directed his attention in early manhood and when but twenty-eight years of age was elected to the presidency of the bank
whose destiny he is now largely guiding.
On the 16th of August, 1919, Mr. Gough was married to Miss Joy M. Horton.
They are active members in the Methodist Episcopal church, in which he is serving
as treasurer and is also superintendent of the Sunday school, thus doing everything
in his power to promote the moral progress of the community. To this end he is also
active in Boy Scout work and for three years was scout master. He belongs to various
civic organizations and gives his aid and influence to every movement that has to do
with the public welfare. He is a past president of the Lions Club and also of the high
school board, is a vice president of the Mutual Building & Loan Association and is
serving on the executive committee of two bankers' associations.
The spirit of
progress has actuated him at every point in his career and he has as earnestly sought
advancement for his state along civic, intellectual and moral lines as he has sought
the improvement of his own fortunes through the careful and honorable conduct of
business interests.

SECURITY SAVINGS BANK OF RIVERSIDE .
The Security Savings Bank of Riverside was organized January 6,
1907, by S. H. Herrick, W. B. Clancy, C. Van Zwaluwenburg, W. G. Fraser,
G. Rouse, John A. Allen , J. F. Humphreys , Charles H. Low, S. C. Evans,
B. F. Rockhold and D. P. Chapman, with a capital of fifty thousand dollars.
The first officers, elected June 14 , 1907, were as follows : S. H. Herrick,
president ; W. G. Fraser, vice president ; Charles H. Low, vice president ;
W. B. Clancy, cashier ; and W. T. Dinsmore, assistant cashier. The bank
was formerly located on the southwest corner of Main and Seventh streets,
but in May, 1916 , moved to the northeast corner of Main and Eighth, at
which time it absorbed the Riverside Savings Bank and increased its
capital to two hundred thousand dollars. S. H. Herrick, W. B. Clancy,
W. G. Fraser and W. T. Dinsmore have rendered valuable service to the
institution , which is now officered by the following : W. G. Fraser, president ; W. B. Clancy and F. A. Tetley, vice presidents ; C. O. Evans , cashier ;
C. W. Derby, assistant cashier and secretary ; and H. L. Hicks, M. E.
Bonham and W. G. Mathews, assistant cashiers ; while S. H. Herrick is
chairman of the board. Below is the statement of condition at the close
of business June 30, 1927 :
RESOURCES.
Loans and discounts
Bonds, warrants and other securities.
Furniture and fixtures

Cash and sight exchange
Total

$2,419,131.61
650,017.09
30,267.40
665,287.76

$3,764,703.86

HISTORY OF BANKING IN CALIFORNIA

251

LIABILITIES.

Capital stock

$ 200,000.00
90,000.00

Surplus
Undivided profits accounts

74,946.93

Deposits

3,399,756.93

Total

$3,764,703.86

FIRST NATIONAL BANK.
Temecula .

The First National Bank of Temecula was organized in 1914 by Clay
Shumate
P.
and E. E. Barnett and the original capital was twenty-five
thousand dollars. On June 10, 1914 , the bank was opened for business
and the first day's deposits were one thousand, three hundred and sixtyseven dollars. On June 30 , 1914, they had grown to eleven thousand,
three hundred and two dollars and on June 30, 1927 , the deposits were
one hundred and eighty-one thousand, five hundred and sixty-eight dollars. The surplus fund amounted to five hundred dollars on December
31 , 1917, and on December 31 , 1927 , it was fifteen thousand dollars. The
business has enjoyed a steady growth and is drawn from the Red Mountain district on the south, from Murrietta and Wildomar on the north
and Winchester on the east.
The first officers were : E. C. Barnett, president ; Hugo Guenther, G.
A. Burnham, Auguste Cantarini and M. Machado, vice presidents ; and
C. P. Shumate, cashier. E. P. Barnett remained at the head of the bank
until February 2 , 1917, when Mahlon Vail was elected president and is
still the incumbent of that office.

The vice presidents are G. A. Burn-

ham and Hugo Guenther. C. P. Shumate died in July, 1918, and Edward
Greenfield has since been cashier of the bank, while Edith G. Cantarini
is discharging the duties of assistant cashier.

BANK OF COURTLAND .
The Bank of Courtland was organized on the 3d of May, 1919 , by
W. P. Clarke , with a capital of twenty-five thousand dollars. The first
officers and directors of the institution were as follows : Charles E. Hollister, president ; L. W. Myers, vice president ; W. P. Clarke, cashier ;
Alden Anderson, J. B. Miller, S. Mercer Runyon and Harvey Warren .
Charles E. Hollister passed away on November 1 , 1920 , and was succeeded in the presidency by L. W. Myers , who was the active head of
the institution until his demise on April 8, 1922. S. Mercer Runyon was
then elected president on August 9, 1922, and has held the position ever

FINANCING AN EMPIRE

252
since.

W. P. Clarke, the first cashier and active executive officer of the

institution, resigned in December, 1921 , and was succeeded in January,
1922 , by Harvey Warren, the present capable and energetic cashier. The
official personnel of the Bank of Courtland at this writing ( 1927 ) is as
follows : S. Mercer Runyon, of Courtland , president ; Frank E. Hollister,
of Courtland, vice president ; Harvey Warren , of Courtland, cashier ;
and W. C. Kesner ( Ryde ) , Gus Olson ( Clarksburg ) , N. W. Lawlor
(Clarksburg) and W. J. Edinger

( Hood ) , directors .

named reside within ten miles of Courtland .

All of the above

The men who have figured

most prominently in the building up and expansion of the business of
the institution are Harvey Warren (cashier ) and D. R. Arrasmith, assistant cashier .

The Bank of Courtland largely derives its patronage from

farmers and from fruit and vegetable growers, and reports bright future
prospects .
the world.

It is located in the largest asparagus growing community in

On the 3d of May, 1919 , its opening day, the Bank of Courtland received deposits amounting to one thousand , three hundred and thirtynine dollars and twenty-six cents . The steady growth of the business
of the institution is indicated in the following table of assets :

1921

$ 587,182.00

1922

560,449.00

1923

578,587.00

1924

750,547.00

1925

640,695.00

1926

792,971.00

The following is an excerpt from an article concerning the bank
which appeared in a local publication : "The Bank of Courtland is one
of the most important banks in the Sacramento region, a flourishing
and prosperous financial enterprise, supported by local business and
increasing in banking power with every year. The Bank of Courtland
was organized in 1919 and opened with a capital of fifty thousand dollars,
which was later increased to sixty-two thousand , five hundred dollars and
on October 25, 1920, to one hundred thousand dollars, its growing business
rendering imperative the larger capitalizations .
The beginning was
humble enough . The bank was organized by business men of the district,
who saw the need of such an institution that would increase their facilities and aid in the development of their section of the state. Its first
quarters were in a room in the hall of the Native Sons of the Golden West
at Courtland . These premises soon proved inadequate for the growing
business and a new building was erected into which the bank moved on
October 18 , 1920, and which it still occupies. This is a handsome structure, admirably adapted for banking purposes, and is modern in every
particular, with every appurtenance and device for facilitating business
or to add to the comfort and convenience of its patrons .
The
Bank of Courtland has been a great factor in the upbuilding of the city,
and in the advancement of the interests of the Delta region .
It has

253

HISTORY OF BANKING IN CALIFORNIA

encouraged all forward movements and public works that would mean
better business or better conditions in the community and has rendered
service in every sense of the word. Its banking affiliations are of the
highest and this has enabled it to render assistance ordinarily that might
be beyond the means of a bank in a small city without such .

It handles

large transactions efficiently and in a manner that has made it a pleasure
to its clients to do business with it. It takes a personal interest in the
welfare of its customers and will go to any length consistent with good
banking to further these interests. Withal, the policy of the bank has
been conservative, as is desirable in an institution handling its customers'
money, and it has come to be regarded as one of the soundest and safest
banks in the Sacramento valley.

Its officers are men of the highest char-

acter and integrity and first citizens of the community. That they are
able financiers is shown by the fact that they have made their institution
a power, and that they have the growth of the district at heart is shown
by the many ways in which they have encouraged and fostered that
growth.

The stranger visting Courtland cannot fail to be impressed by

the beauty of the bank building , which is one of the most imposing in any
town in the Delta . Its air of substantiality and strength is confirmed by
the handsome banking room, and prompt and efficient service rendered by
the staff is a positive proof of the correctness of the first impression . There
are few more admirable banking institutions anywhere in service to the
public, in absolute strength and safety and general usefulness than the
Bank of Courtland."

BANK OF ELK GROVE .
The Bank of Elk Grove was organized in 1910 by C. H. Cooper, of
Mountain View, and a group of local men. Its doors were opened for
business October 24, 1910.

The original capital of twenty-five thousand

dollars was doubled in 1919, twenty-five per cent of the increase coming
from earnings, while in 1926 the capital was increased to seventy-five
thousand dollars, entirely from earnings.

The institution has paid divi-

dends regularly, beginning with six per cent and increasing to eight per
cent in 1922. Average deposits are over four hundred thousand dollars.
The first officers and directors of the Bank of Elk Grove were as
follows : George M. Taverner, president ; T. J. Moroney, vice president ;
Charles H. Cooper, cashier ; and Dr. H. Beattie, Z. Markofer, G. M. Colton ,
Andrew Johnson, Hugh B. Bradford and L. J. Augustine. Mr. Moroney
was succeeded as vice president by G. M. Colton , the present incumbent
in that official position . Messrs . Johnson and Augustine have been succeeded as directors by Robert Nichols and Henry L. Ehrhardt.
the institution erected a modern bank building.

In 1910

254

FINANCING AN EMPIRE

FAIROAKS BANK.
The Fairoaks Bank, of Fairoaks, was organized in 1909 by C. H.
Slocum, with a capital of twenty-five thousand dollars, and opened for
business in June of that year.

The first officers were as follows :

A. T.

Hodge, president ; A. Van Maren, vice president ; and C. H. Slocum ,
cashier.

The last named owned the majority of the stock and conducted

the bank until 1921 , when he retired and G. C. Hubbell purchased the controlling interest in the institution , becoming its president and active head.
Mrs. Frances F. Hubbell has occupied the cashiership since that time.
The present directors are A. Van Maren , John Stone MacBride, C. D.
Rutledge, G. C. Hubbell and Frances F. Hubbell .
The Fairoaks Bank has enjoyed a steady growth with the development
of this community.

Its resources, which totaled about one hundred thou-

sand dollars in 1921 , have practically doubled .

The institution has been

paying dividends ranging from eight to sixteen per cent per annum and
has accumulated surplus and undivided profits of about ten thousand
dollars .

In 1912 a modern bank building was erected .

BANK OF FOLSOM.
Folsom City.
The Bank of Folsom was organized in Folsom City on the 14th of
November, 1910, by I. Hinkle (president) , J. L. Patterson (vice president ) , J. H. Wentz ( secretary ) , C. M. Derby, George T. Hesser, P. A.
Hogaboon and B. W. Shepherd, who comprised the first board of directors.
Business was begun December 10, 1910 , and in 1919 the original capital
of twenty-five thousand dollars was increased to fifty thousand dollars by
additional stock subscription .

Mr. Hinkle, who retired in January, 1919 ,

was succeeded in the presidency by E. T. Wall.

Mr. Wentz served as

secretary, treasurer and cashier until September, 1914, when he was succeeded by H. Clemensen. The present directors of the institution are as
follows : E. T. Wall, president ; J. L. Patterson, vice president ; H. Clemensen, cashier ; G. A. Bauer ; Andrew Turner ; I. Hinkle ; and W. M. Rumsey,
Jr.
The Bank of Folsom has paid dividends of twelve per cent since 1923
and has accumulated surplus of thirty-two thousand dollars and undivided profits of twenty-four thousand dollars .
On April 12 , 1926, the
amount of deposits was six hundred and seventy-three thousand, four
hundred and eighty-eight dollars, while assets totaled seven hundred and
seventy-nine thousand, four hundred and twenty-eight dollars .

In 1920

the institution erected a modern bank building at a cost of about seventeen
thousand dollars.

HISTORY OF BANKING IN CALIFORNIA

255

BANK OF GALT.
The Bank of Galt was organized April 12 , 1912 , by Alden Anderson,
with an authorized capital of fifty thousand dollars, of which twenty-five
thousand dollars was paid up and of which ten thousand dollars more
was paid in 1919. Its first officers were Alden Anderson, president, and
J. W. Harper, secretary and treasurer.

In March, 1915 , Mr. Anderson

was succeeded by Hull McClaughry, who remained the executive head of
the institution until January, 1917, when J. M. Henderson, Jr., of Sacramento, was elected .

The latter was the predecessor of J. W. Angrave,

who occupied the presidency from July 11 , 1917 , until January, 1922,
when the present incumbent, W. C. Anderson, was chosen. W. L. Robinson succeeded Mr. Harper as cashier and secretary in 1912 and held that
official position until January, 1917.

His successor, L. P. Dobson, served

in the cashiership until July 1, 1918 , when he gave place to Ralph J. Post.
W. C. Anderson was elected cashier on the 26th of February, 1920, and
held that office until chosen president in January, 1922 , when he was
succeeded as cashier by E. F. Morey.

The latter continued in that

capacity only until October 10, 1922, when W. C. Anderson assumed both
the offices of president and cashier.
cashier August 8 , 1922.

C. L. Genasci was elected assistant

W. B. Sawyer has been a director of the Bank of

Galt from the time of its organization and has filled the official position
of vice president since January, 1924.
The present directors of the
institution are W. C. Anderson, W. B. Sawyer, F. M. Janes , Charles L.
Genasci and Alden Anderson.
Since the year 1919, under the present administration, the Bank of
Galt has paid regular dividends ranging from eight to sixteen per cent
per annum and has accumulated a surplus of ten thousand dollars and
undivided profits of six thousand dollars . Deposits amount to about three
hundred and seventy thousand dollars, while assets total four hundred and
twenty thousand dollars . In 1924 the home of the institution was remodeled into a modern bank, store and office building valued at thirty- six
thousand, five hundred and seventy-one dollars, including furniture and
fixtures.

BANK OF ISLETON.
The Bank of Isleton, a stable financial institution of the town of Isleton, was organized in March, 1919, by J. W. Gardiner, with a capital of
fifty thousand dollars, and opened its doors on the 8th of March, 1919 ,
with the following officers : J. W. Gardiner, president ; Ida P. Gardiner,
vice president ; E. L. Facer, cashier ; and Crete G. Debach, treasurer. In
addition to the officers L. P. Gardiner and P. G. Debach were on the board
of directors. That the bank adopted a wise policy is indicated in the
fact that in the intervening period since the organization there has been

256

FINANCING AN EMPIRE

created a surplus of seventeen thousand dollars besides dividends which
have been paid to the amount of twelve thousand dollars, and six thousand
dollars has been written off on the building. Their deposits amount to
over six hundred thousand dollars , with assets of more than six hundred
and ninety-five thousand dollars .
Upon the organization the company
erected a bank and store building at a cost of approximately thirty-five
thousand dollars and the institution has therefore always been well housed
and is one of the thoroughly modern financial enterprises of this section
of the state.
E. L. Facer died in February, 1926, at which time Charles Clark succeeded him and served until his demise, which occurred June 28, 1926 ,
when J. W. Gardiner became president and so continues.

In August, 1926 ,

W. R. Lutz was made cashier and M. H. Traganza assistant cashier.

JOHN WILBUR GARDINER.
John Wilbur Gardiner, president of the Bank of Isleton, was born in Isleton, Sacramento county, California, in 1884 , a son of P. H. Gardiner, who established his home
in the town in the early '70s and engaged in merchandising . The son pursued a public
school education and when his textbooks were put aside became the active assistant of
his father in business . He later managed the Gardiner estate, devoting his attention to
that and to his mercantile enterprise until March, 1919 , when he organized the Bank
of Isleton, of which he has since been the president. The policy adopted has made it a
safe and reliable institution and his courteous treatment of patrons and his progressive
methods have brought to the bank a liberal support. He is also one of the advisory
board of the Bank of Italy at Sacramento, nor have his activities been confined alone
in recent years to banking interests, for he is one of the directors of the Gardiner Improvement Company and of the Delta Packing Company and he is likewise extensively
and successfully interested in farming and fruit growing.

BANK OF SACRAMENTO .

The Bank of Sacramento , located in the city of Sacramento, was organized September 12, 1923 , by Colonel John S. Chambers, James F. Elliot ,
H. E. Diggles, C. W. Godard, John J. Monteverde, George Radcliff, Dennis
Leary, Dr. Frederick N. Scatena , Alexander McKay, F. E. Michel, Sr.,
Roger Giorgi, L. C. Hunter and W. W. Douglas . The institution opened
its doors for business September 24, 1923 , with a capital of one hundred
thousand dollars, surplus of fifteen thousand dollars and contingent fund
of ten thousand dollars .
Its first officers were as follows :
James F.
Elliot, president ; H. E. Diggles , chairman ; C. W. Godard, vice president ;
John J. Monteverde, vice president ; Harrison F. Faust, cashier ; C. F.
Pracy, assistant cashier ; L. C. Hunter, treasurer ; Dorothy C. Norton,
secretary ; C. E. McLaughlin , attorney. Dr. Frederick N. Scatena succeeded Miss Norton as secretary on the 1st of January, 1925. A. J. Betts
was added as assistant cashier in April, 1925. The members of the original board of directors were H. E. Diggles ( chairman ) , James F. Elliot,

HISTORY OF BANKING IN CALIFORNIA

257

C. W. Godard, John J. Monteverde, John S. Chambers, George Radcliff,
Dennis Leary, Dr. Frederick N. Scatena, Alexander McKay, F. E. Michel,
Sr., and Roger Giorgi. Colonel Chambers , the prime mover in the organization of the institution , died in November, 1923, and was succeeded by
W. W. Douglas as a director. F. E. Michel, Sr., died in February, 1926,
and was succeeded by F. E. Michel , Jr.
The Bank of Sacramento was organized to serve a new developing
retail section of the city and conducted business in a small space, twenty
by forty feet, in a corner of the Masonic building until January, 1925 ,
when the demand for more commodious quarters led to the acquirement
of the adjoining store to the north and also to the west. Permanent banking fixtures, including vaults and safe deposit boxes, were installed . The
institution has enjoyed a steady and permanent growth, acquiring up to
June 30 , 1926, resources of over seven hundred thousand dollars and
deposits amounting to about five hundred and fifty thousand dollars . The
bank began paying dividends of five per cent after the first three months
of its existence and has added thirteen thousand dollars to its surplus and
undivided profits account.
H. E. Diggles , chairman of the board of directors of the Bank of
Sacramento, is a retail merchant of the city.

James F. Elliot, president

of the institution, is a grower and shipper of Bartlett pears at Courtland, California .

C. W. Godard , vice president, was prominently iden-

tified with the development of the theatrical business in Sacramento . John
J. Monteverde is an importer and wholesaler of teas and coffee. George
Radcliff, one of the directors of the Bank of Sacramento , is chairman of
the board of control of the state of California.

W. W. Douglas is a vice

president of the Bank of Italy in San Francisco.
(The Bank of Sacramento was merged with the Liberty Bank of
America and later merged with the Bank of Italy National Trust &
Savings Association as its Twelfth and J branch . )

CALIFORNIA NATIONAL BANK .
Sacramento .
The California National Bank of Sacramento was organized March
31 , 1882 , as the California State Bank, and opened for business on April
10th of that year.

Its subscribed capital was five hundred thousand dol-

lars, of which fifty thousand dollars was paid in.
Among its first stockholders were many men who contributed immeasurably to the upbuilding of this state, such as N. D. Rideout, a
Marysville banker and capitalist and an outstanding citizen ; Frederick
Cox, an extensive landowner and cattle dealer, who represented Sacramento county in the state senate ; Crawford W. Clarke, a partner of Mr.
Cox ; Albert Gallatin , associated with Huntington , Hopkins & Company,

FINANCING AN EMPIRE

258

pioneer hardware merchants ; Augustus Abbott, an associate of Mr. Rideout in his many banking enterprises ; John R. Watson, purchasing agent
of the Southern Pacific at Sacramento ; J. P. Brown, mine owner of Comptonville and an early day partner of Mr. Rideout ; George C. Perkins, governor of California and later United States senator ; Leland Stanford,
governor of California, United States senator and founder of Leland
Stanford Junior University ; J. O. B. Gunn and E. W. Hopkins , capitalists
of San Francisco ; and Norman A. Rideout, son of N. D. Rideout, a young
man of much promise, who met an untimely death. The first six of these
constituted the first board of directors , while the first officers were : N. D.
Rideout, president ; Frederick Cox, vice president ; and Augustus Abbott,
cashier .
Upon the retirement of N. D. Rideout, Mr. Cox assumed the presidency and held that office until his death, in 1906. W. E. Gerber was the
next president and conducted the affairs of the bank in an eminently successful manner until January 8, 1924 , when he retired and assumed the
office of chairman of the board of directors . Since that date Frederick W.
Kiesel has been the president and active head.
The chronology of the other officers is as follows :
VICE PRESIDENTS.

.1882 to 1894

Frederick Cox
G. W. Peltier_

1897 to 1924

F. W. Kiesel_

1918 to 1924

E. L. Southworth___

1920 to 1926
1923 to date

F. H. Pierce____

1921 to date

Fred L. Martin_ .

-1921 to date

J. I. Brunschwiler_
C. C. Cotter_

1925 to date

J. F. Azevedo____

__1924 to date

CASHIERS.
1882 to 1894

A. Abbott

.1894 to 1901

W. E. Gerber .
F. W. Kiesel__

_1901 to 1918

E. A. Brown_.

1918 to 1921

A. B. Carter_.

1921 to date

ASSISTANT CASHIERS .

C. E. Burnham..
W. E. Gerber_
F. W. Kiesel_
E. A. Brown_.

1885 to 1894
_1899 to 1901
__1901 to 1918

259

HISTORY OF BANKING IN CALIFORNIA
1911 to 1921

F. L. Martin__ .
J. I. Brunschwiler__
A. B. Carter_

_1912 to 1921
1917 to 1921

Charles S. King ---

__1918 to date

F. A. Roblin_

1921 to date

-1920 to date
-1921 to date

A. S. May--.
D. A. Sherwin .
H. M. Weston_.

1921 to date

J. C. Havely_
J. C. Wilson_

_1921 to date

E. J. Rader .

_1924 to date
.1924 to date

1923 to date

W. J. Kamezind___ .

In January, 1907, the California State Bank was nationalized under
its present name with a paid-up capital of one million dollars .

In 1913

the California Savings Bank was organized as an affiliated institution
with a capital of one hundred thousand dollars . In 1920 a trust department was added to this and the name was changed to the California Trust
and Savings Bank. In January, 1920, the California National Bank purchased the Sacramento Valley Bank and Trust Company at Eighth and J
streets, an institution with resources of about five million and a branch
at Ione, California.

The former became the Central branch and the latter

the Ione branch of the California Trust and Savings Bank.
1924, they established a branch in North Sacramento.

In August,

The California State Bank was first located on the present site of the
California Fruit building until 1890, when they completed the erection of
a modern bank and office building on the opposite corner.
Here the
banking quarters were enlarged from time to time as the growth of the
business demanded . In December, 1925, the California National Bank
purchased the National Bank of D. O. Mills & Company, whose building
is now enlarged and remodeled into a million -dollar edifice.
From its
inception the California National Bank has fostered and encouraged business enterprises calculated to strengthen and upbuild the commercial,
industrial and agricultural importance of Sacramento and vicinity and
has enjoyed a growth far exceeding that of any other financial institution
in this section.

Its last published statement prior to the absorption of the

bank of D. O. Mills & Company, issued on September 28 , 1925 , showed :

Calif. Trust and

Capital

Calif. Natl. Bank Savings Bank
$ 1,500,000.00 $
450,000.00

Combined
$ 1,950,000.00

Surplus and undivided
profits
Total deposits
Resources

801,600.00

458,542.00

22,590,502.00

14,332,046.00

1,260,179.00
36,922,548.00

25,612,139.00

15,240,588.00

40,852,728.00

Their last statement, published June 30, 1927 , follows :

FINANCING AN EMPIRE

260

RESOURCES.

Calif. Trust and

Loans and discounts_
U. S. Bonds to secure

Calif. Natl. Bank Savings Bank
$ 13,126,335.01 $ 9,874,190.60

circulation

720,000.00

United States Securities__
Other bonds and
securities

Combined
$23,000,525.61

870,525.66

1,953.59

720,000.00
872,479.25

3,517,226.12

3,319,270.89

6,836,497.01

Banking house
Furniture and fixtures___

963,362.54
36,588.88

9,887.15

46,476.03

Other real estate owned__

376,260.03

530,262.20

906,522.23

5,965,841.52

1,505,023.94

7,470,865.46

$ 25,612,139.76

$ 15,240,588.37

$ 40,852,728.13

Redemption fund with
U. S. treasurer__.

36,000.00

Cash and sight exchange .
Total

963,362.54

36,000.00

Upon the purchase of the National Bank of D. O. Mills & Company
the following officers of that bank became associated with the California
National Bank :

C. F. Dillman, vice chairman of the board ; F. H. Pierce

and C. C. Cotter, vice presidents ; A. S. May and T. D. Littlefield , assistant
cashiers. The present directors are : John S. Brown, president of the
Bank of Alex Brown ; Frederick W. Kiesel , president ; John Clauss, of
Clauss & Kraus ; C. J. Mathews, president of the Mathews Construction
Company ; Robert T. Devlin, attorney ; C. F. Dillman , vice chairman of
board ; Arthur E. Miller, attorney ; P. C. Drescher, president of the Mebius
& Drescher Company ; J. L. Nagle, manager of the California Fruit
Exchange ; Scott F. Ennis, president of the Ennis-Brown Company ;
Emery Oliver, manager of the Natomas Company of California ; W. E.
Gerber, chairman of board ; William R. Pentz, vice president and cashier
of the Bank of California , N. A.; Marshall Hale, of Hale Brothers, Inc.;
H. A. Heilbron, capitalist ; F. J. Ruhstaller, president of the Buffalo
Brewing Company ; Lester J. Hinsdale, attorney ; E. L. Shelley, orchardist ; Robert Swanston, president of C. Swanston & Company ; Clarence H.
Breuner, John Breuner Company ; A. B. Carter, cashier ; J. Roy Kruse,
president of California State Life Insurance Company ; and W. C. Wright,
president, Wright & Kimbrough.

FREDERICK W. KIESEL.
Frederick W. Kiesel has given twenty - nine years ' consecutive service to the California National Bank of Sacramento, winning promotions from clerical to executive
positions resulting finally in his election to the presidency in 1924. Accomplishing all
this through his individual effort , his life record should serve to encourage and inspire
others, showing what can be attained when there is a will to dare and to do.
Mr. Kiesel was born in Corinne, Utah, February 11 , 1874, and is a son of Fred J.
Kiesel. His academic education was obtained in the Greylock Institute of South Wil-

FREDERICK W. KIESEL

HISTORY OF BANKING IN CALIFORNIA

263

liamstown, Massachusetts, and later he matriculated in Harvard University as a member of the class of 1896. In 1894 he came to Sacramento and on the 1st of April,
1898, entered the California State Bank, which was nationalized under its present name
in January, 1907. Mr. Kiesel was made assistant cashier of the institution in 1899 and
after serving in that capacity for two years he was elected cashier in 1901 , proving
a popular as well as an efficient officer, so that he contributed in substantial measure
to the growth and prosperity of the bank. The year 1918 brought his election to the
vice presidency and in 1924 he became president, so that he is now the chief executive
of the California National Bank, which is regarded as one of the strong moneyed institutions of the state. Mr. Kiesel also has other business interests of importance whereby he has become a factor in general development and improvement in Sacramento. He
is vice president and a director of the Natomas Company, vice president of the National
Packing Corporation of Ogden, Utah, a director of the American Packing & Provision
Company of Ogden and a partner in the Kiesel Estate of the same city. He is likewise interested in farming in the vicinity of Sacramento.
Mr. Kiesel is a Mason and an Elk who loyally adheres to the teachings and purposes of those fraternities. He is likewise well known in club circles, having membership in the Sutter Club and in the Del Paso Country Club.

ALBERT BAKER CARTER.
On the roll of those directly connected with the financial interests of Sacramento
appears the name of Albert Baker Carter, who since 1924 has been serving as cashier
of the California National Bank of Sacramento. A native of this state, he was born in
Lodi in 1880 and is a son of William and Elizabeth ( Carlock) Carter. His father,
William Carter, one of the pioneers of the state, made the long and arduous journey
across the plains and through the mountain passes to California in 1852 , settling in
San Joaquin county, although he first reached Georgetown, California, an old mining
town, where he followed mining for a period. Recognizing the fertility of the San
Joaquin valley, he removed to that district and took up one hundred and sixty acres
of government land at a dollar and a quarter per acre and also purchased from the
Central Pacific Railroad Company an eighty-acre tract at two dollars and fifty cents
per acre, clearing and cultivating the entire two hundred and forty acres and thereon
rearing his family of nine children, of whom Albert B. Carter is the youngest. The
mother bore the maiden name of Elizabeth Carlock.
Albert B. Carter attended the public schools of Lodi and in young manhood went
to Sacramento, where he began work for the firm of Holbrook, Merrill & Stetson, with
whom he remained for nearly two years, when he decided to enter the banking business
by joining his uncle, A. B. Carlock, the president of the Carlock Banking Company of
Fort Jones, California, now the Scott Valley Bank. Accordingly in the year 1900 Mr.
Carter was installed as a general clerk in that institution and there remained for six
years, gaining thorough and comprehensive knowledge of the business. In 1901 he
was elected assistant cashier and served in that capacity until January 15, 1907, when
he went to Sacramento and obtained employment in the California National Bank, acting as exchange teller. He worked his way upward, serving successively as receiving
and as paying teller, and finally was assigned to duty in the loan department. When
he had served for some time as the chief teller in that department he was advanced to
the position of assistant cashier in March, 1917, and was placed in direct charge of the
loan department, so continuing until elected cashier in 1924. Through the intervening
period he has most promptly, accurately and faithfully discharged the duties of that
office with the California National Bank of Sacramento and is widely known in the
financial circles of the state. He is also a director of the bank.
Mr. Carter was married in 1905 to Miss Emma Helen Reichman, who was born in
this state, and they now have two children , Elizabeth and Jane Helen.
In Masonic circles in Sacramento Mr. Carter is a well known figure, belonging to
the various branches of Masonry and at all times exemplifying in his life the high principles and beneficent spirit of the craft. He is also an Elk and is identified with several leading clubs , belonging to the Sutter Club and the Del Paso Country Club, of
which he is the president and a director, while of the Sutter Club he has also served

264

FINANCING AN EMPIRE

as a director. One of his outstanding characteristics is a keen sense of humor , which
adds much to his popularity. He has many commendable characteristics , is a broadminded and progressive citizen as well as a capable business man and his position in
public regard is an enviable one.

WILLIAM E. GERBER.
William E. Gerber is a prominent representative of financial affairs in Sacramento as chairman of the board of directors of the California National Bank and
the California Trust and Savings Bank.
He was born in Buffalo, New York,
September 8, 1852, and was a lad of eight years when in 1860 he came to California
with his parents, who established their home in Sacramento, where his father
embarked in the wholesale and retail meat business .
William E. Gerber was a pupil in the public schools of Sacramento until 1866 ,
when he returned to his native city, where he attended St. Louis Academy and
the Bryant & Stratton Business College. After coming back to Sacramento he
obtained employment as clerk in a grocery store and in 1870 purchased a half interest
therein with money loaned him by C. W. Clarke, who afterward became his closest
friend and his partner in many large business and financial enterprises. For seven
years Mr. Gerber conducted the grocery business with success. In 1877 he disposed
of his interests and was elected auditor of Sacramento county. He was reelected
in 1879, 1881 and 1883. At the conclusion of his fourth consecutive term, in January,
1885, he was appointed assistant cashier of the California State Bank, which in
January, 1907, was nationalized under its present name with a paid-up capital of
one million dollars. In 1913 the California Savings Bank was organized as an
affiliated institution with a capital of one hundred thousand dollars . In 1920 a
trust department was added to this and the name was changed to the California
Trust and Savings Bank.
In 1894 Mr. Gerber was elected cashier, in 1901 became vice president and in
1906 was chosen president. He served as the active head of the institution for a
period of eighteen years or until January 8, 1924, when he resigned the presidency
and became chairman of the board . He is now president of the Haggin Bottom Land
Company, has served as secretary of the Buffalo Brewing Company since its organization in 1888 , is president of the Del Paso Hop Company and also vice president
of the E. Clemens Horse Company. About two decades ago he served as state
fish and game commissioner for six or seven years. Mr. Gerber is widely known
as one of the most valued and influential citizens of Sacramento , where he has
long been a leading figure in business and financial circles as well as in public life.

CHARLES F. DILLMAN.
Charles F. Dillman is a veteran representative of the banking interests of California, having for a half century been identified with D. O. Mills & Company of Sacramento. In the year 1926 he retired from active business but as a financier had left
the impress of his ability upon the financial history of his state and had contributed
much to stability and progress in banking. He came to California when but fourteen
years of age, his birth having occurred in Plainfield , Illinois, his parents being William
P. and Sarah ( Rhodes ) Dillman , who came originally from Ohio. On their removal to
the Pacific coast they settled in Sacramento and Charles F. Dillman was educated in
the public schools of the capital city. Throughout his entire business career he was
associated with banking. He became actively identified with the business in 1876, when
but eighteen years of age, securing employment in the National Gold Bank of D. O.
Mills & Company of Sacramento, now the California National Bank. His first position was that of general clerk, but soon he was advanced and worked his way upward
through every department of the bank until he had come to positions of executive
power and had large voice in the management of the institution and the direction of
its affairs. His judgment has always been sound , his discrimination keen, and he has
been a close student of business conditions and of all that has to do with shaping the

HISTORY OF BANKING IN CALIFORNIA

265

business stability of a community. He ever maintained a policy whereby he carefully
safeguarded the interests of depositors and at the same time followed progressive
methods that directly benefited the stockholders , making the National Gold Bank one
of the strong financial institutions of California. When he had rounded out a half
century's service in banking he decided to retire, which he did in 1926, although he
still has the official connection of vice chairman of the board.
Mr. Dillman was united in marriage to Miss Stella Dean, of Oakland , California,
and they became the parents of a daughter and a son : Mrs. Corinne Kirchhoffer, who
is residing in Iowa ; and Dean, who is a member of the firm of Anderson & Fox, stock
brokers, and who married Josephine Moore, a daughter of C. C. Moore, of San Francisco. By this marriage two children have been born, Dean, Jr., and Lillian Moore.
Such in brief is the life history of Charles F. Dillman, but those who know him
attest the helpful part which he has played in the public life of his city, for at all
times his support has been given freely and generously to those projects which have
promoted the welfare or upheld the civic interests of Sacramento. He is tactful, genial,
and his genuine worth as a man and citizen , as well as his success, has established him
as a leading and honored resident of California.

CAPITAL NATIONAL BANK.
Sacramento .
The Capital National Bank of Sacramento was organized in 1893 as
the Capital Bank and Trust Company by W. W. Bassett and Sparrow
Smith with a capital of twenty-five thousand dollars. Owing to certain
competitive opposition they were unable to secure a license to do business
as a state bank after securing their charter, and as a result Mr. Bassett
conducted the business as a private bank until December 10, 1906. In the
meantime they had purchased the property at the southeast corner of
Seventh and J streets and erected a building to which they removed from
their original quarters in the old Golden Eagle building on Seventh street
in 1905 .
Mr. Bassett having decided to sell out and go into other business, the
bank was purchased by Alden Anderson and his associates . The license
originally applied for was granted , and on December 10, 1906, this was
opened as a state bank with Fred L. Martin as president. Mr. Bassett was
persuaded to continue as cashier and manager and in 1911 again purchased a substantial interest in the business .
Upon the return of Mr. Anderson to Sacramento in 1911 it was decided
to enter the national system and on November 28th of that year the Capital National Bank was chartered and took over the commercial business.
The savings department, however, was continued under the name of the
Capital Bank and Trust Company until 1915 , when both were merged
under the national charter.
The original capital of twenty-five thousand dollars was increased
from time to time from earnings until at the time of nationalization in
1911 it stood at one hundred thousand dollars. On January 14, 1914,
this was increased to two hundred thousand dollars by additional stock
subscription .

On June 6, 1917 , another increase was made to three hun-

FINANCING AN EMPIRE

266

dred thousand dollars by a twenty per cent stock dividend and the balance
in cash, and May 17, 1919, to five hundred thousand dollars , one-half
by stock dividend and one-half by cash.

In addition to this they have

paid regular dividends and have accumulated a surplus of three hundred
thousand dollars and undivided profits of two hundred and seventy-six
thousand dollars .
The growth of this institution was gradual until 1914, when they
began the erection of a modern seven-story bank and office building on
the site of their old structure, occupying temporary quarters at 519 J
street until its completion.

This was completed in 1916 at a cost of three

hundred and fifty thousand dollars including fixtures and equipment and
This was
is now valued at seven hundred and fifty thousand dollars .
the first Class A building to be erected in Sacramento and even today far
surpasses any banking home in this section of the state.
At the time of removal to temporary quarters in 1914 the assets of
the bank were one million, nine hundred and seventy-six thousand and
ninety-four dollars, while upon their return to the new building, November 4, 1916 , they had shown a remarkable increase, their assets having
grown to three million, seven hundred and forty-eight thousand , six hundred and twenty-eight dollars.

A steady growth since that time is shown

in the following table of deposits, taken at three-year intervals :
.
1911
$ 1,092,901.37
1914
1,069,498.75
1917
1920

3,846,132.50

1923

8,162,189.71

1926

9,191,239.83

6,674,048.09

On June 30, 1927, their total resources were :
Loans and discounts_.
U. S. bonds and certificates of indebtedness_.
Bonds, securities, etc.
Banking house furniture and fixtures_.
Cash and sight exchange__

$5,363,424.72
610,201.50
3,075,071.50
478,291.00
2,311,567.78
$ 11,838,556.50

In 1911 a bond department was established, and in 1920 a trust department was added .
Upon the reorganization as a national bank in 1911 , Mr. Anderson
assumed the presidency, F. W. Biewiener was elected vice president, W.
W. Bassett continued as cashier and F. W. Biewiener, Jr., was made
assistant cashier. The present officers are : Alden Anderson, president ;
H. C. Muddox, D. S. Wasserman and George C. Bassett, vice presidents ;
W. E. Holmes, vice president and secretary ; G. E. Zoller, cashier and
treasurer ; H. D. McGuire and J. S. Johns , assistant cashier and assistant
secretaries ; C. E. Jarvis, assistant cashier ; and W. George Spilman, trust

Alden Anderson

HISTORY OF BANKING IN CALIFORNIA
officer .

