Mills County, Iowa

Silver City Community History
1879 - 1979

BANKS

SILVER CITY STATE BANK

One of the most important business houses of any town is its banking establishment. Silver City can boast of one of the best in the state. The first bank established in Silver City was in the summer of 1881 by John Hanson & Co. of Glenwood under the management of W.B. Oaks.

On June 4, 1883 the Silver City State Bank was incorporated by John VanKirk, J. A. Frazier, C. G. Greenwood. W. G. Moore, H. Ouren, J.P. Fall, H. U. Benton, J. J. Taylor, W. B. Oaks, Chris Plumer, H. H. Huffaker, D. F. Smith, C. Davis, F. F. Deitchler, Leo Jurgens and Etta Chapman.

On November 11, 1891 the bank building was destroyed by fire and on the 12th the directors met and decided to erect a brick building, which is the present building and is one of the best in the state for the size of the town. The first floor also contains an apartment of rooms used by several of the doctors in our town over a period of years. The second floor houses the home of the I.O.O.F. and Rebekah Lodges. The Bank was burglarized October 14, 1920. As a result they had to buy a new safe.

In 1968 the charter of the Silver City State Bank was sold, and the name was changed to Mills County State Bank. Although located in Glenwood, a branch office was maintained in Silver City. The present bank building has been sold, and in the spring of 1980 a new bank facility will be constructed.

THE FARMERS STATE BANK

The Farmers State Bank was the second bank to be organized in Silver City and was promoted by WB. Oaks and a group of business men and farmers. It was chartered by the State and opened for business in Sept. 1909. The first board of directors consisted of seven members who were: WB. Oaks, F. H. Plumer, William Burgoin, J. G. Flanagan, John Parker, Harry Maddocks and R. M. McKenzie.

W. B. Oaks was an experienced banker who had previously been associated with the Silver City Bank. His death occurred very suddenly within two months after the bank had opened for business. Clyde Rynearson was assistant cashier and following Mr. Oaks death, Mrs. Oaks also became an assistant at the bank and these two officers were in active charge until Mr. Rynearson resigned in March 1911. Mr. C. H. Patterson then became cashier followed by C. G. Cater from June 1913 to Dec. 1916 when he resigned to engage in business in Colorado. R. P. Gait was elected cashier to commence work January 1, 1917 and continued in that position until consolidation of the banks as shown later in this sketch. During these years other assistants and employees of the bank were: James Mosley, Lena Bada, Macile Moore, and C.A. Maddocks. F. H. Plumer was the first President of the bank, holding that office until May, 1913. He was followed by William Burgoin who was Pres. until Jan. 1913 when J. G. Flanagan was named as president, he continued as such until the consolidation in 1935.

During these years the bank showed a steady and profitable growth and had taken an active part in promoting the business and agricultural interest of the community and had during the war years actively assisted the Government in its loan and credit drives.

Owing to the depreciated business and low income of banks during these years, the State Banking Department following a policy of consolidating banks in smaller communities, of after another year or two of operation, with the help of the banking department, a plan for the consolidation of the Silver City banks was completed in June 1935. The business was continued under the name of the Silver City State Bank as at present. During this year of 1953 the State charter of Silver City Bank has been renewed for another 20 years period and further growth is anticipated. By R. P. Gait

~submitted by Roseanna Zehner & Darlene Jacoby