Delaware County Bank 1950-1975

Delaware County Bank 1950-1975 (p. 1)

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[corresponds to front cover of Delaware County Bank 1950-1975]

THE

DELAWARE COUNTY BANK

Delaware, Ohio

[illustration of bank]

1950-1975

Delaware County Bank 1950-1975 (p. 2)

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THE DELAWARE COUNTY BANK

THE FIRST 25 YEARS

The idea of a new bank for the City of Delaware, Ohio first

germinated in the minds of the late Clifford S. Gooding and Bernard

Hatten almost simultaneously. At that time Mr. Gooding was the

general manager of the Delaware Farmers Exchange Association and

Bernard Hatten was one of its executive officers and board members.

This was in the spring of 1948 and they lost little time in discussing

the possibility of a new bank not only with friends and business asso-

ciates but also with people who had made their mark in industry, farm-

ing, commerce and professional life throughout the entire Delaware

County area.

The concept of a new bank was favorably received in all cor-

ners of the county and within a short period of time an incorporating

committee was formed. The members of the committee, Willis Eagon,

A. L. Everitt, Richard L. Firestone, Allen Freeman, Clifford S. Good-

ing, Ralph J. Gooding, Bernard Hatten, Milton L. Havens, Judge

Fred A. McAllister, Will McElfresh, John H. Matthews, Elmer C.

Miller, Glen W. Way, Guy A. Weiser and Paul B. White, selected

Richard L. Firestone as their chairman and Bernard Hatten as their

secretary. Following about 18 months of determined work and effort

and involving numerous conferences with supervisory and manage-

ment people of the Ohio State Banking Department and Federal De-

posit Insurance Corporation along with discussions and interviews

with bankers in the central and north-central Ohio area, the decision

was made by the committee to file an application for a charter for a

state bank with the Superintendent of Banks of Ohio. It was also

determined that an application be filed at the same time with Federal

Deposit Insurance Corporation.

Finally, on May 24, 1950, the only contested hearing upon an

application for a state bank chapter was held in Columbus before the

State Banking Department Advisory Board. The incorporators were rep-

resented by Richard L. Firestone and the opposition, The First Nation-

al Bank of Delaware, was represented by General Carlton S. Dargusch

and former United States Senator, James Huffman. The thrust of Fire-

stone's contention that Delaware and the surrounding areas needed an-

other bank was to the point that the existing bank enjoyed a virtual

monopoly, that the competitive factor of another bank would be stimu-

lative of economic growth and would be persuasive to many people

Delaware County Bank 1950-1975 (p. 3)

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who had taken their banking business out of the county to return to

Delaware. One of the main arguments asserted by Firestone was that

the community needed a bank that was owned and controlled by local

people, not just a link in a big banking chain controlled out of Colum-

bus. The opposition rested its case by asserting that there were al-

ready five banks in Delaware County doing an adequate job and that

another bank was not needed.

About a month after the hearing, notification was received

from the office of the Superintendent of Banks that the State Banking

Advisory Board approved the application to form a new state bank to

be known as The Delaware County Bank with a capital structure con-

sisting of 1000 shares of stock to be sold for $250 a share, resulting

in a capitalization of $125,000, surplus of $75,000 and undivided

profits of $50,000.

Within a few weeks after this the Federal Deposit Insurance

Corporation in Washington declared its approval of the new bank after

another contested hearing.

Articles of Incorporation of The Delaware County Bank were

filed in the office of the Secretary of State of Ohio July 13, 1950.

During the summer of 1950 the directors were busy traveling through-

out the county to sell the shares of stock of the new bank. Arrange-

ments had been made with The Huntington National Bank of Columbus

through its trust department to accept the proceeds of the stock sale,

issue receipts for the purchase price paid and then deliver the shares

of stock of the new bank which it held in escrow.

Following the sale of all the stock the first meeting of share-

holders of The Delaware County Bank was held September 19, 1950

in the Willis High School Auditorium, Delaware, Ohio, and was at-

tended by approximately 200 people, about two-thirds of the share-

holders.

At this meeting the incorporators were elected as directors.

Also elected as a director was Paul P. Wax, the cashier of the Bank.

The shareholders' meeting was followed by a directors' meet-

ing to elect officers and the following persons were the first officers

of The Delaware County Bank: Chairman of the Board - Richard L.