269

The board of directors are : Alden Anderson, George C. Bassett,

Fred Boitano, James T. Doyle, G. W. Dufficy , M. D. , J. S. Gattmann , Frank
Hickman, J. R. LaRue, H. C. Muddox, D. S. Wasserman , and G. E. Zoller.

FRED LEROY MARTIN.
From the Empire state Fred Leroy Martin has come to California , his birth having occurred in Syracuse, New York, in 1868. He was a lad of ten years when he
accompanied his parents, Cyrus Leroy and Artie ( Hall ) Martin , to the Pacific coast,
the family home being established in Sacramento, where he at once entered school,
thus continuing his education, which had been begun in the schools of his native state.
He started in the business world as an employe in the wholesale hardware house of
Thompson, Diggs & Company, with whom he remained for twenty-three years, a fact
which stands in incontrovertible proof of his industry, diligence and fidelity to the
house. He was gradually promoted until he became sales manager and was occupying
that responsible position when, believing that he might find a still broader opportunity
in banking circles, he accepted the presidency of the Capital Trust & Savings Bank
of Sacramento, now the Capital National Bank. In March, 1908, he became assistant cashier of the California National Bank and fifteen years later, or in 1923, was
elected to the vice presidency of the California National Bank and California Trust
& Savings Bank. He is a financier of marked ability and sound judgment, seldom,
if ever, at fault in foretelling the outcome of a business situation , and during his entire
banking career he has pursued the policy of safeguarding the interests of depositors,
while at the same time his progressiveness has promoted the success of stockholders.
Mr. Martin married Miss Henrietta Schammel, of San Francisco. He is well
known socially in the capital city, having membership with the United Commercial
Travelers ; with the Independent Order of Odd Fellows, the Benevolent & Protective
Order of Elks ; the Sutter Club, of which he is a past president ; the Del Paso Country
Club ; and the Rotary Club , of which he is now the treasurer. He is a man of liberal
views, progressive and public-spirited in citizenship, and of marked enterprise and
energy in business affairs.

ALDEN ANDERSON .
Alden Anderson, president of the Capital National Bank of Sacramento, while virtually a native Californian, was born at Meadville, Pennsylvania, October 11 , 1867,
while his parents were visiting their former home in the east. His father , J. Z. Anderson, came to California in 1852, and after spending a brief period in the mining districts, located in San Jose, where he engaged in growing and shipping fruit.
Alden Anderson acquired his education in the grammar schools of San Jose and
in the University of the Pacific, then located at San Jose but now in Stockton . Upon
leaving college he became associated with his father in business and in 1886 engaged
in the same line for himself in Solano county, building up a large business, particularly
in the packing of dried fruits. In 1902 the growers and shippers of deciduous fruits
in this state organized the California Fruit Distributors Association . Owing to difficulty in securing a manager thoroughly familiar with the business, Mr. Anderson was
prevailed upon to accept the management temporarily. The organization proved a
great success and Mr. Anderson continued in charge of its affairs, devoting the greater
part of his time to the business of the association . Unable to do justice to his own
business, he sold out in 1905 and removed to Sacramento.
In 1909 Mr. Anderson resigned the office to accept the vice presidency of the
Anglo, London & Paris National Bank and removed to San Francisco. Upon the passage
of the new state banking law in the same year he was chosen as the first state superintendent of banks, holding that office from July, 1909 , until the fall of 1910, when he
resigned to return to Sacramento. In the meantime-1906 - Mr. Anderson and others
had purchased the Capital Trust and Savings Bank of Sacramento and with his return

270

FINANCING AN EMPIRE

he reorganized that bank as the Capital National Bank and assumed the presidency
and is still the active head of that institution.
During the past twenty years Mr. Anderson has become identified with a number
of banks throughout the Sacramento valley. From 1906 until 1909 he was a director
of the California National Bank of Sacramento ; from 1911 to 1926 was president of
the Redding National Bank ; and from 1915 to 1926 was vice president of the Roseville Banking Company and has been interested in various other banks in this section. He is now president of the Placer County Bank at Auburn, vice president of the
Red Bluff National Bank, vice president of the Bank of Rio Vista and a director of
the Bank of Lincoln . Upon the establishment of the Twelfth District Federal Reserve
Bank at San Francisco in 1914 he became one of the first board of directors and served
on that body for four years.
In 1908 Mr. Anderson organized a corporation to build the Sacramento Hotel, of
which he has since been president, and he was one of the organizers and the first president of the Central California Traction Company, of which he is now vice president.
He is also a director and a member of the executive committee of the Associated Oil
Company, with which he has thus been identified since 1917.
To have accomplished what Mr. Anderson has done would entitle any man to be
classed with the prominent residents of the state, and yet his activities have been extended to other fields as well and he has long exerted marked influence in public affairs.
For several terms he represented his district in the state legislature and in 1899 was
speaker of the house, while from 1902 until 1906 he was lieutenant governor of California. He gave to public problems the same thoughtful consideration which has ever
marked his course in business and his service has been of great value to the commonwealth. He was also a member of the Veteran Welfare Board from 1902 until 1906
and is now regent of the University of California. His course in every relation of life
has been faultless in honor, fearless in conduct and stainless in reputation.

CITIZENS BANK.
Sacramento .
The Citizens Bank of Sacramento was organized October 30, 1909,
under the name of the Citizens Bank of Oak Park, by Walter G. Cooper
and others, with a capital stock of twenty- five thousand dollars, and was
located on Thirty-fifth street, between Fourth and Fifth avenues. The
first officers were as follows : G. J. Bryte, president ; Walter G. Cooper,
Mr. Cooper conducted the
cashier ; and George A. Gostick, secretary.
about 1911 , when he
accident
automobile
an
in
death
met
bank until he
to the Sacramento
sold
was succeeded by George Bullock. The bank was
The
Bank in the fall of 1911 , becoming a branch of that institution .
Bullock,
J.
U.
George
S.
directors of the old bank were Dwight H. Miller,
Pierson, J. M. Henderson , Jr. , and V. L. Hatfield .
This charter was secured and the Citizens Bank of Oak Park was
reorganized October 4, 1912 , by H. C. Muddox, W. W. Bassett, Alden Anderson, V. L. Hatfield and D. K. Colclough and was opened for business
in September of that year in a small frame building on Thirty-fifth street,
near Third avenue. In 1917 a modern bank building was begun at the
northeast corner of Thirty-fifth street and Fourth avenue which was
completed in March, 1918.

Oak Park was annexed to the city of Sacra-

mento, February 15, 1917, and the name of the bank was then changed
to the Citizens Bank of Sacramento.

The first officers of the reorganized

271

HISTORY OF BANKING IN CALIFORNIA
bank were as follows :

H. C. Muddox, president ; V. L. Hatfield, vice

president ; and D. K. Colclough, cashier and general manager. Its board
of directors consisted of H. C. Muddox, V. L. Hatfield, W. W. Bassett, F.
W. Biewiener, Jr. , Alden Anderson, Dwight Miller and D. S. Wasserman .
On January 25,

1921 ,

Russell House succeeded

cashier and H. C. Bottorff was elected vice president.

Mr.

Colclough

From July 1 , 1921 ,

to July 1 , 1924, F. Foster Miles served as assistant cashier, resigning to
accept the cashiership of the First National Bank of Grass Valley.

The

present officers and directors are as follows : H. C. Muddox , president ;
H. C. Bottorff, vice president ; Russell House, cashier ; and George C. Bassett, David Hill , Sr. , H. C. Bottorff, E. F. Christophel, G. L. Muddox, H.
C. Muddox and G. E. Zoller, directors .
On September 25, 1918, the capital was increased from twenty-five
thousand dollars to fifty thousand dollars and since July 1 , 1917 , regular
dividends ranging from six to twelve per cent have been paid, while the
accumulated surplus and undivided profits amount to sixty-eight thousand, five hundred and sixty-two dollars. During the past five years they
have added to surplus and undivided profits an average of ten thousand
dollars per year in addition to the dividends paid to the stockholders .

June 30, 1926 , their deposits were six hundred and seventy-one thousand,
one hundred and five dollars and their assets seven hundred and ninetytwo thousand, four hundred and sixty-eight dollars. This bank is located
in the center of a small suburban residential section and its growth is due
to its service in the upbuilding of the district and to the courteous and
helpful treatment ever tendered to its patrons.

RUSSELL HOUSE .
Russell House, cashier of the Citizens Bank of Sacramento, was born in Colorado ,
in 1893, and was a youth of twelve summers when he became a resident of Sacramento ,
California, in 1905. Starting out in the business world when a youth of sixteen, he
entered the California National Bank in 1909 and there remained until October, 1917,
when, putting aside all business and personal considerations, he enlisted and served in
the World war as a lieutenant in the air service, flying in England and in France until
honorably discharged in February, 1919. In May, 1920 , he came to the Citizens Bank
as assistant cashier and on the 25th of January , 1921 , succeeded D. K. Colclough as
cashier and active head of the institution , so that he is now concentrating his efforts
and attention upon the management of the business , which is showing a healthful
growth under his guidance. Fraternally he is associated with the Benevolent and
Protective Order of Elks and the Independent Order of Odd Fellows.

HARRY C. MUDDOX.
Harry C. Muddox, president of the Citizens Bank of Sacramento, is recognized
as one of the forceful factors in business circles in the capital city, being identified
with various important interests, all of which contribute to the growth, progress and
prosperity of Sacramento.
He is now proprietor of the H. C. Muddox Pottery
Company, is also vice president of the Capital National Bank of this city and a
director of the Capital Building & Loan Association. At one time he was the
president and the principal stockholder of the Capital Fire Insurance Company of

272

FINANCING AN EMPIRE

California, so remaining for several years, but in 1925 sold his interest to the late
Rollo D. Watt. He is likewise a large property owner in the Oak Park district of
Sacramento and has been closely identified with the development of its business
section.
Mr. Muddox is notable for the readiness with which he recognizes and utilizes
a business opportunity and his judgment is seldom, if ever, at fault in estimating the
value of a business situation. His cooperation has therefore been sought along many
lines and his opinions carry weight in business councils. Aside from the corporations
already mentioned with which he is or has been identified , he is also interested in
ranching, owning one thousand acres on the Franklin road, seven miles from Sacramento, and several hundred acres near Sheldon . For many years he has been engaged
in the breeding of thoroughbred draft horses and is widely known in this connection,
having produced many prize winners. Were his activities withdrawn from Sacramento and this section of the state, it would indeed be a great loss to the community,
for the worth of his work has been an essential element in growth and expansion
here, so that he is regarded as a dynamic force in commercial , agricultural and
financial circles .

J. M. HENDERSON , JR.
J. M. Henderson , Jr., formerly president of the Sacramento Bank, was born in Sacramento county, April 11 , 1867, a son of J. M. and Margaret ( Sweasey ) Henderson.
He received his education in the public schools of Sacramento and at the age of fourteen entered the real estate office of W. P. Coleman. From that time on for twenty
years he continued in the employ of Mr. Coleman, becoming his business confidant and
associate. Upon the death of W. P. Coleman in 1901 , Mr. Henderson succeeded him as
head of the real estate firm of W. P. Coleman & Company and also became interested
in the Sacramento Bank, of which Mr. Coleman had been president. Mr. Henderson
entered the bank March 1 , 1902 , as assistant cashier, and the following January was
elected cashier. He served the bank in that capacity for ten years, until January,
1913, when he succeeded to the presidency, and held that office for another ten years.
During the twenty years of Mr. Henderson's administration the Sacramento Bank
enjoyed an unusual growth and prosperity. From 1903 to 1920 its capital was increased from earnings from two hundred thousand dollars to one million , six hundred
thousand dollars, and its resources from three and a half millions to fifteen and a half
millions. In the latter year, 1920 , this bank absorbed the Fort Sutter National Bank
of Sacramento, the Farmers and Merchants Bank of Stockton, and the First National
Bank of Modesto under the name of the Sacramento San Joaquin Bank.
Mr. Henderson continued to serve as president of the bank until March, 1923,
when the Sacramento San Joaquin Bank was merged with the Union National Bank
of Fresno and the Merchants National Bank of San Francisco under the name of the
United Bank and Trust Company of San Francisco, of which he became chairman of
the board . In July, 1923 , Mr. Henderson retired from active connection with the bank,
and has since devoted his attention to his numerous other interests. When, in 1912,
the stockholders of the Sacramento Bank purchased the Fort Sutter National Bank,
Mr. Henderson was elected president and served in that capacity until the merger of
this bank in 1920. Mr. Henderson is now president of the First Savings Bank of
Colusa and the Delta Bank of Rio Vista . He is also the founder and president of the
Realty Mortgage Corporation and the Realty Mortgage Insurance Corporation of San
Francisco, both of which are companies doing a state-wide business. He is also extensively interested in ranch and fruit lands throughout the Sacramento valley.
Notwithstanding the breadth of his banking connections during a long period of
years, Mr. Henderson is probably better known as the result of his public activities
than as a banker. From 1905 to 1909 he was engaged in the development of a tract
comprising twenty-five thousand acres at the confluence of the Yuba , Bear and Feather
rivers, and the building of dykes and canals for the reclamation of this section , which
made him one of the pioneers in reclamation in the state of California.

HISTORY OF BANKING IN CALIFORNIA

273

In 1906 Mr. Henderson was named as chairman of the first legislative committee
of the California Bankers Association and participated in the first draft of our present banking law. In 1912 he was elected president of the California Bankers Association, and for two years thereafter was also one of the executive committee of the
American Bankers Association.
In 1916 Mr. Henderson organized the Associated Dairymen, an organization rep
resenting sixteen thousand dairymen throughout the United States, formed for the
purpose of cooperative marketing.
On January 6 , 1891 , Mr. Henderson married Edna N. Wright of Sacramento.
He is a member of the Elks , Native Sons, the Sutter Club of Sacramento and the
Athens Club of Oakland . Though he spends much of his time in Oakland , where he
has offices in the Syndicate building, Mr. Henderson still resides in Sacramento , the
scene of his greater activities and the center of his financial interests.

MERCHANTS NATIONAL BANK.
Sacramento.
The Merchants National Bank of Sacramento was organized by J. H.
Stephens with a capital of two hundred thousand dollars and surplus of
one hundred thousand dollars. It was chartered November 19, 1920, and
opened for business on the 3d of January, 1921. The officers from the
beginning have been as follows : J. H. Stephens, president ; Norman de
Vaux, vice president ; H. H. Robinson , cashier ; and F. L. Bronner, assistant cashier. The members of the board of directors are J. H. Stephens,
Norman de Vaux, W. I. Elliott, C. J. Hesseman , R. H. Black, E. L. Adams ,
Gustave Wilson, P. J. Huth and Lewis Moreing.
The Merchants National Bank began paying seven per cent annual
dividends after the first eighteen months of its existence and has accumulated undivided profits of forty-five thousand dollars .

The following table

of resources indicates the steady and consistent growth of the business :

July 11 , 1921_
June 30 , 1922__.
June 30, 1923__
June 30, 1924December 31 , 1925 .

$ 1,317,234.00
1,685,983.00
2,668,699.00
3,201,933.00

3,465,589.00

During the first year of its existence the Merchants National Bank
was temporarily located between Sixth and Seventh streets, on J street,
in Sacramento, in the meantime erecting a modern bank building at
Seventh and California streets which was completed in 1921. The officers
of this institution were former officials and employes of the old Fort Sutter National Bank, which was absorbed by the Sacramento San Joaquin
Valley Bank in 1920 , Mr. Stephens having been vice president , Mr. Robinson the assistant cashier and Mr. Bronner the paying teller of the old
institution for many years.

274

FINANCING AN EMPIRE

SUMITOMO BANK OF CALIFORNIA
Sacramento.
The Sumitomo Bank of California at Sacramento was organized in
March, 1925, to supply the need of a strong Japanese bank in Sacramento
and took over the assets of the Nippon Bank, which was established about
1907, and was closed by the state banking department December 1 , 1924 ,
and paid their depositors in full.

This bank was incorporated with a

paid-up capital of one hundred and twenty-five thousand dollars and a
surplus of twenty-five thousand dollars.

Besides a local commercial and

savings business the bank does a large exchange business between the
United States and Japan .

Their statement of June 30, 1927, follows :
RESOURCES.
Commercial

Loans and discounts_.
Bonds and securities_
Furniture and fixtures .
Due from banks_
Cash on hand_
Other resources

Total

Savings

$248,656.19
64,047.62

4,000.00
130,269.52
25,868.26

251,045.98

33,009.90
2,651.75

4,000.00
163,279.42
28,520.01
19,234.96

19,234.96

$492,076.55

Combined

$248,656.19
315,093.60

$286,707.63

$778,784.18

$25,000.00
5,000.00
523.63

$125,000.00
25,000.00

256,184.00

613,382.96

LIABILITIES.

Capital paid in
Surplus
Undivided profits
Deposits
Other liabilities

Total
The present directors are :

$100,000.00
20,000.00
1,071.34
357,198.96
13,806.25

$492,076.55

1,594.97

13,806.25

$286,707.63

$778.784.18

N. Yatsushiro of Osaka, Japan ; S. Satoh,

C. E. Baen and Marcel E. Cerf of San Francisco ; and S. Tsuji of Sacramento.

The officers are : N. Yatsushiro, president ; S. Tsuji, vice presi-

dent ; and Y. Ogasawara , cashier- secretary.
The first president, Baron K. Sumitomo, died in May, 1926, and was
succeeded by N. Yatsushiro as president. S. Tsuji has been the active
head of the bank since its organization , holding the title of cashier until
December, 1925, when he was elected vice president. He resigned as vice
president and director September 8 , 1927, when he returned to Japan, and
Y. Ogasawara was then elected as his successor in these offices .

This

bank is affiliated with the Sumitomo Bank, Ltd. , of Osaka, Japan, which
has a paid-up capital and surplus of over ninety million yen, or forty-

HISTORY OF BANKING IN CALIFORNIA

275

five million dollars , and total deposits of over five hundred and twentythree million yen. The institution has an extensive system of branches
and affiliated banks throughout the world.

Y. OGASAWARA.
Y. Ogasawara, vice president and active head of the Sumitomo Bank of California
at Sacramento, is a native of Japan, and after completing his education at the Imperial
University of Kyoto he entered the Sumitomo Bank, Japan. His entire business life
has been devoted to banking. He spent two years in the various departments of the
bank and in September, 1921 , came to the new world and entered the Sumitomo Bank
in San Francisco . In December, 1925, he was transferred to the Sumitomo Bank of
California at Sacramento as cashier and in September, 1927 , was elected vice president
and a director. He is thus associated with the institution in an official capacity and is
concentrating his efforts upon the wise direction of the bank, his progressive policy,
his enterprise and his capability being manifest in the continued growth and success
of the institution.

BANK OF ALEX BROWN.
Walnut Grove.
The Bank of Alex Brown, situated at Walnut Grove, was established
as a private banking institution in 1905 by the man whose name it bears
and was conducted by him as such until July 30, 1913, when it was incorporated as a state bank, with commercial and savings departments, and
capitalized for fifty thousand dollars, all paid in, with undivided profits
of eight thousand, nine hundred and ninety-one dollars and ninety-two
cents . Its deposits at that time were two hundred and thirty-nine thousand, seven hundred and eighty-six dollars and seventy-five cents. The
first officers were as follows :

Alex Brown, president ; Arthur A. Brown,

vice president ; John S. Brown, cashier ; and Alex R. Brown, assistant
cashier. These gentlemen, together with A. F. Brown, comprised the first
board of directors. Alex Brown died June 11 , 1923, and on the 3d of
July following John S. Brown was elected president and A. C. Schumacher became cashier, secretary and treasurer.

The death of Alex R.

Brown occurred in November , 1918, and he was succeeded July 6, 1920,
by A. C. Schumacher as assistant cashier.

Upon the election of the latter

to the office of cashier, secretary and treasurer in 1923, Stanford B.
Brown succeeded him as assistant cashier.
rectors are as follows :

The present officers and di-

John S. Brown, president ; Arthur A. Brown,

vice president ; A. C. Schumacher, cashier, secretary and treasurer ; Stanford B. Brown, assistant cashier, secretary and treasurer ; and John S.
Brown, Arthur A. Brown, A. F. Brown, Stanford B. Brown, and A. C.
Schumacher, directors .
The capital has been increased from time to time to one hundred and
twenty-five thousand dollars and they have paid dividends of eight per
cent, with the exception of the first year, until 1925 , when a dividend of

276

FINANCING AN EMPIRE

ten per cent was paid. The bank now has a surplus of ninety thousand
dollars and undivided profits of forty-five thousand dollars and their deposits are now in excess of two and one-quarter million dollars .

The

following table shows the growth of their assets :

September, 1913.

September, 1915.
September, 1917.

313,397.44
483,216.24

September, 1919.
September, 1920

907,392.03
1,764,883.67
2,016,940.81

June, 1926 .

2,246,000.00

The bank was located in the office of the general merchandise store
of Alex Brown until June, 1916, when the company completed the erection
of a modern bank building at a cost of about twenty-five thousand dollars .
This is the oldest and largest bank in the delta east of the river and until
1919 drew its business from a large area. Their principal correspondents are the Wells Fargo Bank and Union Trust Company of San Francisco, and the California National Bank of Sacramento.
Alex Brown, founder of the institution known as the Bank of Alex
Brown at Walnut Grove, came from Maine to California in 1866 , first
settling in San Francisco . In 1879, he and his mother moved to Walnut
Grove, where the latter conducted a hotel with his assistance.

The first

business venture of Alexander Brown was the opening of a general merchandise store. Soon thereafter he became interested in farming, and his
holdings, increasing from time to time, made him at his death one of the
largest landowners in Sacramento county.

Besides his real estate in

Sacramento county he owned a stock ranch embracing six thousand acres
in Colusa and Glenn counties. In 1918 he built the Walnut Grove Hotel
at a cost of one hundred and twenty thousand dollars .
His role as a banker began long before the time of incorporation of
the Bank of Alex Brown in 1913. His employes entrusted their wages to
him for safekeeping and the accumulation of this grew to such an extent
that the creation of a bank was a necessity to the community. At the
time of his death he was a director of the California National Bank of
Sacramento, having served on the board for about four years.
John S. Brown, his eldest son, has been closely identified with the
enterprises founded by his father. In the acquirement of an education
he attended grammar and high schools in San Francisco .

Soon after

his graduation from high school he managed the mercantile business of
his father. He was instrumental in the founding of his father's bank
and held the position of cashier until the death of his father, when he
became president. He is a director in the California National Bank of
Sacramento. Since the death of his father he has been manager of the
estate, which includes large holdings in farm lands in this section.

HISTORY OF BANKING IN CALIFORNIA

277

FIRST NATIONAL BANK .
FIRST SAVINGS BANK.
Colton.
The First National Bank of Colton , which was organized June 26,
1886, with a capital of fifty thousand dollars, has enjoyed a prosperous
existence covering more than four decades . Its report of conditions at
the close of business March 23, 1927 , showed :
Capital stock paid in.
Surplus fund
Undivided profits
Total resources

$ 50,000.00
25,000.00
30,558.13

934,739.04

The official personnel of the institution at this time is as follows : H.
B. Smith, president ; D. T. Garrett, vice president ; W. T. Garrett, vice
president ; C. W. Curtis, cashier ; and B. F. Tanner, assistant cashier.
The First Savings Bank of Colton was organized October 18 , 1924,
and began business in the following November with a capital of twentyfive thousand dollars and surplus of seven thousand, five hundred dollars.
Its report of condition at the close of business March 23, 1927, showed :
Capital paid in .
Surplus
All undivided profits .
Savings deposits
State, county and municipal deposits__

Total

$ 25,000.00
7,500.00
6,761.20
183,707.42
75,000.00

$297,968.62

The officers of the First Savings Bank of Colton at this time are as
follows : D. T. Garrett, president ; H. B. Smith, vice president ; W. T. Garrett, cashier ; and E. B. Wilkerson, assistant cashier.
Following is the combined statement of the First National Bank and
First Savings Bank of Colton on March 23 , 1927 :
Capital, surplus and undivided profits .
Circulating notes outstanding_.

$ 144,819.33
49,100.00

Deposits
Other liabilities

1,015,503.06

Total resources

1,232,707.66

23,285.27

THE FIRST NATIONAL BANK OF FONTANA .
The First National Bank of Fontana, the only bank in the town , was
incorporated on the 9th of August, 1926, with a capital of fifty thousand
dollars and surplus of ten thousand dollars . The prime movers in the
organization of the institution , which opened its doors for business on
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278

FINANCING AN EMPIRE

the 21st of August, 1926 , were A. B. Miller, president of the Fontana
Farms Company and the father of Fontana, and H. S. Barbee.
The officers of The First National Bank of Fontana are as follows :
H. S. Barbee, president ; R. E. Boyle, vice president ; and H. A.. Ingold,
assistant cashier. The members of the board of directors are H. S. Barbee, John E. Barber, R. E. Boyle, A. B. Miller, Charles F. Shaw, Jr. , and
H. C. Spring.
The town of Fontana is rich in poultry farms, vineyards and walnut
groves and also boasts the largest hog farm in the world.
H. S. Barbee, president of The First National Bank, is also president
of the Fontana Mercantile Company.
R. E. Boyle, vice president of The First National Bank, fills the position of superintendent of the Fontana Farms Company.
John E. Barber, one of the directors of The First National Bank, is
also vice president of The First National Bank of Los Angeles and president of the First Securities Company.
Charles F. Shaw, Jr. , a director of The First National Bank of Fontana, is a retired banker who came to California from Philadelphia and
who is now engaged in the real estate business.
H. C. Spring, who is also serving on the directorate of The First
National Bank, is likewise a director of the First National Bank of Rialto
and occupies the presidency of the Citrus Association.
H. A. Ingold , assistant cashier of The First National Bank of Fontana, was formerly identified with the Midland National Bank of Newton,
Kansas, and with the Merchants National Trust & Savings Bank of Los
Angeles.
A condensed statement of condition of The First National Bank of
Fontana on the 23d of March, 1927 , showed capital stock of fifty thousand
dollars, surplus of ten thousand dollars and total resources of six hundred
and nine thousand , one hundred dollars and eighty-two cents .
growth in deposits is indicated in the following table :
August 21 , 1926 ( opening day) _.
December 31 , 1926 ( statement to comptroller)

The steady

$274,472.28

March 23, 1927 (statement to comptroller)

456,119.78
545,257.35

June, 1927

650,175.00

CITIZENS NATIONAL BANK .
Ontario .
The Citizens National Bank of Ontario, which was incorporated May
16, 1927 , with a capital of one hundred thousand dollars and surplus of
ten thousand dollars, opened its doors for business on the 16th of July
following. Its official personnel is as follows : H. R. Berg, president ; C.
M. Huston, vice president ; R. C. Williams, cashier ; and W. R. White,
assistant cashier.

HISTORY OF BANKING IN CALIFORNIA

279

ONTARIO-UPLAND CLEARING HOUSE ASSOCIATION .
Ontario .
The Ontario-Upland Clearing House Association began business May
1 , 1926, having been organized by the officers of The First National Bank
of Upland, the Commercial National Bank of Upland, The First National
Bank of Ontario, The Ontario National Bank and the Ontario Branch,
Bank of Italy. The first president was Earl Paul, president of the Commercial National Bank of Upland, and N. E. Trautman, cashier of The
Ontario National Bank, was the first secretary ; while those now serving
as president and secretary are, respectively, Charles V. Barr, president
of The First National Bank of Upland, and Harold C. Moore, cashier of
the Commercial National Bank of Upland.

A. W. HAYES.
A. W. Hayes figures in financial circles as manager of the Ontario branch of the
Bank of Italy in Ontario, San Bernardino county. He is a native of the Emerald isle ,
his birth having occurred in Galway, Ireland, January 26, 1885. He obtained his
education largely in the schools of Kingston, England, and then went to Canada,
where he initiated his banking experience by becoming teller in the Canadian Bank
of Commerce in 1905.
With his removal to the Pacific coast, Mr. Hayes secured the position of teller in
the Bank of Southern California at Los Angeles. He then went to Yuma, Arizona,
where he was employed as bookkeeper in the First National Bank and from that position worked his way upward until he was serving as cashier when he severed his connection with the institution in 1920. He next went to the main office of the Bank of
Italy in San Francisco in the capacity of inspector and was later promoted to chief
inspector. In 1923 he was sent to Ontario to take over the Security State Bank of
Ontario as a branch of the Bank of Italy and has since been serving as manager of
that institution. He is also vice president of the Clearing House Association and his
connection with financial affairs in this state, covering a period of nineteen years , has
made him widely known.
Mr. Hayes was married in 1908 to Miss Carlota Ferneau, of Canada, and they are
parents of a son and a daughter, Gerald and Mimi, both at home, the family residence
being on San Antonio Heights in Upland . Mr. Hayes is a member of the Red Hill
Country Club and he and his wife occupy an enviable position in the social circles in
which they move.

FIRST NATIONAL BANK IN REDLANDS .
Incorporated February 7, 1923, the First National Bank in Redlands
was opened for business February 17 following, having a capital of $ 100 ,000 and surplus of $20,000, and the first day's deposits amounted to
$95,826.65. Austin T. Park has been president from the beginning. Jay
C. Sexton was vice president and F. N. High was cashier , but the former
is now vice president and cashier while Harold Macomber serves as assistant cashier. Both executive officers devote their entire time to the bank,
the business of which is derived from the surrounding district. Deposits
are now over $ 850,000.

280

FINANCING AN EMPIRE

CITIZENS NATIONAL BANK.
Rialto.
The Citizens National Bank of Rialto, incorporated in October, 1920 ,
was organized by C. M. Huston with a capital of twenty-five thousand
dollars. Its first officers were as follows : Wilmot T. Smith, president ;
H. A. Brimmer, vice president ; John Cox, vice president ; C. M. Huston,
cashier ; and L. A. Mills , assistant cashier. The official personnel of the
institution at the present time is as follows : J. T. Canaday, president ;
H. A. Brimmer, vice president ; W. McKinley, vice president ; O. R. Rowley, cashier ; and R. V. Carroll, assistant cashier. The members of the
board of directors at this time are J. T. Canaday, W. A. Needham, W.
McKinley, H. A. Brimmer, C. E. McLaughlin , Henning Loock, C. M. Huston and R. C. Williams .
The Citizens National Bank has increased its capital to thirty-five
thousand dollars. Its steady business growth is indicated in the following
table of deposits :

1920
1921

(opening day ) .

1922

$ 17,000.00
120,000.00
175,000.00

1923
1924

200,000.00

1925

300,000.00
360,000.00

250,000.00

1926
1927

400,000.00

Credit for the building up and expansion of the business of the Citizens National Bank of Rialto is principally due C. M. Huston.

The insti-

tution largely derives its patronage from growers of citrus fruits and at
this time reports good condition and prospects .

FIRST NATIONAL BANK OF RIALTO .
The First National Bank of Rialto was organized by E. D. Roberts ,
with a capital of $25,000, and was opened for business February 3, 1908,
the initial deposits amounting to $53,000 .

The first officers were E. D.

Roberts , president ; William Buxton, vice president ; and E. M. Lash,
cashier, while those now serving in official capacities are E. M. Lash,
president ; J. C. Boyd and H. E. Winslow, vice presidents ; E. W. Preston ,
cashier ; and J. E. McManis, assistant cashier. Messrs . Lash, Preston and
McManis are very active in the development of the business of the bank,
which is in good condition . Special attention is given to savings deposits .
The assets of the First National Bank of Rialto are now nearly a million
dollars.

HISTORY OF BANKING IN CALIFORNIA

281

AMERICAN NATIONAL BANK .
San Bernardino .
The American National Bank of San Bernardino was organized in
1916 with a capital of one hundred thousand dollars, which has been
increased to one hundred and fifty thousand dollars.
at the present time is as follows :

Its official personnel

R. D. McCook, president ; W. S. Shep-

ardson, vice president ; H. T. Slater, cashier ; W. O. Harris, trust officer ;
and A. R. Hamilton, E. McCook and O. R. Ervin, assistant cashiers .

CALIFORNIA STATE BANK.
San Bernardino.
The California State Bank of San Bernardino was organized August
1 , 1901 , with a capital of fifty thousand dollars . The men who controlled
its affairs as a unit bank were as follows : J. L. Oakey, president ; H. H.
Ham, vice president ; Grover Cooley, vice president ; J. M. Oakey, cashier ;
and C. H. Wiltshire, assistant cashier.
The California State Bank increased its capital to one hundred thousand dollars on the 30th of December, 1912, and prior to its absorption
by the Liberty Bank of America had total resources of one million, six
hundred and fifty-one thousand , eight hundred and seventy-six dollars .
It is now the San Bernardino branch of the Bank of Italy National Trust
& Savings Association , which succeeded the Liberty Bank of America,
and is under the capable management of J. M. Oakey.

SAN BERNARDINO NATIONAL BANK .
SAN BERNARDINO COUNTY SAVINGS BANK.
San Bernardino.
The San Bernardino National Bank, which stands second among the
roll of honor banks of the state of California, was incorporated October
17, 1887, with a capital of one hundred thousand dollars.

The institution

was organized with J. G. Burt as president and "Ted" Morse as cashier,
the bank occupying the same corner of the Stewart Hotel building as now.
In December, 1888 , the San Bernardino National Bank suffered the loss
of Cashier Morse by the bullet of a madman .

The next year the directors

urged John W. Davis , Jr., of Colton, to undertake the management, for
though but twenty-eight years of age, Mr. Davis was well known to be a
thoroughly trained banker.

His wise management here increased that

reputation . In 1892 Mr. Davis ' health broke down and his father- in-law,
John W. Roberts, came at once from Pittsburgh, Pennsylvania, to take
charge. W. S. Hooper was cashier and W. S. Boggs the assistant cashier.
John W. Roberts brought keen ability and leadership to the bank as well

282

FINANCING AN EMPIRE

as generous helpfulness to the city.

Upon his death in 1903 he was suc-

ceeded by his eldest son, Edward David Roberts , who had gained his banking experience first with John W. Davis in Dakota and later in Colton.
He served the bank successfully and tirelessly until 1910, when the directors gave their assent to his serving the state as treasurer for four years.
This only made him the more widely popular and he accepted the position
of vice president of the First National Bank of Los Angeles .
E. D.
Roberts died suddenly in 1920 , greatly regretted .

J. Walter Roberts , sec-

ond son of J. W. Roberts, had died in 1919, highly respected for his intelligent, courteous services to the bank since his graduation at Stanford and
his ardently devoted service to the government during the World war.
After losing E. D. Roberts, the bank was fortunate in securing Hon . J. B.
Gill as his successor.
In 1903 the directors of the San Bernardino National Bank organized
the San Bernardino County Savings Bank, with E. D. Roberts president
of both banks, as J. B. Gill is now.
succeeded in 1908 by J. H. Wilson .

A. G. Kendall, the first cashier, was
The record of the growth of the

Savings Bank has been remarkable. Richard E. Roberts, after graduating at Stanford and studying law both at Columbia and Stanford , and
completing his army service a captain , entered the banks , and as vice
president of the San Bernardino National and director in the Savings
Bank, has made good .
The official personnel of the San Bernardino National Bank at the
present time is as follows :
J. B. Gill , president ; R. E. Roberts, vice
president ; J. S. Wood, cashier ; Herbert H. Weir, assistant cashier ; and
V. J. Micallef, assistant cashier.

The members of the board of directors

are J. B. Gill , J. S. Prendergast, J. W. Curtis, L. A. Atwood , H. B. Smith ,
Jennie E. Davis, R. E. Roberts and H. H. Thomas. Its statement of condition at the close of business June 30, 1926 , showed :
Capital
Surplus
Undivided profits
Circulation

Deposits

Total resources

100,000.00
200,000.00
157,969.15
100,000.00
1,949,772.65

$2,507,741.80

The officers of the San Bernardino County Savings Bank at this time
are as follows : J. B. Gill , president ; A. M. Ham, vice president ; J. H.
Wilson, cashier ; and J. C. Ralphs , Jr., assistant cashier. The directorate
is composed of J. B. Gill, A. M. Ham, Jennie E. Davis , J. H. Wilson, R. E.
Roberts, J. G. Knapp , J. W. Curtis , Howard B. Smith, W. M. Parker,
Thomas W. Frye and J. C. Ralphs , Jr. On the 30th of June , 1926, the
San Bernardino County Savings Bank made the following statement of
Condition :

283

HISTORY OF BANKING IN CALIFORNIA
Capital

Surplus
Undivided profits

206,499.97
74.02

Collections
Deposits

Total resources

150,000.00
150,000.00

3,065,287.92

$3,571,861.91

The combined statement of the San Bernardino National Bank and
the San Bernardino County Savings Bank on June 30 , 1926 , showed the
following figures :
Combined capital and surplus
Combined deposits
Combined resources

$ 964,469.12
5,015,060.57
6,079,603.71

THE FIRST NATIONAL BANK OF UPLAND.
The First National Bank of Upland was organized in Los Angeles ,
November 4, 1905 , and the application for a charter was granted November 11 , 1905 , the officers being as follows :

George Chaffey, president ;

A. M. Chaffey, vice president ; and H. E. Swan, cashier.

The institution

had an original capital of twenty-five thousand dollars and opened its
doors for business on the 20th of July, 1906. Deposits on the 22d of July
following were six hundred and two dollars and fifty- seven cents .
The first officers of the bank were as follows : J. G. Mossin ( president) , who was at one time vice president of the American National Bank
of Los Angeles ; H. E. Swan (vice president) , formerly cashier of the
First National Bank of Ontario ; C. T. McCulloch , cashier ; and George J.
Childs, assistant cashier.
The First National Bank of Upland is located on the southwest corner
of Second avenue and Ninth street in Upland , California .

