Peoples Deposit Bank

 In 1904 a number of influential men in Boone County made the decision to formulate plans for a new banking institution.  Naturally, the first procedure was to sell the capital stock and Owens Watts was delegated the authority to make this attempt.  His success was not immediate, and so not to delay longer, W. P. Beemon was asked to see a number of his friends and acquaintances on this proposition.  The final results of Mr. Beemon's endeavor proved conclusively no man could have been better chosen to dispose of this stock, for in mighty short order the original capital of $20,000 was oversubscribed.

 After the pledging of this $20,000 in capital stock a meeting of the stockholders was held in May 1905 with Owen Watts appointed chairman and D. E. Castleman secretary of the meeting.  At this time the following directors were elected: O. P. Connor, B. W. Adams, F. J. Walton, W. L. B. Rouse, A. W. Corn, W. P. Beemon, C. W. Riley, Henry Clore, and H. C. Duncan.  These officers and directors adopted a resolution that a cashier be obtained at a salary of $600 per year, if a competent man could be obtained for that figure.  That same day, the directors met and elected B. W. Adams as president and O. P. Connor as vice president, and a committee of O. P. Connor, W. L. B. Rouse, W. P. Beemon, and B. W. Adams were appointed to locate the site.  On June 5th these men reported that they had purchased the lot where now stands the old bank building.  Because of the fact that no cashier had been appointed D. E. Castleman was appointed temporary treasurer, and a call for 10% of the stock was ordered payable to him at once to start the erection of a bank building and to pay for the lot.

 At a meeting of the directors on August 14, 1905, Mr. A. B. Renaker was elected cashier of the bank by unanimous vote.  At this time a call for 40% additional of the capital stock was made.

 Thought greatly instrumental in the formation of the Peoples Deposit Bank, O. P. Conner, the vice president, died before the bank was opened, and E. H. Blankenbeker was elected as a member of the board and W. L. B. Rouse named vice president.

 From the very start the bank made success and started paying dividends at the end of the first year of 3% semi-annually.  This increased gradually to 4, 5, and 6% and in 1920, a 10% semi-annual dividend was paid.  Business increased materially as the years went along, and in 1928 a 12% semi-annual dividend was paid, which has been maintained since that time.  In August 19, [sic] the capital stock was increased from $20,000 to $50,000, giving the bank a wider latitude in business affairs and increased materially the opportunity for benefiting the depositors. Some of this additional stock was scattered among the old stockholders, but most of it was disposed to other residents of the county.  The first president, B. W. Adams, served from the beginning of the bank until his death in 1912, at which time W. L. B. Rouse was elected to the presidency and served until his death March 10, 1923.  At this time C. H.Youll was elected president, and served until his death, May 26, 1930, and on June 2, 1930 Judge N. E. Riddell was unanimously elected as president and is now acting in that capacity with this institution.   Since the start of the bank the phenomenally large sum, considering the size of the county, of $130,600 has been paid to the stockholders of this bank in dividends.

 The day the Peoples Bank opened for business the records show deposits of $10,297.88.  This was on November 6, 1905.  Five years later, the deposits had increased to $138,037.85.  On Nov. 6, 1918 the deposits had surpassed the one quarter of a million mark and totals $361,198.17.  On June 30, 1925 they had nearly doubled this figure with the total of $616,380.95, and on June 30, 1927 they totaled nearly $1,000,000, to be exact, $954,072.58, and the deposits of June 30, 1930 total $1,083,226.81.

 Today, the Peoples Deposit Bank of Burlington is the largest in the county and there are none stronger in proportion to size than this bank.  It has a capital stock of $50,000, a surplus of $100,000 and undivided profits of $55,000.  The directors of the bank at the present time are all influential and prominent men of their communities, each of whom have been successful in their businesses and private enterprises.  A. W. Corn, Henry Clore, and W. P. Beemon were directors at the start of the bank and are now honored and valuable members of the board.  Other directors of this bank include R. S. Cowen, Al Rogers, N. E. Riddell, C. F. Blankenbecker, F. L. McGlasson, and Dr. S. B. Nunnelley.  The bank has a new president in the person of N. E. Riddell, who was elected to full the vacancy of C. H. Youell when he died suddenly May 26, of this year.

 Judge Riddell, while a new president of the Peoples Deposit Bank, is not new to the banking business, as he was head of the old Boone County Deposit Bank before it was merged with the People Deposit Bank.  A. W. Corn is vice president and has held this position for several years.  A. B. Renaker is cashier, which position he has faithfully held since the start of this financial institution.  Miss Nell H. Martin is assistant cashier, having been with the Peoples Deposit Bank over a period of twenty years.  The other assistant cashiers are L. C. Beemon, who has held this position with the Peoples Bank for ten years.  G. S. Kelly also has 13 years of banking experience with the exception of eight months spent in the war, 10 of these years he was with the old Boone County Deposit Bank, and since the merger with Peoples Bank. C. L. Cropper, the junior assistant cashier, has been in the banking business five years, two of which were with the old Boone County Deposit Bank and the last three with the Peoples. The personnel in charge of the daily business of the Peoples Deposit Bank is most efficient, and ready and willing at all times to render the ultimate service to the bank's customers.

As was stated before, the Peoples Deposit Bank purchased the assets of the Boone County Deposit Bank, this event taking place in February, 1927.  The Boone County Deposit Bank was the older of the two, having been founded in August 1885 with Fountain Riddell as president of the institution.  Two years prior to the merger, the old Boone County Deposit Bank built a beautiful new building across from the courthouse, moved into the new home October 29, 1925, and of course since the merger this new building has housed the Peoples Deposit Bank.

 The building is a two-story structure of wire cut brick and stone trimmings.  The building faces the north, and one enters two large French doors into a lobby forty feet long.  At one end of the lobby is a ladies restroom with beautiful wicker furnishings, for benefit of the public, where one can meet friends and business associates.  The counters are of mahogany with plates glass and marble forty inches high.  The vault used for the storing of the bank's moneys, books, and valuable papers is constructed of solid concrete two and one half feet thick, heavily reinforced with steel.  The door is of donsteel ten inches thick of the latest type, and weights more than 20,000 lbs, making an absolutely burglar proof vault.  The second floor of the building is utilized as a lodge room by a number of different organizations.

 At the time the Peoples Bank took over the new building after the merger the bank held an open house to celebrate this opening on Monday, February 14, 1927.  There were gifts for the ladies and cigars and cigarettes in abundance for the men.  The lobby was banked with floral pieces as gifts from other banks and banking friends.  Representatives were here from New York, Cincinnati, and Louisville.  Estimated attendance that day was conservatively placed at 500, which was a pleasant surprise to officials of the bank as is served as conclusive proof of the popularity of the merger.  The man who made the first deposit of this bank in its new home was J. W. Barlow (Uncle Jimmie), who had long been familiar with this institution.


from the 1930 Historical Edition  of the Boone County Recorder