Contra Costa County

History

SOURCE:  The History of Contra Costa County, California - published by The Elms Publishing Co., Inc., Berkeley, California, 1917

 

CHAPTER XXII

BANKING

By W. A. Hale

 
                In the early history of Contra Costa County, before the organization of any regular bank, banking was more or less informally carried on by merchants and other private parties. This form of banking varied; in some cases the merchant having a safe was requested to keep a sack containing funds belonging to customers, and out of these funds he paid out money for the owner upon written order or otherwise.
                In other cases he accepted the money and mingled it with his own, making use of it if needed in his business, being ready to meet orders drawn on him when presented. In some cases he allowed the owner a small amount of interest, and in some cases the care of the money was considered proper compensation.
                Hale & Brother, general merchants in the town of Pacheco, was one of the firms doing this business. Wheat was very high and the farmers had large crops. They soon had plenty of money, and made a practice of asking William Hale, senior member of the firm, to loan their surplus funds on good mortgages. This business grew to such proportions that to avoid discrimination he began taking the money, allowing the owner a certain per cent, and loaning it out on his own account. With this beginning a bank was organized and incorporated on December 29, 1870, with a capital stock of $50,000, and under the incorporate name of the Contra Costa Savings & Loan Bank. The principal place of business was in the town of Pacheco, and the following men were named as directors: W. K. Dell, G. M. Bryant, John Gambs, Barry Baldwin, and W. M. Hale.
                 The business was limited to savings and loan only, and on March 27, 1872, the Contra Costa Bank was incorporated to do a general banking business, the capital stock, principal place of business, and directors being the same as those of the bank previously mentioned.
                   This enterprise was so successful and seemed to meet the growing needs of the country to such an extent, that Hale & Brother sold out their store in Pacheco and came to the county seat, Martinez, where they became associated with L. I. Fish, and others in the organization of the Bank of Martinez. The bank in Pacheco went out of business, and the Bank of Martinez is now the oldest incorporated bank in the county. It was incorporated on October 7, 1873. The board of directors chosen at the time of incorporation was made up of the following: L. I. Fish, William W. Cameron, Simon Blum, Henry M. Hale, and William M. Hale. Among the original stockholders the following names appear in addition to the above-named directors: Charles Fish, B. Baldwin, and Isaac Ayer.
                L. I. Fish was the first president and William M. Hale the first cashier, his brother, Henry M. Hale, acting as bookkeeper and general assistant. The Hales constituted the active force behind the counter for the first ten years of the existence of the bank.
                It was originally incorporated with a capital stock of $50,000, but it was soon evident that this was not sufficient, and on May 26, 1875, the capital was increased to $100,000.
                William M. Hale's health failing, in July, 1883, he finally resigned his position as cashier. He lived only a few weeks longer, passing away on August 20, 1883. Henry M. Hale was then elected cashier, and W. A. Hale, son of William M. Hale, was appointed bookkeeper and general assistant in July, 1883.
                L. I. Fish continued as president of the bank until July, 1890, when he retired from active business, sold his interest in the bank, thereby ceasing to be its president. L. C. Wittenmyer was chosen to succeed him.
                The affairs of the bank continued under the management of L. C. Wittenmyer as president and H. M. Hale as cashier until January 9, 1899, when, owing to the death of H. M. Hale, which occurred on January 6, 1899, and to the fact that Wittenmyer had disposed of his stock in the bank, James Rankin was elected president and W. A. Hale cashier.
                 In May, 1900, it became necessary to have a vice-president and that office being created, W. S. Tinning was elected the first vice-president of the bank.
                 On October 15, 1901, James Rankin died, having acted as president of the bank for less than three years. While his tenure of office was short, he had nevertheless served at a time and in a manner which contributed much to the rapid growth of the bank, which began about that time.
                  On January 13, 1902, W. S. Tinning was elected president, and J. M. Stow vice-president, W. A. Hale continuing as cashier. The only other changes in the officers of the bank since that date occurred when A. E. Dunkel succeeded J. M. Stow as vice-president in January, 1909. The position of assistant cashier was created in January, 1906, and Lee Durham was appointed to that position.
                    In June, 1913, Durham left the bank to become cashier of a new bank that was about to be started in Brentwood, and Frank R. Jones was made assistant cashier. At the same time a second assistant cashier was needed, and Miss Janet Rankin was appointed, both these officers having served on the clerical force for over ten years.
                    In addition to the above record of the officials of the bank, there have been many prominent men who have served as directors; the list is too long to be fully set forth here. However, in addition to the various presidents, vice-presidents, and cashiers already named, there might be mentioned Bernardo Fernandez, Simon Blum, Charles Fish, John Tormey, Patrick Tormey, J. H. Carothers, and A. B. Coleman, who each served on the board of directors. Of these Bernardo Fernandez has the distinction of having served the longest in that capacity. He was appointed to fill a vacancy on the board on August 13, 1877, and served thereafter continuously until his death on May 12, 1912, a period of nearly thirty-five years.
                 The present board of directors is composed of W. S. Tinning, A. E. Dunkel, James E. Rodgers, Thomas B. Fernandez, and W. A. Hale.
                 Since it was founded in 1873 the Bank of Martinez has consistently grown. In 1880 the total resources amounted to $310,000; in 1890, $496,000; in 1897, $528,500; in 1903, $623,700; in 1910, $949,000; and in 1916, $1,300,000. The uniformity of its growth indicates that its structure is sound, with no weak spots occasioned by too rapid growth at any one time. Yet the older it has grown the greater has been the percentage of increase, thus evincing no signs of decay, and there is no reason to doubt that when the half-century mark is reached it will have two million dollars in resources.
 