In 1920 the

bank was remodeled and the size of the banking room was doubled .
The history of the institution has been concisely written as follows :
"On July 20 , 1906 , The First National Bank announced its opening in
this city and from that small beginning the institution has grown to its
present building and equipment, which is said to be ahead of anything in
San Bernardino county. J. G. Mossin of Los Angeles was the first president of the bank, while H. E. Swan of Ontario was its vice president.
Mr. Mossin was vice president of the American National Bank of Los
Angeles and Mr. Swan at this time was cashier of the First National
Bank of Ontario. C. T. McCulloch of the Camp Baldy Company was the
first cashier of the First National, he having just previously been the
owner of what is now the Klindt Grocery . Soon after the organization ,
George J. Childs, a brother to Mrs. Grace Paulin , was made assistant
cashier. A. M. Chaffey and H. E. Bartlett were directors.
"The organizers of the First National evidently found that with the

FINANCING AN EMPIRE

284

heads of the bank non-residents, business did not increase as rapidly as
they desired, so on March 1 , 1907 , it was announced that A. E. Huntington
from Minnesota would be the cashier and make his home in Upland .

H. E.

Bartlett was made president and Charles D. Adams the vice president,
while C. T. McCulloch became assistant cashier. With this change came
rapid growth of the First National, and on July 24 , 1908, H. E. Bartlett
resigned as president of the bank and Isaac C. Baxter was made its president. On December 26 , 1911 , A. E. Huntington resigned as cashier and
was made vice president of the California Bank of Los Angeles, which
position he still holds. At the same time D. E. Dobbins of Colorado was
named cashier to fill the vacancy made by the resignation of Mr. Huntington . In April, 1913, Harlow S. Wilson was named assistant cashier.
"The real growth of the First National, although the foundation
builders had done excellent work, began with the coming to Upland of
Charles V. Barr on April 27, 1915, at which time Mr. Barr was made a
director to fill the vacancy made by the resignation of A. E. Huntington
as a director. On January 18 , 1916, Mr. Barr became president of the
bank, and entered on his new office with the idea of making The First
National Bank a strictly Upland institution, owned and operated by men
residing here, and the following men were named on the board of directors :

A. Podrasnik, Isaac C. Baxter, C. T. McCulloch and D. E. Dobbins.

On July 31 , 1918 , D. E. Dobbins resigned as cashier of the bank, to take
effect September 1 , 1918 , and at that time Harlow S. Wilson was made
cashier, Clyde D. DuVall was made assistant cashier.

The board of direc-

tors was made up as follows : Charles V. Barr, A. Podrasnik, William
Rohrig, C. T. McCulloch and H. S. Wilson. On December 11 , 1919 , R. F.
Lemon became vice president and a director of the bank, and today the
official family stands as follows : Charles V. Barr, president ; A. Podrasnik
and R. F. Lemon, vice presidents ; Harlow S. Wilson, cashier ; Clyde D.
DuVall and Allan S. Barr, assistant cashiers ; and Charles V. Barr, A.
Podrasnik, R. F. Lemon, H. S. Wilson , William Rohrig, G. A. Hanson ,
F. W. Palmer, directors ; Floyd S. Chambers , Edith M. Pierce and Lillian
A. Roth, clerks ."
The condensed statement of The First National Bank of Upland at
the close of business on June 30, 1927, showed capital stock of fifty thousand dollars, surplus and undivided profits amounting to sixty-six thousand and eighty-five dollars and thirty-five cents, deposits eight hundred
ninety-two thousand dollars, and resources totaling one million , fiftyseven thousand, six hundred and eighty-nine dollars and eighty-one cents.

FIRST NATIONAL BANK .
Victorville.
The First National Bank of Victorville was organized in 1917 , with a
capital of $25,000, by J. C. Turner, L. D. Gilbert, C. A. Vandever, E. E.
Richardson ( deceased ) , B. T. Ergenbright (deceased ) , E. S. Goble and

HISTORY OF BANKING IN CALIFORNIA

285

F. C. Krause, and was opened for business May 17, 1917, under the direction of L. D. Gilbert, E. E. Richardson and E. S. Goble as the first officers,
the initial deposits being $ 9,282.20 . G. A. Marsh, who has been cashier
since 1922 , has exerted his best efforts in the general expansion of the
business of the bank, it being in excellent condition . The financial
stability of the. community is backed by two large cement plants with
monthly payrolls of over $ 100,000 , and the agricultural, mining and
poultry raising interests also furnish a large part of the business . Semiannual dividends are paid at the rate of five per cent. There is a surplus
of over $27,500 and the deposits total more than $ 440,000 . The total
resources from the beginning have been as follows :
1917

$ 45,765.44
148,626.11

1918
1919

181,939.12

1920
1921

250,802.86

1922

346,925.73

229,301.42

1923
1924

466,775.95

1926

487,230.23
509,338.14
555,926.77

1927

571,226.37

1925

PEOPLES STATE BANK.
Chula Vista.
The Peoples State Bank of Chula Vista, now a branch of the Bank
of Italy, was organized in October, 1890, at National City, and on August
28, 1909, was moved to Chula Vista, at which time the capital stock was
reduced from fifty thousand dollars to twenty-five thousand dollars .

the time it was merged with the Bank of Italy the capitalization was
sixty thousand dollars, the second increase occurring in September, 1922,
when a savings department was established . At that period the institution was carrying commercial accounts amounting to four hundred and
sixty-six thousand dollars, and its deposits, when taken over by the Bank
of Italy on January 28 , 1927 , were seven hundred thousand dollars .
In 1907 the officers were : John L. Sehon, president ; B. J. Edmonds,

cashier ; and E. M. Fly, vice president. Their associates on the board of
directors were W. S. Hill , J. E. Ervay and Frank P. Reed. Mr. Sehon
continued as president until September 12, 1910, when he was succeeded
by B. J. Edmonds . In January, 1910, new names were added to the
directorate, which was composed of B. J. Edmonds, E. M. Fly, Warner
Edmonds, W. J. S. Browne, J. E. Ervay, M. L. Ward and H. G. Edwards.
Dr. Fly was then serving as vice president, and Warner Edmonds acted
as cashier. On February 13, 1913, another change occurred in the per-

FINANCING AN EMPIRE

286

sonnel of the board, which was increased to nine members.

Carl S. Owen

became a director on April 12, 1913, and R. J. Jaeger, Gregoire Rogers
and M. W. Edmonds also joined the board .
E. M. Fly resigned January 5, 1914, and was succeeded as vice president by Gregoire Rogers. B. J. Edmonds was then president and Warner
Edmonds discharged the duties of cashier and treasurer. H. G. Edwards
acted as secretary and assistant cashier, while Gregoire Rogers was vice
president. The officers on January 3, 1916 , were : B. J. Edmonds, president ; Gregoire Rogers , vice president ; and Warner Edmonds, secretary,
treasurer and cashier. The other directors were M. L. Ward, Carl S.
Owen, W. J. S. Browne, R. J. Jaeger, M. W. Edmonds and H. G. Edwards .
In January, 1918 , Gregoire Rogers was called to the presidency and Carl
S. Owen became vice president, while Warner Edmonds continued the
duties of cashier, secretary and treasurer. Their associates on the board
of directors were M. L. Ward, M. W. Edmonds, R. J. Jaeger, M. A. Patterson, Warner Edmonds and H. G. Edwards.

M. W. Edmonds resigned

June 3, 1918 , and on August 5, 1918, her place was taken by F. A. Lee.
W. J. S. Browne tendered his resignation and W. H. Guptil was elected
January 6 , 1919.

The next officers were :

Gregoire Rogers, president ;

T. J. H. McKnight, vice president ; and Warner Edmonds , secretary, treasurer and cashier. The other directors at that time were M. L. Ward,
F. A. Lee, W. H. Guptil, R. J. Jaeger, M. A. Patterson, T. J. H. McKnight
and H. G. Edwards. In February, 1920, the number of directors was
reduced to six, consisting of Gregoire Rogers , Warner Edmonds, R. J.
Jaeger, M. L. Ward , W. H. Guptil and T. J. H. McKnight.
On April 21 , 1920, the capital stock was increased from twenty-five
thousand to one hundred thousand dollars, of which forty thousand dollars
was paid in by December 6 of that year. In October, 1921 , Charles P.
Moies was elected assistant cashier, and on November 7 of that year R. J.
Jaeger resigned, at which time Sarah G. Clark was chosen as his successor. In August, 1922 , the paid- in capital stock was enlarged to fifty
thousand dollars, the ten thousand dollar increase being for the purpose
of establishing a savings department.
Gregoire
The officers in 1925 were :

Rogers,

president ;

Warner

Edmonds, vice president ; Charles P. Moies , cashier ; and Edwin T. Smith,
Jr. , assistant cashier. On April 6 , 1925 , T. J. H. McKnight resigned , at
The officers and
which time Charles P. Moies was elected a director .
directors remained the same until January, 1927, when the institution
was taken over by the Bank of Italy.
On August 28 , 1909 , the deposits amounted to thirteen thousand
dollars and there were seventeen depositors, but at the end of two weeks
the deposits had increased to forty thousand dollars . The peak of the
growth was reached in 1912 , and in 1913 another bank was established
in Chula Vista , but unfavorable weather conditions decided its stockholders to liquidate.

In 1916 the deposits and liabilities of the institution

were taken over by the Peoples State Bank, which was controlled by
Mr. Rogers
Gregoire Rogers and Warner Edmonds until the merger.

HISTORY OF BANKING IN CALIFORNIA

287

was then elected chairman of the board of directors and Mr. Edmonds
became manager, while Charles P. Moies was appointed assistant manager, and Edwin T. Smith assistant cashier.
Gregoire Rogers was connected with the Westinghouse Machine Company in Pittsburgh and left that city in 1909, settling in Chula Vista. He
has become recognized as an authority on the production of citrus fruit
and is a successful grower. He is an executive and one of the directors
of the Chula Vista Citrus Association, the largest distributors of the kind
in this district.
Warner Edmonds became a freight checker for the Santa Fe Railroad
when a high school pupil and thus obtained his start in life. He was one
of the original members of the Board of Trustees of Sweetwater Union
High School District and the first president of the Rotary Club of Chula
Vista.

He also belongs to the San Diego Athletic Club and San Diego

Country Club and represents the California Taxpayers Association in the
capacity of a director. In 1915 he was chosen master of Southwest Lodge,
His father-in-law,
No. 283, of the Masonic order, and is also an Elk.
M. L. Ward, served in the state senate of California and is one of Chula
Vista's

honored

pioneers .

Warner, George and Janet.

Mr.

Edmonds

has

four

children :

Ward,

The eldest son is a junior at Stanford Uni-

versity and golf champion of San Diego county.

He also holds the uni-

versity record in pole vaulting and went to Lincoln, Nebraska, with
members of the Olympic Club of San Francisco to participate in the
National Amateur Track Meet.

He represented Stanford University at

the I. C. A. A. A. A. meet at Philadelphia in 1927 and took third place
in the pole vault. He has figured prominently in school activities and
his brother Warner was runner-up in the finals for the San Diego county
golf championship . Warner won the 1927 golf championship of the San
Diego Country Club, defeating his brother Ward , who was runner-up .

HERBERT W. BREWER, JR.
Herbert W. Brewer, Jr., manager of the Escondido branch of the Bank of Italy,
is a native of Lakeport, California, his birth having there occurred on the 19th of
August, 1891. He is a son of Herbert W. and Millie ( Gruwell ) Brewer and in the
place of his nativity he pursued a public school education , passing through the grades
to the high school . His association with the banking business dates from 1908 , when
at the age of seventeen years he entered the First National Bank of Imperial as bookkeeper and teller. He was consistently faithful in all that he did, as shown by his
advancement to the position of assistant cashier. In 1918 he left that institution and
became assistant cashier of the El Centro National Bank of El Centro, thus continuing
until June, 1920 , when the bank was sold to the Southern Trust & Commerce Bank and
Mr. Brewer became assistant manager of the latter. In 1921 he transferred his
activities to the Southern Trust & Commerce Bank at Brawley, California , where he
acted as branch manager. In May, 1921 , however, he returned to El Centro as manager of the branch there and occupied that position until February, 1924, when he
came to Escondido as manager of the Southern Trust & Commerce Bank, which subsequently became the branch bank at this point of the Bank of Italy. Each change has
indicated a steady progress in his career, resulting from his close application , earnest
purpose and commendable ambition. He is not only branch manager at Escondido
but is also a member of the advisory board of the Bank of Italy at Oceanside.

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FINANCING AN EMPIRE

On the 4th of September, 1912 , Mr. Brewer was married to Miss Grace Foncannon ,
of Imperial, and the three children born to them are William, Phyllis and Richard , aged
respectively twelve , ten and six years. They reside on Fifth avenue in Escondido and
here, as in other communities where he has made his home, Mr. Brewer takes an
active and helpful part in community interests, doing everything in his power to promote the public welfare. He has served as a member of the city council, was at one
time vice president of the Chamber of Commerce and in 1926 filled the office of president of the Kiwanis Club. For several years he acted as a director of the Chamber of
Commerce in Escondido and he has done effective and valuable work in connection with
various civic organizations. His fraternal connection is with the Masons and he has
attained the thirty-second degree of the Scottish Rite, while with the Nobles of the
Mystic Shrine he has crossed the sands of the desert. A popular member of the
Escondido Country Club , he is now serving as president of its board of trustees. He is
also a member and chairman for San Diego county of the agricultural committee of
the California Bankers Association and takes an active part in the work of that organization, formed to uphold and promote the standards of banking service. He has a
wide acquaintance among the financiers of the state and all who know him speak of
him in terms of high regard.

ALVIN WEBSTER WOHLFORD .
In a history of banking interests in California mention should be made of Alvin
Webster Wohlford , inasmuch as he was the prime mover in the organization of the Escondido National Bank and the Escondido Savings Bank . Death called him August
15 , 1924 , when he was sixty-six years of age, his birth having occurred January 10,
1858 , in the vicinity of Freeport, Illinois. He was graduated from the University of
Wisconsin and for many years resided in Nebraska before coming to California , where
he rose to prominence in banking and business circles. His influence remains as a
strong factor in the continued progress of his town. He was regarded as a leader in
all that affected the welfare of his community. He had become a resident of Escondido
in 1890 , continued to make his home here throughout the remaining thirty-four years
of his life and was a pioneer in the business affairs of the valley and largely responsible for the development and progress of the region. He organized the Escondido
Mutual Water Company, which made possible the development and cultivation of the
lands tributary to the Escondido valley. He devoted much of his attention to growing
and shipping citrus fruits , became the organizer and for many years was the president
of the Escondido Fruit Growers Association. He seemed almost intuitively to recognize what would prove of value in this section of the state and he instituted many
measures whose results were most beneficial.
Mr. Wohlford became the president of the Bank of Escondido in 1890 , having purchased the controlling interest that year. In 1905 he made it the Escondido National
Bank and that same year organized the Escondido Savings Bank, and he remained
president of both institutions until his death . He was succeeded in office by his son,
Burnet C. Wohlford , who served in that capacity for the following two years . These
two banks are now merged with the Bank of Italy. Burnet C. Wohlford is still a member of the advisory board of the Escondido branch . He is a large grower of citrus
fruits and makes his home on a fine ranch near the town.
The marriage of Alvin W. Wohlford was celebrated August 15 , 1893 , when he was
united with Miss Sallie C. Burnet of Cincinnati, Ohio. This union was blessed by the
birth of two children : Burnet C. and Mary Katherine. The latter passed away in
1923. The death of Mr. Wohlford was the occasion of deep regret to many friends
as well as to his immediate family, for he was greatly beloved in this district . To his
family he not only left a handsome competence as a result of his labors but also the
priceless heritage of a good name.
Mr. Wohlford's hobby was the development of water, in fact it was a part of his
life work. In the early days of the community the ranchers had bonded their ranches
to install an irrigation system, but this project fell through and for several years the
community did not advance. Mr. Wohlford's bank financed the ranchers to enable them
to pay off the indebtedness on their farms and this was the means of the organization
of the Mutual Water Company and the beginning of prosperity for the section . Later

ALVIN W. WOHLFORD

HISTORY OF BANKING IN CALIFORNIA

291

the company installed an electric and power plant and this still sells power and light to
consumers. The San Diego County Water Company projected a water supply known
as the Lake Henshaw project and through an arrangement with its board of directors,
by the efforts of Mr. Wohlford, the Escondido Valley obtained an adequate supply
of water for all its needs, the users having prior rights for permitting the water to
run through their community ditches to the Vista district. Through the earnest efforts
of Mr. Wohlford in irrigation matters the board named Lake Wohlford in his honor.

ARTHUR LEONARD CLARK.
The Bank of Italy, by organization and by amalgamation, has established branches
throughout California, thus largely controlling financial activities in the state, and it
is as a representative of one of these branches that Arthur Leonard Clark figures in
the banking history of the state, being now manager of the branch bank at La Jolla.
A native of this state, he was born in Pasadena, August 9 , 1898, and he attended the
grammar schools of Los Angeles and of Redlands, while later he became a high school
pupil in the Imperial valley and in due time was graduated. He started out in the
business world in 1916 , when a youth of eighteen years, as an employe of the First
National Bank of Holtville, there remaining for one year. In 1917 he spent two
months with the Hellman bank in Los Angeles and then returned to the Imperial
valley, securing a position in the El Centro National Bank, which was sold to the
Southern Trust & Commerce Bank on the 30th of June, 1920. His original position
was that of bookkeeper and after a year he was made assistant cashier. He was the
first to occupy the payer's and receiver's cage in the El Centro branch of the Southern Trust & Commerce Bank, also had charge of the note department and in 1921 he
became assistant manager of the El Centro branch. In 1923 he was made assistant
manager of the La Jolla branch of the Southern Trust & Commerce Bank, which was
sold to the Bank of Italy in January, 1927. It was on the 1st of March, 1927 , that Mr.
Clark became manager of the La Jolla branch of the Bank of Italy as the successor of
Karl Kenyon, who had been associated with bank management here for ten years and
who then retired.
Mr. Clark is a Mason, which indicates much concerning the rules that govern his
life. His membership in the La Jolla Golf Club indicates the nature of his recreation.
He resides at 309 Bon Air street , in La Jolla and enjoys the friendship of many with
whom he has been brought in contact during the period of his residence here.

CUYAMACA STATE BANK.
El Cajon .
The Cuyamaca State Bank of El Cajon, California, was organized in
October, 1907, with a capital of twenty-five thousand dollars, by Horace
G. Candee, C. O. Nichols , Thomas Ballantyne, Allen T. Hawley, E. A.
Hornbeck, William E. Smythe, John G. Burgess, H. H. Mills, George
Sears, W. R. Andrews, Henry Wahl, D. G. Gordon, Charles O. Graves,
C. A. Van Houten, J. E. Eychaner, J. F. Helmold , Wilson D. Hall, D. S.
Bascom, J. A. McKinnon and Susan Kate Shepard. The first officers were
as follows : Allen T. Hawley, president ; C. O. Nichols, vice president ; and
Horace G. Candee, cashier. The members of the original board of directors were Allen T. Hawley, C. O. Nichols , Thomas Ballantyne, John G.
Burgess, William E. Smythe and Horace G. Candee.
George Sears, the successor of Allen T. Hawley in the presidency,
served as the executive head of the bank from 1914 until 1918 and was

succeeded by G. L. Strobeck, who filled the office of president until 1923
and was the predecessor of Charles Sterling Judson, who has remained

292

FINANCING AN EMPIRE

at the head of the institution to the present time.

Horace G. Candee, the

first cashier, was succeeded by H. J. Hall, who served in that capacity from
1914 until 1918. H. J. Humphrey, D. M. Dec Camp and Fred L. Jones
next served successively in the position of cashier for a period of two
years each, while Arthur Rossberg has been cashier from 1924 to the
present time.

The present officers of the institution are as follows :

C. S.

Judson, president ; Harry H. Hill , vice president ; Arthur Rossberg,
cashier ; and S. Hawes, assistant cashier . The members of the board of
directors at this time are C. S. Judson, Arthur Rossberg, Wilson D. Hall ,
Harry H. Hill and H. E. Maydole .
The deposits of the Cuyamaca State Bank, which in 1910 amounted
to sixty-four thousand, three hundred and ninety-seven dollars, have
grown to five hundred and seventy-seven thousand, four hundred and
seventy-four dollars and forty-three cents, according to statement of condition at the close of business June 30, 1927, on which date total resources
were six hundred and sixty-six thousand and forty dollars and ninety-two
cents .

The capital stock was increased in 1923 from twenty-five thousand

dollars to fifty thousand dollars, and the surplus is thirty thousand dollars
at present .

LAKESIDE COMMERCIAL AND SAVINGS BANK.
The Lakeside Commercial and Savings Bank was organized by F. R.
Bickell in 1922 , with a capital of $ 25,000 , and was opened for business
April 15 , 1922, the deposits on that day amounting to $44,750 . The first
officers were M. L. Ward , president, and F. R. Bickell, vice president and
cashier, while the present official roster is as follows :

C. A. Hopkins ,

president ; F. R. Bickell, vice president and cashier ; and B. J. Conrad,
assistant cashier.

BANK OF LA MESA.
In 1909 the Park-Grable Investment Company organized the Bank
of La Mesa ( now La Mesa branch of the Bank of Italy ) , with a capital
of $ 25,000 . Business was begun June 22 , 1909, the deposits on that day
totaling $ 1,320.66, and the official personnel was as follows :

C. C. Park,

president ; S. C. Grable, vice president ; and H. C. Park, cashier, the board
of directors including A. H. Clements , W. E. Thorne, A. F. Pinkham and
The business has attained its present status largely
B. F. Woodman .
through the efforts of C. C. Park, H. C. Park and H. A. Hall.

The bank

is located on the corner of Lookout avenue and Spring street.

It is now

a branch of the Bank of Italy.
1917

The growth in deposits is indicated below :

1920

$106,000
269,000

1926

612,000

HISTORY OF BANKING IN CALIFORNIA

293

H. A. HALL .
H. A. Hall, branch manager of the Bank of Italy at La Mesa , belongs to that
quota of substantial citizens that Iowa has furnished to California . While a native of
the Hawkeye state, however, he was largely reared in Nebraska , where he pursued a
high school education , and then became associated with the lumber trade, being for
many years a partner in the well known Krotter & Hall Lumber Company, which
owned and operated five yards in that state. With his removal to California he bought
an interest in the Bank of La Mesa in 1917 and remained its vice president until it
was merged with the Bank of Italy in January, 1927, when he was appointed manager
and is now acting in that capacity. The Bank of La Mesa was organized by C. C.
Park, who founded the town and not only started the bank but also opened a hardware
store, established a lumber yard and promoted other business interests , acting as president of the bank until its merger. Mr. Hall, aside from his banking connections , is a
director of the La Mesa Lemon Grove and Spring Valley Irrigation District, which
furnishes water to eighteen thousand acres of land in the vicinity of La Mesa.
Mr. Hall has two daughters : Mrs. Charles D. Daggs, of Santa Monica, California ;
and Mrs. Lloyd Brown, of Bostonia. Fraternally he is a Mason and exemplifies in his
life the beneficent spirit of the craft. He is also treasurer and a director of the County
Young Men's Christian Association ; is a member of the Boy Scout committee of the
county ; belongs to the Chamber of Commerce and to the Rotary Club, and in 1927
served as president of the San Diego County Bankers Association . These connections
largely indicate the nature of his interests outside of the strict path of business and
show him to be a man of broad mind and public spirit whose efforts have been of direct
benefit to his adopted county.

FIRST NATIONAL BANK .
Oceanside .
The First National Bank of Oceanside was incorporated January 21 ,
1905, and opened for business January 29, 1906 , with a capital stock of
twenty-five thousand dollars. Its first officers were : J. X. Woods , president ; W. V. Nichols, vice president ; G. A. Lane, cashier ; and E. S. Payne,
assistant cashier. These men and William Mead, L. J. Wilde and John
Griffin constituted the original board of directors . At that time there was
another financial institution in the town and this was known as the Bank
of Oceanside, which had practically the same officers and directors as
The latter institution joined the Federal Reserve
the First National.
System June 4, 1914, and on January 12 , 1915, absorbed the Bank of
Oceanside, one of the oldest in southern California . It was organized in
1887 and erected a two-story brick building on the corner of Hill and
This structure was well adapted to the needs of the
Second streets .
bank and from 1915 until 1925 it also housed the First National Bank,
which in November of the latter year completed an imposing bank building at a cost of eight hundred and fifty-one thousand dollars .
J. X. Woods remained at the head of the institution until October 4,
1906, and his successor, G. A. Lane, served until October 5 , 1914 , when
A. G. Smith was called to the presidency. He was the incumbent of the
office until March 25, 1915, when he was replaced by E. E. Witter, who
administered the affairs of the bank only until the end of the year. Jesse
Newton was then elected president and served for two years, from 1916
19-VOL. 4

294

FINANCING AN EMPIRE

until November, 1918. J. C. Pollock, the next president, acted in that
capacity for a year and his duties were then assumed by B. C. Beers,
who resigned in July, 1922. His successor, Geo. L. McKeehan, guided the
destiny of the bank from July 26, 1922 , to June 23, 1925, when J. H.
Shreve became president and remained at the head of the institution
until April, 1926, at which time Geo. L. McKeehan again became president and under his judicious administration the business of the bank has
increased three-fold in five years, while in the same period the community
has trebled in size. E. S. Payne, the original cashier, carried the bank
safely through the financial panic of 1907 and until 1914 was the outstanding figure in its affairs, leaving the indelible impress of his individuality upon the history of the institution's development .
The capital stock was increased to forty thousand dollars on February 25 , 1920 ; fifty thousand dollars on October 23, 1923 ; seventy-five
thousand dollars on August 25, 1925 , and in October of the last named
year it was raised to one hundred thousand dollars.

The deposits on

July 11 , 1927, were $ 894,867.83.
The bank has a surplus fund of twenty thousand dollars , undivided
profits of five thousand, four hundred and fifty-four dollars and sixtythree cents, and its total resources amount to one million, fifty-five thousand, six hundred and nineteen dollars.
Its president, George L. McKeehan, was formerly connected with the
Iowa Loan & Trust Company, Des Moines , Iowa, and in 1920 migrated
from that state to California, locating in Oceanside. Laurie Porteous
entered the First National Bank of Oceanside as cashier on January 13,
1920, and since June, 1925, has also acted as vice president.

He is a

Kiwanian and takes a leading part in civic affairs of Oceanside . L. C.
Alles also fills the office of vice president, while J. E. Jones is chairman
of the board of directors, and its other members are J. F. Martin, C. D.
Merrill, J. Grant Kingsbury, C. M. Pilgrim and H. E. Ellery.
Just three miles from Oceanside lies the historic San Luis Rey Mission, the largest and one of the most beautiful in southern California.
Among the most important organizations of this locality is the Oceanside
Finance Company, which was formed in 1926 with a capital of $ 25,000.00
and is now a half million dollar corporation . Oceanside boasts of one of
the best tennis clubs in this region and its golf course is the only one
in the state lying along the ocean.

GEORGE L. MCKEEHAN .
If energy and industry can overcome difficulties, there is no reason to doubt of
the future success of George L. McKeehan , who has already won a substantial degree
of prosperity, being now the president of the First National Bank of Oceanside. A
native of Cincinnati, Iowa, he was born in 1891 , and pursued his education in public
and high schools, after which he attended Drake University in Des Moines, Iowa, and
thus by liberal intellectual training qualified for the duties and responsibilities which
have since devolved upon him. He acquired his first banking experience with the Iowa
Loan & Trust Company in various capacities in Des Moines. From each business

HISTORY OF BANKING IN CALIFORNIA

295

experience in his life he has gleaned valuable knowledge, thoroughly mastering the
lessons to be learned , and step by step he has worked his way upward. In the fall of
1919 he became cashier of the First National Bank of Del Rey, California , and was
retained in that position for two and one-half years. On the 21st of July, 1922 , he
came to Oceanside and purchased controlling stock in the First National Bank and on
the 26th of the same month was elected to the presidency, so continuing to serve until
June 23, 1925. On April 13 , 1926 , he was reelected and is still the executive head
of that institution , which has ever profited by his wise guidance and capable control.
He is also the president of the First National Bank of Fall Brook, California, and is
the president of the Oceanside Finance Company, which owns the controlling interest in
the First National Bank of Carlsbad.
On the 28th of June, 1917 , Mr. McKeehan was married to Miss Irene Yoder, of
Des Moines, Iowa, and they have a daughter, Fanchon, now five years of age, who is
the life of their household at 1019 Eighth street in Oceanside. Mr. McKeehan is a
member of the Rotary Club, holding to the high ideals of that society in regard to manhood and citizenship . He is also a director of the Chamber of Commerce and the
nature of his recreation is indicated in the fact that he has membership in the Oceanside Golf Club and the Oceanside Tennis Club.

OCEANSIDE COMMERCIAL & SAVINGS BANK .
The Oceanside Commercial & Savings Bank, now the Oceanside branch
of the Bank of Italy National Trust & Savings Association, was incorporated July 10 , 1926 , with an authorized capital of seventy-five thousand
dollars, and opened its doors on the 26th of the same month . Business
was begun with a paid-in capital of fifty thousand dollars and surplus of
twenty-five thousand dollars. The prime movers in the organization of
the institution were G. A. Davidson, George Burnham, D. M. Plaister and
LeRoy Wright . The original officers and directors were as follows : F. B.
Fuller, president ; R. W. Hoover, vice president ; R. R. Snow, cashier ;
and LeRoy Wright, E. B. Stilgebauer, C. W. Wisnom, Theodore Wackerman, H. D. Brodie, W. T. Hart, H. W. Brewer, R. W. Hoover, F. B.
Fuller, George Burnham and D. M. Plaister, directors . F. B. Fuller, who
died within a few months, was succeeded in the presidency by George
Burnham .
On its opening day the Oceanside Commercial & Savings Bank received deposits amounting to sixteen thousand dollars . At the time of
its absorption by the Liberty Bank of America, deposits were three hundred and thirty thousand dollars , while resources totaled three hundred
and ninety-eight thousand dollars . The institution is now the Oceanside
branch of the Bank of Italy National Trust & Savings Association, with
R. W. Hoover as manager and R. R. Snow as assistant manager.

HAROLD P. REQUA .
Harold P. Requa, branch manager of the Bank of Italy in National City, is a
native of Minnesota, his birth having occurred in Owatonna , December 25 , 1887. In
his youth, however, he became a resident of California and continued his education in
the San Diego county high school. He started out in the business world in the humble
position of messenger with the Bank of Commerce & Trust Company in San Diego in

FINANCING AN EMPIRE

296

February, 1908, and that he closely applied himself to his duties and thoroughly mastered the tasks that were assigned to him was indicated in the fact that he was promoted to the position of teller in 1911 and became assistant cashier in 1918. In 1922
he came to National City as manager of the Southern Trust & Commerce Bank, which
in 1927 became a branch of the Bank of Italy. He was retained as its manager under
the new ownership and his worth as a forceful and resourceful factor in financial
affairs is attested by all who know aught of his career. In order to facilitate his work
he took a course in business efficiency in the San Diego Young Men's Christian Association and he has always closely studied the problems that have to do with banking.
On the 10th of April, 1909 , Mr. Requa was married to Miss Olive Louise Whittemore, of National City, and they have become parents of three children, Harold,
Evelyn and Edward , all at home. That Mr. Requa is deeply interested in community
affairs is shown in the fact that he has been president of the Chamber of Commerce
of National City for a year and he is also serving as a director of the Kiwanis Club,
being in thorough sympathy with the high ideals of that organization concerning
individual honor, business rectitude and loyalty in citizenship.

THE STATE BANK OF RAMONA.
The State Bank of Ramona was organized in 1911 by H. F. Johnson,
with a capital of $ 15,000, and was opened for business under the direction
of H. F. Johnson , W. E. Woodward , Henry Baldwin, Henry Miles , J. C.
Ferguson and J. C. Bargar. It was formerly located in the old town
hall but now occupies an entire new building .

The present officers are

S. Rotanzi , president ; R. L. Jerman and George Sawday, vice presidents ;
and W. A. Sowle, cashier. Outstanding in the history of the bank are
the names of W. W. Wetzell, O. B. Wetzell, S. Rotanzi , F. Moretti and
R. L. Jerman. The savings and escrows departments are receiving special attention, and the bank is in very good condition , its business being
derived from poultrymen, cattlemen, farmers, miners, resort proprietors,
two large construction contractors, merchants, etc. The total maximum
resources for the first eight years averaged about $ 100,000, and increased
at the rate of about $ 25,000 per year for the next three years, the following three years showing an annual increase of about $50,000, the total
resources in the report as of the close of business June 30, 1927 , being
given as $408,922.23.

BANK OF EAST SAN DIEGO .
San Diego .
The Bank of East San Diego was incorporated June 25, 1923, and
opened for business August 11 , 1923, with an authorized capital of one
hundred thousand dollars, a surplus of five thousand dollars, and the
deposits on the first day amounted to eighty-six thousand, nine hundred
and twelve dollars and fifty-nine cents. E. S. Litchfield and C. G. Mitchell
were the leading spirits in the project and the bank was started with a

HISTORY OF BANKING IN CALIFORNIA

297

paid-in capital of fifty thousand dollars . The first officers were : C. G.
Mitchell, president ; E. S. Litchfield, vice president and cashier.
The
other directors were Norman E. Martin, J. L. McCurdy and J. P. Ayers.
The original officers are still serving with the addition of E. E. Scott, formerly of Larned, Kansas, who is the assistant cashier. The board of directors is now composed of M. J. Baxman, J. W. Dawson, E. S. Litchfield,
L. T. Olmstead and C. G. Mitchell.
The statement issued by the bank on June 30, 1927, showed a surplus
of two thousand, one hundred dollars, undivided profits of five thousand,
six hundred and twenty dollars and total resources of four hundred and
ninety thousand, two hundred and sixty-seven dollars. The increase in
deposits is indicated by the following table :

January , 1924.
January , 1925
January , 1926

$ 180,580.32
273,681.79
366,301.03
472,725.82

January, 1927.

In the latter part of 1924 a dividend of six per cent was paid to the
stockholders of the bank and this ratio has since been maintained .
Previous to its organization C. G. Mitchell was cashier and a director
of the University Avenue Bank of San Diego, with which he spent seven
years. He was first engaged in civil engineering, devoting three years
to that work, and next became connected with the local gas company,
remaining in its service for three years .
He is married and has four
children, a son and three daughters .
He is a Knight Templar Mason
and a Noble of the Mystic Shrine. He resides in his home community,
namely, East San Diego, which was a separate municipality until December 29, 1923, when it was annexed to San Diego. Mr. Mitchell is an
able financier and successfully administers the affairs of the only independent suburban bank in the San Diego district.
After the death of R. S. Litchfield , Sr., who was president of a bank
in the middle west, his son, E. S. Litchfield, came to California and
enrolled as a student in Stanford University.

His education was inter-

rupted by the World war and for a year he was in the service of his
country. After his honorable discharge he reentered the university, in
which he completed a course in economics . His financial training had
been received in his father's bank and on leaving the university he became connected with the Mercantile Trust Company of San Francisco in
the capacity of a student employe .

He worked in the various departments,

mastering the details of the business until 1923, when he came to San
Diego. Mr. Litchfield was originally interested in the organization of
the Bank of East San Diego and his efforts have been essential to its
success. He was a stockholder and director in the Peninsula Building
& Loan Association of Burlingame, California, but disposed of these
holdings at the time of his removal to East San Diego, in which district
he now resides .

FINANCING AN EMPIRE

298

CALIFORNIA SAVINGS & COMMERCIAL BANK.
San Diego.
The California Savings & Commercial Bank of San Diego began business in July, 1927, with a capital of five hundred thousand dollars and
surplus of one hundred thousand dollars .

Its official personnel is as

follows : I. I. Irwin, organizer and president ; William G. Mirow, vice
president ; Otto Jaeger, cashier ; and Howard Hopkins, assistant cashier.
The members of the board of directors are I. I. Irwin, William G. Mirow,
Oscar Irwin, I.
George Neale.

Davidson,

Edmond Mayer,

Ramson

Pickard

and

FIRST NATIONAL TRUST AND SAVINGS BANK .
San Diego.
A bank was organized June 16, 1883 , by Jacob Gruendike, John Wolfskill, W. L. Parker, R. A. Thomas and John R. Thomas under the name
of the Bank of Southern California, these five becoming directors and
electing the following officers : Jacob Gruendike, president ; R. A. Thomas,
vice president ; and C. E. Thomas, cashier.

The institution was opened

for business in the old Spencer building on the corner of F and Fifth
streets on the first Monday in July, 1883. Capital stock was placed at
two hundred and fifty thousand dollars , ten per cent to be paid in by
July 1 , 1883.
At a special meeting of the board of directors held September 21 , 1883,
it was decided by a unanimous ballot to close up the business of the Bank
of Southern California and transfer the paid-up capital (twenty-five
thousand dollars) into the First National Bank of San Diego.
On August 27, 1883 , Jacob Gruendike, John Wolfskill, W. L. Parker,
R. A. Thomas and M. T. Gilmore had met for the purpose of organizing
the First National Bank of San Diego.
placed at fifty thousand dollars .

The capital of the new bank was

Jacob Gruendike was elected president,

R. A. Thomas the vice president and C. E. Thomas the cashier.
First National Bank opened October 1 , 1883.

The

On April 1 , 1884, the net earnings for the first semi-annual period
were shown to be five hundred and twenty -eight dollars and eighty-eight
cents, of which five hundred dollars was ordered carried to surplus and
the balance to undivided profits . For the next six months the net earnings
were seventeen hundred and twenty-three dollars, making the total for
the first year's business twenty-two hundred and fifty-two dollars.

September 30 , 1884, the deposits were sixty-six thousand, two hundred
and twenty-four dollars and one year later increased to one hundred and
ninety thousand dollars .
(This era marked the dawn of San Diego's
great boom , which culminated in 1887 , during which time the population
increased to thirty thousand . )

299

HISTORY OF BANKING IN CALIFORNIA

Deposits at the end of 1886 were six hundred and eighty-seven thousand dollars, May, 1887, one million , two hundred and fifty-three thousand,
five hundred and thirty-six dollars, December, 1887, two million, one hundred and forty-eight thousand dollars. The capital had been increased in
1885 to one hundred thousand dollars , 1887 to two hundred thousand dollars, 1888 to three hundred thousand dollars .

On October 1, 1888 , the sur-

plus stood at one hundred thousand dollars and undivided profits thirty
thousand dollars, dividends as much as four per cent having been paid
quarterly in the meantime.
In 1893 the capital was reduced to one hundred and fifty thousand
dollars to meet the altered conditions . The First National Bank weathered the readjustment period following the boom, wonderfully.

In 1891

there were three banks in San Diego- the Bank of Commerce, which had
been organized in the early ' 90s, the Merchants National and the First
National.

