9482. First National Bank (Austin, MN)

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1ST BANK GROUP ADDS UNIT HERE (Continued From Page Six) all directions. In 1870, George F. Trenwith became assistant cashier and a new bookkeeper was installed. In 1872 Edward A. Rollins a capitalist of Philadelphia, and a brother-in-law of Mr. Shaw. became a large stockholder and was elected director in place of H Merrill No change took place again until 1885 when one of the founders, Austin's first banker. Harlan W Page, sold his holdings and resigned his position as cashier to take the posttion of financial secretary of Carleton college at Northfield and was succeeded by Nathan F. Banfield N. Banfield Comes Nathan F. Banfield. who one day to become noted throughout the northwest for his financial ability and sagacity, was born at West Roxbury, Mass. He had received his education in the Adelphia academy of Brooklyn. N Y., in a private school at Washington, D. C., in the Bates school of San Francisco, and the Wolfeboro, N. H., academy and later attended Philips academy at He was acquainted with E. A. Rok ins and through him got a position in the First National Bank He came here as youth of 18 years in March 1879 The records of the bank show that within three years he had attained the position of assistant cashier and became a director and cashier in 1884 O. W. Shaw. the founder of the bank, after holding the position of president for even half century and had made the bank one of the strongest financial institutions of the northwest. retired from that office and became chairman of the board of directors for the year 1920 His death_cccurred Dec 28. 1920 Elected To Presidency On the fiftieth anniversary of the organization of the bank Mr Banfield was elected to the presidency. During his years of service in the bank he had done much towards directing its affairs and he carried on the policies that had proven to the building has been enlarged and improved. be sound and safe while at the same time giving to the community kept going to get out the scrip which perfect service He built the bank was to be used here in lieu of money. to greater proportions and its repuThis scrip was accepted by mertation for soundness and security chants for goods and by workers as grew under his administration wages for several months. They were keen. analytical mind was not CX# celled in this part the country believed that every one of the "scrip" His judgement in financial matters was paid through the New York bank was unerring His measure of men and cancelled. just and accurate. His outlook was Third Crisis In 1926 optimistic and conservative. His A third crisis arose here in 1926 horizon was not bound by the inciand this again demonstrated the dents of a day nor the financial and strength of the First National Bank economic condition locally. He had The fact was known that unless far reaching conception of affairs some institution took over the Austin and he brought these and other National that bank would close its qualities to his administration as doors the next morning A phone manager of the bank. call to the St. Paul and Minneapolis He had two precepts which be kept banks was made by Mr. Banfield. ever before the bank officials and He asked that a half million dollars bank employes: in currency be placed in an armoured "Gather funds for safe keeping and car and brought to this city to meet lend them with safety to those who any emergency that might arise. need them to build up the community": "Keep your eyes open to see, Just a telephone call: "Send along your ears open to hear and your half million dollars" and it was mouth-shut in all matters relating to ready to come but the news went the bank and its customers." back to the cities that George A. He used to say that the relation Hormel had saved the situation by of a customer and a bank was as handing over a check of $300,000 to sacred and as confidential as between protect the depositors In the Austin a man and his priest or a man and National bank. The little bank of his doctor. 1868 has always been able to meet There were many incidents that every call. At no time in recent happened in his work of directing years was there a time when it big bank that might be told to illus- could not have paid off 75 per cent trate the kind of man he was and of the deposits without calling in the kind of bank that was founded loan. here in 1868 and continuing to this The above are but incidents in the career of the bank. We recall being day. Cashier at 26 When Mr. Banfield was but 26 years of age he was cashier of the bank. He and Mr. Shaw did practically all the work, Mr. Shaw being the directing force. It was in the month of June 1886 Mr. Shaw had gone east on a visit. On Saturday night of June 10 Mr Banfield was informed that the Mower County Bank. with $100,000 deposits would not open its doors the following Monday morning. It was up to the youthful cashier to meet the situation. He took the train from here to St. Paul and called upon the president of the First National bank of that city. He explained the situation. The bank of Austin was well known even then for its soundness The First National of St. Paul promised to have $100,000 here in currency by Monday morning. That amount came by express. The money was taken to the First National bank and piled up where all could see it. There was no run on the bank Deposits continued instead of withdrawals In October 1907 there was money stringency. as