Sunday, March 24, 2019

The Bank of Eagle was founded in 1889 by John Quincy Adams, President, and A.C. Adams, Cashier, with a capital of $5,000.  In 1893, Jonathan Adams bought half interest and became assistant Cashier.

Construction of the bank building now occupied by the Eagle State Bank began in March 1893.  It was built of Milwaukee pressed brick and French plate glass.  All local people and suppliers were used.  Crafts and Barrett had the stone and brick contract.  Linc Pettit did the carpentry and Joe Ward the platering.  Stopher and Wilenson supplied the lumber.

The bank changed hands for the first time in 1905.  George Reitter and his father bought the bank.  The house that A.C. Adams built on the northwest corner of 5th and “F” Street went with the bank.  The Reitters managed the bank until 1915 when George Sr., retired.  G.J. Reitter stayed on as cashier and Mary Reitter as assistant cashier.

In April 1915, W.T. Barstow became president of the Bank of Eagle, and in October, A.F. Ackerman of Pleasant Dale.  H.K. Frantz became cashier and was actively in charge.  He moved to the old A.C. Adams house, that again was sold with the early 1930.  After that Harry Robertson was president. George Unruh was president in August 1946 when the bank went into voluntary liquidation and the American Exchange Bank of Elmwood assumed the assets and liabilities.

Eagle once had two banks.  The Farmers State Bank opened on April 13, 1919 with E.M. Blair, President.  Merle Lanning operated the bank until 1927 when it was robbed and had to close.

The Eagle State Bank began in August 1972 when David, Douglas V. and Dr. David H. Duey applied for a charter in Eagle. During the next three weeks, two other people applied for charters.  After a three day hearing, the license was granted to the Dueys.  It took 13 months to process the application (and check the credentials and qualifications of the bankers).  The bank was remodeled and opened on November 1, 1974. 



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