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First Bank


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Transcription contributed by Martie Callihan 12 December 2004

Sources:
The History of Warren County Ohio
Part IV Township Histories
Turtle Creek Township
(Chicago, IL: W. H. Beers Co, 1882; reprint, Mt. Vernon, IN: Windmill Publications, 1992)
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The first bank in Lebanon was that of the Lebanon Miami Banking Company, organized in 1814. The articles of association of this company began as follows: "We whose names are hereunto subscribed for the purpose of encouraging trade, to promote a spirit of improvement in agriculture, manufactures, arts and sciences, to aid the efforts of honest industry, and to suppress the unlawful and pernicious practice of usury, do mutually covenant and agree with each other to establish a banking company, for the objects before mentioned, at Lebanon, Warren Co., Ohio, to be called and known by the name of the Lebanon Miami Banking Company, which shall continue for the term of twenty years from the commencement of its operations. "The capital stock of the company consisted of 50,000 shares of $50 each.

The first Board of Directors were elected in April, 1814, and consisted of Joseph Canby, Joshua Collett, John Adams, Daniel F. Reeder, William Ferguson, William Lowry, William Lytle, Alexander Crawford, Thomas R. Ross and George Harnesberger. The first President was Daniel F. Reeder, and the first Cashier, Phineas Ross. The bank soon began to issue its notes for circulation, of the denominations of $1, $3, $5 and $10, and "tickets " of lower denominations than $1. The lists of the names of Directors of this bank show that many of the leading business men of Lebanon and vicinity were connected with its management. Profitable dividends to the stockholders were frequently declared. But the company became involved in difficulties, and, on February 2, 1819, the Directors resolved "that it is expedient for this institution to close its business as soon as practicable. That it is not expedient that this resolution be now made public." The banking business of the company was closed about 1822.

This banking company was re-organized under the same name in 1841, when John S. Iglehart was elected President, and James H. Earl, Cashier. The bank again issued its notes for circulation as currency, but its business was carried on successfully for a short time only.


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This page created 12 December 2004 and last updated 28 January, 2005
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