First Banks in Grundy County Illinois

1853 – C.H. and H.C. Goold founded the first bank in Grundy County.  It was in operation for a few years and was located on Washington and Liberty Streets, Morris.

1854 – An exchange bank was opened by George Selleck, but failed in 1860.  It was located near Fraternity Hall.

1857 – A private bank “E.W. Hulburd& Co.” was opened by E.W. & F.K. Hulburd in Morris in the Lott block.  It failed in 1861.

1858 – A private institution was opened by F.S. Gardner and C.R. Crumb, but it also closed.

1860 – For two years, T. Hatton and son (both of Joliet) opened a bank in Morris.

1862 – D.D. Spencer of Elkhorn, Wis., and W.C. Hammill opened an exchange and deposit bank in Morris.  They operated this bank until 1864 when it merged with Grundy County National Bank.

Banks of Morris:

Sep 16, 1864 – The Grundy County National Bank of Morris, Ill., was established in Morris by Abel P. Bulkley, C. H. Goold, D.D. Spencer, John Holderman, Samuel Holderman, John Barr, Aaron Sears, John B. Davidson, Dr. William M. Hanna, Dayton Kingman, and John Hill, all of whom have passed away except Dr. William M. Hanna, now residing at Aurora, Ill. At the first meeting of the stockholders the following persons were elected directors of the bank for the ensuing year: C.H. Goold, D.D. Spencer, A.P. Bulkley, Aaron Sears, and Samuel Holderman. The Board of Directors then held a meeting and elected C.H. Goold, president, and D.D. Spencer, cashier. The above named officials continued to serve until January 14, 1868, when D.D. Spencer was elected president and Charles G. Bulkley, cashier. On October 1, 1868, Mr. Bulkley resigned as cashier, and on January 10, 1871, J.H. Pettit was elected to fill the vacancy. D.D. Spencer sold his interest in the bank October 5, 1871, to C.G. Goold, who then succeeded him as president. On September 30, 1871, J.H. Pettit resigned as cashier, and on October 5, 1871, J.C. Carr was elected to fill the vacancy. With the death of Mr. Goold on June 22, 1892, occurred a vacancy which was filled by the election of Jeremiah Collins, who served as president until June 29, 1899, when he resigned and J.R. Collins was elected to fill his place. On July 29, 1901, J.R. Collins resigned the presidency, and was succeeded by O.E. Collins. The latter held the office until January 15, 1903, when he was succeeded by J.C. Carr, and at the same time J.W. McKindly was elected cashier, and E.G. Carr, assistant cashier. On September 10, 1902, by vote of stockholders, the capital of the bank was increased from $75,000 to $100,000. The present Board of Directors of the bank are: J.A. Wilson, Cryder Collins, E.H. Wolfee, J.R. Collins and J.C. Carr. The officers are: J.C. Carr, president; Cryder Collins, vice president; J.W. McKindly, cashier, and E.G. Carr, assistant cashier.

1870 – The First National Bank of Morris – Originally, this bank was located in Seneca under the name of the First National Bank of Seneca in 1870.  The bank was brought to Morris in 1872 and the name was changed in 1874 to First National Bank of Morris. Presidents: Samuel Holderman (1870 – 1872); James Cunnea, Sr. (1872 – until his death in 1884); John Cunnea (1884 – 1914).  Board of Directors in 1914:  John Cunnea, J.A. Cunnea, George A. Cunnea, M.A. Cunnea, Ralph S. Cunnea.  Officers in 1914:  John Cunnea, president; George A. Cunnea, vice president; R.S. Cunnea, cashier; Thomas J. Nolan, assistant cashier.

Feb. 26, 1906 – Farmers & Merchants National Bank – Board of Directors in 1906:  J.R. Collins, E.J. Matteson, M.B. Wilson, S.H. Matteson, William Gebhard.  Officers in 1906 and 1914:  J.R. Collins, president; E.J. Matteson, vice president; Henry Stocker, cashier; R.J. McGrath, assistant cashier.  Board of Directors in 1914:  J.R. Collins, E.J. Matteson, William Gebhard, S.H. Matteson, M.H. Wilcox.

Gardner:

1871 – The Exchange Bank of Gardner – Established by Isaac McClun and John Allison until 1876 when Allison purchased McClun’s interest.  In 1889, John Allison died and his son, Winfield S. Allison, took over the bank along with his partners, Wade S. Allison and John B. Allison.

1880 – Peoples Bank of Gardner – Owned and operated by J.C. Lutz until his death in 1909.  All accounts were paid in full by his estate.

May 5, 1909 – The First National Bank of Gardner – Board of Directors 1914:  A.G. Perry, J.C. Lutz, Jesse Ball, J.F. Scroggin, Frank Spiller, C.C. Underwood, W.D. Howland.  Officers 1909-1914:  A.G. Perry, president; J.C. Lutz, vice president; F.L. Roots, cashier.

Minooka:

1865 – Exchange Bank of Minooka – Opened and operated by A.K. Knapp, of Minooka, until his death in 1904 when his widow took charge. 1914: George Colleps, cashier, manages the bank with assistance from M.G. Fluent, assistant cashier.

1908 – The Farmers First National Bank of Minooka – Officers:  J.P. Clennon, president; J.W. Dwyer, vice president; D.A. Henneberry, cashier.  Original Board of Directors:  J.P. Clennon, I.V. Cryder, M.K. Wix, George S. Baker, J.W. Dwyer, E.W. Matteson, D.A. Henneberry.

Mazon:

1869 – Peoples Bank of Mazon – Organized by Mr. Clapp & Mr. Rankin until 1895.  Mr. Clapp assumed responsibility of this bank at that time.

May 1911 – First National Bank – Originally the Peoples Bank of Mazon, it was reorganized in 1911 with F.H. Clapp, president; A.J. Campbell, vice president; and the following Board of Directors:  A.J. Campbell, I.N. Misener, W.E. Davies, Fred Keith, F.A. Murray, H. Preston, F.H. Clapp.

Verona:

1898 – Verona Exchange Bank – Established by Mr. Beal & Mr. Renne in 1898.

Kinsman:

1907 – Bank of Kinsman – Established by J.E. McGuire in 1907.  Cosgrove, O’Connell& Cosgrove assumed ownership in 1911.

Coal City:

1895 – Bank of Coal City – Organized and operated by E.D. Scott until his death 4 Nov 1911.

Feb 1, 1912 – The First National Bank of Coal City – Officers 1912:  William Campbell, president; Warham B. Short, vice president; L.K. Young, cashier.  Board of Directors 1912:  William Campbell, Warham B. Short, Henman B. Smith, John Trotter, William G. Suffern.  Mr. Short died Jun 1912 and John Trotter was appointed vice president and Dr. F.A. Stockdale was elected to the Board of Directors.

 

Source: History of Grundy County Illinois, Munsell Publishing Company, 1914

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