The Litchfield National Bank

The Litchfield National Bank
The Litchfield National Bank

THE LITCHFIELD NATIONAL BANK was organized in 1907 as a state bank under the name of First State & Savings Bank. Its officers were M. Morrison, President; J. W. Kidd, Vice-President; and M. W. Snell, Cashier. Its original capital stock was 500 shares, and the number has never changed.

It continued as a state bank until September 19, 1911, when it converted to a “National Banking Association” and a charter was issued by the United States Government. The Directors at that time were M. Morrison (president), J. W. Kidd, Edson Pound, Herb B. Herrick (cashier), Chas. A. Tolle, Thomas T. Lackey, William Wilton, and Paul McWilliams. Later Mr. T. T. Lackey became president, Charles E. Morgan, vice-president and Hugh Hall, cashier. Upon the resignation of Mr. Lackey, Mr. Morrison was elected president, who served until his death in 1928, at which time Mr. H. B. Herrick became president, he being followed by Chas. J. McBride. In January, 1935, Mr. L. W. Cline was elected president, occupying this position until his death in 1945, at which time Mr. Harold Fleming was elected president and continues in that capacity.

The bank has maintained a steady and continuous growth through the years. In 1947 it became necessary to enlarge the working quarters. The interior of the bank was remodeled, a new director’s room was built in the basement, and the entire building was airconditioned, this bank being the first bank in our city to have this convenience.

In 1949 more remodeling was done, modernizing the fixtures and increasing the tellers' windows from three to five. A new modern lighting system was installed. In 1952 a new 24-hour depository was installed for the convenience of its many customers. It has also increased the number of its safety deposit boxes from 250 to 498.

The present officers of this bank are Harold Fleming, president, who has been associated with the bank since April 1, 1931. Mr. Murray L. Shrader is vice-president, his association starting in 1933. Mrs. Edith F. Koval is the cashier, who began her duties as bookkeeper and stenographer in March, 1920; Mr. Maynard F. Moore is assistant cashier, having started as bookkeeper on March 1, 1937. Others are William M. Cassity, teller; Erma L. Watts, bookkeeper; Orva W. Ernst, bookkeeper; Dorothy Dittus, stenographer, and Arthur Johnson, janitor.

This bank does a general banking business, handles loans on real estate, having enabled many G.I.’s to purchase their own homes, in addition to all other kinds of loans.

Since the organization of the bank there has been a total of $100,250 cash dividends paid to the stockholders on the 500 shares of capital stock.

As a comparison, on December 31, 1912, the total assets of this bank were $291,520.55, and on December 31, 1952, the total assets were $4,375,676.75. On December 31, 1912, the total deposits were $176,634.43, and on December 31, 1952, they were $4,158,735.16, which shows the growth of this institution through the years. The surplus, undivided profits and reserve accounts were increased during the period mentioned above from $10,143.45 to $166,941.59.

Special mention should be made of Mr. Dale Graham who commenced his banking career in this bank, leaving here in 1916. He is now president of the National Bank of Commerce, New Orleans, Louisiana. Mr. Frank G. Paden also served this institution as assistant cashier for a number of years, leaving here in 1919 to become a National Bank Examiner. He is now located at Rosedale, Mississippi. Mr. Geo. A. Hall and C. A. Sinclair, prominent local citizens, were former employees of this bank.

Members of the present Board of Directors are Harold Fleming, Murray L. Shrader, Maynard F. Moore, F. E. Bailey, and Henry L. Schmidt.

It is, and has been the earnest desire of the officers, directors, and employees of this bank to serve each and every customer faithfully and well, thereby earning and deserving its slogan, “The friendly bank in the middle of the block.”

Taken from: Litchfield Centennial Book 1853 ~ 1953

1 view0 comments

Related Posts

See All

Jeff Dunn

Vice President

Historical Society of

Montgomery County

Advisory Board

Illinois State

Historical Society