Firestone, Attorney; President - Fred A. McAllister, Common Pleas

Judge of Delaware County, Ohio; Vice President - Clifford S. Good-

ing, General Manager, Delaware Farmers Exchange Assocation;

Vice President - Milton L. Havens, implement dealer; Secretary -

Delaware County Bank 1950-1975 (p. 4)

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Bernard Hatten, farmer and officer of Delaware Farmers Exchange As-

sociation; and Cashier - Paul P. Wax, former National Bank Examiner.

The question of the banking room where the new bank would

start its business was solved before the application for the charter

was filed. The principal ground floor tenant of The Peoples Building,

The Peoples Building & Loan Association, announced in late 1949 that

it was closing its offices and discontinuing business in Delaware.

Gambling that the yet-to-be-filled application for a bank charter would

be approved, a small group of the incorporators committed themselves

to be financially responsible for the rental of the Peoples Building &

Loan Company ground floor space for a period of five years or a total

of $24,000, and a written lease was entered into between The Peoples

Building, Inc. and Richard L. Firestone as Trustee for the space.

After incorporation had been completed Mr. Firestone, as Trustee, as-

signed the remaining portion of the lease to The Delaware County Bank.

[photo]

THE BANK, OCTOBER 7, 1950

When the lease came up for renewal and rental adjustments in

1958 negotiations were entered into at that time resulting in the pur-

chase of the building by the Bank.

The grand opening of The Delaware County Bank was Saturday,

October 7, 1950 at its offices, 41 North Sandusky Street, Delaware,

Ohio. The first banking room was a little less than one-half the first

floor area of the building. It had been redecorated with light green

walls, dark green drapes and natural birch counters had been installed.

Somewhere near 2000 people, many of them first-time customers of the

Bank, visited the Bank during its opening hours from 9:00 a,m, to 9:00

p.m. Special tellers for opening day had been recruited from The Hunt-

ington National Bank of Columbus.

Delaware County Bank 1950-1975 (p. 5)

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[photo]

OPENING DAY, OCTOBER 7, 1950

Gifts of flowers to women and coin banks to children and others

were distributed all during the day.

All savings deposits carried $10,000 insurance by Federal De-

posit Insurance Corporation and the prevailing interest rate paid on

savings accounts was one percent.

[photo]

FRED A. MCALLISTER

Delaware County Bank 1950-1975 (p. 6)

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In January, 1951, the Board Chairman, Richard L. Firestone,

was recalled to active military service in Washington, D.C. during

the Korean War and President Fred A. McAllister served both as pre-

sident and temporary chairman until his death in the fall of 1951.

At this time the deposits of The Delaware County Bank had

slightly surpassed the $2,000,000 mark which the incorporators had

told the State Bank Advisory Board the Bank would reach in one year.

To move along with changes of the times, interest paid on

savings accounts was raised from one percent to two percent in Octo-

ber of 1951.

The search for a new president to succeed the late Fred A.

McAllister did not take long. The unanimous choice of the directors

was the remarkable Robert B. Powers, a retired Delaware banked whose

family had been connected with banking in Delaware ever since 1845.

[photo]

ROBERT B. POWERS

In 1953, when Mr. Paul Wax, the cashier of the Bank, announ-

ced that he was taking other employment, the directors took the most

significant step they have ever taken in bringing to the Bank from The

City National Bank & Trust Company of Columbus a young, vigorous

and imaginative banker -- Alfred B. Wise.

With Mr. Wise running the Bank it stopped going through many

years of growth and expansion and has not stopped.

Delaware County Bank 1950-1975 (p. 7)

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During 1953 the Bank took over the remaining ground floor space

fronting on North Sandusky Street, doubling its size.

[photo]

EXPANSION OF FIRST FLOOR - 1953

In 1958 the negotiations and transactions leading to the pur-

chase of The Peoples Building by The Delaware County Bank were

completed and the name of the building was changed to The Delaware

County Bank Building.

This building, a landmark of downtown Delaware, was built

about 61 years ago in the days of carbide lights, dirt streets, street

cars, horse troughs and other bits and pieces of early 20th century

American life.

Interest paid on savings accounts increased in 1959 to three

percent and it was in October of 1959 that The Delaware County Bank

announced its plans to construct its first branch office at 19 London

Road.

Construction was completed during the winter of 1959 and the

spring of 1960. An open house was held June 3, 1960 and the first

business day for this new branch office was June 6, 1960.

