A Century Of Banking
Editor’s note: John P. Herrick, oil historian of Olean, N.Y., founder of the Bolivar Breeze, and for more than 20 years a resident of Allegany County, has written a story of “A Century of Banking in Allegany County.” A personal acquaintance with the bankers and banks of the county during the past half century makes it possible for him to write a new chapter in the history of the county. The second of the installments appears here today.
By John P. Herrick
The largest bank salary received by a native son of Allegany County is the $75,000 a year reported paid to Raymond N. Ball, for 25 years president of the Lincoln Alliance Bank of Rochester and its predecessor bank. Mr. Ball, a native of Wellsville, previous to entering the banking business, was vice president and treasurer of the University of Rochester, and at the present time is chairman of the board of trustees, a director of Eastman Kodak – and other large corporations. He served in France in 1918 and 1919 as Captain of a Machine Gun Battalion.
The 17 banks are listed in alphabetical order. The population figures are those of the 1950 census and the ‘levations were furnished by the county engineer.
The University Bank at Alfred
The University Bank, Alfred’s first bank, opened its doors November 28, 1883, as a private bank with a capital of $25,000. It was organized by a group of 33 Alfred citizens headed by Albert B. Cottrell who had prospered in the oil boom at Richburg where he had served as a director of the First National Bank. The first officers were Edwin S. Bliss, presilent; Will H. Crandall, vice president and Almond E. Crandall, cashier. Mr. Bliss had also served as a director of the First National Bank at Richburg.
On September 1, 1894, the private bank was converted into a state bank with no change in name, the capital remaining at $25,000. The officers elected were Will H. Crandall, president; L. A. Platts, vice president and Elwood E. Hamilton, cashier. The directors, in addition to the officers named, were Almond E. Crandall, Earl P. Saunders, Albert B. Cottrell, Charles C. Champlin, J. Green Allen and R. E. Griffin. The only addition to capital was in October, 1940, when 600 shares of preferred sotck, par value $25 per share, were issued.
The capital of the University Bank of Alfred, consists of $3,000 preferred and $25,000 common. The retired value of the preferred is $15,000 with a reserve of $12,000 accumulated for retirement. The capital, surplus and undivided profits of the University Bank on December 31, 1953, were $95,325.04 and total deposits were $1,339,094.66. The block in which the bank is located was erected in 1878. The officers are C. R. Fenner, president and cashier; D. S. Burdick and J. N. Norwood, vice presidents; C. C. Post and Isabel C. Fenner, assistant cashiers. The directors are D. S. Burdick, J. R. Evans, Isable C. Fenner, C. R. Fenner, W. R. Harrison, M. E. Kenyon, J. N. Norwood, D. C. Peck, L. D. Sanford, C. W. Wightman and R. W. Wingate. The population of Alfred is 2053 and the elevation 1610 feet.
Andover’s First Bank Privately Owned
Andover’s first bank was established in 1884 by Daniel S. Bradley, a pioneer merchant, in association with his son-in-law Augustus M. Burrows and Waldo N. Miller under the firm name of D. S. Bradley & Co., Bankers. The banking office was in the store of Burrows & Miller. Mr. Bradley was president and Mr. Burrows’ nephew, William B. Bundy, who had been a bank clerk in Wellsville was the cashier and kept the books of the store.
Mr. Bradley died in 1888 and in 1890 Mr. Miller sold his interest in the store and bank to Mr. Burrows. The firm name was changed to A. M. Burrows, Banker, with Mr. Burrows serving as president and Mr. Bundy continuing as cashier. In 1901 the bank was moved to a new building adjacent to the store.
B. C. Brundage, a pioneer attorney and surveyor also conducted a private banking business for some years. The first brick vault in Andover was in his office. Farmers left their money with him for safe keeping which the banker placed in the vault in his office. One night burglars opened the vault and carried away the money. The only clue was a bull’s eye lantern left by the thieves. Mr. Brundage paid the loss and remarked, “If I was damn fool enough to take the money, I deserve to stand the loss.”
The Burrows National Bank
In 1906, following the death of Mr. Burrows, the private bank bearing his name, was succeeded by the Burrows National Bank with a capital of $25,000 and surplus of $5,000. The officers were Waldo W. Miller, president; Arthur B. Burrows, vice president and Frank W. Burrows, cashied. The directors were Waldo W. Miller, Jesse S. Phillips, Edward J. Atwood, William J. Penny, Arthur B. Burrows, Daniel L. Langworthy and Frank W. Burrows. In 1911 Mr. Miller retired as president and was succeeded by Jesse S. Phillips and following the death of Arthur B. Burrows, Mr. Atwood became vice president. In 1912 Frank W. burrows retired as cashier to engage in business in New York and sold the bulk of his stock to John E. Cannon who became cashier and later president and chief executive officer of the bank.
The Andover State Bank
The Andover State Bank was incorporated January 1, 1894, with a capital of $25,000. The first officers were B. C. Brundage, president; James Owen, vice president and J. M. Brundage, cashier. The directors were G. M. Barney, Frank S. Clark, Harrison Mourhess, B. C. Brundage, James Owen and J. M. Bundage. A brick building was erected on Main Street in 1906 as a permanent home for the bank. A feature of the annual meetings of stockholders was the serving of a dinner to all in attendance – followed by a guest speaker.
Andover National Bank
By 1934 the officers and stockholders of the Andover banks decided that the field was too limited for two banking offices and that it would be wise to consolidate the state and national bank into one insitution with a larger capital and broader lending powers. The banks were consolidated on January 1, 1934, to form the Andover National Bank, capitalized at $100,000 with a surplus of $35,000. In January, 1949, the par of the capital stock was changed and the capital reduced to $75,000 with surplus and undivided profits of $70,000. A substantial cash bonus was returned to stockholders.
The capital, surplus and undivided profits of the Andover National Bank on December 31, 1953, were $182,257.61 and the total deposits $1,222,562.65. The present officers of the Andover National Bank are Andrew D. Fuller, president; Frank W. Burrows, vice president; John C. Lever, cashier and Raymond O. Snyder, assistant cashier. The directors are Earl J. Allen, Frank W. Burrows, Everitt N. Clair, Samuel B. Crandall, A. D. Fuller and Jesse S. Phillips. Mr. Fuller recently completed 50 years of continuous service with the bank. The population of Andover is 1351; the elevation 1650 feet.
Branch Bank in Angelica in the Fifties
The first banking office in Angelica is said to have been opened as a branch of a Buffalo bank in the early fifties, under the management of Thomas Huntingdon. The venture met with small success and was soon abandoned. The second banking office was established a few years later by George W. D’Autremont, a member of a Huguenot refugee family who fled from France to the United States to avoid persecution. Mr. D’Autremont conducted a private banking business and sold exchange in Angelica for some years previous to 1865.
6-17-1954 - Continued - PART 3