Banking History in Pike County, Ohio updated October 8, 2012

Banking in 1859 opened with the Corwin, Gregg and Company Bank in Piketon and 3 years later when the county seat was moved to Waverly the firm name changed to Emmitt, Corwin and Company Bank.. The decade of the 1890's saw economic reversals for the entire nation. James Emmitt's business closed one by one and eventually his bank went broke in 1893.

James Emmitt became his own competitor in 1871 by going in partners to form Emmitt, Jones and Company Bank. The name later became Hays, Jones and Company. Peter B. Hayes died in 1897 and George D. Cole in 1898 necessitating a reorganization of the Hays Jones and Company Bank. Wells Jones Jr. drew together a select group of investors to capitalize the bank with $50,000 and in 1900 applied for a charter as a national bank, the first in Pike co. to achieve that designation, to open in January 1901. The first board of director included William B. Lee who held the successful Pee Pee Milling Company among his properties, Conrad Vallery a substantial farmer, August H. Dean ran the Pioneer Drug store on the corner of Emmitt and Market, William E. Taylor was elected the bank's first cashier and Jones the first president. This predecessor in 1901 became the First National Bank. This new bank was housed in a one room storefront on Market Street. In the 1920 a new bank building was constructed. Then on August 8, 1931 a merger was made with the Piketon National Bank that stipulated the First National Bank was to assume all liabilities and receive all assets of the Piketon firm. Other than the three-day "bank holiday" ordered by President Roosevelt in 1933,the First National Bank had never missed a scheduled day of operation.

With the Atomic plant construction it was decided that the existing bank building was two small and only 30 years old did not lend itself to remodeling so a former tavern on Market Street was rented to serve as a temporary bank while the old one was torn down and a new one began in 1953. The only part of the bank that was salvaged was the vault. The cashiers would go to the vault in the morning and pick up their cash drawers and take the money across the street to the temporary bank. The new bank was finished in 1954.

Hays, Jones check

First National Bank new

Piketon Bank maybe

First National Bank of Piketon was established in 1903

Piketon National Bank

First National Bank of Piketon

1902 Piketon National Bank $5.00

1902 Piketon National Bank $5.00 ba

Piketon National Bank
Piketon National Bank 1917 ad

Former First National Bank Building

Former First National Bank Building in old center of the town of Piketon, had been the former Roy Wilson drugstore and had set empty for several years after the death of Wilson. This branch was opened up during the Atomic Plant boom and John Stratton was promoted from cashier to vice president and branch manager.

First National Bank, Piketon, OH

Current First National Bank Building in Piketon, Ohio

Waverly Building and Loan Company

March of 1892 the Waverly Building and Loan Company was formed. By 1901 was a well financed company and had substantial chunk of the existing financial clients. Like the Waverly State Bank it has been taken over by another banking institutions (American Savings Bank with headquarters in Portsmouth also started in 1892). My memory of this institution was "you really didn't need the money" to be able to get a mortgage loan, after trying unsuccessfully a couple occasions to refinance my mortgage. January 1896 the following were elected as directors: A. H. Dean, W. S. Jones, Philip Lorbach, David Lorbach, Wm. S. Gehres, C. F. Schauseil, J. W. Logan, George E. Barch and F. E. Dougherty.

Waverly Building & Loan 1917 ad

Waverly Building & Loan 1917 ad
Waverly Building & Loan Ad 1925

Waverly State Bank

The Bank of Waverly was organized by W. V. Watts, who came from Bainbridge, in 1897 and by 1901 had substantial chunks of the existing financial clients. The Bank of Waverly which later became Waverly State Bank, did business from several locations. One of the locations was in the Emmitt house in the room on the corner. The last location is where the present US Bank is located on Emmitt Ave. The building at the Emmitt Ave. location was originally built as a Kroger store completed in June of 1951. At this location the bank has gone through several name changes including Huntington Bank, Bank One, Star Bank, First Star Bank and now US Bank. The last three names are under the holding company First National Cincinnati Corporation. Mr. Watts died at the age of 69 on Thursdays Aug 6, 1936. Upon his death Minnie Gregg, the casher at the time, was selected till the first of the year to run the bank. Supervisor Mr. E. T. Tetrick, Vice Present, was to sign important papers according to 10 Sep. 1936 Republican Herald.

In 1921 Waverly State Bank had assets of $128, 614 and First national Bank had $858,396. By 1936 Waverly State Bank Assets had increased to $258,976.67.

Old Post Office, Waverly, Ohio

Note Post Office on the left
Waverly State Bank former building

Waverly State Bank Building as of 21 Aug 2010 When you went into the little restaurant on the right side you could eat your meal inside the bank Vault. The restaurant is now closed.