For many years after the real estate boom great quiet pre-

vailed in San Diego .

The floating population had melted away, leaving

a population of about fifteen thousand . For some time deposits ranged
from three hundred thousand dollars to four hundred thousand dollars
and did not reach the half-million mark until 1899 .
In 1902 the bank was designated the United States depository, with
an inactive government account of fifty thousand dollars.

In September,

1902, the total footings again reached the million mark and one year
later the total deposits reached that figure.
J. Gruendike, one of the pioneers of the county and a large cattle and
ranch owner, remained president until June, 1887, when he retired temporarily and R. A. Thomas was elected . Mr. Thomas remained president
until 1890 , when Mr. Gruendike was again called to head the institution.
He filled the office until the time of his death on April 8, 1905. During
this period the names of M. T. Gilmore, L. S. McLure, J. W. Sefton,
W. D. Woolwine, J. E. Fishburn , G. A. Garrettson, O. J. Stough, Oscar
Trippet, C. B.

Richards,

Heber Ingle,

appeared as directors at various times .

Garrettson and others ,

During the incumbency of Mr.

Gruendike and up to 1891 there were a number of changes in the office
of cashier, at which time W. D. Woolwine assumed the position .

resigned in 1894, moving to Los Angeles, and was succeeded by J. E. Fishburn, who held the office until 1897, when he resigned, to follow the example of Mr. Woolwine, though still remaining on the board of directors
for several years. G. A. Garrettson was prominent in the bank for a
number of years and was serving as its vice president at the time of his
death in 1895, when D. F. Garrettson was elected. On the departure of
Mr. Fishburn, Mr. Garrettson became cashier, but was again elected vice
president in 1901 , when G. W. Fishburn assumed that office.

Thereafter

no change was made until the death of Mr. Gruendike, when D. F. Garrettson was chosen president .
The bank's first building was of brick, one story, built on the northwest corner of Fifth and E streets, purchased by the First National on
the 9th of October, 1883, for five thousand, eight hundred and fifty- nine

FINANCING AN EMPIRE

300

dollars. On July 1 , 1885 , the building was enlarged to fifty feet in width
and three stories in height . This building stood with little exterior change
until 1923. During the boom in 1887 the bank built new vaults and put in
such fine fixtures that they served as long as the room was occupied by
the bank.
In 1907 G. W. Fishburn resigned as cashier, and F. J. Belcher, Jr. ,
was elected and assumed charge, carrying the bank through a very trying
time.
It took the bank three years to grow from a million to one and onehalf million dollars in deposits, which figure was reached in 1906. The
uneasy times around 1907 and 1908 caused a drop back to one million,
three hundred thousand dollars, but in 1911 the deposits climbed to two
million dollars, and at the end of the year the bank had deposits of two
million, five hundred thousand dollars, and in 1912 almost three million ,
five hundred thousand dollars.
During the war the First National played a part to be proud of. They
handled war securities amounting to over five million dollars and over
twenty-five thousand individual subscriptions to various loans, lending
every aid in their power to work in connection with war activities.
The next step of great importance was the taking over of the American National Bank, which occurred at the end of the year 1917. In
August, 1917, a special meeting of stockholders was called for the purpose of increasing the capital stock from one hundred and fifty thousand
dollars to six hundred thousand dollars, and a resolution was passed
authorizing the purchase of all the assets of the American National Bank.
A dividend was declared on old stock and new stock promptly subscribed .
On December 29th the bank moved into a new building at Fifth and
Broadway. The combined assets at the time of merger were nine million,
one hundred and forty thousand dollars and total deposits seven million,
two hundred and ninety-seven thousand dollars .
About this time John D. Spreckels became heavily interested in the
bank, and until his death on January 7, 1926, remained the most prominent stockholder, lending in every way to the intsitution the influence
of his splendid personality as well as the backing of unlimited resources
and integrity .

On July 17, 1918, by a unanimous resolution, the capital was increased,
to one million dollars.
Up to the end of 1919 Mr. Garrettson continued to serve as president,
the election of 1920 marking the elevation of Frank Belcher, Jr., to that
well merited honor. At the same time Mr. Garrettson was made chairman of the board, which position he occupied until a year or two later,
when John D. Spreckels consented to accept the chairmanship . In 1919
G. S. Pickrell was elected cashier . In 1923 stockholders of the First National Bank established the First Trust and Savings Bank with main
offices at Sixth and E, and branches at Thirtieth and University , East
San Diego, and Coronado . Another branch office was later opened at
La Jolla. Mr. Belcher was elected president of both banks.

HISTORY OF BANKING IN CALIFORNIA

301

In its statement of condition at the close of business June 30 , 1927,
The First National Bank of San Diego showed :
Capital

$ 1,000,000.00
500,000.00

Surplus
Undivided profits
Deposits
Total resources

554,287.00
17,386,040.00
19,935,187.00

In its statement of condition at the close of business June 30 , 1927,
the First Trust & Savings Bank of San Diego showed :

Capital
Surplus
Undivided profits
Deposits
Total resources

$ 500,000.00
150,000.00
133,268.02

5,526,805.66
6,351,329.09

After the death of John D. Spreckels in 1926 the heirs finally decided
to dispose of some of the Spreckels holdings in southern California, and
Mr. Belcher prevailed upon them to give him first chance at forming a
syndicate of San Diego men to buy their local bank stock holdings, if they
should decide to sell them.
Meanwhile the passage of the McFadden bill in congress made possible the consolidation of the First National Bank and the First Trust
& Savings Bank, and this merger was effected September 1 , 1927, under
the new name of The First National Trust and Savings Bank of San
Diego.

The statement of the First National Trust and Savings Bank

upon consolidation showed : Capital, $ 1,000,000 ; surplus, $ 500,000 ; undivided profits , $ 584,557 ; deposits, $ 23,059,076 ; and total resources, $ 26, 404,167.
Officers and directors of the combined institution were as follows :
Directors, F. J. Belcher, Jr. , William Clayton, Eugene Daney, D. F. Garrettson, Percy H. Goodwin, Alexander Hamilton, W. H. Hannam, C. S.
Judson, C. W. McCabe, F. W. Stearns, E. Strahlmann, H. L. Sullivan,
Lane D. Webber and F. M. White ; officers : F. J. Belcher, Jr., president ;
Lane D. Webber, vice president and trust officer ; W. B. Whitcomb, M. C.
Pfefferkorn, J. O. Miller, Arthur Dewar and G. H. Schmidt, vice presidents ; R. C. Easom, cashier ; C. H. Morrison , comptroller ; R. H. Gunnis ,
F. H. Woolman, M. Russell Engler and Frank Von Tesmar, assistant
cashiers ; P. J. Hoffman, assistant cashier and assistant trust officer ;
James L. Buck, assistant cashier and manager of branches at Thirtieth
and University avenue and at East San Diego ; A. W. Messner, assistant
cashier and manager, Coronado Branch ; H. B. Cassidy, manager La Jolla
branch ; Fred Lane, assistant manager, East San Diego branch ; Harold
Royle, assistant manager Thirtieth street and University avenue branch ;
and W. C. Stitt, assistant manager, La Jolla branch .
At about the time that the consolidation was under way, Mr. Belcher

FINANCING AN EMPIRE

302

secured an opportunity to buy the Spreckels' controlling interest in the
bank, and he formed a strong group of individuals and corporations, in
which group San Diego citizens had a large controlling interest, and purchased not only the controlling interest in the stock of the First National
Trust and Savings Bank, but also title to the magnificent new fourteen
story John D. Spreckels building on Broadway between Sixth and Seventh. The total consideration for this deal was approximately $ 6,000,000 .
The John D. Spreckels building had been planned to house the First
Trust and Savings Bank and eventually the First National Bank, and
was constructed to suit banking purposes. The consolidation, however,
had made it possible for the present to house the parent offices in the old
First National building, and enlargements sufficient to take care of the
bank for the immediate future were initiated at the time of consolidation .
Frank J. Belcher, Jr., president of the First National Trust and Savings Bank, was elected a member of the executive council of the California
Bankers Association in 1913 and became chairman of the council in 1915 .
He was vice president of the California Bankers Association in 1916 and
was elected president for the year 1917-1918 .

He has since remained a

member of the economic council. During the periods between 1917 and
1920 and 1921 and 1924, Mr. Belcher was a member of the national
executive council of the American Bankers Association . The First National Trust and Savings Bank, of which he is president, is the largest
financial institution south of Los Angeles.

MERCHANTS NATIONAL BANK.

San Diego.
The Merchants National Bank of San Diego, now the San Diego office
of the Bank of Italy, was organized March 3, 1893, and opened its doors
for business on the 20th of April following with a paid-in capital of one
hundred thousand dollars . On the 10th of May, 1917, the capital stock
When the
was increased to two hundred and fifty thousand dollars .
Merchants National Bank was merged with the Bank of Italy in September, 1921 , the deposits amounted to three and one-half million dollars.

The

Bank of Italy acquired control of the institution at the above date but
did not begin operating it as a branch until December, 1922 .
The Merchants National Bank was located at the corner of Fourth and
Broadway in San Diego until 1895 , when removal was made to Fifth and
G streets .

Five years later, in 1900, the bank returned to its original loca-

tion but in 1904 moved to the corner of Fifth and Broadway.
W. R. Rogers, to whose efforts the growth of the Merchants National
Bank may be largely attributed, had been formerly identified with the
Consolidated National Bank, of which he was assistant cashier at the
time of its failure in 1893. The same year he assisted in the organization of the Merchants National Bank, of which he became assistant
cashier, while subsequently he succeeded G. B. Grow in the cashiership

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HISTORY OF BANKING IN CALIFORNIA

when the latter passed away on the 7th of February, 1903. Mr. Rogers
continued to serve as cashier until September, 1920, when he was made
vice president, continuing in that official capacity until his death in October, 1921.
M. A. Weir, the first president of the Merchants National Bank , sold
control to Edward Ivinson ( president ) and G. B. Grow ( cashier ) .

H. E.

Anthony, who became identified with the institution in the capacity of
bookkeeper in 1898 , was made cashier in September, 1920, and in October,
1921 , succeeded W. R. Rogers in the vice presidency .

C. H. Anthony,

brother of H. E. Anthony, entered the service of the Merchants National
Bank as bookkeeper in the spring of 1899 and in October, 1921 , succeeded
the latter as cashier.
Ralph Granger, one of the original board of directors,

remained

president of the Merchants National Bank until it was taken over by the
Bank of Italy in 1922, becoming the San Diego office of this great financial institution.
H. E. Anthony has since served as manager of this
branch, and C. H. Anthony was made manager of the Union branch in
San Diego in 1927.
The Merchants National Bank enjoyed a steady growth during the
entire period of its existence and handled only commercial deposits .

scrip was used during the financial panic . The building now occupied
was erected in 1904 by Ralph Granger but was never owned by the bank.
After the Bank of Italy took over the Merchants National Bank of San
Diego, a savings department was opened and deposits doubled the first

year.

SAN DIEGO CLEARING HOUSE .
From the time of the establishment of any banks in San Diego , up to
1905 , exchanges of checks had been made direct between the banks withDuring that year the banks, having increased to
six in number, entered into a mutual arrangement to meet and clear at
a central point, but there were no articles of association or officers elected.
On October 9, 1905 , the first settlement under this arrangement was made,

out any organization .

the settling clerk drawing checks on the various debtor banks in favor
of the creditor bank, which checks were presented for payment and settled
in any manner agreeable to the respective banks.
This simple organization weathered the storm of 1907 and did not
issue any Clearing House certificates, though preparation for this emergency was made and securities reserved for deposit in case of necessity.
This arrangement continued satisfactorily until 1913, in which year a
permanent association was organized with the adoption of by-laws and
rules, effective on July 1st of that year.

The officers serving for the first

year were : F. J. Belcher, Jr., president ; M. T. Gilmore, vice president ;
W. R. Rogers, vice president ; G. A. Davidson , treasurer ; and L. J. Rice ,
secretary.

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FINANCING AN EMPIRE

The members of the first organization in 1905 were : First National
Bank of San Diego, Merchants National Bank, Bank of Commerce & Trust
Company, Blochman Banking Company, American National Bank and
San Diego Savings Bank.
On October 31 , 1907 , the Citizens Savings
Bank and the Southern Trust & Commerce Bank were admitted to the
organization .

On January 3, 1913, the Marine National Bank, on July 11,

1913, the United States National Bank and on September 12 , 1913, the
Union National Bank were admitted .
On March 20, 1916 , the Marine National Bank dropped out by consolidating with the American National Bank ; on July 26, 1917, the Southern Trust & Savings Bank consolidated with the Bank of Commerce under
the name of the Southern Trust & Commerce Bank ; and on December 31,
1917 , the American National Bank consolidated with the First National
Bank of San Diego ; later the Merchants National Bank became the local
branch of the Bank of Italy ; the Blochman Banking Company became the
Security Commercial & Savings Bank ; and the Citizens Savings Bank
became the First Trust and Savings Bank of San Diego.
The present officers of the Association are : O. A. Darnall, president ;
C. H. Martin, first vice president ; C. W. Wilson, second vice president ;
and R. H. Gunnis, secretary and manager.
Up to November, 1921 , debit balances were payable in gold or exchange at the option of the debtor bank, the rule being amended on that
date that said balances be payable in either gold, currency or exchange on
Los Angeles or San Francisco at the option of the debtor bank.
On February 1, 1926, arrangements were made whereby settlement
was effected through the Los Angeles branch of the Federal Reserve Bank,
that bank debiting and crediting the various members on telegraphic advice of the manager of the Clearing House Association .

This arrangement

has proved highly satisfactory.

SAN DIEGO STATE BANK.

A comparatively young institution is the San Diego State Bank, located at 3007 University avenue, which was opened for business November 1 , 1926 , with a capital of $ 100,000, the deposits on that day amounting
to $42,320.58 . It was organized by Emil Klicka, Gordon Gray, George
Klicka, H. M. Sammis, J. C. Hartley, M. S. Robertson and William P.
McCloskey, and the officers from the beginning have been Emil Klicka,
president ; H. M. Sammis, vice president and cashier ; and P. B. Eckhart,
assistant cashier. The board of directors is rendering efficient service
and the growth of the bank has been very satisfactory, the deposits totaling over two hundred thousand dollars, while the resources aggregate
more than three hundred thousand dollars .

HISTORY OF BANKING IN CALIFORNIA

305

SAN DIEGO TRUST & SAVINGS BANK .
The San Diego Trust & Savings Bank was organized in 1889, receiving its charter from the state on April 15th of that year. Its first place
of business was at the northwest corner of Fifth and E streets, where it
shared a half of the banking room of the First National Bank.

The

original incorporators were W. W. Whitney, J. Gruendike, J. H. Braly,
Jerry Towles , M. Sherman, N. H. Conklin and O. J. Stough .
The authorized capital of the bank was two hundred thousand dollars,
of which ten per cent was paid in.

In 1894 an additional ten per cent

was levied upon the capital stock, making a total paid -in capital, up to
that time, of forty thousand dollars . In March, 1894, a room was leased
in what was known as the Keating block at the northwest corner of Fifth
and F streets and shortly after the bank moved to the new location .
The first president, J. W. Sefton, Sr. , came to San Diego in 1888 with
his wife and two children .
He had large manufacturing interests in
Illinois, his business being the manufacture of paper boxes , cartons and
allied articles .

He was a self-made man and possessed a keen mind, a

great capacity for work and an indomitable spirit . His sound judgment
and business acumen adapted him splendidly to the banking business and
through his conservative management the bank was safeley brought
through the troublous times and trying periods of a young city. Mr. Sefton continued as president of the bank until 1908 , when he passed away.
Myron T. Gilmore, who had served as cashier and secretary of the
bank until he was elected the vice president, succeeded Mr. Sefton as
president.

Mr. Gilmore, who was a native of Dedham, Maine, started

out in life as a blacksmith .
At the age of eighteen he enlisted in the
Civil war. He served with honor and distinction and was mustered out
at the close of the conflict in 1865. Forsaking his first trade, he entered
the mercantile business , in which he was successful. In 1883 he moved
to San Diego, where he entered the banking business, being one of the
organizers of the First National Bank in that year.

He was one of the

organizers of the San Diego Savings Bank and has served the institution
constantly to the present time.
In 1913 larger quarters were needed and the bank again moved to
Fifth and E streets, leasing the first floor and basement of the new Watts
building.

Fixtures and vaults were installed at a cost of approximately

one hundred and seventy thousand dollars and the bank room was considered one of the finest on the Pacific coast.
Originally organized as
strictly a savings bank, it was thought best, in 1924, to install a trust
department. Through the rapid progress of the city and the consequent
growth of the bank it was decided in 1925 to again enlarge the bank's
activities to include a commercial department.
Later in 1926 a bond
department was added, so that the old San Diego Savings Bank has
gradually emerged from a savings institution to a full-fledged departmental bank embracing five departments- commercial, trust, savings , bond
and safe deposit.

In order to acquaint the public with this expansion the

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FINANCING AN EMPIRE

name of the bank was changed from San Diego Savings Bank to San
Diego Trust & Savings Bank, this taking place in 1925.

The growth of

the institution has not been phenomenal but has been steady and substantial, deposits at the close of business in June, 1927 , showing as eleven
million, fifty-two thousand, nine hundred and forty-six dollars and fiftythree cents. The total resources are over twelve million dollars.
Again it was found that the bank's quarters had been outgrown and
in 1927 construction was started on a fourteen-story building located at
Sixth and Broadway, which it is expected will house the bank for many
years to come. This building is being erected at a cost of one million,
seven hundred and fifty thousand dollars .
It will embody the latest
type of construction . The bank will occupy the basement, first floor and
When commezzanine floor, the upper stories being used for offices .
pleted the investment of this building will be two million , three hundred
thousand dollars .

Thus the San Diego Savings Bank, starting business

with a capital of twenty thousand dollars in a little store room in 1889,
will take its place as one of the strong banking institutions on the Pacific
coast with a background of successful management and with the confidence of the entire city of San Diego.
The officers of the San Diego Trust & Savings Bank are as follows : M.
T. Gilmore, president ; J. W. Sefton , Jr. , vice president ; C. W. Wilson, vice
president and cashier ; C. L. Reed , vice president ; E. F. Farnsworth , vice
president ; D. N. Millan, vice president ; N. R. Morison , vice president and
trust officer ; C. E. Cragin, assistant cashier ; J. A. Edelbrock, assistant
cashier ; C. S. Morgan, assistant trust officer ; M. G. Richardson, assistant
trust officer ; and A. C. Wells, manager of the bond department.
The
members of the board of directors are W. M. Crouse, A. A. Frost, M. T.
Gilmore, M. F. Heller, Hal Hotchkiss , N. R. Morison, Nat Rogan, J. W.
Sefton, Jr., F. W. Stearns and C. W. Wilson.

MYRON T. GILMORE.
Myron T. Gilmore, who has the distinction of being the dean of bankers in San
Diego county, has been the honored president of the San Diego Trust & Savings Bank
since 1908. Theodore Roosevelt has said that the strongest elements in American manhood have been developed when eastern birth and training have been grafted onto
western enterprise and opportunities. Such has been the career of Myron T. Gilmore,
who was born in Dedham, Maine, January 11 , 1847, and is a son of Tyrell and Mary
Gilmore . He attended school in his native town and afterward spent one year as a
student in the East Maine Conference Seminary at Bucksport, Maine. When a lad of
fourteen years he entered upon an apprenticeship to the blacksmith's trade and he was
a youth of but eighteen when in 1865 he joined the Fifteenth Maine Infantry for
service in the Civil war. When hostilities had ceased and the country no longer needed
his aid he resumed blacksmithing, which he followed for a time and then turned his
attention to milling and merchandising, which he carried on in the east until 1883.
It was in that year that Mr. Gilmore removed to San Diego and soon afterward
became assistant cashier in the First National Bank of this city, occupying the position
for six years. In 1889 , when the San Diego Savings Bank was organized , he became
its first cashier and took active part in formulating its policy and promoting its business connections, proving at all times courteous and obliging in the office which he was

HISTORY OF BANKING IN CALIFORNIA

307

filling. Later he was chosen vice president and in 1908 became president of the San
Diego Savings Bank, continuing as its chief executive and having the honor today of
being the oldest banker in point of continuous service in San Diego county.
On the 8th of April , 1886 , Mr. Gilmore was united in marriage to Mrs. Mary
Parker Spofford , of Massachusetts, who died January 10, 1918, after a happy married
life covering almost a third of a century. Mr. Gilmore maintains pleasant relations
with his old army comrades and wears the little bronze button that proclaims him a
member of Heintzleman Post No. 33, G. A. R. , of which he was commander in 1898.
With all those forces which make for righteousness and the uplift of mankind, as well
as the material benefit of the community, he has been identified . In 1886 he became a
charter member of the First Congregational church and was its treasurer for seventeen consecutive years. He has been a director of the Young Men's Christian Association for thirty-five years, was a director of the Chamber of Commerce for several
terms and has been active and influential in civic affairs in San Diego since taking up
his abode in this city. His life has ever measured up to the highest standards of manhood and citizenship and he commands the respect, the confidence and the honor of all
with whom he has been associated.

SECURITY COMMERCIAL & SAVINGS BANK OF SAN DIEGO .
The Security Commercial & Savings Bank of San Diego was incorporated August 14, 1913, with a capital of one hundred thousand dollars.
The officers at that time were : L. A. Blochman , president ; J. A. Heap, vice
president ; and W. S. Dorland, cashier. This bank took over the Blochman Banking Company, a private bank which commenced business in
1893 with a paid-in capital of ten thousand dollars. The original bank
was formed by A. Blochman and his son , L. A. Blochman, and was located
on lower Fifth street, between G and Market streets . After incorporation
the bank was moved to the northwest corner of Fifth and E streets and
later to its present location at the northwest corner of Fifth and E streets .
Some years later Mr. Blochman and Mr. Heap sold out their interest in
the bank and W. S. Dorland became president and O. E. Darnall the
cashier. In 1923 the bank purchased the lot and building at the northwest corner of Fifth and E streets and remodeled its banking room, putting in the latest type of fixtures and equipment.
In February, 1927 , Mr. Dorland and others owning the controlling
interest in the bank sold their stock to a group of local business men
headed by Charles H. Martin, who became president, and Claus Spreckels ,
who became vice president and chairman of the board ; Mr. Darnall remaining as vice president and cashier.

Since that time the bank has had

a very substantial increase in business, and during the period January 1 ,
1927 , to September 13, 1927 , deposits increased over one and one-quarter
million dollars, or an increase of over 50 per cent in less than ten months .
On the 1st of July, the capital of the bank was increased from three
hundred thousand to six hundred thousand dollars, and the surplus from
one hundred to over three hundred thousand dollars, which was accomplished by the sale of three thousand additional shares of stock at one
hundred seventy dollars each.
Concurrent with the increase of capital the bank inaugurated a trust

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FINANCING AN EMPIRE

department under the direction of R. E. Bixby, formerly trust officer of
the County National Bank of Santa Barbara, California, who was elected
vice president and trust officer.
In 1926 the bank established its first branch at the northeast corner
of Fifth street and University avenue, having purchased the ground and
built thereon a modern three story building. This branch has been very
successful and is under the management of C. N. Beatty with Jerome
Anderson as assistant manager.
The present officers of the Security Commercial & Savings Bank of
San Diego are as follows : Charles H. Martin, president ; Claus Spreckels,
vice president and chairman of the board ; O. E. Darnall, vice president
and cashier ; P. C. Kelley, vice president ; R. E. Bixby, vice president and
trust officer ; M. W. Donohue and Benjamin A. Buker, assistant cashiers ;
and Gordon Decker, manager of the bond department.

The directors of

the institution are : Claus Spreckels , chairman ; Walter W. Austin, Charles
W. Brown, M. D. , O. E. Darnall, Ben L. Elliott, Fred E. Lindley, C. H.
Martin, L. M. Arey, Claude Woolman, J. Lee Cathcart and John Lynch
Davis, Sr.
At the close of business September 17, 1927, the paid up capital of the
bank was six hundred thousand dollars ; surplus and undivided profits
three hundred thirty-two thousand eight hundred forty-two dollars ; deposits three million eight hundred thirteen thousand nine hundred forty
dollars ; total resources of four million eight hundred ninety-three thousand two hundred forty-five dollars and sixteen cents . Deposits on December 31 , 1926 , were two million five hundred twenty-five thousand four hundred twelve dollars and eighteen cents .
Charles H. Martin , president of the Security Commercial & Savings
Bank of San Diego, California, was identified with financial interests in
the middle west for a number of years prior to disposing of his holdings
in that part of the country in 1917. Coming to California, he served as
national bank examiner from 1918 until July, 1922 , when he was elected
vice president and cashier of the United States National Bank of San
Diego, which position he filled until he resigned in February, 1927, to
accept the presidency of the Security Commercial & Savings Bank of
San Diego. Mr. Martin ever since taking up his residence in San Diego
has been interested in and actively connected with the civic affairs of
the city.

SOUTHERN TITLE & TRUST COMPANY .
San Diego.
The Southern Title & Trust Company, of San Diego, was organized as
a title company in 1907 and on May 1, 1926, was authorized to conduct
a trust business, having an original capital of $ 500,000 , the officers being
as follows : A. P. Johnson , Jr. , president ; E. E. Hubbell, Leroy A. Wright
and Edwin Johnson, vice presidents ; R. S. Reed, secretary ; H. E. Crane

HISTORY OF BANKING IN CALIFORNIA

309

and John T. Hon, assistant secretaries ; and W. W. Easton, trust officer,
all of whom are active in the promotion of the development of the business,
which is derived principally from San Diego county, the prospects for
the future being good . The company specializes in all branches of trust
service, accepting no deposits .

It is located at 940 Third street, in the

Southern Title & Trust Company building .

SOUTHERN TRUST & COMMERCE BANK.
San Diego .
The Southern Trust &

Commerce Bank, now the Southern Trust

Office of the Bank of Italy National Trust & Savings Association in San
Diego, was incorporated on the 25th of June, 1907, as the Southern Trust
& Savings Bank, and began business at the present location on the 1st
of October following.

It was organized by Gilbert A. Davidson, then

auditor of the Santa Fe coast lines , with a paid-in capital and surplus of
one hundred and twenty-five thousand dollars.
The first officers and
directors were as follows : G. A. Davidson, president ; Philip Morse, vice
president ; E. O. Hodge, cashier ; and R. C. Allen, John E. Boal, Ed
Fletcher, Heber Ingle, James E. Wadham, T. L. Duque, Adolph Levi, G.
Holterhoff, Jr. , Robert Hale , Patrick Martin , Edward Chambers and T. A.
Riordan, directors.
Since its inception the institution has many times expanded the scope
of its activities by the purchase of other banks or by the establishment
of branches. In 1917 the Southern Trust & Savings Bank was consolidated with the Bank of Commerce and Trust Company in San Diego and
thereafter was known as the Southern Trust & Commerce Bank of San
Diego.

The Coronado branch of the Bank of Commerce was included in
At the time of its absorption in 1917 the Bank of Commerce

the merger.

had capital of five hundred thousand dollars, surplus of one hundred and
thirty thousand dollars and deposits amounting to three and one-half
million dollars.
In 1920 the Southern Trust & Commerce Bank established a branch
at El Centro, where it also acquired the El Centro National Bank, which
was combined with its branch office .

When purchased by the Southern

Trust & Commerce Bank, the El Centro National Bank had capital of
fifty thousand dollars , surplus of fifty thousand dollars and deposits totaling one million dollars.
In 1922 the Southern Trust & Commerce Bank purchased the American State Bank of Brawley, which at that time had capital of twenty-five
thousand dollars, surplus of fifteen thousand dollars and deposits amounting to seven hundred thousand dollars .

In 1923 the Southern Trust & Commerce Bank acquired by purchase
the National City State Bank at National City, which had capital of
twenty-five thousand dollars, surplus of ten thousand dollars and total
deposits of one hundred and twenty thousand dollars.
20-VOL. 4

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FINANCING AN EMPIRE
In 1925 the First National Bank of Escondido and the Home Savings

Bank of Escondido were purchased by the Southern Trust & Commerce
Bank and became the Escondido branch of the latter institution . The
First National Bank and the Home Savings Bank of Escondido had a
combined capital of seventy-five thousand dollars, surplus of seventy-five
thousand dollars and deposits amounting to one million dollars.

On the

28th of July, 1926, the Escondido Savings Bank was taken over by the
Southern Trust & Commerce Bank, while on the 30th of October, 1926,
the Escondido National Bank was also consolidated with the Southern
Trust & Commerce Bank.

The Escondido National Bank and the Es-

condido Savings Bank had a combined capital of seventy-five thousand
dollars, surplus of seventy-five thousand dollars and deposits of one
million dollars .
As early as June, 1907, the Southern Trust & Savings Bank had
established a branch office at La Jolla.
In 1924, just prior to its merger with the Bank of Italy, the Southern
Trust & Commerce Bank established San Diego branches at Logan
Heights and Normal Heights in the city of San Diego.

At the time of the

consolidation, the Southern Trust & Commerce Bank had already obtained permission to establish a branch at Ocean Beach and to take over
the Oceanside Commercial & Savings Bank, with a capital of fifty thousand dollars, and these two, therefore, also became Bank of Italy branches.
When sold to the Bank of Italy in January, 1927, the Southern Trust &
Commerce Bank had deposits amounting to twenty-five million dollars.
The institution had a capital of one million, two hundred thousand dollars
and surplus and undivided profits of five hundred and fifty thousand
dollars.
G. A. Davidson, Philip Morse and E. O. Hodge are the only men
identified with what is now the Southern Trust Office of the Bank of
Italy in San Diego who were connected with the Southern Trust & Commerce Bank at the time of its inception .

Mr. Hodge had been formerly

connected with the First National Bank of San Diego . L. G. Bradley,
who served for many years as assistant cashier of the Southern Trust
& Commerce Bank, has continued with the Bank of Italy.

The late

F. B. Fuller occupied the presidency of the El Centro National Bank at
the time it was sold to the Southern Trust & Commerce Bank.

George

Burnham, formerly vice president of the San Diego Securities Company,
is now connected with the Southern Trust Office of the Bank of Italy in
San Diego.

GILBERT AUBREY DAVIDSON.
Gilbert Aubrey Davidson , vice chairman of the board of directors of the Bank of
Italy National Trust & Savings Association and manager of the Southern Trust office
at San Diego , formerly the Southern Trust & Commerce Bank, was born in Kentville,
Nova Scotia, June 21 , 1868 , and is a son of George A. and Eliza ( Palmeter ) Davidson.
In the pursuit of knowledge he attended the Kings County Academy of Nova Scotia

GILBERT A. DAVIDSON

HISTORY OF BANKING IN CALIFORNIA

313

and in 1886 , when a youth of eighteen years, he removed to San Diego, California.
He was identified with the Atchison , Topeka & Santa Fe Railway as cashier, paymaster and auditor of the Santa Fe coast lines until 1907, when he organized the Southern
Trust & Savings Bank of San Diego, of which he became president, so continuing until
this institution was consolidated with the Bank of Commerce & Trust Company under
the name of the Southern Trust & Commerce Bank, which later became the Southern
Trust office of the Bank of Italy. He was retained as manager and also made vice
chairman of the board of directors of that great corporation, in charge of all the
branches of the Bank of Italy in San Diego and Imperial counties.
Mr. Davidson was married on the 21st of October, 1896 , to Miss Rosetta Harben,
of Los Angeles, and they have one son , Gilbert Aubrey. In club circles he is well
known, having membership in the University, Cuyamaca, San Diego Country, the La
Jolla Country, the San Diego Rowing and the Ad Clubs, enjoying marked popularity
among the members of these organizations. He is likewise a representative of the
Rotary Club and fraternally of the Benevolent and Protective Order of Elks. His religious faith is that of the Presbyterian church, while his political belief is that of the
republican party.
It is not alone his business success and prominence that has made Mr. Davidson
one of the leading residents of southern California but the very active and helpful part
which he has taken in the upbuilding of his section of the state, his labors being fruitful of results of great benefit to the city and to the commonwealth . He was president
of the San Diego Chamber of Commerce in 1909 and he has just reason for pride in
the fact that he organized and served as president of the 1915 Panama-California International Exposition , which was held in San Diego and was a gem of beauty and
attractiveness. He served as state director of war savings in California during the
World war period and is a member of the Army and Navy Division of the international
committee of the Young Men's Christian Association. He is also chairman of the
local Army and Navy Y. M. C. A. and in times of peace as well as times of war his
patriotic devotion to his country has been one of his outstanding characteristics. Ever
alert to his opportunities for serving his fellowmen, he is now president of the board
of trustees of the Presbyterian church and is a director of the Fredericka Home for
the Aged. He was made an officer of the Legion of Honor of France in 1921 and was
decorated by the French government "for conspicuous and meritorious service rendered to France in 1915 and 1916 as president of the Panama-California International
Exposition ." His high standards of life make him a representative resident of the
state in every relation and today he is an honored member of the California Bankers
Association, in which he is serving on the legislative committee. His worth, his capability and his high ideals are attested by the respect which is uniformly accorded him
in the banking fraternity.

UNITED STATES NATIONAL BANK.
San Diego.

The United States National Bank of San Diego was incorporated
May 9, 1913, by Louis J. Wilde, Francis E. Wilde, Arthur Wright, S. A.
Reed, J. H. Holmes and John W. Boyle. The capital stock was one hundred thousand dollars, for which the stockholders gave two hundred thousand dollars, one hundred thousand dollars being in the undivided profits
account. On June 2, 1913 , the bank opened for business with Louis J.
Wilde as president, H. E. Mills as vice president and S. A. Reed as cashier.
The directors included the above officers and J. H. Holmes , Arthur Wright,
Charles E. Pritchard and John W. Boyle.

Louis J. Wilde resigned from

the presidency on September 14 , 1925 , and Frank Spaulding was elected
in his place. He continued to hold the office until August 8 , 1926 , at which

314

FINANCING AN EMPIRE

time Fred Jewell assumed the duties of president and Alexander Reynolds
became cashier. These officers served until November 12 , 1918 , when
Duncan MacKinnon was called to the presidency, and on March 22, 1922,
he was succeeded by James R. Russell, who has since been the executive
head of the bank. The other officers are : Charles E. Walker, vice president ; M. N. Wilson , cashier ; and J. L. Russell, assistant cashier.
The institution is situated at the corner of Second street and Broadway and is a United States depositary .

Its net profits were thirty-one

per cent during 1925, thirty-two per cent during 1926 and fourteen per
cent thus far during 1927. From these earnings fifty thousand dollars
has been added to the surplus fund .

The resources of the bank amounted

to seven hundred and fifty thousand dollars in 1913 , one million , two
hundred and fifty thousand dollars in 1920, and they are now approximately two million dollars .

The statement issued by the bank on June 30,

1927, shows undivided profits of two thousand , two hundred and ninetytwo dollars and deposits of one million, eight hundred and ninety-three
thousand and forty-seven dollars.

THE BORDER BANK .
San Ysidro.
The Border Bank of San Ysidro , organized by F. R. Bickell during the
winter of 1925-26, was opened for business August 15, 1926, with a capital
of fifty thousand dollars, a surplus of five thousand dollars and deposits
of approximately seventy-five thousand dollars.
Its first officers were :
F. R. Bickell, president ; Baron Long, vice president ; and H. W. Sperbeck,
cashier, all of whom are now serving.

Three months after the opening

the bank was established on a paying basis and its deposits are now approximately four hundred thousand dollars .
This institution, situated two
miles from the border, is the most southwestern bank in the United States
and has many depositors from Mexico.
It acts as correspondent for
Mexican banks and conducts a business of international scope and importance . The building, vault and fixtures represent an expenditure of sixtyfive thousand dollars and the interior decorations and arch of the bank
took first prize in a contest held in New York city.
F. R. Bickell was general accountant and auditor for a chain of twentyseven banks in the northwest and maintained his headquarters in Chicago
until 1911 , when he sold his stock in these banks . Coming to California,
he made investments in real estate and also became connected with the
Southern Trust & Commerce Bank of San Diego.

In 1922 he organized

the Lakeside Bank at Lakeside, California , and is now its president.
He belongs to the Chamber of Commerce, the Business Men's Associations
of Lakeside and San Ysidro, and along fraternal lines is connected with
the Benevolent Protective Order of Elks .

315

HISTORY OF BANKING IN CALIFORNIA

ESCALON STATE BANK.
The Escalon State Bank was organized June 7, 1912, as a commercial
bank by O. A. Fisk, S. J. Swain and C. M. Carlson.

It was opened July

16, 1912 , with a capital of twenty-five thousand dollars and a surplus
of one thousand, two hundred and fifty dollars.

The first officers were :

S. J. Irwin, president ; and O. A. Fisk, cashier.

Their associates on the

board of directors were C. M. Carlson, George W. Wigley and H. L.
McPherson.
Mr. Irwin has been president throughout the period of
the banks' existence .

Warren Shamberg replaced O. A. Fisk as cashier

and on March 17, 1913, Ira Wolfe was elected to that office, also becoming a member of the board of directors .

He served until January, 1922 ,

when he sold his stock and was succeeded by J. S. Garberson.

George W.

Wigley, the first vice president, served until January, 1914, when Arthur
Barth assumed the duties of that office, also becoming a director of the
bank, and in September of that year Warren Shamberg was elected
assistant cashier and a director, succeeding H. L. McPherson. In May,
1915 , Arbor Barth disposed of his stock to W. E. Merlin, who succeeded
him as vice president and director, and in January, 1916, Stella M. Wolfe
took the place of Warren Shamberg on the board of directors .

Miss

Wolfe acted in that capacity until May, 1916, when C. M. Rollin became
a director and assistant cashier.

In October, 1917, F. J. Laffaty suc-

ceeded Mr. Rollin as a director and in January, 1918 , H. L. Morgenson
was made assistant cashier. Charles Carleson withdrew from the directorate in January, 1919, and was replaced by Otto Peterson .

In January,

1920 , F. J. Laffaty succeeded W. E. Merlin as vice president and on January 9, 1923, Miss Esther Hulteen was added as assistant cashier.

Mr.

Laffaty is still serving as vice president and J. S. Garberson discharges
the duties of cashier, while H. L. Morgenson acts as assistant cashier.
The directors are S. J. Irwin , J. S. Garberson, F. J. Laffaty, C. M. Carlson, Otto Peterson and B. Bonelli .
On July 22 , 1922 , the capital was increased to fifty thousand dollars ,
partially from the earnings and partially by additional stock subscriptions, and on August 1 , 1924 , a savings department was added .

