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Litchfield Bank and Trust Company

Litchfield Bank and Trust Company
Litchfield Bank and Trust Company

The history of this bank goes back to 1868, when a man by the name of Nathan Kenyon came here from Brockfort, New York, and opened a bank with a capital of $20,000 in the place now occupied by Farquhar's Clothing Store. Part of the stock was held by local people and part by Eastern capitalists. A Mr. Wells of Massachusetts was the Cashier. In 1869 local businessmen purchased the Eastern holdings at the Litchfield Bank, as it was called. It was reorganized under the title of Beach, Davis and Company and moved to the present location of the Litchfield Bank and Trust Company, corner of State and Ryder Streets, with the late David Davis, Sr., as Manager; Col. Delos Van Deusen, Cashier, H. H. Beach and George M. Pomeroy as members of the firm.

Those associated in the bank at the time were Dan C. Amsden, P. B. Updike, George Raymond, and Mrs. Elvira Brock of Jacksonville, the latter being an aunt of Mrs. Estelle B. Davis. In 1873, the late M. M. Martin became identified with the bank, and in 1890, Mr. Davis disposed of his holdings and the bank was reorganized under the title of Beach, Martin & Company, with Col. Van Deusen as Cashier. In 1895, Mr. Beach retired and the bank was again reorganized under the name of M. M. Martin and Company, with M. M. Martin as Manager, and Col. Van Deusen as Cashier.

On September 3, 1902, the bank was reorganized - this time as a State Bank, under the present name of the LITCHFIELD BANK AND TRUST COMPANY, with a capital of $100,000, and with D. O. Settlemire as President, Frank R. Milnor, Vice-President, and Charles E. Morgan, Cashier. When Mr. Settlemire died in 1908, Mr. Frank R. Milnor became President, and served until his death on June 7, 1938. Upon this reorganization in 1902, the first savings department in Montgomery County was installed, and the original bank building was remodeled. The present building is a result of another remodeling in 1926.

Among the men who have served as Presidents of the Litchfield Bank and Trust Company since its incorporation in 1902, have been: D. O. Settlemire, Frank R. Milnor, E. B. Appleton, George L. Settlemire, Walter Holderread, W. W. M. Davis, and Leo C. Schalk.

The Litchfield Bank and Trust Company celebrated its 50th anniversary last year - 1952. Mr. Leo C. Schalk retired as President in February of 1953, after having served more than 50 years with the bank. The bank has a capital account, in 1953, of $223,000, deposits of $3,313,000, with totals of three and one-half million. It operates a savings department, safe deposit box department, and all phases of banking, together with the only Trust Department in Montgomery County.

The present officers of the bank are Walter Holderread, President; Homer R. Saegesser, Executive Vice-President; Clyde M. Brubaker, Vice-President; Harry W. Butler, Cashier; Arnold R. Birkenkamp, Assistant Cashier; Gladys L. Dey, Secretary; and Erma V. Nelson, Trust Officer; with Betty Farrar Nail and Marilene Eickmeyer as bookkeepers. Directors are Dr. F. C. Blackwelder, Edwin Buske, Clyde M. Brubaker, Harry W. Butler, Frank P. Hanafin, Walter Holderread, D. R. Kinder, and Leo C. Schalk.

Taken from: Litchfield Centennial Book 1853 ~ 1953

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