Waverly State Bank abt 1900

First floor was the Post Office and on the right the Waverly State Bank and on second floor Wallace Dentist. In January 1921 attorney C. M. Caldwell moved his office out of the building to 206 E. Second Street. Picture about 1900.

Bank of Waverly

Bank of Waverly 1917 ad

Waverly State Bank Safe

Looking into Waverly State Bank Vault formerly used by O2 Coffee Shop as part of there dining area. The Safe was moved to this location from the former location in the Greenbaum building about 1953 or 54. In a conversation with Delbert Rigsby he tells me he was about 21 or 22 when he drove the wrecker used to move the safe, owned by Howard and Buddy Douglass who had a bulldozer and wrecker service at what is now the lot where Hunter Chrysler is. They also owned the Douglass Pontiac Dealership located at what is now Cardo's and the Gulf Station that is now the Emmitt house parking lot. After Douglass sold the Pontiac dealership it was followed by a Chrysler dealership. Delbert says he drove a 1952 GMC Cap Over Wrecker and as he came to the bottom of the hill crossing Rt. 23 the vault rubbed ground. He says it was a big day in Waverly, the town was closed down with FBI , Federal Agents, State and local police on hand. The safe was moved through the front of the building. From the front of the building it was winched on roll bars to its present location. During the time Bert Federici owned the building the Mosler Safe Company wanted to take it but he would not let them do so.

The Mosler Safe Company was founded in Cincinnati by Gustave Mosler as the Mosler-Bahmann Safe Company in 1867 and ended with bankruptcy in 2001. The company outgrew its original factory and relocated to Hamilton in 1891. Its safes and vaults were renowned for their strength and precision manufacture: several Mosler vaults installed in Hiroshima's Mitsui Bank building prior to WWII survived the Nuclear bomb.

photo by Tyrone Hemry 24 Nov. 2010

Waverly State Bank Door

The door is very heavy to move.

photo by Tyrone Hemry 24 Nov. 2010

Waverly State Bank emg air vent

The door that could be opened up and turn on the fan to bring air into the vault in case one got locked in the vault, unlike in the movies where people struggle to get the door open in time to save the people locked in the vault.

photo by Tyrone Hemry 24 Nov. 2010

Waverly State bank smaller safe

Note the smaller safe inside the big safe.

photo by Tyrone Hemry 24 Nov. 2010

Waverly State Bank vault inspection Cert.

Waverly State Bank inspection cert. #2

Waverly Bank Vault inspection certificates found inside of vault

photo by Tyrone Hemry 24 Nov. 2010

Waverly State Bank Jan 1954

21 Jan 1954 Waverly Watchman

The Bank of Beaver

January 1903 a deal was struck to start a new bank in Beaver instigated by William A. Russell. He gained the support of 8 stockholders: David Nutt, George W. Baker, W. A. Russell, E. Humphrey, George Leist Jr., Albert Deiber, Herman Shy, E. N. Dixon, and J. W. Theobald with a total capital stock of $25,000. By May 1, 1903 the paper work was completed and the state of Ohio granted a charter under the name The Citizen's Banking Company but simply know as the Bank Of Beaver.

William Russell became President and his two sons William A. Russell as Cashier and John P. Russell as Assistant Cashier.

After 1915 the Russell's began making numerous risky investments, the primary bad investment was in an Indiana gravel mine. The spring of 1921 village residents found the bank doors locked and shut. On May 6, 1921 the bank of Beaver was officially declared bankrupt. One year earlier on February 2, 1920 Beaver Village Council had made the Bank of Beaver its official depository resulting in a loss of $764.79. The Beaver milling Company lost $1066.33 and Adams Dry Goods lost $2033.60 as well many individual, business and churches lost there money that was in the bank.

The primary owners of the bank, William Russell and his sons, were forced to sell all of their personal property to help cover the loss to those with deposits in the bank. At this time they owned a nice home and a new car dealership (This was probaly the one that was in what is now Rapps Repair) in Beaver. The auction brought in $12,000 or about 25% of the lost deposits.

The original safe, was a Hall, patent screw, fire and bugler proof safe that weighed five tons and is now in possession of Eastern Local Schools and is in use in the administrative offices.

During the Atomic Plant construction boom the former Bank of Beaver building was opened as a branch of the First National Bank and a retired banker, Henry Stoll, took over as branch manager. The current Beaver branch is at 5556 Beaver Pike in the Mathews Family Foods Store..

Beaver'sFirst Bank Building

The Bank of Beaver Building as it looked April 2010

Part of this building has also served in the past as James Hoover and Son Hardware, followed by George Leist Jr. and Omer Davis starting in 17 August 1904 and in 1926 by Willis and Stoll Hardware, Beaver Post office in one half and a branch of The First National Bank in one half and storage for Hammerstein Furniture

Beaver West front corner view

Beaver's old bank building August 17, 2012 in process of being torn down
photo by Tyrone Hemry

Beaver old bank building east side

Beaver's old bank building August 17, 2012
photo by Tyrone Hemry

First National Bank

First National Bank interior 1950s

First National Bank interior 1901 seated W. F. Taylor; standing (left to right) R. S. Taylor, J. Will Gregg, W. T. S. Jones and Wells S. Jones, Jr.

