of
Muscatine County Iowa
1911
| History of Muscatine County Iowa 1911 | |
Source: History of Muscatine County Iowa, Volume I, 1911, pages 400-401
GREENE & STONE, BANKERS. The private bank of Greene & Stone was the first concern of its kind in Muscatine and was started early in the year 1851, by Joseph A. Greene and George C. Stone, both of whom had formerly been engaged in buying grain, packing pork and general merchandising. Joseph Greene came to Muscatine in the '40s from Vermont and opened a store under the firm name of Enders & Greene, which was later changed to Greene & Stone. He became very prosperous, was one of the men who laid out the towns of Wilton and Letts, erected the first frame structure in the last named place and owned several farms in that vicinity. He was enterprising and fearless,--a town builder, erecting a number of business blocks in Muscatine. He dealt largely in real estate and raised many fine horses, for which he had a decided predilection. One of his blooded equines was the noted "Greene's Bashaw."
The bank was opened in a small frame building, later the site of F. W. Swan's store. The business room was about fifteen feet square. The safe was an ordinary affair, its contents being secured from intrusion by a lock, the bolt of which was shot into a socket by the turning of a key. Time locks were undreamed of in those primitive days. Later, the firm erected a brick building for the bank on the south side of Second, between Iowa avenue and Chestnut, and placed therein a "fire and burglar proof" saŁe, a very pretentious venture at that time. And the bank prospered until the panic of 1857, when it was compelled to make an assignment, the first and only bank in the history of Muscatine that failed to meet its obligations--a financial record any city can well be proud of. This wound up the affairs of the banking firm of Greene & Stone.
Like in all new, undeveloped communities, Muscatine county for the first several years of its existence had a greater fund of hopes, ambition and determination than ready cash, with which to carry on the various enterprises of her hardy and practical settlers. Money ,--real money, certainly was a scarce article in those strenuous days and difficult to obtain. County orders largely were the prevailing currency and legal tender in the community for all debts, public and private. The first one of these orders, drawn upon the county, was in favor of T. M. Isett, October 5, 1837. "Colonel" Isett had come to Muscatine when a young man, bringing with him some money. Having a faculty for accumulation, he soon became of prominence in "money circles" of the embryo city, and, early in the '50s, associated himself with William C. Brewster, in the formation of a banking concern, under the name of Isett & Brewster. Later, and prior to 1865, the firm name was changed to the Merchants Exchange Bank and in September, 1865, the concern opened its doors for business as the
FIRST NATIONAL BANK. Since that time the bank's charter has been twice renewed--in September, 1885, and September, 1905. The first president of the First National Bank was Peter Jackson; its first vice president, S. G. Stein; and cashier, W. C. Brewster. For some years Peter Jackson continued in the presidency and was then succeeded by S. G. Stein, Sr., Jackson succeeding Brewster as cashier. The senior Stein died in 1892 and H. W. Moore assumed the responsibilities of the presidential office, continuing therein until his death, which occurred in 1904. His successor was S. G. Stein, Jr., the present incumbent. As cashier, F. R. Lewis followed Jackson in 1879 and he by T. W. Brown in 1884. The latter died in 1893 and his place in the bank was filled by the present cashier, S. M. Hughes. The present head of this concern is a son of its first vice president, and D. V. Jackson, now vice president of the bank, is a son of Peter Jackson, its first president and one of the county's pioneers.
In the summer of 1911 a magnificent new home was built by this strong and trusty institution, on the corner of Third street and Iowa avenue, at a cost of $100,000, having a frontage on the latter thoroughfare of sixty feet and on the former of ninety feet. This is a modern structure in all that the term implies, having two stories on Iowa and three stories on Third. The material is of St. Louis brown mottled brick, inlaid with Berea sandstone. The banking apartments are on the ground floor, above the basement, and are beautifully and artistically furnished, with no absent thought for convenience, burglar-proof vaults, safes and deposit boxes, with every accessory needed and demanded by the twentieth century banker and depositor. The capital stock is $200,000; surplus and profits $177,000; deposits, $1,810,000.
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