The Peoples Bank

By dhowell - Posted on 28 December 2007

The first legitimate bank opened on July 28, 1871, when the Peoples Bank with a capital of $50,000 started business. Officers were: L. D. Watkins, president,and J. D. Van Duyn, vice president.

On the board of directors were: J. D. Van Duyn, 0. Priest, G. L. Unterkircher, F. L. Spafard, Joseph McMahon, James C. McGee, J. S. Reynolds, A. C. Torrey and L. D. Watkins. 0. F. Hall, secretary was appointed cashier at a salary of $1,000 a year. A. E. Hewitt was named lawyer for the bank.

On February 10, 1872, the directors of the bank approved the purchase of the Jno. M. Peabody real estate for $9,000. On the night of October 10, 1876 the bank was robbed. Inasmuch as the criminals were never caught, the local folks decided that the James boys must have been the culprits.