First Nat. Bank interiror

Serving the bank's customers are (foreground, left to right) Mrs. Beryl (Ruth Oyer) Cooper (hired in 1945), Miss Charlotte Hibbens, William Foster (hired in 1948); (background) Mrs. William Foster (Norma Jean Scott), George Scott (Bank President) and Miss Eva Blaum (employed in the 1930's). (Photo by Marcus Orr)

First National Bank interior 1951

The First National Bank interior was remolded in 1947. (Photo by Marcus Orr)

First National Bank $10.00 front
First National Bank $10 back

Waverly 1st Nat Bank ink Blotter 19

An Ink blotter advertisement from the 1940's

1925 downtown Waverly, OH

1925 downtown Waverly. Market Street looking toward Emmitt Ave. from 2nd St. Note First National bank

from Bill Hicks collection via Gary Cooper

First National Bank in 1951

First National Bank in 1951 and torn down in 1953

Waverly July 1959

First National Bank in Waverly July 1959

First Nat. Bank 22 Aug. 2010

First National Bank in Waverly 22 August 2010

photo by Tyrone Hemry
Citizens Savings and Loan

The first out of county bank to open a branch bank was Citizens Savings and Loan from 505 Chillicothe Street, Portsmouth in the mid 70's. This bank is now Ohio Valley Bank with headquarters in Gallipolis. Citizens Savings & Loan Association Company stared in 1891 in Portsmouth.

Citizens Saving & Loan ad

2nd November 1950 The Republican Herald

Atomic Credit Union

The Atomic Credit Union was founded November 28, 1955, nearly 25 years after the credit union movement began in Ohio. Originally, the credit union was established to meet the financial needs of "all retired or permanently employed personnel engaged in the operation of; maintenance of; or construction at the Atomic Plant site," additionally, immediate family members were also permitted to join the credit union. The credit unionís field of membership remained status quo until a small credit union in Scioto County, Southern Ohio Savings Credit Union, Inc became insolvent and was presented to Atomic in the early 1990ís as a merger opportunity. Although Southern Ohio Savings Credit Union, Inc was relatively small in asset size, it held a very lucrative field of membership charter.

After the merger, Atomic Credit opened its doors to all living, working or worshiping in the following counties: Adams, Brown, Gallia, Highland, Lawrence, Pike and Scioto. As a result of this, branch offices and ATMs were opened up in Waverly, Portsmouth, and Piketon to support the growing needs of there members. The credit unionís President and Chief Executive Officer, Tom Griffiths, secured an eighth community charter in Jackson County in 2000.. The Jackson office has since been established, in addition to a sixth office in the Wellston.

In 2007, the ninth community charter of Ross County was obtained. 2008 credit union opened its seventh branch in Lucasville, in addition to a new 18,600 square foot facility serving as the Piketon branch and Corporate office. Most recently, Atomic Credit Union opened itís eighth office expanding services to the residents of Chillicothe.

In 2009, Atomic Credit Union expanded to the Hocking Valley Region due to the merger and acquisition of Hocking Valley Credit Union. As a result of the merger, Atomic acquired two locations in Athens and Logan and added five counties to its field of membership. Community charters gained through the merger are Athens, Hocking, Meigs, Vinton and Perry counties in addition to already established Adams, Brown, Gallia, Highland, Jackson, Lawrence, Pike, Ross, and Scioto counties.

Other banks in the county today

Pike county now has several banks including Fifth Third, US Bank, American Savings, Ohio Valley Bank, Homeland Credit Union. established in Ross County in 1932. but only the First National Bank has branches serving such communities as Beaver, Latham, Bristol Village, the business center of Piketon, a covenant location in Kroger's and the Waverly downtown main office.

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First National Bank of Waverly
107 North Market Street
Waverly, OH 45690-1354
Chamber of Commerce Member
Phone: 740-947-2136
Fax: 740-947-8124
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First National Bank of Waverly, In Service to our Community for over a 100 years. Six locations to serve you with Online Banking, Personal Banking, Business Banking, Personal Lending, and Insurance.
 
Central Ohio Financial Services, Inc.
111 North Market Street
Waverly, OH 45690
Chamber of Commerce Member
Phone: 740-947-7711
Fax: 740-947-7713
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Central Ohio Financial Services, Inc is an Independent Insurance Agency that offers Auto, Home, Personal, Business, IRAs, Life, Medigap , Long Term Care insurance, and a full range of financial planning options.