Citizens Deposit Bank

While there are older banks in the county with larger capital stock, there is none greater in proportion than the Citizens Deposit Bank of Belleview, located in one of the towns in Boone County, the Post Office being called Grant.

 The Citizens Deposit Bank was organized to fill the need for an institution of that kind in a town as the nearest banking connections were either across the river, or at Petersburg, or at Burlington.  With the roads in those days so bad for travel at certain seasons it was felt that, and the later successes of the bank have justified that feeling, a deposit bank could and should be established for the good of the whole community.

 The new bank opened for business on the fifth of April, 1909 with headquarters in a frame building which, though hardly a thing of beauty, was adequate for all purposes and eliminated the necessity of spending any of the capital at the start for a banking house.  The initial stock was sold to the amount of $15,000 which remains the same today thought more will be said later about the increase in business.

 The first president was James Rogers with R. O. Ryle Vice President Vice President, the latter still being on the board of directors.  The first Cashier was Forrest Brown with the following directors: J. J. Walto, W. B. Arnold, R. B. Brown, M. J. Corbin, Jasper Sullivan, and Al Rogers.

 The deposits on opening day totaled $2,706.25 which has since increased to over $200,000 on deposit this spring.  Much of this huge increase has been effected since the advent into office of the present cashier for in 1913 the deposits totaled about $30,000 only.  At the present, the Citizens Deposit Bank has a surplus of $15,000 which equals the amount of capital stock and in addition has a total of $11,000 as undivided profits which is certainly a most healthy condition for any bank anywhere, especially when it is understood that for a number of years past the bank has paid a six percent semi annual dividend to the stockholde4rs, which it still continues to do.

 During the year 1927 it was decided to build a new home for the bank, which was done, and when completed rivaled any building of its kind in the country, being a decided improvement over the previous building as well as a great asset to the town.


From the 1930 Historical Edition of the Boone County Recorder