They

have paid regular dividends ranging from six to eight per cent and
accumulated a surplus and undivided profits of thirteen thousand, five
hundred dollars.

The deposits have reached three hundred and three

thousand, eight hundred and forty-two dollars and the assets amount
to three hundred and ninety-two thousand , three hundred and fifty-five
dollars . The institution is housed in a modern bank and office building
which was erected in 1913 and is completely equipped .

FARMERS & MERCHANTS BANK.
Lodi.
The Farmers & Merchants Bank of Lodi was organized May 10, 1916,
by Edgar B. Doering and others with a capital of twenty-five thousand

316

FINANCING AN EMPIRE

dollars in the commercial department and five thousand dollars in the
savings department .

The first officers were :

Christ Albright, president ;

Lot Lachenmaier, vice president ; John Mettler, cashier ; and Edgar B.
Doering, assistant cashier.
The directors were Christ Albright, Lot
Lachenmaier, John Bittner, Fred Michelson and J. S. Hellwig.

In 1923

Mr. Albright retired from the presidency and for a year thereafter H.
C. Lange was the incumbent of that office, to which Peter Joens was
then elected .

John Mettler was cashier until 1923 , when Edgar B. Doer-

ing was chosen as his successor, and S. B. Duea was made assistant
cashier. The present officers are : J. B. Gundert, president ; Peter Joens
and Lot Lachenmaier, vice presidents ; and S. B. Duea, cashier.
A regular dividend of eight per cent has been paid and the capital
stock has been increased to ninety-eight thousand dollars.

The bank

now has a surplus and undivided profits of fifty-two thousand, two hundred and seventy dollars and its deposits amount to nine hundred and
sixty-five thousand , four hundred dollars, while its assets total more than
a million dollars . The business is conducted in a modern bank and office
building which was erected in 1917 at an approximate cost of one hundred and fifty thousand dollars.

FIRST NATIONAL BANK.
Lodi.
The First National Bank of Lodi , now a branch of the Bank of Italy,
was organized March 1 , 1905 , by N. W. Shidy, T. C. Shaw, John B.
Cory, O. O. Norton and H. C. Beckman, who were the first directors ,
and Judge C. W. Norton was retained as attorney .

The bank was opened

September 12 , 1905, and the first officers were : John B. Cory, president ;
N. W. Shidy, vice president ; W. H. Lorenz, cashier ; and James P. Shaw,
assistant cashier. Mr. Cory resigned from the presidency on December
3, 1921 , and W. H. Lorenz was elected to that office.

Lloyd L. Mazzera

was then made cashier and P. A. Richie the assistant cashier.

Mr. Shidy

retired January 12 , 1909, and was succeeded by T. C. Shaw as vice president.

The board of directors was then increased to seven, consisting of

C. W. Norton, O. O. Norton, T. C. Shaw, H. C. Beckman, John B. Cory,
Charles W. Le Moin and Wilson H. Thompson.

Mr. Shaw died in 1920

and H. C. Beckman, Wilson H. Thompson and E. E. Morse were afterward vice presidents of the bank.
On December 3, 1921 , John
B. Cory, president, Wilson H. Thompson, vice president, and Frederic H.
Spoerke, assistant cashier, resigned and were succeeded by E. A. Covell
and John C. Bewley as directors, by W. H. Lorenz as president ; E. E.
Morse as vice president and Lloyd L. Mezzera as assistant cashier.

John

Parent became cashier January 14, 1922, and on January 13, 1923,
returned to the office of cashier. P. A. Richie, H. F. Lightfoot, D. H.
Groft and C. D. Tappan were made assistant cashiers, while Sam H.

317

HISTORY OF BANKING IN CALIFORNIA
Quinnerman was added as vice president.

All served until the sale

except D. H. Groft, who had resigned in 1924 , and in that year John C.
Bewley retired from the directorate.
On January 14 , 1922, the board
of directors was increased to eleven, consisting of W. H. Lavery, George
F. McNoble, H. C. Beckman, E. E. Morse, George W. Le Moin, E. A.
Covell, John C. Bewley, Sam H. Zimmerman, O. S. Norton and W. G.
Meeke, who served until the institution was acquired by the Liberty
Bank of San Francisco on September 19, 1925. They then became members of the advisory board of the Lodi Branch of the Liberty Bank,
while W. H. Lorenz was made vice president and Lloyd Mazzera assumed the duties of manager.

The First National Bank is now the Lodi

branch of the Bank of Italy and Messrs. Lorenz and Mazzera are still
serving as vice president and manager.
The capital stock of the First National Bank was originally twentyfive thousand dollars, which was increased to fifty thousand dollars on
January 8 , 1907, to one hundred thousand dollars on January 9, 1912, and
to two hundred thousand dollars on January 14, 1922.

After the first

year the bank paid regular dividends, starting at six per cent and increasing to eight per cent on August 23 , 1911 , and to ten per cent on January
21 , 1923.

They acquired a surplus of one hundred and twenty thousand

dollars and undivided profits of twenty-two thousand dollars.

On De-

cember 30, 1924, the bank had deposits of one million, one hundred and
eighty thousand, six hundred and nineteen dollars, undivided profits of
twenty-eight thousand dollars and assets of one million, seven hundred
and sixty-seven thousand, five hundred and nine dollars .

BANK OF MANTECA.
The Bank of Manteca was organized in March, 1918, by P. L. Wisdom, J. J. Overshiner, Hugh Campbell and J. J. Napier, all residents of
the town ; and George McNoble and Frank Guernsey, of Stockton . It
was opened October 1 , 1918, with a paid up capital of fifty thousand
dollars and a surplus of ten thousand dollars.

The first officers were :

Frank Guernsey, president ; P. L. Wisdom, vice president ; Hugh Campbell, cashier ; and Arbor Barth, assistant cashier. Mr. Guernsey moved
to Los Angeles in 1923 and disposed of his stock in the Bank of Manteca,
of which P. L. Wisdom then became president.

At that time Hugh

Campbell was made vice president and Arbor Barth became cashier.
George Williams assumed the duties of vice president and was elected
cashier in 1923, in which year Mr. Barth succeeded to the presidency,
while in 1925 Bernice Lindenstein was appointed assistant cashier.

The

present officers are : Arbor Barth, president ; J. M. Lindsey, vice president ; George Williams, cashier ; and Bernice Lindenstein , assistant
cashier.

The board of directors is composed of J. M. Lindsey, Thomas

Loutitt, Arbor Barth, J. M. Toomey, George Williams, George S. Finkbohner and J. J. Burgess.

FINANCING AN EMPIRE

318

The bank has been paying regular dividends since 1923 and has accumulated a surplus and undivided profits of eighteen thousand, five
hundred and thirty dollars, while its deposits amount to three hundred
and forty-five thousand , five hundred and thirty dollars . The business
is housed in a substantial bank and store building which was erected
in 1918 at an approximate cost of twenty-eight thousand dollars.

FIRST NATIONAL BANK.
Manteca.
The First National Bank of Manteca , now a branch of the Bank of
Italy, was organized in November, 1911 , as the First State Bank by E.
J. Norcross and E. Powers .

It was opened for business in that month

with a capital of twenty-five thousand dollars and the following officers :
E. J. Norcross, president ; and Fred Norcross, cashier. Their associates
on the board of directors were Joshua Cowell, John Boberg and E. Powers .
On May 15 , 1920, this institution was converted into the First
National Bank of Manteca with a capital of fifty thousand dollars, which
was increased to one hundred thousand dollars on July 15, 1920 , by stock
subscriptions .

In 1918 the new home of the bank was completed , a mod-

ern building representing an approximate cost of thirty-two thousand
dollars, including the fixtures and the purchase of a vacant lot adjoining
for later improvements.
E. J. Norcross remained at the head of the institution until the fall
of 1918 , when Edward Powers was elected president.

At that time Fred

Norcross resigned and H. R. Parshell became cashier.

The latter acted

in that capacity until 1920, when he was replaced by J. R. Bell , and on
October 21 , 1922, L. E. Wyatt was made cashier.

C. F. Palm became

vice president soon after the organization and thus served until the institution terminated its career as an individual unit. B. T. Bringier and
S. E. Donato were appointed assistant cashiers and prior to the sale
the directors were E. Powers, C. F. Palm, E. F. Harris, B. A. Goodwin,
G. W. Wetheridgem, F. J. Williams, C. W. Forbes , A. L. Enos and J. C.
Jensen. The institution was merged with the Liberty Bank of America
and is now the Manteca Branch of the Bank of Italy. E. Powers is chairman of the advisory board, of which C. F. Palm acts as vice chairman,
and L. E. Wyatt is serving as manager, while R. T. Bringier, S. E.
Donato and F. A. Bravo are the assistant cashiers.

BANK OF RIPON.
The Bank of Ripon was organized in May, 1910, by W. N. Steele and
was opened for business in July of that year with a capital of twentyfive thousand dollars . The first officers were : J. S. Moulton, president ;

319

HISTORY OF BANKING IN CALIFORNIA
R. T. Melton, vice president ; and H. L. Dickey, cashier.

The original

directors were J. S. Moulton , Thomas Frederick, Joseph Wille , A. J.
Nourse, R. T. Melton , R. B. Teefy and Thomas H. Noen . J. S. Moulton
continued as the executive head of the bank until March , 1913 , and H. L.
Dickey was then elected president.

R. T. Melton resigned in March,

1912 , and A. G. Nourse was vice president for a year thereafter. Thomas
Frederick filled the office from 1913 until 1915, when his place was taken
by Carl Gotschal, who was succeeded by A. J. Nourse, in November, 1918 .
H. L. Dickey acted as cashier until March, 1913, when A. R. Magruder
was elected to that office, and V. R. Meedom was afterward made assistant cashier.
The present officers are : H. L. Dickey, president ; A. J.
Nourse, vice president ; A. R. Magruder, cashier ; and V. R. Meedom,
assistant cashier.
In July, 1921 , the authorized capital was increased to one hundred
thousand dollars, of which fifty thousand dollars was paid in. Six per
cent dividends were paid from 1913 until 1919, when the earnings were
applied to the surplus, and in 1922 the bank resumed payments of six per
cent.

The surplus and undivided profits amount to thirty-six thousand ,

four hundred and ten dollars and the deposits are now five hundred and
two thousand, five hundred and ten dollars . Since 1910 the business has
been conducted in a modern bank building, which was erected in that
year. In 1922 it was remodeled and enlarged and is now valued at about
thirty-one thousand dollars.

CITY BANK.
Stockton.
The City Bank of Stockton was incorporated July 5 , 1882 , as the
Stockton Savings Bank, with an authorized capital of five hundred thousand dollars, of which three hundred thousand dollars was paid up .

The

organization was promoted by Sidney Newell and the first directors were
H. S. Sargent, E. R. Hedges, Louis Gerlach, Asa Clark, Frank Stewart,
H. C. Smith, James A. Crowe, W. C. Daggett, W. P. Miller, H. H. Hewlett and T. W. Newell. The first officers were as follows : H. S. Sargent,
president ; E. R. Hedges, vice president ; Sidney Newell, cashier ; and
M. D. Baker, secretary.
Mr. Sargent served until August, 1896, and J. D. Peters was president until January 7 , 1902 , when he was succeeded by Dr. Asa Clark, who
continued in the presidency until 1909 , when he resigned and was succeeded by George E. Catts. The last named served for eleven years and
resigned July 8, 1920, when A. D. Rothenbush was called to the office.
Mr. Hedges continued as vice president until January, 1896, when he
was succeeded by J. D. Peters, who in August of the same year resigned ,
and Dr. Asa Clark acted as vice president until his election to the presidency, when Mr. Hedges was again chosen vice president.

In January,

FINANCING AN EMPIRE

320

1909 , A. W. Hoisholt was elected vice president and served until January
11 , 1916 , when A. D. Rothenbush became the incumbent in that position .
Upon the latter's election to the presidency, George E. Catts became vice
president.

Sidney Newell was cashier and manager until November ,

1909, when at his death W. H. Lyons was chosen for that position, which
he has since filled.
On June 28, 1898 , a stock dividend of twenty per cent was declared,
increasing the paid-up capital to four hundred thousand dollars .

This

was repeated on February 15 , 1926, completing the payment of the
authorized capital of five hundred thousand dollars . In addition the bank
has paid regular semi-annual cash dividends since 1884 of from six to
eight per cent, aggregating one million , fifty thousand dollars, and has
acquired a surplus of two hundred thousand dollars and undivided profits
of $ 119,000 . The following figures, taken at five-year intervals, show the
growth of deposits and assets :

January, 1885

Deposits

Assets

$ 309,236.00
785,184.00

January, 1895

654,579.00

$ 673,165.00
1,213,601.00
1,141,378.00

January, 1900

754,310.00
1,294,221.00

1,255,670.00
1,891,505.00

1,306,639.00
1,525,136.00

1,778,009.00
2,022,080.00

3,442,145.00
4,214,382.00

4,009,860.00

January, 1890

January, 1905
January, 1910
January , 1915
January, 1920
January, 1925

4,956,514.00

The bank now has six thousand , five hundred and seventy-three active
accounts.
The Stockton Savings Bank was first located in the building now occupied by the Arcade on Main street, there remaining until October, 1892 ,
when a removal was made to San Joaquin in the old Yosemite Theater
building, now known as the First National Bank building. In October,
1916, it moved into its present quarters-a modern bank building at the
southeast corner of Main and Sutter streets, which was erected at a total
cost of about one hundred and seventy-five thousand dollars, including
the equipment. This is one of the few Class A buildings in the city and
is finished in marble inside and out. The present site was purchased in
1907 for sixty-two thousand dollars and is now assessed at one hundred
and sixty thousand dollars.
The present officers are : A. D. Rothenbush, president ; George E. Catts,
vice president ; W. H. Lyons, cashier and treasurer ; and W. N. Harrison,
assistant cashier and secretary . The present directors are A. D. Rothenbush, George E. Catts, Joseph Fyfe, A. B. Lang, Fred P. Clark, W. H.
Lyons , J. K. Wagner, G. A. Atherton, George W. Leistner, D. I. Waltz
and R. T. Melton .

HISTORY OF BANKING IN CALIFORNIA

321

ALEXANDER D. ROTHENBUSH .
Stockton has its full proportion of substantial and progressive banking institutions ,
one of which is the City Bank, of which Alexander D. Rothenbush is the active and
efficient president. Alert and energetic, he accomplishes what he undertakes and his
progressive spirit has been a strong element in the continued success of the City Bank.
He is a native resident of Stockton, California , born on the 11th of May, 1880 , a son
of Daniel Rothenbush . The public schools accorded him his educational opportunities
and for twenty-six years he engaged in the brewing business, devoting his time thereto
until 1920 , when he was elected president of the City Bank, of which he had become
a director about 1907, while in January, 1916 , he had been elected to the vice presidency. Since becoming the chief executive head he has devoted his time largely to
the conduct of the institution and his power of discrimination, his persistent purpose
and his spirit of enterprise have featured prominently in the bank's success. Mr. Rothenbush is also a director and the treasurer of the El Dorado Brewing Company, which
was established by his father in 1852 and which for many years has been conducted by
himself and his brother, F. W. Rothenbush. He is likewise a director of the Stockton
Abstract & Title Company and the Home Builders Investment & Security Company.
In his fraternal connections Mr. Rothenbush is known as a Mason of high rank,
having become a Shriner , and he is likewise identified with the Benevolent and Protective Order of Elks. He has membership with the Native Sons of the Golden West and
his appreciation of the social amenities of life is manifest in the fact that he has taken
out membership in the Yosemite Club and the Stockton Golf and Country Club.

COMMERCIAL & SAVINGS BANK.
Stockton.
The Commercial & Savings Bank of Stockton was organized by John
Raggio and Henry Bruener on the 26th of June, 1903, with a capital of
three hundred thousand dollars . The first officers of the institution were
as follows : John Raggio, president ; T. E. Connolly, cashier and secretary ; and F. D. Cobb, vice president. The bank has removed from its
original location at 320 East Main street to the present site at 345 East
Main street.
The first day's deposits of the Commercial & Savings Bank of Stockton totaled about one hundred thousand dollars .
The steady business
growth of the institution is indicated in the following comparative table :
1903

1905
1909
1911
1913

$ 217,780.00
763,302.00
1,902,365.00
2,093,158.00
2,767,634.00

1915
1917

3,118,813.00

1919

6,243,853.00

1921
1923

6,515,679.00
7,352,521.00

1926

7,578,379.00

4,880,523.00

322

FINANCING AN EMPIRE

The men who figured most prominently in the building up and expansion of the business of the Commercial & Savings Bank of Stockton are
John Raggio and Edward F. Harris.

This is now a branch of the Bank

of Italy National Trust and Savings Association .

EDWARD FRANKLIN HARRIS.

The well developed powers and the business capacity of Edward Franklin Harris
qualify him for the duties that now devolve upon him as the manager of the Commercial & Savings Bank branch of the Bank of Italy at Stockton. His training and
environment have always been that of the western man and the spirit of western enterprise has actuated him at all points in his business career. He was born in Lassen,
California, in 1878 and when but four years of age accompanied his parents, C. E.
and Emily ( Deese ) Harris, to Stockton. His father was a native of Indiana, and his
mother of Arkansas, but they became early residents of the Pacific coast country, and
following the establishment of the family home in Stockton their son, Edward F. , pursued a public school education , which he supplemented by study in a business college.
He then turned his attention to insurance and real estate , becoming a representative of
the firm of Conley & Crane of Stockton in 1898 and remaining with them for a period
of three years. He next located at San Francisco, California, where he engaged in the
insurance business for two years, and in July, 1903 , he returned to Stockton , becoming
one of the organizers and bookkeeper of the Commercial & Savings Bank. Since then
he has held various positions in the bank, winning rapid promotions and proving his
capability in every place to which he has been assigned. In 1921 he was elected president of the bank and his executive ability and keen discrimination in business matters
was soon manifest in the growing success of the institution . In accordance with the
tendency of the age to centralize management of great industrial, commercial and financial interests, this bank was taken over by the Bank of Italy in March, 1927, with Mr.
Harris remaining in control as manager of what is now the Commercial & Savings
Bank branch.
The home life of Mr. Harris had its inception in his marriage to Miss E. May Heller, of San Jose, California , and they have one daughter , Jean.
Mr. Harris belongs to the Benevolent and Protective Order of Elks and the Masonic fraternity and is a loyal follower of the teachings and purposes of the craft.
Something of the nature of his recreation and of his appreciation of the social amenities
of life is indicated in the fact that he has membership in the Stockton Golf and Country Club.

FARMERS & MERCHANTS BANK.
Stockton.
The Farmers & Merchants Bank of Stockton, now a branch of the
United Bank & Trust Company, was organized October 22, 1888 , by P. B.
Frazer, William H. Crocker, D. S. Rosenbaum, G. C. Hyatt, F. R. Thomas,
George R. Sperry, Henry Fisk, L. B. Holt, P. B. Fraser and D. A. Guernsey, who constituted the first board of directors . Mr. Fraser was president until his death in July, 1910, and Mr. Rosenbaum then became the
executive head of the bank, acting in that capacity until his demise in
the same year. D. A. Guernsey was then elected to that office, of which
he remained the incumbent until his death in the latter part of 1915. John
M. Perry, at that time vice president, took charge of the bank and was

HISTORY OF BANKING IN CALIFORNIA

323

relieved of his duties in January, 1916 , when Frank A. Guernsey was
called to the presidency. The first cashier, Charles H. Keagle, was followed by Otto Grunsky, whose successor was James M. Abeel . Will E.
Morris was the next president and served until 1919. Upon the succession of D. S. Rosenbaum to the presidency Frank A. Guernsey became
vice president and filled the office until he assumed the duties of president.
At that time J. H. Thompson was chosen vice president and after his resignation in 1912 John W. Perry was elected vice president. A. J. Zitlov
was cashier from 1919 until the sale and the directors at that time were
Frank A. Guernsey, John M. Perry, W. E. Morris, Hilyard E. Welch, E.
F. Davis, George Finkbohner, Dan N. Gilmore, Frank Cox and S. B.
Coates.
The bank was opened for business in October, 1888 , with an authorized
capital of five hundred thousand dollars, of which four hundred thousand
dollars was paid in. Later this was increased to six hundred thousand
dollars and at the time of the sale it was six hundred and forty thousand
dollars, these increases being made by stock dividends . In addition they
paid a regular cash dividend, starting with six per cent, which was later
increased to eight per cent. They accumulated a surplus and undivided
profits of two hundred and eighty -six thousand and seventy-one dollars
and had total deposits of five million, six hundred and seventy-nine thousand, three hundred and sixty-three dollars . In July, 1920 , the institution
was merged with the Sacramento Bank, the Farmers & Merchants Bank
of Stockton and Oakdale, the First National Bank of Modesto and the
Union National Bank of Fresno under the name of the Sacramento- San
Joaquin Bank. In 1923 this institution purchased the Merchants National
Bank of San Francisco and the name was changed to the United Bank &
Trust Company of California . Mr. Guernsey and Mr. Zitlov became vice
presidents in charge of the Sacramento branch and Mr. Perry was made
a director and member of the finance committee . In January, 1925 , Mr.
Guernsey severed his relations with the bank and Mr. Perry took charge
of the Stockton branch as vice president and manager. The bank has
enjoyed a prosperous existence and the number of its depositors is steadily increasing. Since 1916 the business has been housed in an imposing
bank and office building nine stories in height . This ornate structure was
one of the first Class A buildings erected in the center of Stockton and
is now appraised at six hundred thousand dollars.

THE FIRST NATIONAL BANK .
Stockton.

An institution that has had a continuous existence of fifty-five years
has certainly proven worthy of public confidence and of a liberal support.
Such is the record of The First National Bank of Stockton , which was
organized and incorporated on the 21st of November, 1872 , and was

324

FINANCING AN EMPIRE

called the First National Gold Bank. Its prime movers were Henry H.
Hewlett, E. S. Pillsbury , Thomas Sedgwick, Jr. , Lewis Hewlett, Charles
J. Smith, Henry Lawrence Davis and DeWitt Clinton Thompson. The
original capital was two hundred thousand dollars , with fifty per cent of
this paid in at the time the bank opened on the 21st of November. Its
officers and directors were : Henry H. Hewlett, president ; Sidney Newell ,
vice president ; Thomas Sedgwick, Jr., cashier ; and H. H. Hewlett, Sidney
Newell, J. H. Hough, George Fancher of Merced , George A. Conrad, Bernard Frankenheimer and James Sutherland , directors.
On the 5th of February, 1879, a resolution was adopted that the First
National Gold Bank go into liquidation and be closed.

On the same day

an organization meeting was held resulting in the establishment of The
First National Bank of Stockton, on which occasion the following stockholders were present : H. H. Hewlett, Frank Stewart, Louis Haas , Charles
Belding, Bernard Frankenheimer, Timothy Paige, W. O. Robison , J. D.
Peters, James Sutherland , I. S. Bostwick, George S. Evans, P. B. Fraser,
Robert McHenry, G. W. Hawthorne, W. T. Hewett, Otis Perrin and George
S. Locke.

An election resulted in the choice of Frank Stewart for presi-

dent and Henry Harper Hewlett for cashier. The capital stock of The
First National Bank was three hundred thousand dollars and this on the
9th of January, 1883, was reduced to two hundred thousand dollars.

August of the same year Frank Stewart passed away and was succeeded
in the presidency by Henry H. Hewlett, who up to that time had been
cashier and whose successor was P. B. Fraser, who continued in the office
until October 27 , 1888 , when he resigned.

On the 9th of January, 1889,

I. S. Bostwick was elected vice president, with Arthur W. Bell as cashier,
but on the 5th of June of that year Mr. Bell resigned .

In May, 1889 ,

James H. Hough was elected a director, succeeding Timothy Paige, who
had been disqualified due to his disposing of his stock, and Mr. Hough was
elected secretary. In January, 1890, Sidney Newell was elected cashier
and following his resignation James H. Hough was elected to the office
in August, 1892. H. H. Hewlett died December 13, 1903, and F. D. Nicol
became president on the 4th of February, 1903, while James H. Hough
was elected to the presidency following the death of Mr. Nicol on the
6th of April, 1910, and F. A. Cramblitt was made cashier to succeed Mr.
Hough. In January, 1905 , Lewis Gerlach was elected vice president as
the successor of Mr. Bostwick and in January, 1919 , W. B. Nutter was
elected vice president, in which capacity Mr. Gerlach continued to serve
until his death in October, 1921. The death of James H. Hough occurred
December 12, 1921 , when Percy T. Cleghorn became president, and on
that day Joe E. Henry succeeded Mr. Gerlach as vice president.
The bank has always been conducted along very conservative lines but
has enjoyed a steady and consistent growth. In addition to having paid

regular semi- annual dividends they have accumulated a surplus of
hundred thousand dollars and undivided profits of two hundred and
thousand dollars. They now have deposits of two million, sixty-six
sand, two hundred and fifty-four dollars and assets of two million,

three
forty
thoueight

HISTORY OF BANKING IN CALIFORNIA

325

hundred and ninety-five thousand, six hundred and ninety- seven dollars.
In 1923 they added a safe deposit department and in June, 1925, their
trust department. The bank was first located in the building at the northwest corner of Main and Hunter streets, erected by Mr. Hewlett of materials brought by him around the Horn.

About 1892 a removal was

made to No. 18 San Joaquin street, where they remained until 1923, when
they remodeled the building at Nos . 24 and 26 San Joaquin, thus doubling
the space of their old quarters, their new home embracing every modern
banking facility.
The present officers are : Percy T. Cleghorn, president ; W. B. Nutter,
vice president ; Joe E. Henry, vice president ; F. A. Cramblitt, cashier ; J.
W. Brown, assistant cashier ; and Samuel Frankenheimer, George M. Burton, B. F. Wellington, Jr., Newton Rutherford , Helen H. Cleghorn, Percy
T. Cleghorn, W. B. Nutter, Joe E. Henry and F. A. Cramblitt, directors .

PERCY T. CLEGHORN.
Percy T. Cleghorn, president of The First National Bank of Stockton, is a foreignborn citizen who has found in the new world the opportunities which he sought and
through individual effort has advanced steadily in the business world until his position
in financial circles is now an enviable one. He was born in New Zealand , July 25, 1881 ,
and is a son of W. G. and L. J. ( Lodge ) Cleghorn. The schools of his native country
provided him his educational opportunities and in 1902, when a young man of twentyone years, he left New Zealand and went to the Hawaiian Islands , where he was in the
employ of Hackfield & Company until 1914. That year witnessed his arrival in Stockton, California, where he entered The First National Bank as assistant cashier, and
upon the death of James H. Hough in January, 1922, he was elected to the presidency.
For about six years he has directed the development of this institution and aided in
shaping its policy and guiding its destiny, his efforts being an element in the high
reputation which the bank enjoys as a conservative institution which is splendidly serving its community and thereby enjoying a stable progress . Mr. Cleghorn is also treasurer of the Stockton Fire Brick Company and of the Stockton Investment Company and
is a director of the State Building & Loan Association and the Stockton Abstract & Title
Company. Every organization with which he has become associated recognizes the
value of his business judgment, which is seldom, if ever, at fault and, moreover, he
has the faculty of inspiring others by his enthusiasm and winning their cooperation by
reason of his practical methods and his well defined plans. Fraternally he is identified
with the Masons and the Elks .

HENRY H. HEWLETT.
Henry H. Hewlett, founder of The First National Bank of Stockton, was a native
of the state of New York and came to California in 1850 , at the age of eighteen years ,
bringing with him a stock of goods valued at two thousand dollars. In 1851 he arrived
in Stockton and formed a partnership with a Mr. Avery, opening a hardware and implement store. As a result of some poor speculations the firm failed and Mr. Hewlett
entered into partnership with E. Floyd Jones, this association proving very successful.
Upon the organization of the Stockton Savings & Loan Society in 1867 he became one
of the original directors and from that time forward made a close study of finance and
banking, so that in 1872 he closed out his hardware and implement business and organized the First National Gold Bank of Stockton , serving as its president until it was reorganized as The First National Bank in 1879. He was cashier and manager of this
21-VOL. 4

326

FINANCING AN EMPIRE

until August 1 , 1883 , when he was elected president and served until his death on the
13th of December, 1903. His sound business judgment and unfailing enterprise were
strong elements in the prosperity of the bank. He was also a director of the Bank of
California from an early day until his demise and was interested in other San Francisco banks. He was identified with the organization of the First National Bank of
Modesto and the old First National Bank of Merced . He won country-wide recognition
as a capable banker and financier and his name was honored wherever he was known.

BOURS & COMPANY.
SAN JOAQUIN VALLEY BANK .
Stockton .
The first bank in Stockton was what was known as the Bours Bank.
B. Walker Bours came to California from New York in the early ' 40s and
was for several years engaged as a super cargo on a trading vessel along
the Mexican coast.

In 1849 he located in Stockton and the following year,

together with his brother, T. Robinson Bours , William Keith and William
H. Robinson, established a banking and mercantile business on Center
street, which was then the center of the business district.
Mr. Keith
remained only a few months and in March, 1851 , Mr. Robinson, who was
then a member of the first city council, died at Mariposa while on a business trip.

The two brothers then formed a new partnership under the

firm name of T. Robinson Bours & Company. After the fire of 1855 they
occupied a new building erected in the burned block on the west side of
Center street, between Main street and Weber avenue. The mercantile business was then dropped and it became exclusively a banking institution .
T. Robinson Bours retired in the late ' 50s and on January 1 , 1864,
the firm name became Bours & Company, with Joe W. Taylor as an associate. B. Walker Bours conducted the business alone until February,
1868 , in the meantime erecting a new two-story bank building on the site
of the old one.
On February 28, 1868 , an agreement was entered into by Gilbert B.
Claiborne, B. W. Bours and others to organize the San Joaquin Valley
Bank as a successor to Bours & Company.
president and B. W. Bours the cashier.

G. B. Claiborne was chosen

These, together with Henry S.

Austin, James A. Crow, R. C. Sargent, John C. White, George Gray, H. O.
Matthews and Austin Sperry, were designated as the first board of trustees.

The bank was incorporated March 14 , 1868, with a capital of two

hundred thousand dollars , with the privilege of increasing to five hundred
thousand dollars . Two hundred and forty-three thousand dollars of this
was paid in.

On March 4, 1868 , the first by-laws were adopted and on

the 4th of April, 1868 , H. S. Austin , H. O. Matthews and George Gray
were appointed a standing "committee of finance."
The bank opened for business on about May 15, 1868.

On June 27,

1868 , a dividend of one per cent was declared on the paid-up capital for
the month of June, payable on July 15th .

The first annual meeting was

HISTORY OF BANKING IN CALIFORNIA

327

held July 1 , 1868, and the original trustees were re- elected , and on August
5, 1868, the capital stock was increased to five hundred thousand dollars.
The following chronological record was made January 1 , 1915 :
DIRECTORS AND THEIR TIME OF SERVICE.
Joseph Fyfe, from January 15, 1890 , serving as member of finance
committee from February 8, 1890. Elected vice president February 12 ,
1902. President from February 8 , 1905 .
Dr. J. D. Young, from January 15, 1897.
tee since February 10, 1897.

Member of finance commit-

Elected vice president February 14, 1906 .

Dr. W. G. Wallace, from November 10 , 1897. Elected member of finance
committee February 14, 1906 .
A. M. Noble, from January 15, 1900.

Elected member of finance com-

mittee February 14 , 1906.
W. E. Elliott, from May 10, 1905.
Louis J. Wagner, from January 15, 1906 .
H. W. Earle, from January 15 , 1906 .
R. C. Minor, from January 15, 1907.
A. A. Smallfield , from January 15, 1909.
PRESIDENTS.
G. B. Claiborne, from February 28 , 1868 , to February 12 , 1876 .
J. F. Harrison, from February 12, 1876 , to October 13, 1877.
Archibald Stevinson, from October 13, 1877, to January 15, 1880.
C. I. Leach, from January 15 , 1880, to January 21 , 1888.
G. B. Claiborne, from January 21 , 1888 , to January 21 , 1895 .
J. M. Welsh, from January 21 , 1895 , to September 14, 1898.
G. B. Claiborne, from September 14, 1898, to May 10, 1899.
J. M. Welsh, from May 10, 1899 , until his death, July 26 , 1904 .
Joseph Fyfe, (the present incumbent ) , February 8, 1905.
CASHIERS.
B. W. Bours , from February 28, 1868 , to March 17, 1877.
Frank J. Huggins, March 17 , 1877 ,
1886) .

( died during his term of office,

C. E. Perkins, from August 14, 1886 , to April 1 , 1897.
R. B. Teefy (the present incumbent) , April 1 , 1897.
BANK LOCATIONS.
West side of Center street (north of Main ) , from March 14, 1868 , to
August 1 , 1877.
Main street, ( near Hunter ) , from August 1, 1877, to September 26,
1904.
Hunter street (its own building ) , September 26, 1904.

328

FINANCING AN EMPIRE

EARNINGS TO JANUARY 1 , 1915

Surplus to date.
Stock dividends

$ 270,700.00
105,720.00

Dividends since organization.

Undivided profits

Total

627,549.15
173,650.29

$1,177,619.44
ITS GROWTH

Assets January 1 , 1883.

$ 368,591.00
390,372.00
481,293.79

Assets January 1 , 1886.
Assets January 1, 1890.

531,101.66

Assets January 1 , 1900 .

3,381,910.60
4,803,571.07

Assets January 1 , 1910_
Assets January 1 , 1915.

Fred W. Wurster came into the bank October 10 , 1894, and served as
assistant cashier until January, 1916, when upon the organization of the
San Joaquin Valley National Bank he became cashier of that institution
and served as such until its sale to the Bank of Italy on November 27,
1917. J. R. Koch was assistant cashier from 1896 until his death in 1914.
On January 20, 1916 , the San Joaquin Valley Bank nationalized its
commercial department under the name of the San Joaquin Valley National Bank, retaining the old name for the savings department.
The
officers elected at that time were :

R. B. Teefy, president of the National

Bank ; Dr. J. D. Young, president of the Savings Bank ; Louis J. Wagner
and C. A. Belli, vice presidents ; Fred W. Wurster, cashier ; and James C.
Keys, James S. Reilly and Louis J. Rossi , assistant cashiers . The following became directors : Dr. J. D. Young, R. B. Teefy, Dr. W. G. Wallace,
C. A. Belli, A. M. Noble, J. H. Thompson, W. E. Elliott, A. A. Smallfield,
L. J. Wagner, N. E. Welty, R. C. Minor, E. J. Luke and H. W. Earle.
The paid-up capital of the San Joaquin Valley Bank was at that time
two hundred and forty-six thousand, three hundred dollars.

This was

increased by additional stock subscription to seven hundred and fifty
thousand dollars, of which five hundred thousand dollars was assigned to
the National Bank and two hundred and fifty thousand dollars to the
Savings Bank.
In the fall of 1917 the San Joaquin Valley Bank and the San Joaquin
Valley National Bank were purchased by the Bank of Italy and on November 27, 1917, became the Stockton branch of that institution . Their last
statements, made on November 20, 1917, showed :

SAN JOAQUIN VALLEY BANK.
Capital paid in
Surplus
Undivided profits
Deposits
Resources

$ 250,000.00
62,500.00
55,494.00
3,384,594.00
3,752,588.00

HISTORY OF BANKING IN CALIFORNIA

329

SAN JOAQUIN VALLEY NATIONAL BANK .

Capital paid in

$ 500,000.00
100,000.00
6,313,354.00

Surplus
Deposits
Resources

7,455,155.00

ROBERT B. TEEFY .
Robert B. Teefy, vice president and a director of the Bank of Italy, in charge of
the Stockton branch, was born in Ontario, Canada , in January, 1859, a son of Matthew
Teefy. When his school days were over he became a bookkeeper in the Patterson Agricultural Works at Toronto , where he remained until 1881 , when he entered the Home
Bank of Canada and there spent eight years. In June, 1889 , he came to California and
started in business life here as cashier and assistant manager of the Crown Flouring
Mill Company at Stockton , being thus closely associated with that enterprise until
March 30, 1897, when he resumed active connections with banking through his election
to the position of cashier in the San Joaquin Valley Bank. He conducted the bank
successfully until November , 1917. In the meantime, in February, 1913, he had organized the San Joaquin Valley National Bank, which he conducted in conjunction with
the San Joaquin Valley Bank as its president. On November 28, 1917 , these two were
merged into the Stockton branch of the Bank of Italy and of the larger corporation Mr.
Teefy was made a vice president and director. He has continued in charge of the Stockton branch, controlling and directing its important and increasing business, and he is
also a director of the Bancitaly Corporation and also of the Stockton Land, Loan &
Building Association.
His ability to manage financial affairs has led to his selection for the office of treasurer of the Knights of Columbus and for thirty consecutive years he has been the
treasurer of the Stockton Elks, to which he belongs, and is a director of the Elks Hall
Association. There is no royal road to wealth, but in this land where opportunity is
unhampered by caste or class the man who cultivates diligence and determination and
employs straightforward methods will always work his way upward, and such has been
the career of Robert B. Teefy.

FRED A. FERROGGIARO.
Fred A. Ferroggiaro has the honor of being the fourth oldest employe of the Bank
of Italy, his official position being that of vice president. He was born in San Francisco in 1890 and is a son of Nathan Natale and Anna ( Guinasso ) Ferroggiaro, who
were natives of Genoa, Italy. The parents having established their home in the new
world, Fred A. Ferroggiaro acquired his education in the public schools of his native
city and in Heald's Business College. He then turned his attention to the banking
business, becoming associated with the Bank of Italy in 1906, and there are only three
who antedate him in connection with this strong financial institution. For five years
he remained at the head office at Montgomery and Clay streets , working upward from
the position of messenger until his service in various departments had brought him a
comprehensive acquaintance with the banking business. Eventually he was transferred
to the Market Street branch as assistant manager under Dr. Giannini and there he remained for five years, at the end of which time he went to Stockton , California, in November, 1918, as assistant to the assistant manager of the Stockton branch of the Bank
of Italy. After a short time he was made assistant manager and in 1924 was elected
assistant vice president, in which capacity he continued until February, 1927, brought
him election to the vice presidency. He is a prominent figure in financial circles of
Stockton, where he is also serving on the local advisory board. Power grows through
the exercise of effort and it has been through close application and persistency of pur-

330

FINANCING AN EMPIRE

pose that Mr. Ferroggiaro has reached his present enviable standing in the banking
fraternity.
In 1916 Mr. Ferroggiaro was united in marriage to Miss Delphine Lerda, of San
Francisco, and they have become parents of two children , Delphine and Fred A. , Jr.
In organizations which have to do with the upbuilding of trade and the improvement of commerce Mr. Ferroggiaro is active, belonging to the Stockton Chamber of
Commerce and the Italian Chamber of Commerce of San Francisco. His personal
qualities make for popularity in the clubs with which he is identified , his name being
on the membership rolls of the Olympic, Olympic Golf and Country and the Stockton
Golf and Country Clubs. Along strictly fraternal lines he is associated with the Foresters of America, the Benevolent and Protective Order of Elks and the Druids, while
something of the high moral standards which have actuated him in every relation of life
is indicated in his connection with the Young Men's Christian Association.

