COMMERCIAL
BANK'S STORY TOLD IN YELLOW SCRAPBOOKS
July 6, 1978
PIX #1 - Inside
the bank - Pictured inside the early Commercial Bank are, from left,
"Tony Welly, Harris Zimmerman and Charles Yost". The inset is of Roy
Hoffman, who was standing in the original photo which was damaged by
age.
PIX #2 - Commercial
Bank, circa 1930
PIX #3 - Twenty
Five Years ago - Charles Gribble, then 92, left and Charles Ash, then
96, reminisced about the opening of the Commercial Bank and Savings
Company when the bank observed its 50th anniversary in 1953. Both were
affiliated with the bank at that time.
This year is the
75th anniversary of The Commercial Bank and Savings Company here in
Fostoria.
Passing the branch-office
at Main and Tiffin streets the window shoppers will see an oversize
birthday cake (not for eating), reminding Fostorians of the bank's age.
Other activities
in town have declared the special year, including the bank's own promotional
and advertising activities; also a tribute to the financial institution
was staged recently by the Chamber of Commerce.
All of those expressions
are only the tip of the iceberg, so to speak. The real story of the
75 years of the bank's activities in this area is told in the historical
notes, buried in the scrapbooks, yellow with age...and in the minds
of those who have been associated with the institution in one way or
another. One of those is Roy Hoffman...the only one still living who
was an employee during the early days.
THE EARLY DAYS
At its 50-year
point, the bank published its annual statement; also a brief history
of the bank's founding, and first officers, from which I quote:
"In 1902, a group
of prominent businessmen and farmers in this community, with an abiding
faith in the future of Fostoria, and being convinced that a real need
existed for another sound and progressive bank to serve the people of
this area, organized the third financial institution of this city, The
Commercial Bank and Savings Company. A charter was issued by the State
of Ohio on October 23, 1902, and on November 5, 1902, the organization
was completed by the election of directors: E.J. Cunningham, Charles
Ash, W.H. Jones, John E. Finsel, R.D. Sneath, N. Saltsman, C. German,
Theo Wentz, John Noble. Officers elected were President, E.J. Cunningham;
V. President, Charles Ash, Cashier, J.D. McDonel; Asst. Cashier, Charles
Gribble.
E.J. Cunningham
was connected with the Stave and Barrel Works and principal owner for
many years. Charles Ash was a farmer and Treasurer of Seneca Co. C.
German was a realtor, J.D. McDonel was in the men's clothing business
and also connected with the development of the TF and F and F interurbans.
Charles Gribble had a photographic studio.
R.D. Sneath was
a Tiffin businessman. The professions of the others in the above list
are unknown by the author.
Cunningham was
president for only two years, when he died. He was succeeded by Charles
Ash, who held that position until 1932, when he became chairman of the
board.
Although the new
bank was granted a charter in 1902, it was actually March 23, 1903,
before a location was selected and the doors were opened for business.
The location was the corner of Main and Tiffin, where it continued in
business for more than 50 years and where the uptown branch is still
located. It was the same location where The Foster and Co. Bank, headed
by Charles Foster, one of Fostoria's pioneers did business until it
failed in 1893.
The new bank was
capitalized for $50,000 and a surplus of $10,000 small sums in comparison
with the figures today.
Ash became president
in 1905, and Gribble became cashier.
Roy Hoffman joined
the bank as bookkeeper in 1911. He had previously been associated with
A. Weaver and Sons dry goods store.
Banking practices
were far different then as compared to today, according to Hoffman.
The one accompanying photo depicts what the bank interior looked like
then. Note the high sloping desk that held the oversize entry journals.
..also the quaint lights. "We had one hand-operated adding machine...
bookkeeping was all done by hand...no computers then", he continued.
BANK HOLIDAY
I asked Hoffman
what was the most important event he remembered in his 45 years with
the bank. He reflected only briefly, then said, "the bank holiday in
1930". "And just how did it affect the bank, and what did you have to
do", I asked.
"First of all",
he replied, "I had to make a complete list of all our customers with
savings and checking accounts and certificates. I don't remember the
exact figures, but they were permitted to draw a percentage of their
money". Hoffman said there was no great "run" on the bank and no customer
ever lost a penny of their money. Some bank customers were not so fortunate.
Lucian Kinn, father
of Frank J. Kinn, the current president of the bank was appointed referee
of the bank at the time of the bank holiday. He later became the president,
following Charles Ash.
CONTINUED GROWTH
From the time
the Commercial Bank was started in 1903, it continued to grow. The founders
were correct in their belief that the community needed a third bank.
By the end of
the first year of operation the bank reported total resources of $325,896,
while individual deposits stood at $251,827.
Like myself, many
of the older readers will remember names and faces from the above list.
By 1912, the bank
officers saw the need to remodel and refurbish. A large balcony was
built over the main floor at the rear. After the remodeling was completed
an open house was held which attracted 2000 to 3000 people, according
to the newspaper report. Anderson's 7 piece orchestra on the balcony,
furnished music. Miss. Clara Tunstill (now deceased) who later became
Mrs. Richard Kelly, and Miss Lenore McDonel, handed out souvenirs...
carnations to the ladies and cigars to the men. McDonel now resides
at The Edgewood Manor.
At the time of
the open-house, 1915, the bank reported capital, deposits and surplus
stood at $700,000.
By the time of
World War I, 1918, total resources of the bank stood at $1,112,418.
At the end of
25 years, 1928, the bank's total resources were $1,548,030
June 30, 1930,
at the time of the bank holiday, the bank showed total resources of
$1,447,298.
THE MIDDLE YEARS
As previously
stated, Lucian Kinn, was appointed referee of the bank at the time of
the bank holiday in 1930. In 1932, he was named president and Charles
Ash became chairman of the board. The other officers at that time included,
A.J. "Tony" Welly, vice president; C.W. Latshaw, cashier; Charles Yost,
and Roy Hoffman assistant cashiers. Herbert Ash, son of Charles Ash,
the bank's second president, started with the bank in 1916 and stayed
until 1933.
Fostorians will
remember Lucian Kinn as president of Seneca Wire, Seneca Lumber and
Home Window, also connected with American Railway Signal, Keystone Wire
and Cloth, Hanover, Pa., Standard Wire Cloth and Screen of York Pa.,
American Lincoln Corp., Toledo and president of the newspaper The Fremont
Messenger, Fremont, Ohio. He was also a director of the Ohio Citizens
Trust Co. Toledo.
Kinn with this
business experience brought new vigor to the Commercial Bank by 1945,
the assets had climbed to $3,840,344.
At the time of
his death, the bank had grown considerably, with total assets of $6,347,601
and deposits of $5,949,828.
It was during
Lucian Kinn's presidency that Lowell Graves joined the bank as bookkeeper/teller.
When Graves passed away in 1974, he had become a senior vice president.
Also during Kinn's term, John Buckingham was employed as bookkeeper/teller.
When he resigned in 1973 he was executive vice presid
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