of
Muscatine County Iowa
1911
| History of Muscatine County Iowa 1911 | |
Source: History of Muscatine County Iowa, Volume I, 1911, page 402
HERSHEY STATE BANK. Early in the '50s J. W. Dutton was running a private banking house in Muscatine and after the panic of 1857, when business once more became tranquilized, the Muscatine branch of the State Bank of Iowa was started, on the southeast corner of Second street and Iowa avenue. A. 0. Patterson was president; J. W. Dutton, cashier; Chester Weed, J. B. Dougherty, S. D. Viele, W. F. Brannan, C. Healey, J. W. Lucas and A. Farnsworth, directors. Out of this concern grew the Muscatine National Bank, organized in 1864, and having for its officers: J. B. Dougherty, president; Chester Weed, vice president; J. Richardson, cashier; Jacob Butler, J. G. Gordon and S. D. Viele, directors, including the officials. The capitalization was $100,000. Through mismanagement and other causes the Muscatine National was induced to surrender its charter and its successor became the banking firm of G. A. Garrettson & Company, the other members being G. B. Denison, A. B. Brown and W. A. Blakeney.
In 1890 another change was made and the firm name became Hershey, Brown & Company, having for its members, Benjamin Hershey, P. W. Francis, A. B. Brown and W. A. Blakeney. In 1893, Mr. Hershey died, and December 1, 1894, the bank opened for business as the Hershey State Bank, with A. B. Brown, president; P. W. Francis, vice president; L. G. Burnett, cashier. In March, 1899, Mr. Brown died and P. W. Francis became his successor as president. Henry Jayne was made vice president and still occupies that position. L. C. Day is cashier. In November, 1902, the capital stock was increased to $75,000; today it is $150,000, with a surplus of $25,000, and deposits, $1,239,745.
The board of directors is made up of the following: Mira Hershey, Henry F. Otto, P. W. Francis, Sara Hershey Marsh, Chester Lillibridge, George Shield, Henry Jayne, Theron Thompson, and L. C. Day.
In 1907 a new home for the Hershey State Bank on the southwest corner of Third and Sycamore streets was planned and building operations started. The structure, a modern business and banking block, was completed and occupied by the financial concern in the spring of 1908, and is probably the most expensive business building in the city. It is as near fire proof as the remarkable ingenuity of the times could make it, being principally constructed of reinforced concrete and steel frames, the exterior, or face of the walls, being veneered with brick and stone trimmings. Its ground dimensions are one hundred and twenty by eighty feet and there are six floors. This building has its own heating and electric lighting plants. It has about one hundred office rooms and halls. On the ground floor are the banking apartments, fire and burglar-proof vaults, safes and deposit boxes, furniture and other paraphernalia to correspond with one of the handsomest and costliest business buildings in the state of Iowa.
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