The Exchange State Bank of Walker was established in 1885 as a private bank by H. J. Nietert, and was organized as a State Bank March 1, 1907. The present officers are H. J. Nietert, president; Martin Schneider, vice-president; Theo. W. Hawkinson, cashier; H. J. Nietert, Martin Schneider, Henry Fairchild, E. N. Beach, William Trevor, John B. Michael, Theo. Hamblin, Chas. O. Barry, and Adam Zimpfer, directors. It has a capital stock of $50,000.00, a surplus of $5,000.00, and undivided profits of $10,000.00. It is worthy of note here that this was one of the few banks that met their payments in cash during the panic of 1907.
The Mount Vernon Bank was organized January 16, 1884, by William Smith, James Carson, and H. H. Rood, Mr. Carson being the president; Mr. Rood the vice-president, and Mr. Smith the cashier. The officers today are: W. C. Stuckslager, president; D. L. Boyd, vice-president, and Chas. M. Hartung, cashier. The bank has a capital stock of $100,000.00.
The Marion Savings Bank was incorporated February 22, 1889, by Andrew J. McKean, E. A. Vaughn, F. G. Hervey, J. S. Alexander and Jay J. Smyth, Mr. Smyth being the president and S. N. Goodhue the cashier. It has a capital stock of $30,000.00, and deposits today of over $300,000.00. The officers at present are: B. F. Mentzer, president; J. W. Bowman, cashier; B. F. Mentzer, W. W. Vaughn, F. A. Shumack, J. S. Alexander, Karl W. Kendall, C. H. Kurtz and J. W. Bowman, directors.
The Farmers & Merchants State Bank, of Marion, was organized in 1894, with Samuel N. Goodhue, president; George W. Toms, vice-president, and E. J. Esgate, cashier. Two years later George W. Toms succeeded Mr. Goodhue as president, and T. J. Davis became vice-president. In 1902 A. M. Secrist succeeded Mr. Davis as vice-president. The present officers are George W. Toms, president; A. M. Secrist, vice-president, and E. J. Esgate, cashier. The capital stock of the bank is $60,000.00, surplus, $5,000.00. The directors of the bank are: George W. Toms, A. M. Secrist, W. B. Carpenter, Garry Treat, D. H. Correll, C. C. Carpenter, W. P. Secrist, W. E. Beall, A. E. Granger, W. J. Goodyear and E. J. Esgate.
The Commercial Savings Bank, of Marion, was organized March 1, 1905, with E. R. Mason, president; F. A. H. Greulich and H. C. Oxley, vice-presidents; H. C. Millen, cashier, and E. H. Millen, assistant cashier. There has been no change in officers since organization. The bank has a capital stock of $25,000.00, and undivided profits of $3,000.00. It has deposits of over $350,000.00, and has shown a steady growth each year.
The First National Bank, of Marion, succeeded the private banking firm of Winslow, Stephens & Co., in 1862, with R. D. Stephens as its first president, and A. W. Cranden as its first cashier. Later, J. W. Bowdish became cashier until succeeded by Jay J. Smyth.
In 1881 Mr. Stephens organized the Merchants National Bank of Cedar Rapids, but continued as president of the First National Bank of Marion until his death, March, 1883, when Louisa B. Stephens, his widow, was made president. She continued as such for three years. Mr. Jay J. Smyth then became president, and S. N. Goodhue, cashier. Mr. Goodhue was succeeded by J. S. Alexander in 1892. In 1896 Mr. Alexander became president, and C. H. Kurtz, cashier, the officers so continuing until September, 1908, when C. H. Kurtz became president, and J. W. Bowman, cashier. In January, 1909, T. J. Davis was chosen president, and J. W. Bowman continued as cashier, and these gentlemen are at this date its present officers. The capital stock has remained since the organization at $50,000.00, and the surplus at $10,000.00. This is the only First National Bank charter now in existence in Linn county. The bank was the 117th National bank chartered by the government. It has declared in cash dividends $170,051.32, and has never passed a dividend or even temporarily closed its doors. Among some of its employees who went out into the world to win success from this bank are Ed. M. Scott, now president of the Security Savings Bank, of Cedar Rapids; W. S. Goodhue, cashier of the State Bank of Vinton; J. W. Bowdish, who became cashier of the American Trust & Savings, and later cashier of the Security Savings of Cedar Rapids; Chas. Jackson, now cashier of the First National Bank, of Manilla, Iowa; F. J. Cleveland, now county auditor. Dr. Jno. M. Ristine, now very prominent in Cedar Rapids, was employed as a young man in this bank. The present president, T. J. Davis, was employed as bookkeeper in 1881, continuing for five years, when he became actively engaged in the lumber business in Marion and vice-president of the Farmers & Merchants State Bank until he again entered the First National as its president.