                 BANK OF ANTIOCH. - Under wise and able management, the Bank of Antioch has grown to its present proportions and importance. It is due to progressive policies that this bank has become what it is today in the commercial and financial life of Antioch.
                 The Bank of Antioch was organized September 12, 1891, with the following board of directors: S. G. Little (president), J. C. Rouse, H. F. Beede, J. Rio Baker (vice-president), R. Harkinson (secretary). The capital stock was $100,000, with $70,000 paid up. The present board consists of C. M. Belshaw, president; J. Rio Baker, vice-president; R. Harkinson, secretary and cashier; Seth Davison, and H. F. Beede.
                 At present the bank has a paid-up capital of $100,000 and a surplus of $25,000, owns its own building, which, together with fixtures, cost about $7500. The total resources are now $725,000.
                 The safe-deposit department and storage vaults are constructed in accordance with the latest and most modern ideas. There is a large and commodious directors room, and the advice of the officers of the bank is ever at the disposal of its clients.
 
                 CONTRA COSTA COUNTY BANK. - The growth of the Contra Costa County Bank, of Pittsburg, California, has been a most remarkable one. Under the wise and able management it has grown steadily, and is considered one of the most substantial banking institutions in Contra Costa County. Guido Todaro, the present cashier, has had much to do with its progressive policies. The bank is devoted to all branches of modern banking.
                 The Contra Costa County Bank was organized in 1903 and started business on January 1, 1914. The organizers were C. A. Hooper, Andrew, Sbarbaro, M. Cody, D. H. Henny, Geo. W. Hooper, and D. A. Bender. The first officers elected were as follows: D. A. Bender, president; M. Cody, vice-president; Guido Todaro, cashier. Following are the names of present officers of the bank: W. E. Creed, president; W. J. Buchanan, vice-president; G. Todaro, cashier; Miss N. Canevaro, assistant cashier.
                  The bank started with a capital stock  of $50,000. It now owns its own building, which was erected at a cost of $8600, and is unexcelled for its equipment and banking facilities. The safe-deposit department and storage vaults of this institution deserve special attention, as they are constructed in accordance with the latest ideas.
                   The directors of the bank are: W. E. Creed, C. J. Wood, A. Sbarbaro, W. J. Buchanan, Otis Loveridge, N. Canevaro, and G. Todaro.
 
