NEGAUNEE BANKS

Marquette County MI



Negaunee, MI (Negaunee National Bank) (1920s) - contributed by Paul Petosky

The early history of banking in Negaunee is as much a closed book as that of the rest of the county, but occasional references to private banks found in the old newspaper files give a brief and fleeting glimpse of the banking era before the establishment of chartered banks. The first number of the Negaunee Iron Herald carried advertisements for Haydon’s Negaunee bank and for the private concern operated by D. G. Stone under the name of the Miner’s bank. The officers of the former bank (which was established in 1868, according to the advertisement) in 1873 were H. E. Haydon, president; Fred Stafford, cashier; and H. M. Boyce, assistant cashier. It is difficult to determine whether or not the bank bearing Haydon's name was a chartered or private concern, for an editorial carried in the same edition of the Herald has this to say of the banks of the place: “The town has nearly doubled in population and business importance—a city charter has been obtained, the First National bank and D. G. Stones’ private bank have been established.”

From the foregoing paragraph, it might seem that Haydon’s bank was the First National bank, or that his bank has succeeded the National bank, or, still more remote, the First National might refer to the institution of that name then doing business at Marquette. However, conjecture on that score must be left to the reader for want of more definite information on the subject. Then, passing to a more recent period, the first of the present banks to be established in Negaunee was the First National bank, founded in 1887, principally through the agency of Alexander Maitland, who was also interested in banking at Ishpeming and founded the First National bank of Escanaba before he located at Negaunee. Even at that early time, the capitalization of the bank was set at $100,000 and the amount has never been changed since that time. The banking quarters were rebuilt and enlarged in 1907-08, for from the time the bank was started—the First National having bought out the private concern operated by a man named Pierce —the company had been located in the same place. The present officers are Joseph H. Winter, president; A. F. Maitland, vice- president; G. Sherman Collins, cashier; and John J. Beldo and M. G. DeGabriele, assistant cashiers.

The Negaunee State bank was organized September 27, 1909, with its present capitalization of $50,000. The first officers were Frank A. Bell, president; Thomas Pellow, vice-president; Thomas Pascoe, cashier; and Y. S. Heinonen, assistant cashier. The officers now are the same as in 1909 with the exception of the vice- presidency which is now occupied by Thomas Connors.

The Negaunee National bank was organized October 7, 1909, with a capital stock of $100,000, and with the following officers and directors: E. N. Breitung, president; Benjamin Neely, vice- president; C. Meilleur, vice-president and manager; and H. C. Wagner, cashier; and A. E. Boswell, J. P. Miller, Philip Levine, J. H. Sawbridge, J. Hodgson, and James F. Foley, other directors. The present officers of the bank are Philip Levine, president; Thomas L. Collins, vice-president; Clarence E. Kearns, cashier; and J. H. Anderson, assistant cashier. The bank occupies quarters that would be a credit to a much larger city than Negaunee. and the policy that has been pursued by its officers has always served to give the maximum of benefit to the community and the greatest possible safety to the stockholders and depositors.
Source: A history of the upper peninsula of Michigan ... Author: Fuller, George N. (George Newman), 1873-1957.


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