Delaware County Bank 1950-1975 (p. 8)

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[photo]

LONDON ROAD OFFICE

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Delaware County Bank 1950-1975 (p. 9)

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After completing nine years of service to the Bank, Mr. Robert

Powers retired as president to become president emeritus. The Board

of Directors then unanimously chose Alfred B. Wise as the president

of the Bank.

[photo]

ALFRED B. WISE

Starting in mid-1963 a complete renovation of the principal

banking office was started. For several months the business affairs

of the Bank were carried on from the basement level of the building

called at that time the "bargain basement". Remodeling was finished

in early 1964, the main office being re-opened with a ribbon-cutting

ceremony, the "ribbons" being a long strand of dollar bills taped to-

gether.

[photo]

REMODELED BANK EXTERIOR

Delaware County Bank 1950-1975 (p. 10)

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New furnishings, offices, equipment, carpeting, paneling and

lighting along with a new vault were the features of the remodeling

which also included a brand new front entrance. The Bank's decorator,

Mrs. Ruth B. Firestone, commissioned Richard A. Wengenroth, Asso-

ciate Professor of Fine Arts, Ohio Wesleyan University, to create four

distinctive mural depicting not only the four seasons of the year but

also the four main areas of community interest: religion, education,

agriculture and the County Fair. These murals, as you know, are

found behidn the tellers' stsations in the lobby of the Bank.

[photos]

MURALS, LOBBY, DIRECTORS' ROOM

[photos]

As part of the remodeling the outside of the Bank was faced

with Italian marble. New side doors and a new side entrance was

built and a walk-in window for after hours' banking transactions was

put into operation to offer banking services from 2:00 p.m. to 5:00

p.m. A 24-hour depository was re-established.

Delaware County Bank 1950-1975 (p. 11)

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The first county branch of The Delaware County Bank was es-

tablished in Galena, Ohio in 1965 following approval by the Superin-

tendent of Banks in Ohio and the Federal Deposit Insurance Corpora-

tion to merge with The Bank of Galena Company into The Delaware County

Bank. Three of their people became members of our Board: H. C.

Roberts, their president; Joseph W. Buckingham, their cashier, and

the late Hoyt G. Whitney, one of their directors.

[photo]

FIRST BANKING OFFICE, GALENA

In the early part of 1965 interest paid on savings accounts by

The Delaware County Bank was again raised, the new rate being four

percent. The present rate for some years has been five percent.

During 1966 the Bank established and put into operation a pen-

sion trust and plan for all employees providing not only retirement in-

come but also disability income and major medical expense benfits

for medical obligations not covered by the regular medical and hospi-

tal insurance carrier.

More growth and expansion took place in 1967 when the Super-

intendent of Banks of Ohio and the Federal Deposit Insurance Corpora-

tion approved the merger of The Ostrander Banking Company into The

Delaware County Bank resulting in the addition of three more directors

to The Delaware County Bank board. Thse were their cashier, the late

Norman Hageman, their president, Wendell Main, and one of their dir-

ectors, Donald Wilson.

Delaware County Bank 1950-1975 (p. 12)

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[photo]

OSTRANDER OFFICE

By 1968 the use of computers for bank operations had become

wide spread and The Delaware County Bank, through Financial Com-

puter Services, Inc., Fremont, Ohio, computerized its demand deposits.

The wide spread use and growth of credit cars during the past

years led the Bank in 1969 to introduce to its customers the BankAmeri-

card as an all purpose credit card. A separate bank department handles

the thousands of credit card transactions each month.

The need to relieve congestion at the main office of the Bank

and to relieve some of the pressue at certain times upon the London

Road office of the Bank led to the acquisition of a new branch office

site in downtown Delaware at the southeast corner of William and

Franklin Streets in 1969. The construction of a new facility which was

[photo]

WILLIAM STREET DRIVE-IN OFFICE

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completed in February of 1970 has provided not only parking service

but three drive-in lanes and two walk-in windows to speed up customer

service.

Remodeling of the second floor of The Delaware County Bank

Building was first started in December of 1969 so that the remodeled

space could accommodate the installment loan department, bookkeep-

ing and BankAmericard departments.

The second remodeling of this area was made in 1974, the sec-

ond floor handling not only installment loans, bookkeeping and Bank-

Americard departments, but also all loans.

