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Helped in Trumansburg
The Ithaca Trust Company, through two of its officers, Chairman Van Cleef and Trust Officer Spaulding, played a prominent part in helping the First National Bank of Trumansburg to reorganize following the national banking holiday in March, 1933. The plan of reorganization was worked out under their direction and pushed through to Washington approval. Mr. Spaulding now holds office as president of the Trumansburg Bank.
From the minutes of the directors' meeting may be culled many interesting facts tied up with the recent history of Ithaca. On June 11, 1895, contracts were authorized for erection of the present bank building. On May 3, 1897, the Trust Company became a member of the American Bankers Association. On Apr. 23, 1906, it was voted to contribute $500 to the San Francisco relief fund following that city's disastrous earthquake and fire.
William H. Storms. Later, in 1895, Arthur B. Wellar, now vice-president of the Trust Company, was engaged as general bookkeeper. The institution grew so rapidly that the temporary quarters became inadequate, and Arthur N. Gibb was engaged as architect to prepare plans for a new building, the present Trust Company building at 110 North Tioga Street, which was built in 1895-96, and later enlarged and developed.
Presidents Total 5
In 1896, William H. Storms was elected secretary-treasurer. Mr. Storms, who was popularly known in Ithaca society for many years as "Rock" Storms, was a well-known bass singer, a member of the old Ithaca Quartet and other vocal organizations.
The Trust Company has had five presidents during its existence. They were: Franklin C. Cornell Sr., 1891-1908; Mynderse Van Cleef, 1908-1919; Charles E. Treman, 1919-1930; Franklin C. Cornell Jr., 1930-1932; Robert H. Treman, 1932 to the date of the merger.
On July 29, 1907, the Trust Company, as trustee of certain trust funds, consented to the laying of double street-car tracks on State Street. On Sept. 9, 1913, the Trust Company accepted the trust under mortgage of the Trumansburg Telephone Company.
Highlights in History
On Feb. 29, 1916, it was voted to subscribe $250 a year for three years to the recently formed Board of Commerce, the amount to be raised to $300 after three years if it was thought wise. On Nov. 6, 1916, it was voted in conjunction with other Ithaca banks to extend credit to the Thomas Aeroplane Company. On Sept. 11, 1917, it was voted to employ a bank architect and to proceed promptly with enlarging of the bank quarters. On Nov. 5, 1917, it was voted to buy $100,000 of Second Liberty Bonds. On Dec. 4, 1917, the bank subscribed $100 a month to the Ithaca War Chest Fund, the amount later being increased to $150 per month.
On Feb. 26, 1918, the directors