South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-11-20
Million Dollar Bank Merger in City



Indenbly linked with the history
bank. which during tho War OF The
Rebellion opened lts doors for bust
ness. It was Sept IS. 1863, that SIX
men, now dead, conceived the idea
that south BEND should have Us own
OF South Bend - the First National
financial Institution. The city then
lacked much OF being a city
Charles y. Culver. Franklin, Pa.
Thomas s. Stanfcld. John A Hen
bricks. John Reynolds. Ransom
Hubbard and Ethan S. Yenolds were
those whose foresight led them 20
believe that q bank On South Bend
would not only prosper but would
AFFORD a great service 20 the COM
munity OF people along the s.. JO-
seph river
on Nov Is. 1859. the Hon. Hugh
Mccullough. then controller of the
currency. authorized the First Ma
ticnal bank OF South Bend 20 begin
business ia accordance with the Ma
uonal bank act raised but a short
time prior thereto.
The original officers OF the First
National were Thomas S. Standeld.
president. Ethan s. Reynolds. cash
fer. Tho original directors were
John Reynolds, John A. Hendricks
Ransom Hubbard. Mr. Reynolds and
Mr.. Standeld. The bank was incor-
porated FOR 100000 and the stock
IN the institution was vested IN the
hands OF the original six men who
formed tho first corporate body OF
stock oIdarg
Increases Capital in 1853.
In December. 1868. the same year
as its organization and foundation,
the directors voted 20 increase the
stock $4,000. making Il a total Of
$4,000.
The new stockholders taken IN at
that time included John II. Harper.
John G.. Lindsey L A. 9. Lindsey
VIM Miller. Amanda NJ. Leland. Will
lam Miller. c. w. Guthrie, A. G.. and
W. F. Gushing. Schuyler Colfax Caft-
erwards vice president OF the United
states). John Greene Of Greene
township, =. T. Blodget. J. r. Rod
gers Carlton Wadhams. p. Greene,
Alvin s. Dunbar. Aaron A Webster.
Elizabeth Miller. Jackson Greene
The bank was opened for busl-
ness IN the old ST. Joseph block.
the location OF which was about
where the Western Union Tele-
graph offices are now located There
the business was conducted until a
disastrous fire occurred in the spring
OF 1855. The fire destroyed prac-
ticaUy all the banks fixtures. and
the heavy safe fell through the floor
20 tho basement The safe and all
records were not damaged by the
IRE
The bank was then reopened for
business on s. Michigan ST. about
where the Herr and Herr Co. IS now
located Subsequently the bank
moved 90 Michigan ST. and Colfax
av. which quarters were occupied
for years. The bank bought the
property there. II was owned by the
bank OF the state OF Indiana and
the sum Of Stl 900 was raid for the
ground and Improvement. It was a
fabulous sum for property in that
day. The furniture and fixtures were
included In the purchase price.
Moves 10 oliver Hotel
The bank operated at that location
until 1900 At which time It moved
90 its present quarters in the Oliver
hotel building In 1870 the capital
stock OF the corporation was re-
duced 80 percent. II was deemed.
necessary al that time IN order 20
effect saving I'm taxes 90 loan larg-
er amounts 20 mercantile houses tust
developing and which needed en-
enlargement, and 90 stimulate the
business Interests OF tho city. The
capital stock OF $50. 900 was re-
duced 20 100000 at which figure
4 remained until April. 1920 when
the bank cut big melon.
The various presidents or the
bank from its inco -poTation follow
IN the order IN which they served
Gs the head OF the institutions
Thomas a Stanhcld. John A. Hem
bricks. John r. Foster Lucius Hub
bard. Q. A. KimbIe and Arthur Ia
Hubbard.
The cashiers OF the bank have
been. r. s. Reynolds. Charles T.
Guthrie. John r. Lindsey. @. A.
Kimble and Charles t. Zigler Mr..
Zigler was elected fin 1910 and has
held that Office ever since.
An interesting commentary upon
the earning power Of the institution
and which shows the foresight Of
the original incorporates is the fact
that he bank has never SKIPPED a
dividend. From the date Or it, lncor-
poration &c had paid OUT of fits earn
tngs 90 stockholders the sum OF 81
1s1.ls2.71 I'm dividends
IN April 1920. The bank paid
dividend OF 100 percent 10 stock
holders which was used by them 20
buy additional stock. The hank sur
Plus and undivided profits I'm 1920
we're approximately S1c9. 600 The
surplus and undivided profits today
are IN excess Of $500. 600.
Present Omcers.
The officers OF tho First National
bank were A. T. Hubbard. prcs.-
dent; = VI S,udebaker. fr vice
president. Charles T.. ZIeIer. cashier:
Q. J. Whltmer. assistant cashier. j.
II. Busby, assistant cashier
The banks directors included: f.
=. Badet j. Il. Hauchton. ]. e.
Ellsworth. A I. Hubbard. A. c..
Rumpf r. c. Stephenson. J. NJ
Studehaker. jr. charles T. Z.gIer.
Trust CO. Starts I'm 1908.
The Union Trust CO was opened
for business on July 2. 1905. with
an authorized capital stock ~ $50
600. AZ its Inception the institution
had surplus OF $12500 al fully
paid
Tha harL- v-as erst r,~,+o7 -.t--,