Mr. Stephens died in April, 1883, and was succeeded by M. A. Higley as president. In the spring of 1899 John T. Hamilton purchased the Stephens and other interests in the bank, and on June 5, 1899, succeeded Redmond Stephens as director. On July 1, 1889, M. A. Higley tendered his resignation as president, after more than sixteen years' service in that position, John T. Hamilton being chosen president, which office he still holds.
Chas. E. Putnam remained as cashier of the bank from the organization to January 14, 1905, when he resigned and was succeeded by James E. Hamilton, who had been assistant cashier since January 28, 1901. On the consolidation of the Merchants National and the Citizens National, May 18, 1908, James E. Hamilton was made vice-president, and John S. Broeksmit, who had been cashier of the Citizens National, was made cashier of the new and consolidated Merchants National.
The original capital stock of the Merchants National was $100,000. The present capitalization is $200,000; surplus, $200,000; deposits of nearly $5,000,000.
From the time of its organization in 1881 until the consolidation with the Citizens National in May, 1908, more than twenty-seven years, the Merchants National occupied the room in the Ely block at the corner of Second avenue and Third street. The bank is now occupying elegant quarters in the remodeled Cedar Rapids Savings Bank building. The present officers are John T. Hamilton, president; P. C. Frick, vice-president; James E. Hamilton, vice-president; John S. Broeksmit, cashier; Edwin H. Furrow, assistant cashier.
The American Trust and Savings Bank was organized under state charter and commenced business April 5, 1898, with a capital of $50,000. Its first officers were George W. Bever, president; E. E. Pinney and W. F. Severa, vice-presidents; R. T. Forbes, cashier. Its first board of directors consisted of E. E. Pinney, J. L. Bever, J. B. Bever, W. F. Severa, Jas. H. Douglas, Geo. W. Bever, F. Braun, T. C. Munger, and Joseph Renchin. The object of its organization was to establish and conduct a strictly savings business. It took over at the date of its commencement the savings department of the Bohemian-American Savings Bank, and its total deposits on April 9, 1898, were $175,338.23, its location then being at the corner of First street and Second avenue.
On February 22, 1899, it moved into the Masonic Temple at the corner of First street and First avenue, which location it still occupies. In 1901 the capital was increased from $50,000 to $80,000. This was rendered necessary owing to increased deposits, in order to comply with the then existing statutes governing the relative allowable amounts of deposits to capital stock.
On January 1, 1908, the controlling interest in the bank passed into the hands of Ernest R. Moore, Louis Wokoun, and others of their associates who were the dominant factors in the Fidelity Trust & Savings Bank, of this city. They arranged and carried out the consolidation of the two institutions. The officers then elected and board of directors named continue until this time. The present officers are Ernest R. Moore, president; W. F. Severa, S. G. Armstrong, and Otto Sikora, vice-presidents; Louis Wokoun, cashier. The board of directors are: C. J. Deacon, Lew W. Anderson, George Chadima, F. Braun, S. G. Armstrong, W. F. Severa, Ernest R. Moore, W. R. Boyd, and Frank J. Pudil.
On January 1, 1909, the capital of the bank was increased to $100,000, and the surplus to $50,000. The deposits now aggregate $1,650,000, with total assets of $1,900,000.
The Citizens National, Cedar Rapids, was opened March 28, 1898, capital $100,000 which was increased to $200,000 January 2, 1906. Its first officers were J. L. Bever, president; J. R. Amidon, vice-president; J. W. Bowdish, cashier; directors, J. L. Bever, W. F. Severa, J. B. Bever, F. Braun, J. H. Douglas, E. E. Pinney, J. T. Hamilton, G. W. Bever, R. Williams, J. R. Amidon, T. C. Munger. In May, 1908, after a prosperous career this bank was consolidated with the Merchants National.
The Commercial National, Cedar Rapids, was organized July 7, 1908, with a capital of $100,000, and the following officers: Jas. L. Bever, president; W. C. La Tourette, vice president; J. L. Bever, Jr., cashier; Homer Pitner, assistant cashier.