                    BANK OF PINOLE. - The Bank of Pinole was organized in the town of Pinole on October 25, 1905, under the direction of E. M. Downer, with a capital stock of 25,000. A consistent and steady growth has been maintained until at the present time it ranks amongst the foremost of the financial institutions of the county. In 1908 the Crockett branch of the institution was founded, and it has also enjoyed the same advancement as the home office. In 1910, as a result of the progress made, it was necessary to increase the capital stock from $25,000 to $50,000.
                The bank has cared for the financial needs of that section of Contra Costa County situated along the water-front from Pinole to Port Costa, which takes in a very busy manufacturing district. The bank's business has been conducted in a very creditable and up-to-date manner, all modern methods and appliances being used, and it has given patrons the service that is now looked for by the progressive business man.
                  In 1915 the home office at Pinole was housed in a magnificent stone building of Gothic architecture, equipped with every modern convenience for the use of its patrons. Italian marble counters with heavy old brass railing, together with a rich finish in mahogany in the way of furniture, give the interior an effect seldom seen outside the large cities. The steel and concrete vault is fitted with a massive steel screw door, with modern time-locks, and inside the vault are located the coin-safes and safe-deposit boxes. A feature of the building is the beautiful directors' room, which is also finished in mahogany. This is a very restful and spacious apartment, and is at the disposal of patrons when not used by the directors.
                In 1916 the Crockett branch entered its new home, a stately brick structure of the Georgian style, and, as in the home office, every appliance and convenience known to modern banking for the purpose of safeguarding the valuables of the bank and its patrons have been installed.
                Conservativeness consistent with the progress of the territory in which the bank is located and the times in general has been the policy of the board of directors, and the result has been very gratifying both to its patrons and management. The present officers are E. M. Downer, president; J. P. Connors, vice-president; S. S. MacKinlay, second vice-president; L. E. Hart, cashier; T. W. Hutchinson, assistant cashier. Directors: E. M. Downer, J. P. Connors, S. S. MacKinlay, Dr. M. L. Fernandez, E. D. Armstrong, J. A. Fraser, W. A. Davis, J. P. Tormey, and L. E.  Hart.
                The present capital of the bank is $50,000, and the surplus $54,000. 
 

                FIRST NATIONAL BANK OF CONTRA COSTA COUNTY. - This bank was organized and charter granted May 16, 1907, with the following officers and directors: President, E. A. Majors; vice-president, A. E. Blum; cashier, M. E. Glucksman. Directors: E. A. Majors, A. E. Blum, E. J. Randall, M. E. Glucksman, and W. K. Cole.

