Feature Article on Firstar Bank.
Topic: DOWNTOWN/BUILDINGS
Written by Rich Wallace in
September, 1999
FIRSTAR'S ROOTS IN SIDNEY SPAN 100 YEARS |
|
| As the 20th
century draws to a close, the Sidney Daily News is publishing a series of special inserts
entitled "A 20th Century Diary," which traces the major events of our community
in this century. Few local businesses have stood the test of 100 years of change. One of
those which has, celebrates its 100th anniversary this week. In many ways, the employees
and managers of this institution have helped guide our community on its successful journey
over the last 100 years. This is the story, in brief, of Firstar Bank. The original First National Bank actually organized here in 1864, but only lasted 13 years, closing its doors in the financial panic of 1877. The major player in the financial circles of western Ohio near the turn of the century was Lafayette M. Studevant. The Sidney resident formed the Peoples Savings and Loan Association in 1886. His financial prowess had resulted in his appointment as a national bank examiner by the Comptroller of Currency for President Grover Cleveland in 1888. Studevant saw the need for a national bank in Sidney as a result of his work as a bank examiner. Along with W. H. Wagner, William Kingseed, W. T. Amos, C. R. Benjamin, A. J. Hess and others, he applied for authority to organize the county's first national bank. Many of the first directors at the new bank had joined him earlier in founding Peoples, thus forming an integral working relationship between the two institutions which has lasted to the present day. First National, in fact, shared space with Peoples from its inception until it occupied the old German American Bank space at 114 East Poplar Street in 1905. Those leaders who formed the new venture, called the First National Exchange Bank, were also active in the Commercial Club. That group was successful in enticing many new businesses here, such as the Bimel Buggy Company, the Underwood Whip Company, and the Buckeye Churn Company. These growing firms needed capital, and "First National," as it was usually called, began to grow immediately. Its first day of operation was September 18, 1899. Total deposits in the bank exceeded $64,000 after just 65 days of operation. Gun-shy local investors apparently liked the guarantees of "safety and government supervision" which a national bank like First National could provide, and First National touted those advantages in its ads. Mr. Studevant served as cashier of the bank until 1906, but his association with First National spanned nearly four decades. He was on the board from 1899 until 1938, and also served as president for seven years. Other business leaders who led First National in its early years were W. H. Wagner, J. C. Cummins, and W. R. Anderson. Harley Knoop and Cliff Hoying successfully guided the bank in its growth years of the 1960's and 1970's. [ Back ] [ Next ] [ Up ] [ New Search ] |