STOCKTON SAVINGS AND LOAN BANK.
The Stockton Savings and Loan Bank was organized August

12,

1867 , by J. M. Kelsey, as the Stockton Savings and Loan Society, and is
the oldest bank in San Joaquin county. It opened for business October
1 , 1867, with an authorized capital of one hundred thousand dollars , of
which ten thousand dollars was paid in.
The success of this institution is indicated by the fact that while the
original stockholders paid in only ten dollars a share on their stock valued
at one hundred dollars, the bank paid up the balance from earnings in
addition to paying handsome semi-annual dividends on the par value of
the stock.
This was the first savings bank in Stockton, and at the start paid
to its savings depositors ten per cent per annum semi-annually.
made an innovation in the matter of interest on loans.

It also

The prevailing

rate at that time was one and one-half per cent a month, payable monthly.
The new bank offered money at a fair rate of interest payable annually.
These liberal policies built up from the start a loyal clientele extending
throughout the agricultural country to all parts of the famous mining
region for which Stockton was the money center.
The first officers of the bank were J. M. Kelsey, president , and James
Littlehale, cashier, while its first board of directors were J. M. Kelsey,
H. H. Hewlett, R. B. Lane, L. M. Hickman, L. U. Shippee, General P. E.
Conner, Samuel Miller, James Taylor and Andrew McShane . Its list of
original stockholders includes many names prominently identified with
the early history of Stockton, among which are those of A. W. Simpson,
R. E. Wilhoit, O. M. Clayes and Charles Belding.
J. M. Kelsey served as president until his death, January 29, 1877,
when he was succeeded by L. U. Shippee. Mr. Shippee was followed in
January, 1893, by Fred M. West, who served until his death, which
occurred July 29 , 1909. The next president was R. E. Wilhoit, who had
been a director for many years previous . He served until January 15 ,
1917, when he resigned on account of ill health, and his son, E. L. Wil-

HISTORY OF BANKING IN CALIFORNIA
hoit, was unanimously elected as his successor.

331

James Littlehale, the

first secretary and cashier, served until his death in April, 1879, and
was succeeded by August Muenter. In 1880 Fred M. West was elected
to that office and served until January , 1893. He was followed by W. W.
Westbay, who served until January, 1911 , and was succeeded by Thomas
E. Connolly, who served until January , 1927 , and was succeeded by H. T.
Holmes.
The active vice presidents have been A. W. Simpson, who
served from 1913 to 1922, and Thomas E. Connolly, the present incumbent, who was elected to the office of vice president in 1921 .
In 1871 the capital was increased to $ 500,000.00 and stood at that
point until July 1 , 1925, when a surplus of double that amount having
been accumulated from earnings, a one-hundred- per- cent stock dividend
was declared, increasing the capital to one million dollars. In addition
to having paid regular dividends , they now have a surplus of $355,000.00
and undivided profits of $ 313,000.00 .
The following table shows the
steady and consistent growth of this institution :
DEPOSITS .

ASSETS.

$ 604,000.00
1,600,000.00
2,200,000.00

$ 847,236.00

3,300,000.00

4,048,000.00

April, 1926

7,000,000.00
7,082,844.00

August, 1927

7,162,819.00

8,712,000.00
8,903,047.00
9,085,020.14

January, 1872
January, 1884
January, 1900
January, 1909
January, 1920

2,250,002.00
2,700,000.00

Much of the success of the Stockton Savings and Loan Bank has been
due to its steadfast policy of building up and encouraging the development
of the city and surrounding country.
This bank first occupied rented
quarters in a two story building on the west side of El Dorado street between Main and Weber avenue. They later moved to the McKee building
at Main and Hunter, where they remained until 1908, when they completed the erection of a modern eight-story bank and office building on the
corner of San Joaquin and Main at an approximate cost of two hundred
thousand dollars. In 1919 to accommodate the need for greater space , the
lower floor of this was remodeled at a cost of $ 100,000.00.
On January 15, 1920, the Stockton Savings and Loan Society changed
its name to the Stockton Savings and Loan Bank. The present officers
and directors of the Stockton Savings and Loan Bank are as follows :
E. L. Wilhoit, president ; Thomas E. Connolly, vice president and treasurer ; H. T. Holmes, cashier and secretary ; J. F. McClory, O. H. Ritter,
A. N. Draper, Paul Stark Smith and W. T. Lewis, assistant cashiers, and
Carroll G. Grunsky, trust officer ; directors : E. L. Wilhoit, Thomas E. Connolly, M. D. Eaton, A. W. Simpson, Jr. , Geo . W. Grupe , Albert T. Minahen,
Thomas F. Baxter, C. Parker Holt, A. F. Roberts, John Hancock, Dewey
R. Powell, Samuel Kahn and Ralph C. Jeannelle .

332

FINANCING AN EMPIRE

EUGENE L. WILHOIT.
Well qualified for leadership, Eugene L. Wilhoit has come to the front in various
business connections, in all of which he has proven his ability to cope with intricate
problems and find correct solution for the many questions that daily arise in connection with the conduct of any business enterprise. He is classed with the foremost financiers of his section of the state, being president of the Stockton Savings &
Loan Bank. His entire life has been passed in Stockton , where his birth occurred
December 5, 1865 , his parents being R. E. and Delia Wilhoit. When he had mastered
the branches of learning taught in the public schools of his native city he continued
his education in the College of the Pacific at San Jose and in young manhood started
out in the business world, turning his attention to abstracts and titles and at the same
time operating in the field of real estate. He was thus engaged until 1917 , when
he was elected president of the Stockton Savings and Loan Bank and has since
devoted the greater part of his attention thereto. He is also, however, president of
the West-Wilhoit Company, a land-owning concern, and is a director in various
other companies and corporations which are contributing factors to the material
growth and substantial progress of the city. Much of his progressive spirit and
efficiency is manifest in the fact that he has served as president of the Stockton
Chamber of Commerce and for many years has been president of the Stockton
Clearing House.

R. E. WILHOIT.
Among those who at passing have left an honored name which is rather to be
chosen than great riches was R. E. Wilhoit , former president of the Stockton Savings & Loan Bank and for many years widely known throughout the state , particularly in local banking circles . He was a native of Kentucky, born in 1831 , and
came to California in 1850, then a youth of nineteen years. He was attracted by
the possibilities offered through the discovery of gold and first engaged in mining
at Placerville but later removed to Mokelumne Hill in the mother lode country. In
1852 he came to Stockton, where he engaged in the freighting and forwarding business , and subsequently he turned his attention to the abstract and title business, to
which he devoted his time and efforts for many years. Upon the organization of the
Stockton Savings and Loan Society in 1867 he became one of the original stockholders
and was elected a director. In July, 1909 , he was elected to the presidency and
devoted the remainder of his life to the conduct of this bank through one of the most
successful periods in its history. On account of ill health he resigned his position
on the 15th of January, 1917 , but continued active as a member of the finance
committee until his death, which occurred June 21 , 1922.
Mr. Wilhoit held many public offices in the city and county and discharged
every duty with marked promptness and fidelity. He was a loyal follower of several
fraternal orders and he was stanch in his support of all plans and projects for the
public good. He gave valuable service as a member of the school board , was also
public administrator and for many years was a consistent member and vestryman of
St. John's Episcopal church.

STOCKTON MORRIS PLAN COMPANY .
The Stockton Morris Plan Company was organized in 1917 by a group
of Stockton business men to rid the city of the so-called "loan shark
evil" and is one of the more than a hundred Morris Plan banks and companies located throughout the country.

They are all operated on the same

general basis but stock ownership is local. The company is incorporated
under the "Industrial Loan Act" and is included in the group of industrial

333

HISTORY OF BANKING IN CALIFORNIA

loan banks and companies which specialize in making loans to salaried
individuals and small business firms. It was opened for business October
8, 1917, with a capital of $ 37,500 , at 113 North San Joaquin street, where
it has since remained . The first officers were John M. Perry, president ;
E. L. Wilhoit, vice president ; W. G. Wallace, vice president ; Will E. Morris, treasurer ; and Frank E. Ellis, secretary and manager.

There have

been very few changes in the men actively directing the affairs of the
company.

Mr. Ellis was for six years, up to the time of his death, the

active manager of the firm and faced the difficult task of developing its
business at the outset.
He was a former Stockton postmaster .
Mr.
Perry, who is well known in the San Joaquin valley as a banker and
farmer, has been president since the beginning. Clark G. Wakefield is
vice president ; Edwin B. Fuld, vice president and manager ; A. B. Ellis,
secretary ; and Charles Finkbohner, treasurer.

The board of directors

has always been made up of men representing a cross -section of the various business interests of Stockton. There has been a healthy increase
in the business of the company and the prospects are for continued growth
in both loans and thrift accounts, statistics on which are given below :
THRIFT
LOANS

ACCOUNTS

1917

$ 13,775.00

1918

98,050.00

94.10

1919

156,530.38
198,750.43

28,163.10

1920
1921
1922

$
820.10

202,918.34

49,906.90

177,539.96

33,026.38

1923

212,963.14

1924

268,873.74

54,718.38
65,544.66

1925

317,556.67

1926

400,909.90

95,977.93
123,213.31

1927-6 months

245,416.33

144,231.73

FREDERICK WILLIAM WURSTER.
Frederick William Wurster is identified with investment banking interests as the
secretary of the Security Building Loan Association , with offices at 48 South Sutter
street in Stockton . He is a native of the city in which he still makes his home, born
May 12, 1866, and is a son of Christian and Anna Marie ( Follert ) Wurster, both of
whom were natives of Germany. His education did not extend beyond the grammar
school yet all through life he has been an earnest student, learning valuable lessons in
the school of experience. He started out in the business world when a youth of seventeen by entering the employ of the Ruhl plumbing, tinsmithing and hardware establishment, with which he was connected from September 17 , 1883 , to May 10 , 1886. On the
latter date he became associated with the Stockton Iron Works in the capacity of bookkeeper and so continued until October 10 , 1898. He then accepted the position of bookkeeper and later became assistant cashier in the San Joaquin Valley Bank, so continuing to serve until January 19, 1916, when he was promoted to the position of cashier of

334

FINANCING AN EMPIRE

the San Joaquin Valley National Bank and Savings Bank, faithfully discharging the
duties of that position until November 27, 1917 , when the Bank of Italy took over the
bank. At the latter date he became assistant manager of the Stockton branch of the
Bank of Italy and on the 1st of October, 1922 , he became the secretary of the Security
Building Loan Association, which position of importance and responsibility he has since
filled . He is likewise on the advisory board of the Stockton branch of the Bank of
Italy and in his locality is well known as a representative of financial interests
who holds to high standards and whose progress is the result of individual merit and
ability.
On the 14th of November, 1894 , in Stockton , Mr. Wurster was married to Miss
Maude Evelyn Wurster, of Brewer, Maine, who, however, became a resident of California in her girlhood and is a graduate of the Stockton high school. To this marriage
were born a son and a daughter. The former, William Wilson Wurster, is a graduate
of the Stockton high school and the University of California and is a successful architect with offices at 260 California street in San Francisco. Miss Helen Wurster, also
a graduate of the Stockton high school and the University of California, with the A. B.
degree, resides in Stockton.
Frederick W. Wurster and his family are members of the First Congregational
church, in the work of which he takes an active part, serving now on the board of
trustees and as treasurer. He is likewise interested in different civic organizations
of both the city and county and upholds all projects that he deems of value in promoting
public welfare. He was president and treasurer of the Stockton Parlor of the Native
Sons of the Golden West and belongs to the Odd Fellows lodge of Stockton. His political
preference is for the republican party in national politics but he believes in following
an independent course in local and state elections, regarding the capability of a candidate as paramount to his political affiliation. He served for a few years on the probation committee for delinquent children but has always preferred that his public
service should be done as a private citizen rather than as an office holder. He was a
member of the irrigation bureau in the formation of the South San Joaquin Irrigation
District in San Joaquin county from 1907 until the final completion of the district.
He is also a member of the Stockton Advertising Club. In 1919 he accepted the presidency of the San Joaquin County Fair for the purpose of reviving the fair, which had
had no public exhibits from the year 1907 , and served one term. He shows a ready
discrimination as to the real value of public projects and is constantly looking beyond
the conditions and the exigencies of the moment to the possibilities and the opportunities
of the future.

C. S. CRARY .
C. S. Crary, long a well known figure in banking circles of San Mateo county, is
now active in the management of the American Trust Company of Burlingame in the
official capacity of vice president and manager. He is a native of Boone, Iowa, and a
son of Mahlon S. and Martha ( Leonard ) Crary, the former a son of Stephen A. Crary,
whose father served as a drummer boy in the Revolutionary war. Charles Judson
Crary, brother of C. S. Crary, is vice president of the American Trust Company of San
Francisco, connected with the head office.
C. S. Crary enjoyed liberal educational advantages in his youth, being a graduate
of Iowa College, Grinnell Preparatory School and Stanford University. He has membership in the Greek letter fraternity Delta Tau Delta. Prior to entering the field of
banking he was connected with the St. Francis Hotel of San Francisco, California, as
assistant clerk, while subsequently he was employed as a salesman by the realty firm
of Bovee, Toy & Company and by Speck & Company. His initial experience in affairs
of finance was gained as cashier of the Mayfield Bank & Trust Company of Mayfield,
California. Thereafter he served successively as assistant cashier of the Scandinavian
Savings Bank of San Francisco and receiving teller of the Merchants National Bank of
San Francisco ; with the First National Bank of Maricopa, California ; cashier of the
First National Bank at Taft, California ; as vice president, cashier and director of
the Bank of Burlingame at Burlingame , this state, and as president and director of
the California Bank of San Mateo County , while at the present time he is vice president

HISTORY OF BANKING IN CALIFORNIA

335

and local manager of the American Trust Company of Burlingame, California. His
long experience in the field of banking constitutes a valuable factor in the successful
management of the last named institution and has won him high standing among the
representative financiers of his community.
On the 11th of June , 1912 , Mr. Crary was united in marriage to Miss Edith Slifer,
of Chicago, Illinois, daughter of Lieutenant Colonel H. J. Slifer, of that city. They
have four children : Leonard, Mary Anne, Peggy and Martha.
In his political views Mr. Crary is a republican, while fraternally he is affiliated
with the Benevolent and Protective Order of Elks. In 1900 , while a resident of Boone,
Iowa, he became a private in the Fifty-second Regiment of Iowa National Guards. During the period of the World war he served as chairman of the Liberty Loan committee
of Burlingame, California, throughout the five drives. Mr. Crary has been characterized as a man of high integrity and solid worth. He possesses sterling traits of character that command respect in the business world and gain the esteem of his associates.
His record reflects credit on himself and honor to the community in which he resides.

EDWARD T. HARRISON.
The life experiences of Edward T. Harrison are such as come to ambitious, energetic young men who recognize that there is no royal road to wealth but that they must
climb through their own efforts and keep constantly alert for opportunities that point
the way to success. He was born in San Francisco in the year 1892 and is a son of
Edward C. and Mary G. ( Bodkin ) Harrison . His father was at one time a prominent
attorney at law in San Francisco but has passed away.
Having completed a course in the public schools of his native city, Edward T. Harrison afterward entered the University of California and was graduated with the
class of 1913 , his training thus well qualifying him for the responsibilities and
duties of business life , which he entered in the year 1914 by becoming mail messenger
with the Crocker National Bank. He was associated with that institution until America
entered the World war, when he resigned and joined the army, going to France, where
he was on duty with the Machine Gun Corps of the Eighth Division, holding the rank
of captain. He served from 1917 until 1920 and after the signing of the armistice was
on duty for some time in Germany. In the latter part of 1920 he rejoined the bank,
now the Crocker First Federal Trust Company, and qualified for his subsequent responsibilities by working in every department until he was elected to the vice presidency on
the 1st of January, 1926. He is now serving, however, as vice president and cashier of
the First National Bank of Redwood City. What he has undertaken he has accomplished. In his vocabulary there is no such word as fail, for he early recognized that
energy and determination will overcome all obstacles.
In 1926 Mr. Harrison was married to Miss Doris Fagan , of San Francisco, a
daughter of James J. Fagan, the executive vice president of the Crocker First National
Bank of San Francisco. Mr. Harrison belongs to the University Club and the Menlo
Country Club and his social position is an enviable one. Those who know him well
characterize him as a man of frankness, courtesy, courage and honor and thus his state
may be proud to number him as a native Californian .

COLMA STATE BANK.
The Colma State Bank, now the Colma branch of the Bank of Italy
National Trust & Savings Association, opened its doors for business on
the 6th of July, 1920, with a capital of fifty thousand dollars. The organizers and first officers of the institution were as follows : G. Capurro,
president ; George Lagomarsino, vice president ; Silvio Belli , secretary
and vice president ; Ernesta Belli , third vice president ; W. J. Savage, secretary ; and Frank Armenio, treasurer.

The original board of directors

FINANCING AN EMPIRE

336

also included Angelo Stampanoni , Oliver Granucci, A. G. Bamucciotti,
Charles Suenderman and J. M. Meeks .
Mr. Capurro occupied the presidency for only one year, at the end
of which time he resigned in favor of George Lagomarsino, who remained
as president until the institution was sold to the Bank of Italy on the 2d
of June, 1923.

Claudio Cattori had served as cashier and active head of

the Colma State Bank from the time of its organization .

After the first

six months of its existence the institution began paying semi-annual dividends of five per cent, and during the last year of its existence as a unit
bank it paid dividends of six per cent.

Moreover, it had accumulated sur-

plus and undivided profits of twenty thousand dollars and had deposits
amounting to seven hundred thousand, eight hundred and ninety-three
dollars.
Since the Colma State Bank became a branch of the Bank of Italy,
Claudio Cattori has continued in charge as manager.

DALY CITY BANK.
The Daly City Bank is now the Daly City branch of the Bank of Italy
National Trust & Savings Association, formerly the Liberty Bank of
America, which absorbed the Liberty Bank. The institution was organized by John D. Daly in 1920 , with a capital of fifty thousand dollars, and
opened its doors for business on the 10th of November of that year.

Its

first officers were as follows : John D. Daly, president ; R. C. MacArthur,
vice president and cashier ; H. H. Smith, treasurer ; and A. L. Stockton,
secretary.

Mr. Daly died January 1 , 1924, and was succeeded in the

presidency by W. H. George, who continued in that capacity until November 1 , 1925 , when the Daly City Bank was purchased by the Liberty Bank
and became a branch of the latter institution . R. C. MacArthur, who had
been the active head of the Daly City Bank from the time of its organization, has continued as manager of what is now the Daly City branch of
the Bank of Italy National Trust & Savings Association .
During the five years of its existence as a unit bank, the Daly City
Bank increased its capital to one hundred thousand dollars and accumulated a surplus of twenty-five thousand dollars.

Moreover, the institu-

tion paid dividends from the beginning and erected a modern bank building at an approximate cost of fifty-five thousand dollars.

At the time

of its absorption the Daly City Bank had deposits of about eight hundred
thousand dollars, principally in savings accounts.

SAN CARLOS BANK .
The San Carlos Bank was opened for business March 15, 1926 , with a
capital of $ 50,000 , the deposits on that day being over $28,000 . It was
organized by N. A. Egilbert and C. N. MacMahon, who have since served

HISTORY OF BANKING IN CALIFORNIA

337

as cashier and president respectively, while A. S. Daudistel has been vice
president from the beginning, and these men, together with W. G. McDiarmid and J. E. Cowgill , have exerted their efforts successfully in the
interest of the institution. Though operating for little more than a year,
the growth of the business has been normal and consistent and the bank
now has approximately $ 100,000 in savings and commercial deposits and
about $85,000 in municipal deposits. The bank derives its business from
San Carlos , Belmont and the surrounding area, and its present condition
and prospects are good . Located in a suburban community, twenty-five
miles from San Francisco , it is campaigning heavily for savings deposits
so that it may help in home building.

NATIONAL BANK OF SAN MATEO .
The National Bank of San Mateo, San Mateo, California, held its first
organization meeting on the 24th of March, 1909.

The members of the

first board of directors were George F. Lyon, J. J. Hintz, E. W. Howard,
C. K. McIntosh, Phillip M. Landsdale, William F. Turnbull, Joseph Levy,
John Wisnom and Arthur H. Redington.
follows :

The first officers chosen were as

George F. Lyon , president ; Phillip M. Landsdale, first vice presi-

dent ; John Wisnom, second vice president ; E. W. Howard, secretary
(now deceased ) ; and William M. Roberts, cashier. The capital stock of
the institution from the beginning has been fifty thousand dollars . The
first location of the bank was on B street and on the 5th of October, 1910,
a lease was made for the second location on B street and Third avenue,
where business was carried on until December, 1925 , when the present
site at the corner of B street and Second avenue in San Mateo was purchased.
The official personnel of the institution at this time is as follows :
Hall C. Ross , president ; W. C. Chidester , vice president ; John Wisnom ,
vice president ; David Wisnom, cashier ; and J. B. Nissen, assistant cashier.
The members of the present board of directors are Hall C. Ross, W. F.
Turnbull, John Wisnom , W. J. Eva , W. C. Chidester, F. P. Simmen , David
Wisnom, Edmond Levy and T. T. Wiseman. The bank's statement of
condition at the close of business June 30 , 1926 , showed assets of one
million, seven hundred and sixty-four thousand, seven hundred and fiftyeight dollars and ninety-six cents . The National Bank of San Mateo is a
member of the Federal Reserve Bank.
David Wisnom, who since 1918 has filled the position of cashier of
The National Bank of San Mateo, is a native son of California, born in
San Mateo .
His parents were Robert and Sarah (Donnan) Wisnom,
natives of Ireland , who came to this state in the early ' 60s. John Wisnom,
brother of David Wisnom, is vice president of The National Bank of San
Mateo.
David Wisnom acquired his education in the city of his nativity and

338

FINANCING AN EMPIRE

since putting aside his textbooks has been continuously identified with
the banking business.

He entered the service of The National Bank of

San Mateo at its original location on B street but in 1909 severed his connection therewith to go into the employ of the Bank at Burlingame, California.

In 1918, however, he returned to San Mateo and was made cashier

of The National Bank of San Mateo, which he has thus represented most
acceptably to the present time. Mr. Wisnom is a young man of very pleasing personality. He is energetic and well endowed physically, mentally
and morally and is held in high estimation as a man and as a citizen.

BANK OF SOUTH SAN FRANCISCO .
The Bank of South San Francisco was incorporated June 5, 1905 ,
the prime movers in the establishment of the institution being Louis F.
Swift, Edward F. Swift, Edward Morris, Edward Tilden, M. E. Glucksman , E. R. Lilienthal and W. J. Martin .

The amount of capital paid in

at the time the bank was opened was fifty thousand dollars, representing
five hundred shares .

The institution opened its doors for business on

the 15th of July, 1905 , under the management of the following officers
and directors : P. N. Lilienthal, president ; Leroy Hough, vice president ;
M. E. Glucksman , cashier-treasurer ; W. J. Martin, secretary ; and P. N.
Lilienthal , Leroy Hough, E. R. Lilienthal and W. J. Martin, directors .
P. N. Lilienthal, who died August 11 , 1908, was succeeded in the pres
idency by Jesse W. Lilienthal, who remained at the head of the institution until his resignation on the 21st of March, 1911 , and who was the
predecessor of W. H. Coffinberry.

The last named occupied the presidency

until elected chairman of the board of directors on the 12th of January,
1922 , when he was succeeded in the presidency by I. H. Potter, who has
continued in the position of chief executive to the present time.
Leroy Hough passed away November 25, 1911 , and was succeeded as
vice president by H. G. Plymire, who served in that capacity until his
death in December, 1915. The latter was the predecessor of S. Lombardi ,
who assumed his official duties January 31 , 1916 , and who is now second
H. L. Haaker has filled the position of vice president since

vice president.

January 16 , 1922.
The cashiership of the Bank of South San Francisco was filled by M.
E. Glucksman until his resignation on October 1 , 1906 , after which J. E.
Cameron discharged the duties of the office until his resignation on December 31 , 1907, when he was succeeded by C. F. Hamsher, who resigned
May 31 , 1910. The latter's successor, W. H. Coffinberry, served as cashier
until his election as president on the 21st of March, 1911 , after which
the office was vacant until January 31 , 1916.

On the latter date H. L.

Haaker became cashier of the bank, thus serving until elected vice president on the 16th of January, 1922. Thereafter D. W. Ratto filled the position of cashier until his resignation on April 30, 1925 , since which date

HISTORY OF BANKING IN CALIFORNIA

339

the duties of the office have been most capably discharged by E. N. Fourcans.
On the 2d of October, 1916 , the capital stock of the Bank of South San
Francisco was increased from fifty thousand to one hundred thousand
dollars.

In October, 1920, the authorized capital became three hundred

thousand dollars, of which one hundred and fifty thousand dollars was
issued.

The steady growth of the business of the institution is well indi-

cated in the following table of deposits :
1905

25,411.76
213,541.12
1,432,782.33

1911 .
1921
1922

1,590,024.39

1924
1925

2,074,873.39
2,304,266.18

1927, June 30th

2,404,515.33

The present officers of the Bank of South San Francisco are as follows :

I. H. Potter, president ; H. L. Haaker, vice president-treasurer ; S.

Lombardi, vice president ; and E. N. Fourcans, cashier-secretary.

The

directors are I. H. Potter, H. L. Haaker, D. W. Ratto , S. Lombardi , E. P.
Kauffmann , T. L. Hickey, J. O. Snyder, A. Hynding and H. C. Kirk.

E. N. FOURCANS.
One of the best known figures in the banking circles of South San Francisco is
E. N. Fourcans, the able and popular cashier of the Bank of South San Francisco ,
who is also regarded as one of the most progressive and enterprising citizens of his
community. Born in South San Francisco on the 12th day of August, 1895 , he is a son
of Jean and Marie ( Poey ) Fourcans , both of whom were natives of France and located
in South San Francisco in 1893. E. N. Fourcans attended the public schools of this
city and had two years in the San Mateo Union high school , after which, in 1912, he
was appointed a clerk in the postoffice in South San Francisco , where he served until
1916. In July of that year he entered the Bank of South San Francisco as a teller,
which position he held until January, 1922, when he was appointed assistant cashier.
On the resignation of D. W. Ratto, in April, 1925 , he was appointed cashier of that
institution , which position he still holds. Well qualified by nature and training for
the banking business , Mr. Fourcans has discharged the duties of his position in a manner that has gained for him a high place among the bankers of this community and has
been an important factor in the splendid prosperity which his bank enjoys.
On the 12th of August Mr. Fourcans was united in marriage to Miss Georgean R.
Carey, who was born in Davis, Yolo county, California . He is a member of San
Mateo Lodge No. 1112 , B. P. O. E. , and South San Francisco Post , No. 85 , American
Legion. He is a veteran of the World war, having enlisted in the Three Hundred and
Sixty-third Regiment United States Infantry, which became a part of the "fighting"
Ninety-first Division. In February, 1917 , he was transferred to the Fourth Military
Police, of the Fourth Division , with which he took an active part in all of the major
engagements on the western front in France. For seven months he was with the
Army of Occupation in Germany. He was honorably discharged on August 12 , 1919 ,
and at once returned to his position in the bank. Friendly and cordial in manner, he
has a host of friends throughout the community, who admire him for his ability and
genuine worth.

340

FINANCING AN EMPIRE

IRA H. POTTER.
Elected to the presidency of the Bank of South San Francisco in 1921 , Ira H.
Potter has since concentrated his energies and attention upon the direction of the business of this institution . He came to the west from the Mississippi valley, his birth having occurred in Rosedale, Kansas, in 1889 , his parents being Fred L. and Ida ( Keever)
Potter, who removed from the Sunflower state to St. Joseph, Missouri, so that his early
education was acquired in the schools of that city. He entered the field of banking in
the year 1906, when he obtained a position as messenger with the St. Joseph Stock
Yards Bank. His industry, loyalty and creditable ambition soon won the attention of
those over him and promotion after promotion was accorded him until he had filled
every position and office in the bank save that of president. The opportunities of the
far west, however, attracted him and in 1921 he accepted a call from the Bank of
South San Francisco to become its president. In the intervening period of six years his
labors have been a resultant force in bringing growth and success to the institution ,
the record of which is manifest in an increased patronage and larger deposits.
The attractive home life of Mr. Potter had its inception in his marriage to Miss
Fannie Spark, a native of Missouri, and they have become parents of a son and a daughter, Harold and Dorothy, aged respectively twelve and nine years.
Mr. Potter belongs to all branches of York Rite Masonry and is a member of the
Independent Order of Odd Fellows , the Loyal Order of Moose and the Benevolent and
Protective Order of Elks. He also has membership in the Exchange Club of South San
Francisco and all who know him socially bear testimony to his charm and personal
worth, while his business colleagues attest his enterprising spirit and ability.

HENRY L. HAAKER.
Henry L. Haaker, vice president of the Bank of South San Francisco, was born in
Woodside, California , in 1887, and is a son of William C. and Hansine ( Hansen ) Haaker.
His entire life has been passed in the Golden State and his education was acquired
in the schools of Redwood City, while many valuable lessons have also been gained in
the school of experience. When his textbooks were put aside he entered the employ of
the Western Meat Company, with which he remained for a year, but since March, 1906 ,
has figured in banking circles, for at that date he accepted a position as general
clerk with the Bank of South San Francisco and has remained with the institution
throughout the intervening period of twenty-one years. In each department of the
bank he has had practical experience, so that he is familiar with every phase of the
business and step by step he has advanced until early in 1925 he was elected to the
vice presidency and has since bent his energies to administrative direction and executive control.
In 1915 was celebrated the marriage of Henry L. Haaker and Miss Lena C.
Eikerenkotter, a native of California, and they have one son, George Lee.
Mr. Haaker has membership in the Exchange Club of South San Francisco and
his name is also on the membership rolls of the Benevolent and Protective Order of
Elks. He is highly esteemed in the community where he resides and all who know
aught of his career attest to his faithfulness as well as his efficiency to the banking
institution which he represents.

OSMER B. HEMPSTEAD .
With the establishment of the Citizens National Bank in South San Francisco in
1923, Osmer B. Hempstead became cashier and through the intervening period has
acceptably filled that position . He was born in South Haven , Michigan , in the year
1886 and is a son of C. J. and Luna M. ( Brockway ) Hempstead . While spending his
youthful days under the parental roof he attended the public schools of his native
city and had reached the age of twenty years when in 1906 he secured a position as
messenger in the Corn Exchange National Bank of Chicago , Illinois, and thus gained
his preliminary experience in that field of business which has claimed the major part

HISTORY OF BANKING IN CALIFORNIA

341

of his attention through the intervening years. However, after spending two years
with the Corn Exchange he abandoned banking for a time and embarked in the grocery
business at Fowler, Indiana, in partnership with his father-a business association
that was maintained for four years. Banking, however, had gained a firm hold upon
him and he obtained the situation of assistant cashier in the Bank of Benton County
at Fowler, Indiana, so serving for seven years.
It was on the expiration of that period that Mr. Hempstead transferred his activities to the Pacific coast as a representative of the Bank of South San Francisco, acting as teller for four years under W. H. Coffinberry. In 1923 , when the Citizens National Bank was organized in South San Francisco, he was chosen for the cashiership
and since that date has been a contributing factor to the success of the institution,
the business of which has steadily grown in volume and importance. One who knows
him well said : "His pleasant smile is an asset to the bank." He is always courteous
and obliging-a quality which has won him the good will and in many instances the
warm friendship of the bank's patrons.
Mr. Hempstead was united in marriage to Miss Jean Daniels, a native of Indiana ,
and they occupy an enviable social position in the community where they reside.

COUNTY NATIONAL BANK AND TRUST COMPANY .
Santa Barbara.

The County National Bank and Trust Company of Santa Barbara,
"the bank of friendly service," had its inception in July, 1875 , in the
organization of the Santa Barbara County Bank by William M. Eddy,
John Edwards, A. Garland, A. L. McCurdy, J. F. Morris, S. R. Weldon
and William A. White. The institution became the Santa Barbara County
National Bank in July, 1880 , and since 1920 has been known as the County
National Bank and Trust Company of Santa Barbara. It began business
with an authorized capital of one hundred thousand dollars, of which
seventy thousand dollars was paid in. Its first officers were as follows :
William M. Eddy, president ; S. R. Weldon, vice president ; Eugene S.
Sheffield, cashier, secretary and treasurer ; and Eugene Fawcett, attorney.
The official personnel of the institution at the present time is as follows :
C. A. Edwards, chairman of the board ; F. A. Hoefer, president ; H. H.
Eddy, vice president ; A. G. Salsbury, vice president ; J. D. Paxton, cashier ;
Morris R. Clark, trust officer ; and E. B. Starbuck, attorney and bond
officer. The members of the board of directors are W. E. Hodges , E. W.
Alexander, W. S. Fairchild, A. Boyd Doremus, Robert Main, C. A. Edwards, Benjamin Bakewell, David Gray, James Birss, H. H. Eddy, F. A.
Hoefer, Winsor Soule, John A. Jameson , William R. Dickinson and J. D.
Paxton .
The men who have figured prominently in the building up and expansion of the business of the County National Bank and Trust Company
are W. M. Eddy, E. S. Sheffield , C. A. Edwards, J. M. Warren and F. A.
Hoefer, who have served successively as presidents, and John Edwards,
Judge William A. White, A. Garland, S. R. Weldon, Samuel Edwards,
Thomas B. Dibblee, E. R. Spaulding, Henry H. Hall, N. P. Austin, Charles
Fernald, Joseph Howard, Dr. C. B. Bates, A. Blair Thaw, Dr. A. Boyd
Doremus, E. C. Roeder, Dr. C. C. Park, S. H. Stow, C. A. Black, E. W.
22- VOL. 4

342

FINANCING AN EMPIRE

Alexander, Robert Main, David Gray, Dr. B. Bakewell, Walter E. Hodges,
W. S. Fairchild, James Birss, Winsor Soule, John A. Jameson, William R.
Dickinson and H. H. Eddy, all of whom have served as directors of the
institution.
From 1875 until 1882 the County National Bank and Trust Company
of Santa Barbara occupied a building erected for it by Charles Pierce at
617 State street. In February, 1881 , the bank purchased the lot at the
corner of State and de la Guerra streets and began the erection of the
building which was occupied in 1882 and which remained the home of
the bank until 1921. The lot at the corner of State and Carrillo streets ,
fifty by one hundred feet, was purchased as a site for the new bank in
February, 1915 , and the lot adjoining, giving additional frontage on State
street of forty feet, was purchased in December, 1918. Preliminary plans
for the new home were made by Myron Hunt, architect, in 1918, but owing
to the war, further steps were postponed .

The final plans were made in

1919, and the contract for the construction of the building let to the
Parker Brick Company, October 10, 1919.

Two years later the bank

took possession of its present handsome and splendidly equipped building.
This institution began business with an authorized capital of one hundred thousand dollars with seventy thousand dollars paid in . The earnings of the first six months were carried to the surplus fund . On November 6 , 1876 , the first dividend of ten dollars per share was ordered paid,
and monthly dividends were paid thereafter until May, 1880, when the
present plan of semi-annual dividends was started. No dividends have
been passed by the bank from that date to this time.
In its statement of condition on June 30 , 1927, the County National
Bank and Trust Company showed :

Capital stock
Surplus and undivided profits.
Circulation

$ 250,000.00
312,154.37

148,000.00

Deposits
Bills payable

3,841,899.13
161,425.74

Resources

4,713,479.24

The following table shows the coparative growth of deposits :
June 11 , 1880.

July 18, 1890 .
June 29, 1900 .
June 30, 1910_.
June 29, 1918 .

114,559.00
349,950.00

367,974.00
651,705.00
1,382,027.00

June 30, 1923_

2,359,861.33
2,955,820.90

June 30, 1925 .
June 30, 1926 .

3,616,667.37

June 30, 1927-

3,841,899.13

June 30 , 1921

3,431,834.73

343

HISTORY OF BANKING IN CALIFORNIA

The institution reports growing business and bright prospects, and
is expanding its operations in the commercial, savings and trust departments.

Its principal patronage is derived from Santa Barbara and the

territory immediately surrounding the city. As stated above, the County
National Bank and Trust Company has never passed a dividend and even
during financial panics has never suspended specie payments .

It is purely

an independent, home-owned institution and has been for many years a
"roll of honor" bank .

FIRST NATIONAL TRUST AND SAVINGS BANK.
Santa Barbara.
Organized in 1873 , with an original capital of $ 500,000, this bank
enjoys the distinction of being the oldest national bank south of San Francisco and was one of the few banks in California designated as "First
National Gold Bank." It has been located since its establishment at 901
State street.

The founders were Mortimer Cook, John Edwards, E.

Fawcett, G. W. Williams and A. L. Lincoln, and the first officers were
Mortimer Cook, president, Seth A. Keeney being the present incumbent
of that position ; and A. L. Lincoln, cashier, in which capacity C. B. Way
is now serving. Among the names prominent in the history of the bank
are those of Mortimer Cook, W. W. Hollister, R. B. Canfield and Seth A.
Keeney.

A savings department was added in 1913 and a trust depart-

ment in 1919, and in June, 1927 , the words "Trust and Savings" were
added to the charter name. The bank is expanding along the line of general commercial, savings and trust business, and the general banking
business has steadily increased with the growth of Santa Barbara and
Montecito, aided by the recent discovery of the highest gravity oil in California and consequent rapid development of drilling operations in that
section. The following table indicates the consistent growth of the institution :
December 31 , 1874

47,574.52

1881
1891

340,449.20

1901

424,554.24

153,674.17

1911

682,957.73

1921

2,952,984.76

June, 1927

4,675,475.82

FIRST NATIONAL BANK .
Santa Maria.

