Vashon Island news-record. [volume] (Vashon, Wash.) 1919-1954, 1931-03-26
Early History
OF Local Bank

the Vashon State Bank opened up for
business on Vashon Island. Banking
quarters were established in the build
ing now occupied by Ed Mace's garage
at Vashon. The move had been care
fully studied by MIR. Terkel Hansen
from his knowledge of Vashon Island
and by consultation of banking friends
in Seattle. 1t was evident at once that
there was ample need for banking
service here and the bank has made
a steady growth from the first. While
operating in the Mace building the
bank kept Its books and currency in
a large iron safe. The safe had been
shipped from Seattle on scow and
then placed on large mill truck and
taken to the banking quarters. 1t
took half day to move 1t into place
in the building. A few years later
when the building caught on fire the
safe and all the fixtures were moved
out in the street in about half an hour
which seemed to indicate that the
way to move such bulk was to build
fire.
During its formative years the
sound policies Of the bank were estab-
lished One of the first policies to be
laid down was this bank shall be
operated first for the safety of the
depositors." The depositor's dollar
must be considered as a sacred trust.
The twenty-five years of this banks
success has been founded en- that
principle and will contine to be oper-i
ated ON that ELAN
The bank having taken its place in
the community and being definitely
established Mr. Hansen and his direc-
tors felt they should build building
which would be designed to better
serve the needs. The present banking
home was built in 1911 under plans of
the same architect that planned the
present Vashon grammar school.
The bookkeeping YORK was all done
in long hand to begin with and an
adding machine was an unheard of
luxury. The volume of business grew
and it was finely determined to invest
in an adding machine. The books,
however, continued to be kept by hand
for several years more. Mr.. Hansen
did all the clerical work with the help
of his son, Howard, who assisted after
school and on Saturdays and vaca-
tions, besides looking after. the invest
ments While this meant very close
application, Mr.. Hansen was so in
terested in the new institution that he
never considered that he was tied
down to the job.
Since that time many modern i'm
provements have been added. First
a burglar proof manganese money
safe, then automatic bookkeeping ma
chimes.
Methods we're studies constantly for
improving the banking service of to
the community, until today the bank
offers a complete and efficient organ
ization for all types of financial needs.
The working force in the bank
represents strictly an Island product.
Kenneth Bowling native born son,
spends his hours after school and
when school is not going in the bank
posting ledgers and being general use
full.
Roswell Johns the assistant cashier,
grew up on the Island and supervises
the posting and paper work of the
bank.
Ralph Steen, the cashier, was born
on Vashon Island and besides know
ing the banks customers well has
taken to the banking business with a
will.
Howard Hansen pioneered with his
father in the earliest part OF the
banks history and learned well the
lessons of conservative bank operation
under him. Added to that he has
three years experience with the First
National Bank of Everett and five
years as deputy supervisor of banking
On the board of directors with Mr.
Hansen ara Mr. L. G. Beall, Jr., and
Mr.. A. Ray Smith. Mr.. Beall, one OF
the leading poultry experts in the
country, gives of his time unstintingly
in passing on loans and general
policies Of the bank. Mr.. Smith, ar
attorney for many years ASSOCIATED
with one OF the banks in Seattle as
their chief counsel. gives the bank Of
his fund of legal and business expert
ence.
In rounding out the twenty-secont
year Of the banks history and looking
forward, Howard Hansen, now presi'
dent OF the bank says, I'VE believe
that our past experience conclusivell
points to the wisdom of continuing