all recall who lived in those days. The Citizens National Bank was known to be shaky and the word was given out that its doors were not to open the next day. It made no difference what securities a man or institution had currency could not be had. run on the First National and the Austin National was feared by reason of the collapse of the Citizens bank. A meeting was called of the directors of the three banks of Austin and Mr. Banfield suggested the issuance of scrip. It was the financial strength of the First Bank that stood behind that scrip. All that might the printing presses were told back in 1917, by Governor Theodore Wold of the Ninth Reserve district "The First National bank of Austin is one of the strongest financial institutions of the northwest." Ready To Meet Demands During the time Mr. Banfield was directing force the bank increased its capital and surplus and its deposits but these are financial facts that are to be found in the statements of the bank. It is the purpose of this article to inform the new comers of the men who were and are behind the institution and of some of the things which it has done for the community. When, the county. the city or the school district has been in need of money has been the First National Bank that had the necessary funds to loan. The bank came to the aid of the city many times during the history of both corporations. Probably the largest loan the bank ever made was to aid the school district when the beautiful high school building was erected. The district found that it had reached the limit of -its borrowing capacity from the state and had to look elsewhere for $325.000 necessary to finish the project. There was the old First National that had never failed the county, city and school district and it did not fail the district in this emergency It was just one more occasion for service. the money gathered from the community being used for community upbuilding. Just one incident of what a big financial institution can do for the community in which It is located. Looks To Four Sons N. F. Banfield had four sons and looked to them to follow his line of business Nathan F Banneld Jr was the first of the sons to enter the bank following the resignation of N. F. Sr. He had gone through the public schools and had taken two years at the state university and in 1903. he began on the lowest round of the Ladder that was to take him to the position of president of the institution. He was elected a director in 1909 and in 1912 was made assistant cashier and was vice president in 1920. On the death of his father Dec. 26. 1926. he became president. Possessed of all the innate qualities of his father. and thoroughly imbued with the truth of the teachings of that father Nathan Banfield Jr. carried on as his father had carried on. The same policies prevailed, the same ideas and ideals remained the guiding factors, the same rigid adherence the rules that had given the bank character and made it one of absolute security were continued in force. A natural born banker. ed. ucated in his work and trained by one who loved his work and loving the work himself Nathan Banfield was the logical and only man fitted to continue the work. The customers of the bank found in the son the prototype of the father. Under his direction the bank continued its growth and prosperity as it had under the two former presidents. Everett C. Banfield came into the bank in 1912. He was called into army service in 1918 and took training at Louisville. Ky. He returned home after his discharge in July 1919 and again entered the bank. He was made assistant cashier that same year and became a director in 1920 and one of the vice presidents of the bank. Richard S. Banfield came into the bank in 1915. and like his brothers began at the bottom. When the war broke out he entered the service May 14. 1917. at Fort Snelling He was later transferred to Fort Dodge. Won his stripes as first lieutenant in the infantry and went overseas and saw continuous service on the Metz sector from Oct. 1st. 1918 to Nov 8. He was discharged in August 1919. He returned to his duties at the bank. He was made assistant cashier in 1921 and director in 1924 and is now a vice president. Arthur F. Banfield began his career with the bank in 1920 and holds the position of auditor. H. J. Drost. trust officer and cashier. who had come to America from Holland as a boy, entered the bank in 1887. He was made cashier in 1907. Trained Prominent Bankers The Old First National Bank has trained and sent out into the financial world a number of men who became prominent in banking. among them: T. W. Andrew, vice president of the First National bank of Philadelphia; W.E. Waldron, president of the Security Trust and Savings bank of Billings, Mont.: Charles J. Sargent, president of the Goodhue County National bank of Red Wing: W. P. Bennett. president of the Mitchell County Savings Bank at Mitchell. There is another name, one written large in the financial field, not only of Minnesota but of the whole country, Lyman Wakefield. who stands head and shoulders with the best bankers and financiers of the northwest. A farm boy, plowing corn, milking cows and doing chores at the little place called Long Lake in this state, now vice president of the First National bank corporation, which has just joined up the First National Bank group of leading banks of the northwest Lyman Wakefield. vice president of the First Bank Corporation which comprises 73 banks with $443,000,000