The First National Bank of Santa Maria was organized September
10, 1904, by Archibald McNeil, John Boyd, Reuben Hart, R. E. Easton

FINANCING AN EMPIRE

344

and John Walker, the last named serving as the first cashier, and the
deposits on the opening day amounted to $ 2,427.52 . The original capital
was $50,000 , and this was increased to $ 100,000 August 30 , 1918. In
that year the bank moved to the corner of Broadway and Church streets
from its former location on the corner of Main and Lincoln . The present
officers and directors are John Boyd, president ; John Houk, vice president ; R. E. Easton, vice president ; J. L. Glines, cashier ; and William
Macdonald and H. E. Pezzoni , who are exerting their best efforts in the
Another factor in the development of the
interest of the institution.
bank was Archibald McNeil, formerly president and now deceased .
The business of the bank is derived from local dairymen, farmers
and merchants and the oil fields and cattle and stock raising interests of
the district, and its condition and prospects are good . There has been a
steady growth in deposits, as indicated in the following table :

January 1 , 1906 .
January 1 , 1907.

85,775.49

186,970.33

January 1 , 1908.

229,593.96

January 1 , 1909

240,627.80

January 1 , 1910_
January 1 , 1915.

314,587.94
404,948.52

January 1 , 1920.

876,897.57

January 1 , 1925 .

1,180,111.12

January 1 , 1927.

1,235,110.41

SANTA YNEZ VALLEY BANK.

Solvang .
The Santa Ynez Valley Bank of Solvang was organized in November,
1912 , by Harald Harkson , P. P. Hornsyld, J. M. Gregersen and Henry
Harkson and incorporated May 13, 1913, as a commercial banking institution.

It was opened for business August 25, 1913, in a new and modern

building constructed for that purpose.

The original capital of the bank

was twenty-five thousand dollars and the deposits on the opening day were
four thousand, five hundred and seventy-nine dollars .
P. P. Hornsyld, the first president , resigned November 4, 1913, and
was succeeded by Rev. J. M. Gregersen, who was the incumbent of the
office until his death on March 25, 1917.

During that period the follow-

ing directors served : Samuel P. Calef, P. B. Montanaro, J. M. Gregersen,
M. P. Hourihan , P. P. Hornsyld , Peter Albertsen and Harald Harkson.
P. P. Hornsyld succeeded the Rev. Gregersen in the office of president,
which he still holds.

P. B. Montanaro has held the office of vice president

and Harald Harkson has been the bank's cashier since its organization .
The latter also acts as secretary and treasurer and Soren Madsen is
assistant cashier.

The directors are P. P. Hornsyld, P. B. Montanaro,

HISTORY OF BANKING IN CALIFORNIA

345

Harald Harkson , Alden March Boyd , Marcus Nielsen, James D. Lowsley
and M. P. Hourihan.
In January, 1922, the articles of incorporation were amended, changing the institution to a commercial and savings bank, and from the start
this department has enjoyed a large patronage. The bank's statement of
March 23, 1927, showed a capital stock of twenty-five thousand dollars ;
a surplus of twelve thousand dollars ; undivided profits of two thousand,
three hundred and fifty-seven dollars ; total deposits of two hundred and
seventy-six thousand, eight hundred and fifty-five dollars, and resources
of three hundred and sixteen thousand, two hundred and twelve dollars .
The following figures indicate the increase in the total assets :

$ 31,064.00

August 25, 1913 .

55,537.00

August 25, 1914
August 25, 1915 .

70,109.00

August 25, 1916.

94,855.00

August 25, 1917
August 25, 1918.

148,607.00
197,905.00

August 25, 1919.

208,182.00

August 25, 1920__

232,645.00
217,223.00

August 25, 1921

227,458.00

August 25, 1922.
August 25, 1923.
August 25, 1924.

257,323.00
258,354.00

August 25, 1925.

285,727.00

The first home of the institution was destroyed by fire July 25, 1925
and on May 17, 1927, the new structure was ready for occupancy. It is
of reinforced concrete throughout and few communities in similar surroundings can boast of so prosperous, so elaborate and so sound a financial institution.

FIRST NATIONAL BANK .
Los Gatos.
The First National Bank of Los Gatos received its articles of incorporation from the comptroller of the currency in September, 1911 , and
on October 21 of that year was opened for business. The original capital
was twenty-five thousand dollars, of which six thousand, five hundred
dollars was paid in prior to the opening of the bank and the balance in
installments of twenty-five per cent at different periods until the full
amount was paid up early in March of 1912 .

The first officers were : C. N. Cooper, president, a retired physician
whose home was in Campbell, four miles from Los Gatos ; Zedd S. Riggs ,
vice president, who was the prime mover in the organization of the bank ;
and Milton Alison, cashier. The last named acted as cashier until May,

346

FINANCING AN EMPIRE

1913, when he and members of his family sold their stock holdings to
A. P. Manning.

A few weeks later C. N. Stone became associated with

Mr. Manning and the two men gradually acquired a majority of the stock.
The original board of directors consisted of Milton Alison . C. H. Caldwell, C. N. Cooper, Zedd S. Riggs and Noah C. Rogers.
On September 1 , 1913, C. F. Hamsher entered the institution, coming
to it from the Savings Union Bank of San Francisco, of which he had been
assistant cashier for three years, and about ten days later H. L. Roberts
joined the bank as bookkeeper. At the annual meeting early in January,
1914, C. N. Cooper resigned as president, having sold his stock, and Zedd
S. Riggs, formerly vice president, was chosen as his successor and F. W.
Knowles was elected vice president.

Zedd S. Riggs remained at the

head of the bank until November, 1918 , when he tendered his resignation,
and in January, 1919, C. F. Hamsher was elected president, while H. L.
Roberts became cashier. The present officers of the bank are : C. F. Hamsher, president ; F. W. Knowles , vice president ; and H. L. Roberts, cashier.
The directorate is composed of C. F. Hamsher, F. W. Knowles, A. L.
Cilker, Ed . Howes and L. H. Walker.
In February, 1918 , the bank purchased the property on the corner of
Main street and Railroad avenue and in 1920 demolished the structure
then standing on the site, erecting the present fine building .

On January

1 , 1918 , the capital stock was increased from twenty-five thousand to
fifty thousand dollars and a surplus of ten thousand dollars was established .

The individual deposits had increased since September 1 , 1913,

at which time the present management assumed charge, from eightyseven thousand , two hundred and twenty nine dollars to nearly nine hundred thousand dollars on February 15, 1927 , and its accounts from two
hundred and ninety-seven to more than twenty-six hundred . The statement issued by the bank on June 30 , 1927, shows a combined capital, surplus and profits of sixty thousand, four hundred and eleven dollars and
total resources of nine hundred and fifty-seven thousand and forty- seven
dollars.

FARMERS AND MERCHANTS NATIONAL BANK.
Mountain View.
The Farmers & Merchants State Bank of Mountain View was incorporated in September, 1905 , with a capital of twenty-five thousand dollars,
which was paid in when the institution opened its doors for business on
the 13th of November, 1905. The organizers were J. S. Mockbee, Julius
Weilheimer, George Swall and Wilbur L. Camp. The following were the
first officers and directors : J. S. Mockbee , president ; J. Weilheimer, vice
president ; Wilbur L. Camp, cashier ; and J. S. Mockbee, George Jagels, M.
Farrell, N. H. McCorkle, J. Weilheimer, William P. Wright, George Swall,
C. O. Gates, William M. Lewis and Wilbur L. Camp, directors.

J. S.

HISTORY OF BANKING IN CALIFORNIA

347

Mockbee, who resigned the presidency in 1918, was succeeded as executive
head of the institution by Wilbur L. Camp.
Prior to the organization of the Farmers & Merchants State Bank
of Mountain View, the Bank of Mountain View had been organized in
1898 with a capital of twenty-five thousand dollars.
C. J. Titus was
president, Walter A. Clark the cashier and Charles H. Cooper the assistant
cashier. The Bank of Mountain View had assets of about two hundred
and fifty thousand dollars in 1909, at which time the same was taken
over by and consolidated with the Farmers & Merchants State Bank, Mr.
Cooper associating with the new organization .

In 1919 the Farmers &

Merchants State Bank, a state institution, took out a national charter
under the federal government, becoming a national bank and increasing
its capital from fifty to one hundred thousand dollars.
In November, 1926, the assets of the Farmers & Merchants National
Bank were sold to the Bancitaly Corporation and on January 27, 1927,
the bank became a branch of the Bank of Italy, of San Francisco. All
of the old officers of the former bank were retained under the new management.

They are as follows :

Wilbur L. Camp, president ; M. Farrell,

vice president ; J. S. Mockbee, vice president ; O. W. Whaley, cashier ;
P. C. Whaley, assistant cashier ; C. F. Awalt, assistant cashier ; and George
Swall , H. A. Rengstorff, J. S. Mockbee, Wilbur L. Camp, George Jagels,
P. C. Whaley, M. Farrell , O. W. Whaley and A. M. Crittenden , directors .
The present local officers and advisory board are as follows :

Wilbur L.

Camp, manager, and chairman of the advisory board ; H. A. Rengstorff,
vice chairman ; George J. Chickovich, vice chairman ; O. W. Whaley, assistant manager ; P. C. Whaley, assistant cashier ; and C. F. Awalt, assistant cashier.

WILBUR L. CAMP.
Wilbur L. Camp, manager of the Mountain View branch of the Bank of Italy, was
born near Des Moines, Iowa, in 1874, and while in the home of his parents, Jacob H.
and Martha ( Smith ) Camp, was a pupil in the public schools of his native city. He
left home to spend two years at Highland Park College, Des Moines, Iowa, and one
year in the Northwestern University of Chicago and on the expiration of that period
entered the United States railway mail service on the Chicago , Burlington & Quincy
Railroad between Chicago and Omaha. For six years he remained in the service but
in the meantime rendered military aid to his country, serving for eighteen months
in the Spanish- American war as a member of the Fifty-first Iowa Volunteer Infantry,
with which he was on duty in the Philippine Islands in 1898-1899 . After receiving his
honorable discharge he entered the railway mail service and was thus employed until
1905, the year which witnessed his arrival in California.
Since that time Mr. Camp has made his home in Mountain View. Here he organized the Farmers & Merchants State Bank and was cashier thereof until 1917. The
institution was conducted as a state bank until 1919, when it was nationalized and
operated as a national bank until the 28th of January, 1927, when it was taken over
as the Mountain View branch of the Bank of Italy. Mr. Camp has continuously served
as president since 1917 and remains the executive head, concentrating his efforts
upon formulating and executing plans whereby the business of the bank is steadily increasing in both volume and importance.
Mr. Camp was married in 1908 to Miss Elizabeth Burns, a native of Missouri, and
they have become the parents of three children : Virginia , Anna Lee and Reynolds.

FINANCING AN EMPIRE

348

Mr. Camp belongs to the Rotary Club of Mountain View and is in full sympathy
with its progressive spirit, which recognizes the duties and obligations as well as the
privileges of citizenship. He is identified with the Spanish-American War Veterans
and with several fraternal organizations, including the Masons, the Odd Fellows and
the Woodmen of the World. A thorough education constituted his preparation for life's
practical duties and that he has steadily worked his way upward, winning his success
through persistency of purpose, honorable methods and indefatigable industry , entitles
him to be termed a self-made man.

FIRST NATIONAL BANK .
Mountain View.
The First National Bank, located at 200 Castro street, Mountain View,
was organized in 1913 , with a capital of $ 25,000 , by B. W. Holeman, W. P.
Wright and C. C. Minton, the last named becoming president ; W. P.
Wright, vice president ; B. W. Holeman, cashier ; and J. J. Taylor , assistant cashier. In November, 1924, B. W. Holeman and some of his associates sold control of the bank to Roger Sherman. Mr. Holeman retired
from active connection with the business and Mr. Sherman has since had
the management thereof, serving as president, while C. H. Segur is vice
president ; J. J. Taylor, vice president and cashier ; and D. J. Nordberg,
assistant cashier, William P. Wright being chairman of the board, which
is composed of A. Jurian , James Logue, R. W. McDonald, J. L. Stansbury,
C. H. Segur, Roger Sherman and W. P. Wright.

The business of the bank

is derived from the surrounding community and its growth has been
steady and consistent. The total resources, which in 1924 were $ 718,000 ,
are now more than $ 841,000 , as indicated in the following statement of
condition as of March 23, 1927 :
RESOURCES.
Loans

$332,520.21
60.89

Overdrafts
Bonds and securities

375,777.80

Bank premises, furniture and fixtures.
Cash and due from banks.

Redemption fund

34,929.00

95,387.72
2,500.00

Total

$841,175.62
LIABILITIES.

Capital stock paid in
Surplus
Undivided profits
Circulation
Deposits
Bills rediscounted

Total

$ 50,000.00
10,000.00
5,747.12
50,000.00
710,428.50
15,000.00

$841,175.62

HISTORY OF BANKING IN CALIFORNIA

349

HARRY E. MILLER.
Not only is the record of Harry E. Miller worthy of perusal because he is a substantial figure in banking circles of California but also because he is a veteran of the
World war and in every relation of life has manifested substantial qualities as a citizen, withholding his support from no plan or project that is intended to benefit the
community or uphold its civic interests. Born in Bakersfield , California, in 1888 , his
parents being John O. and Mary ( Ashe ) Miller, he acquired a public school education
in his native town and became a wage earner when he entered the employ of the Wieland Bottling Company. After a brief period, however, he left that position to become
engaged in the banking business. In 1906 he entered the Crocker National Bank of
San Francisco as a messenger and for fifteen years was associated with the house,
covering the period between June 5 , 1906 , and September 3, 1921 , his position at the
time he resigned being that of note teller.
In the interim, however, Mr. Miller enlisted for service in the World war, joining
the Signal Corps at Camp Fremont, but later was transferred to the machine gun unit
at Camp Hancock, Georgia, being discharged with the rank of second lieutenant when
the armistice was signed. In 1918 he returned to California and again joined the
Crocker National Bank, serving as note teller until 1921 , when he sailed for Hilo, Hawaii, and became associated with the First Trust Company of that place, as auditor,
remaining for a year in that beautiful island district, after which he returned to the
States and joined the Mercantile Trust Company in San Francisco. He was assigned to
the bond department and when the company opened the city branch at Powell and Sutter streets, Mr. Miller was made manager and continued to act in that capacity until
December, 1924, when he removed to Palo Alto, California, and became a representative
of the Bank of Palo Alto, now the Palo Alto branch of the American Trust Company. At
the present writing he is serving as assistant cashier and he is likewise assistant cashier and manager of the Menlo Park branch of the American Trust Company at Menlo
Park, California, having been appointed to the latter position January 25, 1926.
Mr. Miller was united in marriage to Miss Carol Low, of Honolulu, Hawaii. He
is a well known member of the Olympic Club and the Lakeside Golf Club and is also
a representative of the American Institute of Banking. There have been no exciting
chapters in his life history but perseverance and determination have carried him
forward, and while loyal to the financial interests which he has represented , he has
always been equally faithful in support of those measures which are a matter of civic
virtue and of civic pride.

MICHAEL ARNOT BUCHAN .
Michael Arnot Buchan has occupied the presidency of the First National Bank of
Palo Alto since the 1st of June, 1909 , and has contributed in large measure to the
steady growth and prosperity of the institution. He is a native of Canada and a son
of John B. and Jean ( Arnot ) Buchan. His father won success as an agriculturist
both in Canada and in Iowa , in which state he took up his abode after crossing the
border into the United States.
Michael A. Buchan acquired his education in his native country and entered the
banking business in 1900, since which time he has been continuously identified with
financial affairs. He was president of the First National Bank at Dike , Iowa , for
three years and served as state banking examiner of Iowa for six years. He assumed
the duties of manager of the Blackhawk National Bank of Iowa in 1908 and in the
following year came to California, settling in the picturesque little college town of
Palo Alto. On the 1st of June, 1909 , he was appointed president of the First National
Bank of Palo Alto and through the intervening period of eighteen years has rendered
the most efficient service in the capacity of chief executive.
In early manhood Mr. Buchan was united in marriage to Miss Irene Winslow, a
native of Maine. Their only son , Dean Winslow Buchan , who was graduated from
Stanford University in 1909 , is now vice president of the First National Bank of Palo
Alto .
Mr. Buchan belongs to the Rotary Club , and in his home community is held in
high regard as a man of worth and integrity.

350

FINANCING AN EMPIRE

PAUL L. DAVIES.
Paul L. Davies, vice president and district manager of the American Trust Company, connected with the San Jose branch, was born in Nebraska in 1899 but was
quite young when his parents, Robert and Emma ( Bennison ) Davies, came to the
Pacific coast, establishing their home in Oakland . There he attended the public schools
and afterward became a student in the University of California, in which he completed his course with the graduating class of 1921. A little later he entered the
business school of Harvard University, where he continued until 1922, and his thorough preliminary training well qualified him for the responsibilities which have since
devolved upon him. He entered the business world as an employe of the National
Bank of Commerce in New York city but after a brief period returned to the west,
arriving in California in 1923, when he joined the Mercantile Trust Company in their
credit department in San Francisco. Appreciation of his worth led to his transfer to
San Jose, California , with appointment to the position of assistant cashier. Later
he served as cashier, eventually as assistant vice president and in the year 1924
was appointed vice president . His duties have been correspondingly increased and
he has demonstrated his qualifications for every task that has devolved upon him.
The Mercantile Trust Company of California merged with The American Bank
to form the American Trust Company. Its San Jose branch, with which Mr. Davies
is officially identified in the capacity of vice president, had its inception in 1887 in the
organization of the Garden City National Bank. The first officers were Dr. Charles
Breyfogle, who was elected president and John B. Randall, who was chosen vice president. Later Archibald McDonald became vice president and T. F. Morrison was made
cashier. Other directors of the institution were C. C. Morse, O. A. Hale and T. S.
Montgomery. The successor of Dr. Charles Breyfogle in the presidency was Archibald McDonald, the predecessor of Rush McComas. In 1903 the capital stock was increased to two hundred and fifty thousand dollars and the bank site was purchased
at the corner of San Fernando and First streets for sixty-two thousand dollars.
In 1906 the earthquake occurred, and in common with other banks, the Garden
City Bank was closed from April 18th to May 1st. In 1917 and 1918 the bank broadened its activities and service by merging with the First National Bank of Gilroy, the
Saratoga State Bank and the Bank of Campbell, and started a branch at Santa Clara.
In October , 1922, the Garden City Bank and Trust Company was merged with the
Mercantile Trust Company of California . The district now consists of the branches
in San Jose, Santa Clara, Gilroy, Campbell and Saratoga, operating as branches of the
American Trust Company. The officers are as follows : Paul L. Davies, vice president and district manager ; H. C. Rogers, assistant cashier and assistant district manager ; A. B. Walgren, assistant cashier ; and C. W. Carlson, assistant cashier.
Mr. Davies married Miss Faith Crummey and they are well known socially in San
Jose, where Mr. Davies has membership in the Chamber of Commerce, also in the
Commercial Club and the St. Claire Club, while among the leading fraternal organizations he chose Masonry as the one that best exemplified his ideals concerning manhood and citizenship . He is likewise connected with the American Institute of Banking and is warmly regarded not only by his colleagues and contemporaries in financial
circles but by all those who appreciate genuine worth in the individual.

ALFRED B. POST.
It is the tendency of the age to centralize business interests and the beneficial
results attained thereby are evident. This course has been a dominant policy of the
banking fraternity as well as a valued phase of business life and thus it is that the
Liberty Bank of America has taken over previously organized banking concerns and
also established other branches in many centers. With the San Jose branch of the
Bank of Italy, Alfred B. Post is identified as vice president. He has always lived in
California, his birth having occurred in Santa Clara in 1873, and he is a son of Alfred
B. and Ada A. ( Holmes ) Post. His public school education was completed by graduation from the Santa Clara high school, but realizing the value of intellectual training,
he continued his studies for two years thereafter in the College of the Pacific.

HISTORY OF BANKING IN CALIFORNIA

351

Later Mr. Post entered the employ of the Pacific Manufacturing Company, with
which he continued as cashier for five years, and in 1895 he obtained a position with
the Garden City Bank & Trust Company of San Jose, being made assistant cashier.
For a quarter of a century he continued with that corporation and for fifteen years
occupied the position of cashier. In April, 1920, he joined the Bank of San Jose as
cashier and director and in October, 1925, succeeded V. J. La Mott as vice president
and manager, continuing in that capacity until February 21 , 1927, when he was appointed vice president of the San Jose branch of the Bank of Italy. Each change that
he has made in his business career has indicated progress and enlarged opportunities
as well as increased responsibilities. He has measured up to the full standard of all
requirements placed upon him and is regarded as a worthy representative of the banking fraternity in Santa Clara county.
Mr. Post was married to Miss May W. Giles, of Chicago, Illinois, and they are
parents of three children : Alfred B. ( III ) , who was graduated from Stanford University in the spring of 1927 ; Charles T.; and Janet G.
Mr. Post is a faithful follower of the teachings and purposes of the Masonic fraternity and has become a member of the Knight Templar commandery and of the Mystic Shrine. He also belongs to the Benevolent and Protective Order of Elks, the Commercial Club and the San Jose Golf and Country Club and he is an honorary member
of the American Institute of Banking. Aside from his connection with the Bank of
Italy he is a director of the Bean Spray Pump Company and his judgment, at all
times sound, is considered a valuable acquisition to any organization. He is certainly
well adapted for the duties of banking, exercising excellent discipline and authority
with kindliness and helpfulness, and the patrons of the bank find him genial, courteous
and obliging.

WILBUR J. EDWARDS.
Among the financiers of California whose records constitute a most creditable
chapter in the banking history of California is numbered Wilbur J. Edwards, the
president of the Security State Bank and Security Savings Bank of San Jose, in which
city he was born in the year 1873, his parents being H. W. and Alice C. ( Hall ) Edwards. At the usual age he became a public school pupil and when his course was
completed in San Jose he entered the University of the Pacific, which he attended for
two years and then matriculated in Stanford University, from which he was graduated
with the class of 1893.
At the completion of his college days Mr. Edwards made his initial step in the
business world by joining the Union Savings Bank of San Jose in the capacity of
messenger, and he was filling the position of receiving teller at the time when the
bank liquidated. Subsequently Mr. Edwards became associated with the First National
Bank of San Jose as receiving teller and continued to serve in that connection for two
years, joining the Security State Bank of San Jose as paying teller in 1902. His
duties were multiple, for he did practically all of the inside work save that of the
savings department. Mr. Edwards remained as cashier for some time and in 1915
was elected to the presidency as the successor of William S. Richards. His association
with this bank covers a period of a quarter of a century, during which his labors have
constituted a most important element in the steady growth and expansion of the business of the bank, while his capability, intelligently directed effort and fidelity brought
him promotion that eventually made him the head of this strong and stable banking
house.
In 1905 Mr. Edwards was married to Miss Flora Drinkwater, of San Jose , and
they are now the parents of two children : Alice May, who is a student in the Stanford University of the class of 1929 ; and Henry W. , a pupil in grammar school.
The Masonic fraternity finds in Mr. Edwards a faithful follower and worthy
exemplar. He is also appreciative of the social amenities of life and he holds friendship inviolable. The greater part of his time and attention, however, is concentrated
upon his business affairs and the Security State Bank of San Jose is largely a monument to his enterprise and ability.

352

FINANCING AN EMPIRE

FRANK CAMPBELL MITCHELL.
Frank Campbell Mitchell, the able and successful vice president and manager of
the San Jose main office of the Bank of Italy, is a worthy native son of California
and prominent citizen of San Jose , where he is now serving as president of the Chamber of Commerce. His birth occurred at San Luis Obispo in the year 1892 , his parents
being Frank C. and Mary (Bowen ) Mitchell. In the acquirement of an education he
attended the grammar and high schools of his native city. He was a youth of seventeen when in 1909 he became bookkeeper in the Union National Bank of San Luis
Obispo, in the service of which institution he continued for five years, being assistant
cashier when he retired. On the expiration of that period , in 1914 , he entered the
West Berkeley Bank of Berkeley, California, but on the 15th of July, 1915, became
connected with the Bank of Italy at San Jose, where he has remained through the intervening period of twelve years. He served successively as bookkeeper, teller, assistant
cashier, assistant manager and assistant vice president and manager prior to his appointment to the position of vice president and manager on the 22d of August, 1927.
A man of pleasing address and excellent managerial ability, he enjoys the good will of
a host of friends.
The wife of Mr. Mitchell , who bore the maiden name of Elsie Graessle, is a native
daughter of San Jose, California. Fraternally he is affiliated with the Benevolent and
Protective Order of Elks and his name is also on the membership rolls of the Native
Sons of the Golden West. Long a prominent factor in civic affairs, he was serving on
the board of directors of the Chamber of Commerce when elected president of that body
on the 28th of October , 1926. He is likewise on the board of directors of the Commercial Building Company and the Commercial Club of Santa Clara county, is a member
of the board of governors of the San Jose Chapter of the American Institute of Banking, is chairman of the advisory council of Disabled War Veterans and a member of
the advisory board of the Catholic Women Center.

PAUL RUDOLPH.
The stability and security of the banking institutions of every community constitute the basis of its material and business growth, and thus closely associated with
the progress of San Jose is the First National Bank, of which Paul Rudolph is the
cashier. His youthful environment was that of western enterprise and this spirit has
actuated him in all that he has undertaken. He was born in Bitter Water Valley, in
San Benito county, California, his parents being C. L. and Ellen Marie ( Schmidt)
Rudolph. The schools of his native town accorded him necessary instruction in those
branches of learning which are indispensable to a business career. Through a period
of his early manhood he engaged in ranching , thus continuing until 1904 , when he
took up his abode in San Jose and became associated with the First National Bank.
Through the intervening period to the present time he has worked in the various
departments, acquainting himself with each phase of the banking business, until he
has come to be recognized as a man of sound judgment in relation to all financial
problems. He has learned to carefully conserve the interests of the bank by protecting the interests of its patrons as well as of its stockholders and has ever been actuated
by a high sense of honor in his relation to the public. On the 8th of August, 1919,
he became cashier, and his admirable service in this capacity has been one of the
strong elements in the steady growth and prosperity of the First National Bank of
San Jose.
Mr. Rudolph is an Elk and a Mason and finds pleasant relations in his companionship with his brethren of these fraternities. He greatly enjoys a game of golf,
turning thereto for pleasure and recreation, but outside of business his interest centers chiefly in his home, where the lady who prior to their marriage was Evelyn M.
Kennedy presides with gracious hospitality over their household and directs the activities and interests of their three children -Eva R. , Ellen M. and Paul, Jr., while Mr.
Rudolph is concentrating his efforts and attention upon the First National Bank, with
which he has now been connected through a period of almost a quarter of a century.

HISTORY OF BANKING IN CALIFORNIA

353

FARMERS AND MERCHANTS NATIONAL BANK.
Santa Cruz .
The Farmers and Merchants National Bank of Santa Cruz, located on
the corner of Pacific avenue and Locust street, began business July 1 ,
1914 , with a capital of $ 100,000 , being an outgrowth of the Peoples Bank,
the latter organized in 1892.

Henry Willey and A. A. Morey were prom-

inently identified with the early institution . The first officers of the present bank were W. P. Netherton , president ; P. T. Phillips and C. E. Towne,
vice presidents ; C. C. Campbell , cashier ; and L. F. Hinds, assistant
cashier, while those now serving are Dr. P. T. Phillips, president ; C. E.
Towne and J. H. Garrett, vice presidents ; L. F. Hinds, cashier ; and H.
A. Wright and A. J. Thorp , assistant cashiers, the board of directors
being composed of P. T. Phillips, C. E. Towne, J. H. Garrett, C. P. Brooks,
J. H. Hauschildt, W. O. Kerrick and L. F. Hinds .

The steady growth

of the bank is due largely to the efforts of W. P. Netherton, P. T. Phillips ,
C. E. Towne, J. H. Garrett, L. F. Hinds and H. A. Wright.

The area

served is the northern end of Santa Cruz county , and the bank is giving
interested service to local needs .

PEOPLES SAVINGS BANK.
Santa Cruz.
The Peoples Savings Bank, located on the corner of Pacific avenue
and Locust street, Santa Cruz, was organized in 1892, with a capital of
$8,035, by A. A. Morey, Henry Willey, and A. D. Pena, the first officers
being Henry Willey, president ; A. A. Morey, cashier ; and B. F. Booth,
assistant cashier. The present officers are : Dr. P. T. Phillips, president ;
C. E. Towne and J. H. Garrett, vice presidents ; L. F. Hinds, cashier ; and
H. A. Wright and A. J. Thorp , assistant cashiers , the board of directors
being composed of P. T. Phillips , C. E. Towne , J. H. Garrett, C. P. Brooks ,
J. H. Hauschildt, W. O. Kerrick and L. F. Hinds .

Those most prominent

in the building up of the business have been Henry Willey, A. A. Morey,
W. P. Netherton , P. T. Phillips , C. E. Towne, J. H. Garrett, L. F. Hinds
and H. A. Wright.
The northern end of Santa Cruz county constitutes the area served by
the bank, which is making steady growth, paying particular attention to
savings accounts.

SANTA CRUZ COUNTY NATIONAL BANK.
SANTA CRUZ BANK OF SAVINGS & LOAN.
The Santa Cruz Bank of Savings & Loan was opened for business in a
room of the Pacific Ocean House in March, 1870, and the Bank of Santa

FINANCING AN EMPIRE

354

Cruz County was organized in August, 1875.

In 1878 the business of

these two institutions was united under one management and has since
been conducted in that manner. To the original list of shareholders were
added the names of Benjamin F. Porter, P. B. Fagen and Bernard Peyton,
who were then forceful factors in local affairs and inspired public trust
and confidence . When the union was perfected the two banks occupied
their own buildings on the opposite side of Pacific avenue and later purchased the property at the northeast corner of Pacific avenue and Cooper
street, erecting thereon a substantial structure of stone and brick in
1894. At that time a safe deposit department, comparatively an untried
experiment in connection with country banking, was added and succeeded
so well that the original installation of boxes had to be doubled in order
to supply the demand therefor. The combined resources of these banks,
then under eight hundred thousand dollars, increased to over one million,
eight hundred thousand dollars, with a corresponding increase of business
in every department. The amount of deposits in the savings bank made
necessary an increase of paid-up capital and the stockholders paid in
twenty-five thousand dollars, raising the paid-up capital to seventy-five
thousand dollars.
On May 2 , 1910, the Bank of Santa Cruz County was converted into
the Santa Cruz County National Bank, with the paid-up capital raised
from eighty thousand to one hundred and fifty thousand dollars and the
surplus was maintained above seventy-five thousand dollars. Larger quarters were needed and an additional lot was purchased, giving the bank
a west front of fifty-two and a half feet and a south front of ninety feet.
On this property an ornate structure was erected and the old building
was remodeled .

A large sum was expended on the interior decorations

and up-to-date equipment was installed . The two banks under consideration have been steady dividend payers during their corporate existence ,
consequently the stock is seldom on the market and the waiting list never
clear of applications .
The present officers of these institutions are : W. T. Jeter, president ;
B. L. Sharpe and H. E. Irish, first and second vice presidents ; E. Daubenbis, cashier ; and G. S. Tait, Jr. , assistant cashier.
The Santa Cruz Bank of Savings & Loan now has a capital of one
hundred and fifty thousand, two hundred and fifty dollars, surplus and
deposits of one hundred and sixty-three thousand , eight hundred and
twenty dollars, and its deposits total two million, four hundred and ninetytwo thousand, one hundred and eighty dollars. The Santa Cruz County
National Bank has a capital stock of one hundred and fifty thousand
dollars, a surplus and undivided profits of one hundred and sixty thousand ,
nine hundred and ninety dollars, and deposits amounting to one million,
four hundred and thirty-seven thousand, seven hundred dollars.

355

HISTORY OF BANKING IN CALIFORNIA

PAJARO VALLEY SAVINGS BANK .
Watsonville.
The Pajaro Valley Savings Bank, located at 326 Main street, Watsonville, is successor to the Pajaro Valley Savings and Loan Society.

It was

opened for business September 1 , 1888 , having been organized by A.
Lewis, P. McAllister, F. Gubbay, J. T. Porter, A. B. Chalmers , Peter Cox,
W. F. Palmtag, F. Mauk, D. M. Clough and B. Phillips, and the first
officers were A. Lewis, president ; P. McAllister, vice president ; F. Gubbay, manager ; and J. J. Morey, secretary, while the present official roster
is as follows :

C. F. Langley, president ; W. R. Porter, chairman of the

board ; J. E. Porter and C. A. Palmtag, vice presidents ; L. H. Lopes,
cashier ; and G. E. Wilson and J. S. Dondero , assistant cashiers. The
steady and consistent growth of the business of the institution is indicated
in the following table of resources :

December 31 , 1888.

33,819.65
230,075.15

December 31 , 1898 .

699,801.56

December 31 , 1908.

1,123,294.71 ,
1,919,012.26

December 31 , 1918.
December 31 , 1926 .

WATSONVILLE CLEARING HOUSE .
The Watsonville Clearing House was organized by the Pajaro Valley
National Bank, Pajaro Valley Savings Bank, Bank of Watsonville , WatThe first
sonville Savings Bank and Fruit Growers National Bank.
officers were H. S. Fletcher, president ; G. S. Easterday, vice president ;
and L. H. Lopes, secretary, and those now serving are D. Van Giesen,
president ; F. D. Burwash, acting vice president ; and L. H. Lopes, secretary and treasurer.

DUNN VAN GIESEN.
In a history of those who have been "financing an empire" in the development of
the banking interests of the Pacific coast, Dunn Van Giesen should be numbered. He
is now the efficient manager of the Watsonville branch of the Bank of Italy. He was
born in Pennsylvania in 1884 and is a son of Thomas J. and Cynthia Ellen ( Sloan )
Van Giesen. When a boy he was a pupil in the schools of Leechburg, Pennsylvania ,
and with his purpose of entering the business world he felt drawn toward banking ,
so that he obtained a position in the First National Bank of Leechburg, Pennsylvania,
acting as a general clerk there in 1904. He remained with the bank until 1906 but
not in his original position, for when he severed his connection with that institution he
was serving as assistant cashier.
Journeying to the coast with Los Angeles as his destination , Mr. Van Giesen
there obtained employment as a bookkeeper in the First National Bank, with which he
continued until 1909. Then came an interval of three or four years in which other
activities claimed his time and effort. In 1913 , however, he joined the Bank of Italy

356

FINANCING AN EMPIRE

in Los Angeles as utility clerk and five years afterward, or in 1918, he resigned for
World war service and was stationed at Camp McArthur . When he retired from military service in 1919 he joined the East River National Bank of New York as assistant
cashier, thus again allying his activities with the financial interests of the east.
There he remained until the fall of 1920, when he returned to his native state and
was engaged in the coal business in Pittsburgh for about two years. In 1922 he came
again to the coast and this time made his way to San Francisco, where he joined the
Bank of Italy as an inspector, being thus employed until 1924, when he was appointed
manager of the branch of the Bank of Italy at Watsonville, where he has since been
serving most faithfully.
Mr. Van Giesen was married to Miss Alice Meyer, a native of San Francisco, and
their two children are George and Beverley. Fraternally Mr. Van Giesen is a blue
lodge and Scottish Rite Mason and he also belongs to the Benevolent and Protective
Order of Elks and the Rotary International. His amiability and cordiality have won
for him many friends , while his well defined purpose, his sound judgment and his
spirit of enterprise have gained him a substantial position in California's banking circles.

BANK OF COTTONWOOD .
On April 29, 1918, a charter was granted the Bank of Cottonwood,
and it was opened for business on July 1 following, having an authorized
capital of $ 50,000 with $ 25,000 paid up. Deposits on the first day were as
follows : Commercial department- subject to check $ 9,675.34, time certificates, $ 1,000 ; savings accounts, $ 1,300 ; while the total assets were
$ 29,475.34 . J. C. Brown, Jerry Buckley, C. F. Tozer, Alden Anderson ,
J. Edward Smith, A. W. Smith, C. C. Moore, Edward A. Stopher, C. W.
Leininger, John Tolan and P. R. Merrill were the founders, and the first
officers were A. W. Smith, president ; J. C. Brown , vice president ; and
P. R. Merrill, secretary, treasurer and cashier, while those now serving
are J. C. Brown, president ; Jesse W. Carter, vice president ; and W. G.
Adams , cashier.
Prominent in the building up and expansion of the
business have been J. C. Brown, J. Edward Smith and A. W. Smith . The
bank derives its principal business from contiguous territory, and the
prospects are very good. It is located at one of the big cattle, hog and
sheep shipping points, and it is particularly interested in the financing of
ranchers . A large portion of the land is under irrigation. Total assets
as of December 31 , 1918 , were $ 111,193.04, growing to $203.856.97. as
of December 31 , 1926 .

NORTHERN CALIFORNIA NATIONAL BANK.
REDDING SAVINGS BANK.
The Northern California National Bank is the outgrowth of the Bank
of Northern California , established in 1888 by Edward Frisbie, a pioneer
financier of Redding, and his associates, F. H. Deakin, James McCormick,
Captain T. G. Taylor and T. A. C. Doland.

The bank was capitalized at

HISTORY OF BANKING IN CALIFORNIA

357

one hundred thousand dollars and Mr. Frisbie continued as president
until his death in 1908.

His son, N. B. Frisbie, who had been engaged in

the practice of law in San Francisco, then became the executive head of
the institution and controlled its operations until his demise in 1919 ,
when he was succeeded by E. C. Frisbie, a nephew. James McCormick
was vice president until 1902 and Dudley Andrews, the first cashier,
continued in that capacity until his death in 1889. E. L. Bailey was then
elected to that office , which he filled until 1909 , when he was made vice
president, and thus served until his death in 1911. E. C. Frisbie assumed
the duties of vice president in 1909 and R. M. Saeltzer was chosen vice
president in 1911.

E. C. Frisbie was cashier until his election to the

presidency in 1919, when E. S. Reynolds was chosen as his successor, and
in 1923 Miss Isabelle Joseph became assistant cashier.
In 1911 the institution was converted into the Northern California
National Bank, at which time eighty thousand dollars of the authorized
capital stock had been paid in .

A stock dividend of twenty thousand

dollars was then declared, making the paid-in capital one hundred thousand dollars . In addition the bank has paid a regular dividend averaging eight per cent for many years.