                  Its capital stock was $25,000. In April, 1908, the capital stock was increased from $25,000 to $50,000. In June, 1909, the directors were E. A. Majors, A. E. Blum, E. J. Randall, F. A. Hodapp, W. L. Cole, M. E. Glucksman, and L. W. Brubeck. The bank building occupies a lot at the corner of Maine and Las Juntas streets, and was started in April and completed in August, 1908.
                  In November, 1909, M. E. Glucksman resigned as cashier and E. J. Randall was elected. In January, 1910, M. E. Jones was added to the directors. On March 9, 1910, L. W. Brubeck resigned as director. From January, 1911, to January, 1917, the directors of the First National Bank of Contra Costa County are as follows: E. A. Majors, A. E. Blum, E. J. Randall, W. K. Cole, F. A. Hodapp, M. R. Jones, L. M. La Selle.
                   Up to the year of 1915, deposits gradually grew to $350,000, and in 1916 increased to over $600,000.
                   The safe-deposit vault is constructed of armor-plate steel and is the best and strongest protection yet devised by science. The bank maintains a separate compartment so arranged that one may meet his friends and transact private business or attend to personal correspondence. The officers and directors have made this bank one of the leading banks of this county.
                 SAN RAMON VALLEY BANK. - This is one of the leading banks of Contra Costa County. Since its organization, June 28, 1907, it has had a steady growth. It transacts a general commercial and savings banking business, in all respects in accordance with the laws governing commercial and savings banks in this State. The capital stock is $75,000. The first officers of the bank were John Hackett, president; A. H. Cope, vice-president; Arthur Burton, second vice-president; Joseph Silveria, cashier and secretary.
                 Temporary quarters were occupied while the new bank building was under construction. The bank occupies a fireproof building of steel and concrete, fronting the business street in Walnut Creek. The cost of the building was $8000, and the fixtures $4000. The interior is arranged so as to secure the best working conditions, being roomy and well ventilated. The fireproof vault, which is one of the most modern type, is equipped with safe-deposit boxes.
                 The present officers are N. S. Boone, president; Arthur Burton, vice-president; Norman H. Bennett, cashier and secretary. The Danville branch of the San Ramon Valley Bank was established in May, 1911, and a new bank building costing $15,000 was erected. The same officers and board of directors control both banks. Commercial and savings business are transacted in the Danville bank, and a healthy financial growth has been enjoyed by this branch since it started. The present board of directors are N. H. Bennett, Arthur Burton, N. S. Boone, A. P.  Borges, W. S. Burpee, John F. Baldwin, Ely I. Hutchinson.
                 On November 1, 1916, the combined deposits of both banks were $476,000.
                  THE MECHANICS BANK OF RICHMOND. - The Mechanics Bank has had a steady growth coincident with the growth and development of Richmond. This bank transacts a commercial and savings business in all respects in accordance with the laws governing such banks.
                   The Mechanics Bank was organized August 15, 1907, with a capital stock of $25,000. The directors and stockholders at time of organization were L. I. Cowgill, Charles Nelson, Joseph Iverson, H. C. Morris, S. C. Denison, L. N. McDonald, and F. W. Judson. The capital stock was increased to $50,000 on October 5, 1912, and on July 27, 1916, the bank again increased its stock to $100,000.
                    L. J. Cowgill served as president from 1907 to 1909. B. H. Griffins acted in this capacity from 1909 to 1915. The other officers during 1909 to 1915 were Joseph Iverson, vice-president, and W. L. Ballenger, cashier. The present officers of the Mechanics Bank are as follows: President, John H. Nicholl; first vice-president, J. F. Carlston; second vice-president and manager, E. M. Downer; cashier, W. L. Ballenger; assistant cashiers, Chris. Escobar and George Lee. The directors are John H. Nicholl, J. F. Carlston, E. M. Tilden, J. F. Brooks, H. A. Johnston, C. M. Brewer, and E. M. Downer. These are all men of ability, and by their intelligence and progressive management have made the Mechanics Bank of Richmond one of the strongest and safest business institutions in Contra Costa County.
                 The bank's resources are over $1,000,000. The safe-deposit department is amply equipped with the most modern features known to banking for safety.
