THE FIRST NATIONAL BANK - 1914

FULTON, SCRIBNER, BURROUGHS, CORBETT, WHITMORE, SANFORD, LATON, SULLIVAN, RODMAN, WEART

Posted By: Colette Miles (email)
Date: 6/26/2009 at 18:24:46

HISTORY OF
Cherokee County
IOWA
VOLUME II
ILLUSTRATED
CHICAGO
THE S. J. CLARKE PUBLISHING COMPANY
1914

THE FIRST NATIONAL BANK.

There is probably no institution of a business nature in Cherokee or Cherokee county, Iowa, which has had a greater influence upon the development either agricultural or industrial of the district than The First National Bank of Cherokee. For over forty years this establishment has been in operation and during all of the time has done its part toward promoting the growth and expansion of the region. Not only has it taken care of the savings and earnings of its customers but it has helped along agricultural development and industrial growth by wisely extending credit where such credit was needed and deserved. The First National Bank, while ever careful in its investments and considering first the safety of its depositors, has on the other hand always been progressive and has therefore been a strong force in promoting general interests. It was established in 1872 and in 1883 its national charter was granted, so that it now has been a national institution for over thirty years. In 1903 the national charter was renewed, having expired by limitation on the 11th day of August of that year, and from that date is now in force for another period of twenty years. The bank was started in 1872 by Mr. Fred R. Fulton, who was most successful in its launching and who died in Chicago a few years ago. His partner was Mr. R. H. Scribner and the name of the firm was Fulton & Scribner, Bankers, the location then being in a small frame building on the present site of the Lewis Hotel. Mr. Scribner remained in connection with the bank and was cashier of the institution up to the time of his death, August 8, 1913. He was an able and farsighted financier and had ever at heart the highest interests of the establishment. In 1875 the present banking house on the opposite corner from the Lewis Hotel was erected. In 1873 Mr. Fulton had sold his interest in the business to N. T. Burroughs and Corbett & Whitmore, and in 1874 Mr. Burroughs acquired the interest of Cor bett & Whitmore, the firm name being changed to Scribner, Burroughs & Company. W. A. Sanford joined the establishment in 1876 and Cornelius Sullivan in 1881. The former now is president of the institution, bending his abilities to executive control. In 1883 the private bank gave way to a national institution, being organized under United States supervision, with N. T. Burroughs as president; W. A. Sanford as vice president; R. H. Scribner, cashier; and Cornelius Sullivan, assistant cashier.

The roll of honor of the national banks of the United States is a table prepared by the New York Financier from statements made by the comptroller of the currency. To secure a place on the roll of honor a banks surplus and undivided profits must be equal to or in excess of its capital stock. A banks numerical order on the roll is based on its percentage of surplus and profits to capital. According to the last annual report of the comptroller of the currency, there were seven thousand three hundred and ninetyseven banks in operation under national charters. Of these only one thousand four hundred and seventytwo are entitled to places on the roll. This means that less than twenty banks out of every hundred are rollofhonor banks. The First National Bank of Cherokee, Iowa, stands the four hundred and tenth bank on the roll of honor. It is the fifth bank in the state on the roll, and the first in Cherokee county.

For twentynine years after the bank had become one of the great chains of national institutions there was no change in the official staff and but one change on the board of directors. The bank has even kept abreast with the growth and development in the great agricultural state in which it is situated, or, more truly it may be said, has been one of the leading institutions to bring about that growth. It has at all times lent its aid and encouragement to this development and its officers have ever been ready to assist any legitimate enterprises which would make for the upbuilding of the community. Its policy has always been to care first for its customers and this method has made for it many true and lasting friends. The first person to come into the bank and start an account when it opened for business in 1872 was David Laton, (Rockey), who continued his relations with the institution up to the time of his death or over thirty years, after which time his estate continued the account, which now stands in the name of his son. Therefore this account has been active on the books of the bank for more than forty years.

The confidence reposed in The First National Bank of Cherokee and those who represent it is unbounded and justified by its many years of conservative yet progressive management. Its men are of the most substantial worth and in themselves pillars of strength in the life of the community. The present officers of the bank are: W. A. Sanford, president; Cornelius Sullivan, cashier; R. G. Rodman, assistant cashier; N. T. Burroughs; James F. Weart: and Carlton Corbett.