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Recent recollections of banking in
Ostrander begin with the short life of Frank
Maugans' Scioto Savings Bank,
quickly followed by the Ostrander Banking Company which later merged with the
Delaware County Bank which remains in operation in the same building to
this day.
xxx
EARLY BANKING
However, Frank R. Coe identifies two
banking establishments which existed prior to the Scioto Savings Bank in
his recollections of Ostrander History which he wrote in 1956 as follows:
"Banking services have been
furnished the community as far as we have been able to learn by
three privately owned banks, and the Ostrander Banking Co., which
is still serving the people of Ostrander and vicinity. The
first bank was operated by a Mr. Williams, first name unknown. Next
came Arthur Robinson, who was followed by Frank Maugans' Scioto Savings
Bank.
STORE TOKENS
During the early history of Ohio, especially during the Civil War,
coinage was very scarce. Many early businesses resorted to coining
their own trade tokens to facilitate commerce. This trade token
issued by R.F. Long, in Ostrander, Ohio, is an example of these early
tools of commerce. (8) R.F. Long (not
sure if we're talking about the same guy) ran a restaurant and ice cream
parlor in Ostrander. His business was one of the many businesses
that were destroyed in the 1925 fire which destroyed the entire business
block of Ostrander. (20)
SCIOTO SAVINGS BANK 1880-1903
Frank Maugans opened the Scioto Savings Bank in
1880. This bank serviced the community until 1903 when Mr. Maugans
died.
OSTRANDER BANKING COMPANY
1903-1967
The citizens meet and decide to
organize a bank. The Ostrander Banking Company opens on March 24,
1903 in the west room of its current location.
Frank Coe continues... "At
the death of Mr. Maugans early in 1903, a meeting of the citizens
of the community interested in the organization of a bank was
called for that purpose. At that meeting a committee
composed of B.C. Duncan, A.V. Main, J.C. Maugans, C.V. Liggett,
and Octa Maugans was appointed. (B.C. Duncan and Octa
Maugans both passed away in 1955, the last surviving members of
the group responsible for organizing the Ostrander Banking Co.).
With the assistance of S.P. Shur and Mr. Hall connected with a
Delaware Bank in an advisory capacity, this committee proceeded
with the necessary steps for the formation of the Ostrander
Banking Company. The bank opened for business about March
23, 1903 with Mr. B.C. Duncan as cashier and Mrs. Jessie Liggett
as Asst. Cashier. The original stockholders were as follows:
B.C. Duncan, W.H. Carr, S.T. Carr, A.V. Main, Alex Newhouse, Wm.
Elsom, Marion and Andrew Kirkland, J.C. Maugans, A.G. Duncan, H.W.
Rittenhouse, J.A. Hayes, J.I Afamson, Octa Maugans, Jesse Bean, D.T. Perkins,
M.E. Wollam, and C.G. Manville. The first
board of directors chosen from this group was composed of W.H.
Carr, A.V. Main, Alex Newhouse, B.C. Duncan, and J.A. Hays.
Mrs. Hays was named President, Mr. Main, Vice President, and W.H.
Carr, Secretary.
| Cashier |
|
Asst.
Cashier |
|
| B.C. Duncan |
1903-1905 |
Jessie
Liggett |
1903-1904 |
| Wm. Harris |
1905-1910 |
Lee W.
Elsom |
1904-1907 |
| Odell
Liggett |
1910-1922 |
Fred
Gabriel |
1907-1916 |
| F.E.
Parsons |
1922-1942 |
F.E. Prouty |
1916 |
| C.N.
Strayer |
1942-1943 |
H.M.
Latimer |
1916-1946 |
| F.E.
Parsons |
1943-1948 |
Ruth
Ebright |
1948 |
| Lee W.
Elsom |
1948-1949 |
Avilee
Prouty |
1949 |
| Guy
Coughenour |
1949-1956 |
Norman
Hageman |
1949 |
The following have served as directors down
through the years:
| Director |
No.
Years |
|
Director |
No.
Years |
| W.H. Carr |
34 |
|
M.E.
Kirkland |
35 |
| A.V. Main |
2 |
|
Joe A. Main |
34 |
| Alex
Newhouse |
3 |
|
Albert
Huntley |
11 |
| B.C. Duncan |
1 |
|
T.B.
Newhouse |
7 |
| J.A. Hays |
1 |
|
F.E.
Parsons |
4 |
| J.I.
Adamson |
3 |
|
M.R. Hays |
6 |
| J.C.
Maugans |
29 |
|
H.W.
Rittenhouse |
7 |
| Geo. H.
Gray |
1 |
|
Earl French |
1 |
| Geo.
VanBrimmer |
1 |
|
|
|
At this is written in 1956, the board of
directors is comprised of:
| Director |
No.
Years |
|
|
|
| Odell Liggett,
President |
14 |
|
|
|
| Frank R. Coe |
9 |
|
|
|
| E.V. Roush |
15 |
|
|
|
| A.H. Newhouse |
17 |
|
|
|
| Fred L. Decker |
14 |
|
|
|
The employees at this time are:
Guy Coughenour, Cashier
Norman Hageman, Asst, Cashier
Mrs. Avilee Prouty, Asst, Cashier
Mrs. Ruth Retterer, Bookkeeper
An item or two of interest are the
mention of sidewalks adjacent to the bank being finished in 1906;
the building which still houses the bank was purchased in 1905
from Elizabeth Maugans for $3500; banking rooms were on west side
of the building from 1903 to 1908 when first vault was installed
and bank moved to present rooms. The bank moves to the east room of the building in
1908. Hitching posts are placed in front and on the east side of the
bank on May 3, 1909; the same year the Lincoln Penny is introduced. A safe is purchased in 1910 and its not
until December of 1919 before someone attempts to rob the bank. The
safe is destroyed and much better safe is installed.
The "Bank Holiday" is declared by
the President of the United States and The Ostrander Banking Company is
authorized to conduct business on March 15, 1933. The Ostrander
Banking Co. becomes FDIC-insured in 1935. Deposits are insured up to
$5,000.
The bank expands to include both the east
and west rooms of the building in 1961 and merges with the Delaware County
Bank in October, 1967. (7)
THE DELAWARE COUNTY BANK
1967-PRESENT
In 1967, the Ostrander Banking Company merged with the Delaware County
Bank of Delaware, Ohio. The Delaware County Bank continues to
service the community today.
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