                  FIRST NATIONAL BANK OF RICHMOND. - The First National Bank of Richmond opened for business May 24, 1910, in the Florin Building, and in December of the same year it moved to its own building at the corner of Sixth Street and Macdonald Avenue. Its capital at organization was $100,000, and the original board of directors and officers were as follows: Clinton E. Worden (director First National Bank, San Francisco, president First National Bank, Bakersfield, vice-president First Federal Trust Co., San Francisco), president; E. A. Gowe (assistant cashier Standard Oil Company, secretary East Shore & Suburban Ry. Co.), vice-president; Charles J. Crary, cashier; L. D. Dimm, manager Standard Oil Company; V. A. Fenner, hardware merchant; James K. Lynch, president American Bankers Association, vice-president First National Bank, San Francisco, president Clearing House, San Francisco, president Citizens National Bank, Alameda, director Federal Reserve Bank, San Francisco; J. M. Quay, vice-president Pacific Telephone & Telegraph Co., director Spring Valley Water Company.
                 On May 26th, a few days after the opening of the bank, E. A. Gowe died, and L. D. Dimm was elected his successor as vice-president, and his vacancy on the board was taken by J. C. Black, chief engineer of the Standard Oil Company. Since then Charles H. Robertson, at that time superintendent of the East Shore & Suburban Railway Company, F. E. Beck, manager of the Pullman Company, H. W. Pulse, of Pulse Bros., and C. J. Sheperd, cashier, have been added to the board of directors. W. P. Clarke and L. G. Bonzagni served temporarily as assistant cashiers of the bank, and C. L. Masters and L. C. Pontious as cashiers.
                In 1911 Charles J. Crary was elected vice-president and manager of the bank, and in 1912 C. J. Shepherd came to the bank as cashier, remaining in that position until January, 1915, when he became affiliated with the Federal Reserve Bank of San Francisco.
                In November, 1915, T. H. DeLap, who had efficiently served the bank as attorney for many years, was elected a director, vice J. C. Black, who resigned on account of moving to Los Angeles, and in January, 1916, Warren H. McBryde, assistant superintendent of the Hercules Powder Company, at Hercules, was elected a director to succeed C. J. Shepherd.
               During the years 1910 and 1911 and part of 1912 Charles J. Crary also occupied the office of city treasurer of Richmond.
               The bank today has over 1700 active customers on its books. The motto of the First National Bank and its affiliated savings institution, the Richmond Savings Bank, is "Strength and Service." It has been very progressive from the start, keenly interested in the upbuilding of the city of Richmond, yet withal it is conservative in the point of proceeding safely, realizing that strength is the first requisite of a good bank. As the two banks have grown their service has extended, and their equipment in the way of necessary banking fixtures and machinery is of the most complete order.
                 In addition to its capital of $100,000, it has built up surplus and undivided profits amounting to approximately $23,000, and its deposits average close to $400,000.
                 RICHMOND SAVINGS BANK. - The Richmond Savings Bank opened for business July 1, 1911, with the same officers and directors as the First National Bank of Richmond, and almost the same stockholders. Their directors have continued identical. It is located with the First National Bank. The growth of the Richmond Savings Bank has been constant and very satisfactory, as shown by deposit totals given below. In 1913, on account of increased deposits, the capital was increased from $25,000 to $50,000. Its earned surplus and undivided profits amount to approximately $10,000. Though the youngest bank in the city, in point of deposits it is the largest. Both the First National Bank and the Richmond Savings Bank have been constant advertisers, using the newspapers and many other means, not only to advertise their business, but in an effort to encourage thrift and savings among the people of the city. Clinton E. Worden, president of the First National Bank and  the Richmond Savings Bank, has been an earnest worker in pushing the banks to the front, assisted by Charles J. Crary, who has been the active manager of both banks since their organization, and with them there has been an efficient corps of assistants and a strong board of directors, having amongst their number men interested in the largest enterprises in the city.
                 Deposit growth is shown herewith: December 30, 1911, $73,249.11; December 31, 1912, $190,679.70; December 31, 1913, $313,171.94; December 31, 1914, $407,903.12; December 31, 1915, $486,600.80. Total number of accounts March 1, 1916, over 2400.
                 The combined assets of the First National Bank and the Richmond Savings Bank at the last published report on March 7, 1916, were $1,194,478.13.
                  FIRST NATIONAL BANK OF CONCORD. - Among the solid, conservative, and most thoroughly reliable moneyed institutions of Contra Costa county is numbered the First National Bank of Concord. The charter was received March 9, 1911, and the following were the officers: F. W. Foskett, president; H. H. Elworthy, vice-president; W. L. Brown, cashier. The board of directors was composed of the following gentlemen: P. Roche, John Sutton, E. H. Sibley, A. C. Gehringer, C. R. Devereaux, J. M. Lavazzola, J. V.  Enloe, and William Ford. The capital stock was $25,000.