The Board of Directors knew at the time the Bank of Galena

Company was merged into The Delaware County Bank that the facili-

ties in Galena for competent, modern banking service were not ade-

quate for the needs of a growing community. In October of 1969 the

Bank purchased for the entire north side of the Village square at Galena,

Ohio and employed architectural help to design a new banking facility

for the Village. Following review of the architect's designs and relo-

cation of tenants in the structures purchased by the Bank, the entire

north side of the square was razed. Construction of the new bank faci-

lity commenced and was completed in December, 1971; a grand open-

ing accompanied with the usual prizes was held on December 4.

[photo]

NEW GALENA OFFICE

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During its 25 years of operation death has claimed a number

of the original incorporators and directors of the Bank. Willis Eagon,

Allen Freeman, Clifford Gooding, Bernard Hatten, Judge Fred A. Mc-

Allister, Will McEfresh, Elmer Miller, Guy Weiser and Paul White,

all original directors, have died. Our second president, Robert B.

Powers, has passed away as well as Norman Hageman and Hoyt Whit-

ney who joined the Board at the time of the mergers with The Ostrander

Banking Company and The Bank of Galena Company. The Bank owes

much to the services of these men and the many hours of time that they

have devoted to the affairs of the Bank.

During the formative and so-called struggling years of the Bank

the directors served without compensation for several years. Direct-

ors' meetings, the second Tuesday of each month, have been held in

varying locations about the premises of the Bank but for the past 11

years the Board has met in the Directors' room on the mezzanine floor

of the Bank, this room being part of the remodeling and redecoration

that took place in 1964.

Expansion and growth has been the story of The Delaware County

Bank during these 25 years and there is no stopping it. Population

trends indicate that Delaware County will keep on experiencing a surge

of people moving into the south portion of the County. Your Bank con-

trols a site that may be developed into some type of banking facility

in Powell, Ohio, and it is taking a long, hard look in other areas of

southern Delaware County to determine if additional banking facilities

will be merited.

The rapid rate of growth especially during the last decade

brought with it the need to increase the capital of the Bank from time

to time. Sales of additional bank stock were authorized and completed

in 1958, 1968, 1972 and 1974. A stock dividend was distributed to

stockholders at the time of each stock sale. Semi-annual cash divi-

dends of varying amounts have been paid. The present dividend rate

is $1 a share each six months' period. The authorized and outstand-

ing shares of bank stock have increased from 1000 shares in 1950 to

48,000 shares in 1975.

The personnel of the Bank has increased from about four or

five people at the time the Bank started in 1950 to a present staff of

about 60 persons. Over half a million dollars a year, paid to Bank

employees, finds its way to stimulate business and trade throughout

the whole county.

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The Directors still serving the Bank since first elected in 1950

are: A. L. Everitt, Richard L. Firestone, Ralph J. Gooding, Milton L.

Havens, John H. Matthews and Glenn W. Way. The other Board mem-

bers and the dates they joined the Board are these: Clyde E. Beougher,

1961, J. W. Buckingham, 1965, George G. Hoffman, 1965, Harry A.

Humes, 1962, R. Dwight Humes, 1966, Wendell G. Main, 1967, Carl

E. Mehling, 1974, H. C. Plunkett, 1966, H. C. Roberts, 1965, Elden

T. Smith, 1962, Eugene Thomas, 1966, Donald G. Wilson, 1967, and

Alfred B. Wise, 1953.

The officers of the Bank at this time are these: Richard L.

Firestone, Chairman of the Board, Alfred B. Wise, President, Milton

L. Havens, Vice President, R. Dwight Humes, Vice President and

Secretary, H. C. Roberts, Assistant Vice President, John W. Barrett,

Assistant Vice President and Cashier, Michael J. Nagy, Assistant

Vice President, Edward R. Wise, Assistant Vice President, Richard

L. Bump, Assistant Vice President, Lyle W. Byers, Assistant Cashier,

Larry E. Westbrook, Assistant Cashier, Rodger Cope, Assistant Cash-

ier, Steven D. Ruthig, Assistant Cashier, Roger M. VanSickle, As-

sistant Cashier, Craig Urmston, Assistant Cashier, Charles W. Hil-

lard, Operations Manager, Clarabel Overturf, Auditor, and Clyde E.

Beougher, Agricultural Representative.

All of us as shareholders, customers, employees, officers and

directors have every justification to look with pride upon the accomplish-

mebts of The Delaware County Bank during its first 25 years. May the

next 25 years be as fruitful as the first quarter century.

Delaware County Bank 1950-1975 (p. 16)

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[corresponds to back cover of Delaware County Bank 1950-1975]

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