It now has a surplus and undivided

profits of seventy- eight thousand and ten dollars and the deposits amount
to nine hundred and ninety-two thousand, three hundred and sixty dollars . The officers are : E. C. Frisbie, president ; Francis Carr, vice president ; E. S. Reynolds, cashier ; and Isabelle Joseph and Emil Welkert,
assistant cashiers.
In 1910 the Redding Savings Bank was organized as an affiliated institution with a capital of twenty-five thousand dollars and the two banks
have since been conducted jointly. The capital of the Redding Savings
Bank has been increased from time to time and is now one hundred and
ten thousand dollars.

The surplus and undivided profits amount to sev-

enty-two thousand, five hundred and fifty dollars and the deposits total
one million, six hundred and fifteen thousand, two hundred and fifty dollars. A regular dividend averaging six per cent has been paid and the
combined resources of the two banks are approximately three million
dollars . The present officers of the Redding Savings Bank are : E. C.
Frisbie, president ; W. D. Tillotson, vice president ; and E. S. Reynolds,
cashier. The home of these institutions is a modern bank and office building, which was erected in 1920 at an approximate cost of seventy- five
thousand dollars.

STATE BANK OF DUNSMUIR .
The State Bank of Dunsmuir was organized by E. V. Carter and incorporated January 15, 1904 , with a paid -up capital of twenty- five thousand
dollars. Its first executives were : E. V. Carter, president ; J. B. Dough-

23-VOL. 4

FINANCING AN EMPIRE

358

erty, vice president ; and B. O. Tupper, cashier. The names of E. V. Carter, G. S. Butler, George Engwicht, Elmer Weed and J. B. Dougherty
appeared on the first board of directors , and the chronology of officers is
as follows :
PRESIDENTS.
E. V. Carter

January 15, 1904, to January 5 , 1910 .

A. Levy

January 5 , 1910, to May 10, 1913.

George Engwicht.
G. A. Hutaff.

May 10, 1913, to January, 1916 .
January, 1916 , to date.

VICE PRESIDENTS .

January 15 , 1904, to May, 1907.

J. B. Dougherty.
George Engwicht.
G. A. Hutaff

May, 1907 , to May, 1913 .
May, 1913, to January, 1916.
January, 1916 , to July, 1925.
July, 1925 , to date.

A. A. Conger.
A. Levy

CASHIERS.

January 15, 1904, to June, 1912.

B. O. Tupper.
I. S. Eventraut_

June, 1912 , to August, 1914 .
August, 1914, to January, 1917 .
January, 1917, to April, 1918.
April , 1918 , to date.

Walter M. Goggin.
P. R. Merrill.

A. C. Leach.

The present officers of the bank are : G. A. Hutaff, president ; A. Levy,
vice president ; A. C. Leach, cashier ; and C. O. Porter, assistant cashier.
The board of directors is composed of G. A. Hutaff, A. Levy, C. W. McComie, W. C. Sellman and A. B. Murray.

The institution maintains com-

mercial and savings departments and in January , 1920 , its capital stock
was increased to fifty thousand dollars . In addition to the payment of
regular dividends, the officers of the bank have accumulated a surplus of
thirty-five thousand dollars and undivided profits of eighteen thousand
and forty-eight dollars .

On June 30, 1926 , the bank statement showed

commercial deposits of four hundred and sixty-six thousand , one hundred and seven dollars, savings deposits of three hundred and fifty- nine
thousand and eighty-nine dollars and resources amounting to nine hundred and forty-six thousand, two hundred and forty-five dollars.
In 1909 a small but modern building was erected for the use of the
institution, which has outgrown its original quarters, and was recently
moved to a new bank and store building of fireproof construction and
embodying the latest design.

The structure is completely equipped and

brings the total investment of its owners in real estate, buildings and fixtures up to seventy-five thousand dollars .

HISTORY OF BANKING IN CALIFORNIA

359

GUSTAV ALBERT HUTAFF .
Gustav Albert Hutaff, president of the State Bank of Dunsmuir, was born in
Santa Rosa, California , October 5 , 1879, and is a son of John Henry Hutaff. He pursued his early education in the public schools of San Francisco and afterward entered
the University of California, from which he was graduated with the class of 1900,
winning the Ph . G. degree. He then engaged in the drug business in Dunsmuir , successfully conducting his store until 1919 ; but ere the completion of his college course
he had rendered military aid to his country by serving in the Spanish-American war
with the United States army in the Philippines as a member of the hospital corps,
being one of the youngest pharmacists in the service.
His active association with the banking business began when he became a director
of the State Bank of Dunsmuir in 1910. He was elected to the vice presidency in
1913 and in 1916 was chosen president, since which time he has remained at the head
of this institution , covering a period of more than eleven years, during which time the
bank has enjoyed a steady and substantial growth that is based upon a wise, conservative policy whereby the interests of stockholders and depositors are carefully safeguarded. Mr. Hutaff is also sole proprietor of the Travelers Hotel , the leading hostelry
of Dunsmuir, which he erected in 1917 and which was enlarged in 1925.
Mr. Hutaff is likewise the president of the Masonic Temple Association of Dunsmuir, which has recently completed the erection of a one hundred thousand dollar
Masonic Temple. Long active in fraternal circles, he is a past master of Dunsmuir
Lodge No. 297 , F. & A. M .; is senior grand warden of the Grand Lodge of Masons in
the jurisdiction of California ; a Knight Templar ; a member of the Scottish Rite
bodies and of Ben Ali Temple of the Mystic Shrine . He likewise has membership with
the Benevolent and Protective Order of Elks and the Lions Club, stanchly supporting
its principles, and is identified with the Chamber of Commerce. No plan or project for
the benefit of the community or the state seeks his aid in vain and his labors along
the line of public improvement are at all times far-reaching and resultant.

MCCLOUD NATIONAL BANK.
McCloud .
The McCloud National Bank was incorporated June 15 , 1909 , with a
capital of twenty-five thousand dollars, all of which was paid up at the
time the institution was opened . The first officers were : J. H. Queal ,
president ; F. F. Spencer, vice president ; William Thompson , cashier ;
The board of directors conand J. H. Heininger, assistant cashier.
Thompson, J. H. Heininger
William
Spencer,
sisted of J. H. Queal, F. F.
the McCloud Valley Bank,
outgrowth
of
is
the
and A. C. Kaiser . This
a state institution, which was converted into the McCloud National Bank
on July 15 , 1909. All records of the first institution prior to 1906 were
destroyed in the San Francisco fire.
In June, 1921 , J. H. Queal passed away and on July 6, 1921 , E. J.
Carpenter was elected president . His demise occurred in April, 1922 ,
and on May 16 of that year T. A. McCann became president. He served
until his death in 1925 and on October 31 of that year B. W. Lakin beVice President F. F. Spencer
came the executive head of the bank.
resigned November 13, 1916, and his successor, F. B. Hutchens , served
until April 17, 1920, when F. H. Lambert assumed the duties of that
office, which he discharged until his death in December, 1924. E. E. Hall

360

FINANCING AN EMPIRE

was made vice president on January 13, 1925 , and resigned March 19 of
the same year. His successor, B. W. Lakin , resigned October 31 , 1925,
and P. V. Eames was then elected vice president.
William Thompson
resigned February 23, 1910, and was replaced as cashier by B. F. Morris, who tendered his resignation on June 7, 1910. F. W. Clark, the next
cashier, retired March 12 , 1913, and H. J. Unruh was then called to that
office, of which he was the incumbent until February 20, 1920, when he
was succeeded by C. B. Daveney.

The last named resigned April 28,

1925, and L. E. McGonagle was then elected cashier. J. H. Heininger
was assistant cashier until December 4, 1912, and his successor, F. H.
Lambert, acted in that capacity until June 25, 1918. His place was then
taken by H. C. Braden, who retired April 28 , 1925, and was succeeded
by C. B. Daveney.
No changes have been made in the name or location of the bank, which
has advanced steadily under conservative administration and has the
unique distinction of never having suffered the loss of a single dollar
through its loans and investments.

Its capital has not been increased

but a surplus fund of fifty thousand dollars has been accumulated . The
progress made by the institution is indicated by the following figures :

Demand Deposits

Time Deposits.

December 31 , 1910.
December 31, 1911

$248,446
142,913

$ 254,837
206,778

December 31 , 1912.

291,858

203,843

December 31 , 1913

126,943

239,538

December 31 , 1914.
December 31, 1915

230,665

230,353
230,463

December 31 , 1916.
December 31 , 1917.
December 31 , 1918.
December 31 , 1919 .
December 31 , 1920.
December 31, 1921
December 31 , 1922.
December 31 , 1923 .
December 31 , 1924
December 31 , 1925.

219,596
222,154

279,294

172,947
399,734

291,584

432,207
716,016

238,938
315,269

177,977

302,267
387,968

487,750
307,197

283,829

549,470

578,455

680,476

357,983

753,270

The statement issued by the bank on June 30, 1926 , showed a paid-in
capital stock of twenty-five thousand dollars , a surplus fund of fifty thousand dollars, undivided profits of nine thousand, two hundred and eightyfive dollars, demand deposits of three hundred and forty-three thousand,
five hundred and fifty-three dollars , time deposits of eight hundred and
five thousand, nine hundred and eighteen dollars, and resources of one
million, two hundred and fifty-nine thousand and thirty-three dollars.
The present officers are :

B. W. Lakin , president ; P. V. Eames, vice presi-

HISTORY OF BANKING IN CALIFORNIA

361

dent ; L. E. McGonagle, cashier ; and C. B. Daveney, assistant cashier.
The directorate consists of B. W. Lakin, C. B. Daveney, H. C. Braden,
D. M. Swobe and E. E. Hall.

MONTAGUE BANKING COMPANY.

The Montague Banking Company, which, as the name indicates, is operating in the town of Montague, was organized in 1906 by Arthur Simon
under a state charter and opened its doors for business March 1 , 1907.
Upon the organization Mr. Simon was elected president but resigned on
the 29th of June of the same year in favor of Henry L. Davis, who continued in the office until October 24, 1914 , when he resigned on account
of ill health, his death occurring March 31 , 1915. E. F. Reichman became
his successor and continues in the presidency to this time. E. Reichman
was the first vice president of the bank and so served until his demise
September 29, 1914.
Arthur Simon was the active head of the bank from its organization ,
taking the office of cashier when he resigned the presidency and so continuing until September 29, 1914, when he also became vice president,
was
holding the dual position until he passed away June 11 , 1924 . He
succeeded by his son, Walter A. Simon, who has since been vice president
and cashier in charge of the bank. The majority of the stock has always
been held by the same families, the entire directorate being composed of
those who were on the original board or are sons of the original directors.
The first board included Henry L. Davis, E. Reichman, E. F. Reichman,
Arthur Simon and Phoebe Terwilliger. On the board at the present time
are E. F. and O. H. Reichman , E. D. Terwilliger, Isaac F. Davis and Walter
The bank was capitalized for twelve thousand, five hundred
dollars, which was increased in 1909 to twenty-five thousand dollars , in
1910 to fifty thousand dollars and in 1916 to one hundred thousand dollars. They have paid total dividends of one hundred and twenty-eight

A. Simon.

per cent of the capital stock since the organization and have accumulated
a surplus account of twenty-five thousand dollars and undivided profits
of ten thousand, three hundred and forty dollars . On the 30th of June,
1926, they had commercial deposits of three hundred and fourteen thousand, three hundred and six dollars and savings of two hundred and ten
thousand, nine hundred and sixty dollars, their total resources being six
hundred and ninety-four thousand, eight hundred and twenty-six dollars.

ARTHUR SIMON.
High on the roll of those who have occupied an honored place in banking circles
in California appears the name of Arthur Simon , now deceased, who was a native of
Scott Bar, Siskiyou county, California, his birth having there occurred September 7 ,
1863. When he was but fourteen years of age the responsibilities attending the man-

FINANCING AN EMPIRE

362

agement of a large mercantile business that had been established by his father devolved upon him and accordingly he was obliged to leave school, but he utilized his
leisure hours to good advantage, studying nights under John Kennedy, an early educator, so that he acquired broad general knowledge and was fitted for the duties and
responsibilities devolving upon him . Though so young when he took charge of the
mercantile business , he managed it successfully until 1907 , when he closed it out and
removed to Montague, where he organized the Montague Banking Company, of which
he was made the first president. He soon resigned that position , however, and took
over the office of cashier, while later he assumed the title of vice president and cashier ,
remaining the active head of this institution until his life's labors were ended in
death June 11 , 1924. He had been successful in building up a bank of over a half
million dollars in resources and was considered one of the most constructive bankers
on the coast. While he was Wells Fargo express agent and postmaster at Scott Bar
in his early manhood he handled millions in bullion and his honesty was ever above
question. Soon after he attained his majority he was elected master of the Scott
River Masonic lodge , a position which he held for many years , at all times exemplifying in his life the high principles and beneficent purposes of the fraternity.

WALTER A. SIMON.
Walter A. Simon, vice president and cashier of the Montague Banking Company,
was born September 11 , 1888 , at Scott Bar , California , and is a son of Arthur Simon,
his honored predecessor in the position which he now fills. He obtained a public school
education in his native county and pursued his advanced studies and a business course
in Portland , Oregon . On the 10th of April , 1910, he came into the bank and was made
assistant cashier about 1917, while in July, 1924 , he was advanced to his present office,
assuming control of the bank and carrying out the commendable policies of his father,
so that his course has fully sustained the high reputat on which has always been associated with the family name.
In 1919 Mr. Simon was married to Miss Martha Gisbrecht, of Montague . where
they make their home. Fraternally he is connected with the Benevolent and Protective Order of Elks , the Knights of Pythias and the Mascnic order. He is a representative of one of the old families of California, long associated with the upbuilding of the
state, and he has effectively furthered the good work in citizenship done by his father
and grandfather.

BANK OF MOUNT SHASTA.
The Bank of Mount Shasta was organized in 1923 by J. M. Slocum and
chartered February 15th with a capital stock of thirty thousand dollars
and a surplus of six thousand dollars.
the following officers :

It was opened March 1 , 1923 , with

J. M. Schuler, president ; Louis Solari, vice presi-

dent ; J. M. Slocum, cashier ; and Charles Capifoni , assistant cashier .

Mr.

Schuler was succeeded by Alden Anderson, who served from January 15 ,
1920, until July 7, 1924, when Charles E. and J. H. Wailes obtained control of the bank, at which time the last named assumed the duties of president, while his son, J. H. , became cashier.

They conducted the bank until

January, 1926 , when their stock was purchased by Louis Solari and Charles
Capifoni, who became president and cashier respectively. The present
officers are :

Louis Solari, president ; J. M. Schuler, and Peter Mugler,

first and second vice presidents ; Charles Capifoni, cashier ; and E. W.

HISTORY OF BANKING IN CALIFORNIA

363

Kennedy, assistant cashier . All except the last named are members of
the board of directors, on which W. R. Cook, Bob Casalta and W. P. Geisendorfer are also serving. The stockholders have received a regular dividend of ten per cent and the bank has a surplus and undivided profits of
eighteen thousand and fifty- nine dollars .

Its savings deposits have reached

one hundred and seventy-two thousand, three hundred and sixty-five dollars and the commercial deposits amount to two hundred and seventy- five
thousand, nine hundred and eighty-four dollars, while the assets of the
institution total four hundred and ninety-six thousand , four hundred and
nine dollars .
Mr. Solari, its executive head, was born in New York state and came
to California in 1903, locating in McCloud.

About 1914 he moved to Sis-

son and has since engaged in general merchandising. He is the proprietor
of the Mount Shasta Bakery & Grocery, also of the Solari Hotel , and is
one of the most successful business men of Sisson . Mr. Schuler, the vice
president of the bank, is the leading merchant of Sisson and one of its
largest property owners.

He was one of the organizers of the Bank of

Mount Shasta and its first president.
tion is made elsewhere in this work.

Of Charles Capifoni, cashier, men-

CHARLES CAPIFONI.
There is no nation that has furnished as many competent men to the banking
interests of California as has Italy, whose representatives have readily mastered financial problems and have done much to develop the banking business on the coast. Among
this number is included Charles Capifoni , now cashier of the Bank of Mount Shasta
( Sisson ) . A native of Italy, he came to America in April, 1902 , and located in Siskiyou county. In 1903 he established his home in McCloud, where he was employed until
1909 , when he removed to Sisson , where he remained for several years. He was
ambitious , however , to make rapid advance in the business world , and feeling that this
could be done if he possessed a more thorough and comprehensive education, he went
in 1915 to San Francisco, where he attended evening schools and the High School of
Commerce for two years. On the 12th of December, 1917, having put aside all personal and business considerations, he enlisted in defense of his adopted land and served
overseas for sixteen months during the World war , being honorably discharged on the
11th of June, 1919, at the Presidio in San Francisco .
Mr. Capifoni then returned home and worked for a year for the Pioneer Box
Lumber Company, during which period he saved enough from his earnings to enable
him to return to San Francisco and become a student in Heald's Business College on
the 11th of August, 1920. He was there graduated March 3, 1921 , having completed
the work of what is usually an eighteen months' course within a six months ' period.
In 1921 he returned and accepted his former position with the Pioneer Box Lumber
Company, with which he remained until the Bank of Sisson was organized and he
accepted the position of janitor and of bookkeeper. After three months, however,
he was promoted to assistant cashier and in January , 1926, purchased an interest in
the business and became cashier, thus seeing the fulfillment of a long cherished hope.
Fraternally Mr. Capifoni is connected with Sisson Aerie No. 342 , F. O. E.; with
Sisson Lodge No. 370 , I. O. O. F .; with the Druids Lodge No. 110 ; and with the Sons
of Italy at Weed . He is likewise adjutant of Kraft Post of the American Legion ; at
present is treasurer of the Odd Fellows lodge and also secretary of the Druids. That
he has been called to office in these various organizations indicates his interest and
his fidelity and the respect entertained for him by his brethren of these different
societies.

FINANCING AN EMPIRE

364

FIRST NATIONAL BANK .
Weed.
The First National Bank of Weed was organized in 1910 by the officials of the Weed Lumber Company and opened for business late in July
of that year with a capital of twenty-five thousand dollars .

The first offi-

cers were : G. X. Wendling, president ; C. E. Evans and S. O. Johnson,
vice presidents ; and J. M. Potter, cashier and secretary.

The first board

of directors comprised G. X. Wendling, S. O. Johnson , C. E. Evans and
C. E. Glidden .

S. O. Johnson resigned January 13 , 1914, and George A.

Musson was elected second vice president.

J. M. Potter acted as cashier

until April 3, 1914 , and R. P. Cornish was then elected to that office.

G. X.

Wendling continued as the executive head of the bank until April 5 , 1915,
when C. E. Evans assumed the duties of president, and at that time J. Musson and J. M. White became the first and second vice presidents.

C. E.

Evans resigned May 16 , 1916 , and G. A. Musson was elected president,
while J. M. White and C. W. Murphy were chosen as the first and second
vice presidents.

R. P. Cornish was cashier until June 18 , 1917 , when he

was succeeded by Roger Sherman.

On the resignation of G. A. Musson

on October 10, 1917 , J. M. White became president and W. H. King was
elected vice president. Roger Sherman acted as cashier until November 18,
1918 , and his place was filled by W. J. West, who served until January 9 ,
1923, when he was succeeded by H. E. Russ .

C. W. Murphy filled the posi-

tion of second vice president until October 2, 1923, when he resigned .

The

present officers are : J. M. White, president ; W. H. King , vice president ;
H. E. Russ, cashier ; and D. F. Collins, assistant cashier. The directorate
comprises L. I. Goodrich, W. H. King, M. H. Neimeyer, H. E. Russ and
J. M. White.
On October 30, 1922 , the capital was increased to fifty thousand dollars
from the earnings .

In addition to paying a regular dividend the bank has

accumulated a surplus and undivided profits of forty-two thousand, eight
hundred and fifty dollars, deposits amounting to one million , seventy- one
thousand, five hundred and fifty-five dollars and assets of one million , one
hundred and eighty-nine thousand, four hundred and six dollars .
The
bank is wholly dependent upon the lumber business, as the Long-Bell Lumber Company is the only industry in this community .

THE FIRST NATIONAL BANK.
Yreka .
The First National Bank of Yreka has won the distinction of being a
"roll of honor" bank. The institution was chartered April 28 , 1915 , having been organized by B. K. Collier, V. E. Warrens , Eugene Dowling, Roger
Sherman and Thomas Jones, who composed the first board of directors .
Mr. Collier was elected to the presidency, with Mr. Dowling as vice presi-

HISTORY OF BANKING IN CALIFORNIA
dent and Mr. Sherman as the cashier.

365

The bank was capitalized for fifty

thousand dollars and had a surplus of five thousand dollars at the beginning. Something of the successful methods of the institution is indicated
in the fact that a surplus of fifty thousand dollars has been accumulated,
with undivided profits of twenty-five thousand, nine hundred and four dollars, while an eight per cent dividend is paid annually.

Its deposits have

steadily grown each year with one exception since the bank was organized
and now amount to six hundred and thirty-three thousand, six hundred
and seventy-eight dollars, with total resources of eight hundred and nine
thousand, five hundred and eighty-two dollars.
The First National Bank of Yreka has become a "roll of honor" bank,
which means that it possesses surplus and profits in excess of its capital,
thus giving evidence of its strength and security .
Roger Sherman resigned the position of cashier January 10, 1917, and
was succeeded by Eugene Dowling, while V. E. Warrens was elected vice
president . Mr. Collier resigned the presidency September 12, 1917, and
Mr. Dowling bcame the incumbent in that position, while E. V. Harmon
assumed the office of cashier and has since been the active head of the
bank.

On the 11th of September, 1918 , Eugene Dowling resigned and

V. E. Warrens was elected president, the vice presidency remaining vacant
until January 1 , 1919, when Thomas Jones was elected to the office, continuing to serve until his death, January 13, 1921. On the 10th of January, 1922 , Miss B. M. Warrens was elected vice president and since January 9, 1924 , L. L. Wacker has been assistant cashier, while the present
board includes V. E. Warrens, B. M. Warrens, Susan R. Jones, Louis
Wacker and E. V. Harmon .

ERNEST V. HARMON.
Ernest V. Harmon is the efficient cashier of the First National Bank of Yreka and
is a native son of the city in which he still resides , his birth having occurred in 1881 .
He was educated in the local public and high schools and in business colleges. He
was employed in various capacities and in business for himself until January 1 , 1917,
when he entered the First National Bank as bookkeeper, while on the 10th of January, 1917, he was made assistant cashier and director. On the 12th of September of
the same year he was chosen cashier and has since been actively in charge of the
bank.

SISKIYOU COUNTY BANK
FIRST SAVINGS BANK OF SISKIYOU COUNTY.
Yreka .

The pioneer banking institution of Siskiyou county was that established by E. Wadsworth at Yreka in 1854 under the name of E. Wadsworth, Banker.

Later he was joined by his brother, H. Wadsworth, and

366

FINANCING AN EMPIRE

the firm style was changed to E. & H. Wadsworth .

This was continued

as a private bank until September, 1888 , at which time the Siskiyou
County Bank was incorporated, with E. and H. Wadsworth retaining an
interest in the institution . This bank was in existence until March 27,
1926 , when it was sold to the Liberty Bank of San Francisco and became
the Siskiyou Branch of that bank.
Upon the incorporation in 1882 J. Churchill was elected president and
Louis Huseman became vice president, while Fred E. Wadsworth, a son
of E. Wadsworth, was the first cashier, since continuing as the active
head of the bank .

Mr. Churchill resigned April 22 , 1907 , and Hudson

B. Gillis, the next president, served until his death on May 30 , 1907 , when
Fred E. Wadsworth was elected to that office . Mr. Huseman continued
as vice president until his demise on August 5 , 1889 , and his place was
filled by N. D. Julien .

H. B. Gillis was elected vice president October 5 ,

1893, following the death of Mr. Julien, and served until April 22 , 1907,
when he was succeeded by Fred E. Wadsworth, at which time H. C. Patterson was made cashier.

Mr. Wadsworth resigned May 30, 1907 , and

J. A. Julien, the next vice president, served until his death in July, 1909 ,
when J. P. Churchill was elected to that office, which he filled until the
sale.

H. C. Patterson retired December 3, 1920, and R. Lisle Holder was

made cashier, acting in that capacity until December, 1922, when he was
succeeded by K. S. Iffland , who served until the sale .
The authorized capital was one hundred thousand dollars, of which
sixty thousand dollars was paid in .

The remaining forty thousand dol-

lars was later paid up from the earnings and a surplus fund of one hundred thousand dollars created .

The bank paid regular dividends which

were never less than ten thousand dollars and frequently over fifteen
thousand dollars per annum , and undivided profits of over fifty thousand
dollars had been accumulated at the time of the sale.
The First Savings Bank of Siskiyou County was incorporated September 27, 1909 , with an authorized capital of one hundred thousand
dollars, of which thirty thousand dollars was paid in at that time, twelve
thousand dollars in 1916 , eighteen thousand dollars in 1917 and twelve
thousand dollars in 1919 , making a total of seventy-two thousand dollars .
The first directors were Fred E. Wadsworth, J. W. Churchill, Lillian
V. Julien, M. C. Beam, K. C. Gillis, E. C. Hart and Leonora C. Huseman .
F. E. Wadsworth was president until the sale and the other officers were
K. C. Gillis , vice president ; and James A. Thomas, secretary and treasurer. Claude E. Gillis was vice president from October, 1911 , until the
sale and K. S. Iffland was elected secretary and treasurer in October, 1920,
acting in those capacities until the bank terminated its activities as an individual unit.
The last statement of the Siskiyou County Bank, issued December 31 ,
1925 , was as follows :
Capital
Surplus

$100,000
100,000

367

HISTORY OF BANKING IN CALIFORNIA

50,000

Undivided Profits

507,068
680,974

Deposits
Assets

The following statement was issued by the First Savings Bank on the
same date :
$ 72,000
11,700

Capital
Surplus
Undivided Profits

1,420
798,544

Deposits
Resources

883,644

These institutions are now the First Siskiyou County Branch of the
Bank of Italy and Fred E. Wadsworth is discharging the duties of manager. F. F. Palmerlee is assistant manager and G. E. Trimmer and John
D. Myers are the assistant cashiers .

BANK OF DIXON.
The oldest and strongest bank in Dixon , Solano county, is the Bank of
Dixon, which has been in continuous operation for fifty-four years and
has always commanded the fullest measure of public confidence, due to
the wise and conservative management of its officers and directors . It
was established October 30, 1873, with an authorized capital stock of one
hundred and fifty thousand dollars , of which one hundred and forty-three
thousand dollars was paid in. The original organizers were S. G. Little ,
J. S. Garnett, James Millar, Edward Wolfskill , Hans Rohwer, James Porter
and D. B. Huff, but the bank later came under the control of J. S. Mayes,
Henry Petersen, J. S. Garnett and H. E. McCune.

Later the authorized

capital stock became five hundred thousand dollars , of which two hundred
and twenty-five thousand , nine hundred dollars was paid in .
The bank was first located on B street, in the building now owned by
Schulze & Company, Inc.

The records were subsequently practically de-

stroyed by fire, but the building remained almost intact and was repaired
and refurnished, being used by the bank until 1911 , when it was moved
into the new building, at B and First streets, which the bank had erected
at a cost of fifty thousand dollars and which is fireproof throughout .

the early days of banking here but few checks were used, nearly all transactions being in cash, and the cashier made up his books once a week. The
bank issued or made few notes, the principal indebtedness being in overdrafts, on which the bank charged nine or ten per cent interest.
The presidents of the Bank of Dixon, in order of succession , have been
James Millar, S. G. Little, James Millar, J. C. Merryfield , S. G. Little, J. H.
Petersen, and Dr. L. P. Hall , who is now serving in that capacity . The
cashiers and secretaries have been H. B. Sheldon, A. J. Kasten, each of
whom served but a short time, R. Harkinson , J. H. Rice, who served for

368

FINANCING AN EMPIRE

over thirty years, and R. Moss, who has served since November, 1924.

the time of the erection of the present building , in 1911 , the officers and
directors were as follows : J. H. Petersen, president ; H. E. McCune, vice
president ; J. H. Rice, cashier ; R. Moss , assistant cashier ; C. E. Clausen,
W. H. Garnett, E. D. Dudley, Dr. L. P. Hall and R. J. Currey.

The total

resources at that time were six hundred and twenty-five thousand dollars.
The present official roster of the Bank of Dixon is as follows : Dr. L.
P. Hall, president ; R. S. Currey, vice president ; R. Moss, cashier and secretary ; J. M. Cowden, assistant cashier ; Miss R. Little, a granddaughter
of S. G. Little, an early president, assistant cashier ; J. H. Petersen, farmer
and son of the original director ; R. S. Currey, farmer and son of R. J.
Currey, a former vice president ; H. G. Brown, sheep raiser ; W. H. Garnett, a retired rancher of Los Gatos ; Henry Peters, sheep raiser and son
of an early stockholder ; and E. D. Dudley, farmer.

The present resources

of the bank amount to nearly one and a half million dollars .

L. P. HALL , M. D.
Among the honored and respected residents of Dixon is Dr. L. P. Hall, who for
many years was actively engaged in the practice of medicine here but since 1915
has devoted his attention to the interests of the Bank of Dixon, of which he is president. Earnest motives, strict integrity and a high type of business ability have characterized his career and he stands today among the leading men of his community.
Dr. Hall was born in Sonoma county, California, on the 25th of January, 1876, and
is a son of William P. and Augusta P. ( Corey) Hall . His father came to California,
by way of the Isthmus of Panama , in 1856 , and engaged in ranching ; while his
mother, who was born in Canada, just over the line from Vermont, came to this state,
by way of the Isthmus, in 1857 , and her family also engaged in farming.
L. P. Hall secured his elementary education in the public schools of Petaluma,
Sonoma county, and attended the University of California one year. Having determined to devote himself to the healing art, he entered the Cooper Medical College,
San Francisco (now the medical school of Leland Stanford University ) , and was
graduated , with the degree of Doctor of Medicine , in 1897. In 1898 he located in
Dixon, where he was actively engaged in the practice of medicine until 1915 , when he
was elected president of the Bank of Dixon , of which institution he had become a
stockholder and director in 1907.
In 1900 Dr. Hall was united in marriage to Miss Matilda A. Petersen, of Dixon,
whose family had come to this locality in the ' 50s and had devoted themselves to farming pursuits. To Dr. and Mrs. Hall have been born two children : Marie, who was
graduated from the University of California in 1923 ; and Kathleen, who is attending
high school. Dr. Hall is a member of the Ancient Free and Accepted Masons and the
Nobles of the Mystic Shrine, while his religious connection is with the PresbyterianBaptist united church. He is a republican in his political views and has served as a
member of the high school board for twelve years. A man of strong individuality
and sterling character, he commands the respect and esteem of all who know him.

R. MOSS .
One of the strongest factors in the splendid prosperity which has marked the
career of the Bank of Dixon has been its cashier , R. Moss , who has shown a high type
of business ability in his management of its affairs. A native of England, he was
born on the 25th of January, 1875. He received his educational training in parochial

HISTORY OF BANKING IN CALIFORNIA

369

and private schools at Bath and then taught school for one year. At the end of that
time he went to work as an apprentice in the office of the Bath Herald, remaining four
years, after which he went to London and for two years was employed on a trade
journal, the Publishers' List. For about a year he was engaged in business on his
own account and then came to California. For a year or so after arriving here he
worked on a ranch, after which he was employed as a bookkeeper in a country store .
He then bought the Dixon Tribune, which he published for three years, at the end of
which time, in 1906, he accepted the position of assistant cashier in the Bank of
Dixon, subsequently becoming cashier, which position he still holds. He has devoted
himself closely to the interests of that institution, which is numbered among the
leading banks of this part of the state, and he commands the confidence and respect
of all who have come in contact with him.
In 1902 Mr. Moss was united in marriage to Miss Amelia C. Peterson, a member
of one of Dixon's old and well known families, and they are the parents of two children, Ralph, who attended the State Agricultural College , at Davis, and Evelyn , who
is at home. Mr. Moss has been a stanch republican since coming to this country and
has taken an active interest in local public affairs. He served several years as a
member of the town board of trustees, four years as mayor and ten years or more
as a member of the school board, in all of which positions he showed a close devotion
to the public interests. He is a member of the Ancient Free and Accepted Masons ,
being a past master of his lodge ; has attained the degree of Knight Templar, and
belongs to the Nobles of the Mystic Shrine. He is county treasurer of the Boy Scouts
of America, in which organization he has manifested an effective interest, is treasurer
of the Community Council and has in every possible way contributed of his efforts
and influence to the betterment of the town. He is president of the local United
Protestant church and stands for the best things in public and private life. For these
reasons, as well as for his splendid personal qualities, he is deservedly held in high
esteem by his fellowmen, who appreciate his genuine worth as a man and citizen .

FIRST NATIONAL BANK.
Dixon .
High on the list of the successful and influential financial institutions
of Solano county stands the First National Bank at Dixon, which has
enjoyed a steady and continuous growth through the seventeen years of its
existence, due to the wise and conservative methods of its officers and directors, as well as to the fact that it is owned by local interests .

The bank

was organized in February, 1910, as the Northern Solano Bank, with a
paid-in capital stock of fifty thousand dollars, and at that time combined
both commercial and savings features. The original officers and directors were as follows : H. R. Timm, president ; R. E. L. Stephens, vice
president ; H. L. Bissell, cashier ; A. C. Madden, assistant cashier ; J. S.
Hill, W. R. Madden , J. J. Clark, E. R. Watson, J. D. Grady, W. J. Weyand
and E. D. Lehe.

In December, 1911 , the commercial and savings departments were separated, the former being organized under the name of the First National
Bank, with a capital stock of fifty thousand dollars, and the latter as the
Northern Solano Savings Bank, with a capital of twenty-five thousand
dollars , which, in 1921 , was increased to fifty thousand dollars . At the
time of organization the bank officials bought land at First and B streets

370

FINANCING AN EMPIRE

and erected the building now occupied by the bank, and which also includes several store rooms. Mr. Timm remained at the head of the institutions from their organization until his death, in 1917, when he was succeeded by E. R. Watson , who served until 1923, when P. M. Doyle was
elected to that position and is still serving.

R. E. L. Stephens has served

continuously as vice president throughout the history of the bank . H. L.
Bissell served as cashier from 1910 to January, 1916, since which time
A. C. Madden has filled the office.

The present board of directors is com-

posed of the following well known men :

P. M. Doyle, sole owner of Doyle

& Davy, certified milk ; R. E. L. Stephens, insurance ; W. R. Madden,
farmer ; J. L. Kilkenney, farmer ; W. J. Weyand, miller ; J. P. Thomsen,
farmer ; J. J. Clark, insurance ; S. Grady, merchant, and Otto Eggert,
farmer.
The first dividend of six per cent was declared in January, 1911 , and
has never been passed at any dividend period , the present rate being eight
per cent. The present bank property represents an investment of about fifty
thousand dollars and the building is well adapted to the requirements of
the two institutions . The total resources of the First National Bank at
Dixon and the Northern Solano Savings Bank amount to well over a million dollars, and they are regarded as among the best banks in this part of
the state.

A. C. MADDEN.
A. C. Madden, the capable and popular cashier and manager of the First National
Bank of Dixon, has been a lifelong resident of this city and is numbered among its
progressive and public-spirited men . He was born here in 1889 and is a son of
J. R. and Mary ( McFadyen ) Madden , both of whose families were numbered among the
very early settlers in this locality. The paternal grandfather had come here first
in the early ' 50s, and in 1860 he and his son , J. R., permanently located here , ( having
come across the plains ) and engaged in ranching . The McFadyens also became farmers and stock raisers .
A. C. Madden attended the public schools of Dixon , graduating from high school ,
and then entered the College of Commerce of the University of California, from which
he was graduated in 1911. On his return home he accepted a position as assistant
cashier of the First National Bank, with which institution he has been identified continuously since. In 1916 he was promoted to the position of cashier and active manager and has been an important factor in the successful operation of that institution.
In 1913 Mr. Madden was united in marriage to Miss Grace King, who also is a
native and lifelong resident of Dixon , her family having located here in an early day
and having been prominently identified with the ranching interests of this community.
To Mr. and Mrs. Madden have been born three children, Judson , Marjorie and Marian .
Mr. Madden is a democrat in his political views and is a Presbyterian in his religious
faith . He is a member of the Ancient Free and Accepted Masons, in which he has
attained the rank of Knight Templar ; the Nobles of the Mystic Shrine, and the Benevolent and Protective Order of Elks . Courteous and accommodating in manner, and a
stanch supporter of every measure for the advancement of the public welfare , he has so
lived as to command confidence and respect and is regarded as a distinct asset to his
city and county.

HISTORY OF BANKING IN CALIFORNIA

371

BANK OF RIO VISTA.
In the prosperous and attractive town of Rio Vista, Solano county, is
located the Bank of Rio Vista, one of the best in this section of the state,
which during its twenty-three years of existence has had a splendid record ,
reflecting creditably on the wise and judicious polity of its officers and
directors . Prior to 1904 , in the absence of banking facilities, the people
of Rio Vista were at a disadvantage in the way of a place to keep their
money and valuables, and frequently Sullivan & Larsen let people use their
safe and vault for that purpose, the deposits of money sometimes running
as high as twenty-five thousand dollars or more. In response to this apparent need, on April 1 , 1904, L. P. Larsen, R. D. Robbins, and Peter Cook
became the prime movers in the organization of the Bank of Rio Vista,
with a capital of fifty thousand dollars , of which twenty-five thousand dollars was paid in .

The bank has been in continuous operation from that

time to the present and has enjoyed a steady and satisfactory growth, its
present resources being over one and a half million dollars .

The first presi-

dent was L. P. Larsen, who served until September 8 , 1920, when he was
succeeded by the present incumbent, Alden Anderson .

The first vice pres-

ident, R. D. Robbins, was succeeded by Peter Hamilton, after whom came
D. McCormack, who now holds that position.

Horace G. Perry was the

first cashier, followed by J. W. Hamilton, L. P. Dodson , Bruce Greig and
L. E. Mitchell .

The first board of directors were L. P. Larsen, R. D. Rob-

bins, Peter Cook, Ben Fleischer, W. B. Pressley, George H. Butler and
Peter Hamilton .

The present official roster is :

Alden Anderson , presi-

dent ; Dan McCormack, vice president ; Fred E. Mitchell, cashier ; directors, Alden Anderson, Wyatt H. Allen, H.

Full text of Financing an Empire : History of Banking in California : Volume 4

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