The Bohemian-American State Bank was organized under state charter and commenced business June 13, 1892, with a capital of $60,000, its officers being W. F. Severa, president; S. L. Dows, vice-president; J. W. Bowdish, cashier; V. A. Jung, assistant cashier. Among its organizers were W. F. Severa, S. L. Dows, J. H. Douglas, F. Braun, Jos. Woitishek, Jos. Renchin, E. E. Pinney, H. B. Soutter, T. C. Munger, C. Butler Weeks, J. J. Powell, and Warren Harman. It had a successful career and paid dividends from its commencement. It was consolidated September 1, 1894, with the Bohemian-American Savings Bank, in order to avail itself of the more liberal charter given by the state to savings banks, the stockholders and depositors practically all remaining with the new organization.
The Iowa Savings Bank was organized under state charter and commenced business May 1, 1893, with a capital of $50,000. Its officers were James H. Douglas, president; W. F. Severa and H. B. Soutter, vice-presidents; J. W. Bowdish, cashier; and V. A. Jung, assistant cashier. The directors were J. H. Douglas, F. Braun, H. B. Soutter, Warren Harman, Jos. Woitishek, S. L. Dows, W. F. Severa, T. C. Munger, C. Butler Weeks.
On September 1, 1893, the articles of incorporation were changed, increasing the capital to $60,000, and changing the title to Bohemian-American Savings Bank. At the same date the Bohemian-American State Bank, desirous of the benefits of the more liberal charter offered savings banks, arranged to consolidate its interest with the Bohemian-American Savings Bank, which consolidation took effect September 1, 1894.
The Bohemian-American Savings Bank enjoyed a prosperous growth, notwithstanding the effect of the panic of 1893, probably as severe a financial panic as at that time had ever been experienced. It paid regular semi-annual dividends and continued prosperous until its consolidation, March 28, 1898, with the Citizens National Bank and the American Trust and Savings Bank, two newly organized banks, the Citizens National Bank taking over the commercial department, and the American Trust and Savings Bank absorbing the savings department.
The Cedar Rapids Savings Bank was incorporated March 13, 1883, and opened for business May 15, 1883.
The original stockholders numbered 36, of whom eight have since died. The original directors were Jno. T. Hamilton, Lawson Daniels, Chas. B. Soutter, Robert Palmer, F. C. Hormel, Jas. L. Bever, Geo. W. Bever, A. T. Averill, and F. J. Upton. Changes in the board of directors on account of death or disposition of stock have occurred as follows: In 1884 E. I. Foster succeeded F. J. Upton; in 1891 M. A. Higley succeeded Mr. Foster; in 1892, at the death of F. C. Hormel, J. M. Dinwiddie succeeded him; in 1897, J. M. Terry succeeded A. T. Averill; in 1900 Robert Sinclair succeeded M. A. Higley, Geo. Goodell succeeded Jas. L. Bever, and E. R. Moore succeeded Geo. W. Bever. President John T. Hamilton, Vice-President Chas. B. Soutter, and Cashier J. M. Dinwiddie have served continuously since the organization of the bank.
The original capital stock of the bank, paid in cash, was $50,000, which has been twice increased—the first time to $75,000, and then to $100,000. The present surplus of the bank is $65,000, and the deposits over $1,850,000.
The contract for the bank's six-story, fire proof building, the first six-story structure in the city, located at the corner of Third avenue and Third street, was let May 30, 1895, and the building was occupied in May, 1896. In 1909-10 an addition was erected, so that the building is now 90×140 feet.
Its present officers are John T. Hamilton, president; Chas. B. Soutter, vice-president; Robert Palmer, vice-president; J. M. Dinwiddie, cashier; and W. J. Elliott, assistant cashier. Its directors are: John T. Hamilton, Chas. B. Soutter, J. M. Dinwiddie, Robert Palmer, Robert S. Sinclair, J. M. Terry, and Walter L. Cherry.
The Merchants National Bank, of Cedar Rapids, was organized February 28, 1881, the first board of directors being R. D. Stephens, John W. Henderson, P. C. Frick, W. W. Higley, J. C. Broeksmit, A. B. George, S. L. Dows. Its first president was R. D. Stephens. John W. Henderson was chosen vice-president, and Charles E. Putnam, cashier.