Chapter 24
-- Compiled by the Cumberland Women's Club
and Published by the Cumberland Advocate
1874-1974
(used by permission of the Cumberland Advocate)
Donated by Linda Mott
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Banks 1883-1974
The Bank
of Cumberland was established, as a private institution, by J.F.
Miller and Jeff T. Heath in 1883 with
a capitol of $2,500. E.V. Benjamin was the
first cashier. In the course of half a dozen years, J.F. Miller became
the sole proprietor and continued as such until his death in 1892 when
he was succeeded by his son, F.W. Miller. Mr. C.F.
Kalk had become cashier in
1887 and was succeeded by
Emily
Hammer in 1896. In 1899 A.A.. Miller
became cashier, E. Miller, vice president,
and Miss Eleanor Miller became assistant cashier.
In 1903 the bank was incorporated as the State Bank
of Cumberland. By 1921 the institution was the largest state bank
in Barron County. In 1916 the bank moved into a new building on Second
Street,
constructed of fine tapestry
brick and Bedford stone, and was regarded as one of the finest buildings
of its kind in the state. (Now the Cumberland Advocate). By 1919 deposits
rose to $700,000, and the bank operated a number of different departments,
including savings, safety deposits, farm loans and insurance. They had
a branch bank in Comstock. The deposits
slumped during the depression,
farm prices fell, crops were poor, with the result that the bank was forced
to close in December 1932. With a vote of confidence from depositors they
reopened, but closed again in 1934 and sold their interests to the new
Northwestern
State Bank. The closing of the State Bank of Cumberland in 1934
ended over 50 years of banking
service to the community by
the Miller family. F.W. and A.A.. Miller moved the fixtures of the defunct
bank of Comstock into the Gaerth building
where they continued the insurance business formerly conducted in connection
with the State Bank. This business, the Miller Agency,
has been carried on by the founder's grandchildren, John
F. Miller and Betty Miller Kelley since
the death of their father,
A.H.
Miller in 1970.
In 1896 another private bank
was established and named the Island City State Bank,
with Mr. O.A. Ritan as president and Jens
Swenson as cashier. Their location was the corner of Second and
Grove. Jay S. Hamilton succeeded Mr. Swenson
as cashier. In 1901 Lewis Larson became a
partner of Mr. Ritan. A.L. Morken became assistant
cashier in 1903 and Mr. Ritan sold his interest to F.W. Miller. The institution
was reorganized and adopted the name of the Island
City Bank, with F.W. Miller as president, and Lewis Larson as vice
president. In 1905 Mr. F.R. Townsend of Illinois
bought the stock of F.W. Miller and became president. The board of directors
consisted of Townsend, Walter Langlois, S.W.
Hines, T.O. Mason, A.L. Morken,
John
D. Olson and Lewis Larson. They then built their new brick bank
building on Second Street (Now DeGideo Shoe Store and KC organization).
Tom Mason bought into the bank in 1907, became president and continued
as such until 1913 when Lewis Larson bought his interest and became president.
His son, S.L. Larson joined the staff and
the new board members were Albert Johnson,
Anton
Eckle and L.A. Reese. This bank closed
during the depression.
The Northwestern
State Bank was chartered in 1929 with W.L.
Brobeck as cashier, and Dr. G.A. Grinde
as president. It moved into the State Bank building in 1934 with A.J.
Quinn as cashier and manager, and Ernest Wick
as his assistant. The directors of the new bank were: Dr. G.A. Grinde,
president; Charles Renstrom, Peter
Knutson, Dr. S.O. Lund and Earl
Risberg. In 1937 Ralph Peterson joined
Ernest Wick as an assistant cashier; Dr. Lund becoming president. In 1938
three new directors joined the bank; R.F. Curnow,
as president, C.H. Jacobson and Ed
Forsell, and in 1939 Peter Knutson became an assistant cashier.
In 1940 R.F. Curnow resigned and A.J. Quinn became president with Ernest
Wick as cashier, and Knutson and Peterson as
assistant cashiers. Mr. Peterson
joined the armed forces in 1942 and in 1944 Daniel
D'Amico was elected as a director and A.J. Quinn became a member
of the State Banking Commission. In 1946 N.H. Oslund
became assistant cashier, followed by Clara Johnson
in 1948. In 1949 C.H. Jacobson became executive vice president and W.R.
Quinn became cashier. At the death
of Clara Johnson in 1954,
Dr. R.C. Thompson became a board member, and in 1955 R.L.
Neurer became an assistant cashier with N.H. Oslund as cashier.
In 1956 William R. Quinn resigned and Marshal Weimer
was elected a director and executive vice president. That same year A.J.
Quinn resigned as president and M.W. Weimer was elected to that position.
R.L. Neurer resigned in 1957 and L.W. Bohn
was elected a director. John Lair and H.A.
Thoe became assistant cashiers in 1958 and in 1959 Bruce
Forsell became an assistant cashier, N.H. Oslund becoming cashier
and vice president. Director Clarence Jacobson was killed in 1962; Vernice
Weimer was elected to fill this position. Bruce Forsell resigned
in 1967; Edna Ross
was elected assistant cashier.
In 1968 N.H. Oslund became executive vice president, H.A. Thoe cashier,
and Richard Lucivansky and Edna Ross assistant cashiers. The Weimers resigned
that year and in November of 1968 Hollis W. Burt
was elected president and director, and Elda C. Burt,
director. In 1969 Sharon Mausolf became an
assistant cashier and in 1970
Clarence
J. Boehm and Ken Anderson became assistants,
while H.A. Thoe became vice president and cashier. In 1972 Richard Neurer
replaced Ken Anderson as an assistant cashier and in 1973 C.J. Boehm became
a vice president, and Lucille Schiebel, an
assistant cashier. Mr. Oslund resigned, but remained as a director. The
1974 officers are: President, H.W. Burt; Vice President and Cashier, H.A.
Thoe; Vice President and Cashier, Edna Ross; Assistant Cashier, Lucille
Schiebel and Assistant Cashier, Thomas Burt.
Directors are H.W. Burt, N.H. Oslund, L.W. Bohn, Dan D'Amico, and Elda
C. Burt.
The original State Bank Building, which the Northwest Bank later occupied, was sold to the Cumberland Advocate in 1967. Ground was broken for a new bank in 1965 and the building was completed in 1966 on the property site of the former Cumberland Hotel. With added services and an enlarged staff the new building is a fine architectural addition to the city.
References: Newspapers, papers, books, A.H. Miller
Records: Hollis
Burt
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