                In 1912 Brown resigned as cashier and L. A. Stevenson was elected to the position.
                The bank actually started business March 20, 1911, and occupied temporary quarters for eight months while the new Foskett & Elworthy building was being erected.
                 The present officers of the bank are F. W. Foskett, president; H. H. Elworthy, vice-president; L. A. Stevenson, cashier.
                  The new building cost $35,000, and the interior furnishing $3500.
                  The capital stock was increased to $50,000 on January 1, 1917.
                   THE BANK OF BYRON. - The Bank of Byron is one of the reliable and conservative banks of Contra Costa County. It was organized May 1, 1911, and is a branch of the Bank of Tracy. The Bank of Tracy is one of the older banking institutions of San Joaquin County, and has been a great influence in community development. The Byron Bank has the following officers: John C. Drodge, president; William Schmidt, vice-president; O. H. Root, secretary; Alfred L. Bovo, manager.
                   All of these men have proved their capabilities in representative times of endeavor and are recognized as far-sighted, keen, and discriminating business men. Under the efficient management of Alfred L. Bovo, the Byron Bank has enjoyed a steady and rapid growth, and this bank is known today as being among the leading financial institutions of Contra Costa County. The bank owns its own building and has one of the most modern safe-deposit equipments in the county. The building was erected at a cost of $6000, and the fixtures are of the latest design and were installed at a cost of $2500. The resident directors are Mott Preston and J. Saxouer.
                 FIRST NATIONAL BANK OF WALNUT CREEK. - This bank was organized September, 1912, with a capital stock of $25,000. Officers: A. H. Cope, president; James Stow, vice-president; H. G. Flint, cashier. Directors: A. H.  Cope, James Stow, H. G. Flint, Peter Thompson, and R. N. Burgess. The present officers of the bank are: R. N. Burgess, president; C. G. Gould, vice-president; W. L. White, second vice-president; Armond Stow, cashier. The present directors are G. C. Squires, R. N. Burgess, C. G. Gould, W. L.  White, and Armond Stow.
                 The safe-deposit vaults are of the most modern  type and the furniture and fixtures cost about $8000.
                 BANK OF BRENTWOOD. - For many years Brentwood has been an important grain center, and much inconvenience was experienced by the lack of facilities for exchange, but not until the Los Meganos Rancho, with its 13,000 acres, upon which the town of Brentwood is located, fell into the lands of Balfour, Guthrie & Co. was the necessity for a bank fully recognized. The rapid development of this magnificent property forced the issue, and the bank was established.
                  An ornate concrete building that looks every inch a bank was constructed at a cost for furniture and equipment of $15,000. The interior is handsomely finished and supplied with a steel-lined vault and Tisco manganese safe, and is in every particular up to date.
                  Starting with a capital of $50,000, with $25,000 paid up, it opened its doors for business on July 15, 1913, and at this date, three and a half years later, is handling assets of nearly $200,000.
                  The officers of the bank are as follows: President, R. G. Dean; vice-president, Robert Wallace, Jr.; cashier, Lee Durham. The directors are R. G. Dean, Alexander Burness, Robert Wallace, Jr., R. F. MacLeod, and Frank H. Ludinghouse.
                  THE FIRST NATIONAL BANK OF ANTIOCH. - On Tuesday, January 3, 1911, the First National Bank of Antioch and the Antioch Bank of Savings opened their doors to the public. The First National Bank of Antioch has a capital stock of $25,000, while the Antioch Bank of Savings has an authorized capital of $50,000, with $25,000 paid up.
                   The officers of both banks are the same, namely: J. L. Harding, president; J. A. West, vice-president and manager; Herbert A. West, cashier. The directors are as follows: J. L. Harding, J. A. West, E. C. Werell, J. Arata, W. C. Williamson, J. G. Prewett, and Manuel Baeta. The board of directors are made up of prominent merchants, farmers, and capitalists. The bank has about fifty stockholders. The bank is a handsome structure of the Mission style of architecture, two stories high, and is built of reinforced concrete. The main floor is 25 by 52 feet, and the second floor is fitted up for up-to-date offices. The safe-deposit vaults are modern in every regard. The bank has installed an electric burglar-alarm system, also a convenient and attractive vault with manganese steel safe (latest pattern and burglar proof).
                 The institution was organized through the efforts of John A. and Herbert A. West. The present officers of the bank are J. A. West, president; J. G. Prewett, vice-president; H. A. West, cashier.

 

Transcribed by Sally Kaleta

 

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