The First Trust & Savings Bank, which is closely connected with the Commercial National, having the same officers, was organized August 4, 1910, with a capital stock of $50,000.00.
These two banks have had a remarkable growth, the combined resources now being over $1,500,000. The dean of Cedar Rapids bankers, Jas. L. Bever, takes an active interest in both institutions. The present officers are: J. L. Bever, president; J. L. Bever, Jr., W. C. La Tourette, vice-president; Homer Pitner, cashier, and F. D. Snakenberg, assistant cashier.
The Cedar Rapids Loan & Trust Company was organized on February 1, 1900, with a paid up capital of $50,000 for the purpose of doing such a trust business as the laws of Iowa authorized. Those who were most active in the organization and who constituted the first board of directors were as follows: Ed. H. Smith, president; L. W. Anderson, first vice-president; W. G. Dows, second vice-president; S. S. Dorwart, S. S. Sweet, E. E. Clark, Ralph Van Vechten, N. M. Hubbard, Jr., John A. Reed, S. G. Armstrong, and W. L. Crissman.
Its board elected L. M. Rupert as secretary and the officers as first selected remained the same during the corporation's continuance under the name of the Cedar Rapids Loan & Trust Company. The company was located at the northwest corner of First street and Second avenue and was conducted as a trust company until June 1, 1904, when a majority of the capital stock passed into the hands of Ernest R. Moore and Louis Wokoun and their associates. In order to bring the institution under the operation of the general savings bank laws of the state and to permit it to transact a general banking business the articles of incorporation were amended to change the name to The Fidelity Trust & Savings Bank while at the same time the office of the bank was changed to 116 South Second street, a location much nearer the business center of the city. Under the reorganization the stockholders selected the following officers and directors: W. W. Hamilton, president; Ernest R. Moore, first vice-president; W. G. Dows, second vice-president; Louis Wokoun, cashier; S. G. Armstrong, E. E. Clark, H. L. Walker, C. J. Deacon, L. W. Anderson.
This bank was later consolidated with the American Trust & Savings Bank.
The Ely Bank, of Ely, was organized in January, 1903, with J. H. Smith, president; Ed. H. Smith and I. B. Smith, vice-presidents, and George L. Benish, cashier. The bank is a private one, and the present officers are the same as the original ones.
The Bank of Palo was organized May 23, 1908, with a capital stock of $10,000, and the following officers: J. W. McClintock, president; Carl Rabe, vice-president; G. E. Carrier, cashier. Its present officers are: J. W. McClintock, president; John Lewis, vice-president; R. W. Waite, cashier.
The State Bank of Central City was organized January 17, 1906, with P. G. Henderson, president; E. K. Hatch, vice-president; Ed. Leclere, cashier; A. T. Minehart, assistant cashier, and P. G. Henderson, E. K. Hatch, F. W. Blakely, O. R. Barber, Eugene Doe, H. L. Shakespeare, and E. E. Henderson, directors. Since that time there have been but few changes in the officers. At present the officers and directors are: P. G. Henderson, president; Eugene Doe, vice-president; F. Leclere, cashier; H. F. Lockwood, assistant cashier; E. G. Henderson, Eugene Doe, O. R. Barber, H. L. Shakespeare, W. N. Goldsberry, Anton Falcon, and E. E. Henderson, directors. When the bank was organized it took over from the Bank of Central City deposits to the amount of $72,802.29. The bank has grown steadily, and the deposits are now over $350,000.00. Originally the capital stock was $25,000.00, which was increased to $35,000.00 in July, 1909. The stock is owned by forty-one farmers and is conducted principally for the farmers. It opens at seven o'clock in the morning and does not close until six o'clock in the evening.
The Linn County Savings Bank, of Center Point, was organized April 23, 1906, with L. Gilchrist, president; W. Langsdale, vice-president; Homer Pitner, cashier, and J. F. Stauffer, assistant cashier. Owing to the resignation of the cashier, J. F. Stauffer was later made cashier, and E. E. Silver, assistant cashier. The capital stock is $20,000.00, and the bank has a surplus of $3,000.00.