Marmont Exchange Bank & Exchange Bank

Marmont Exchange Bank

Officers listed were: W. W. Osborne, President; G. M. Osborne, Vice President and John Osborn, cashier - May 8 1896

An early ad for the Exchange Bank - before Oct. 1895

In a biography on John Osborn this was found -

In that year [1892] he sold his farm and opened a bank at Culver, the Marmont Exchange Bank, which he conducted six years [1898] and then closed the business by paying his depositors in full.

1893 - Jun 29 - Marmont has organized a stock bank and has a new bank building. - Argos Reflector

1896 ad listing officers

1897 - Jan 15 - Notwithstanding that banks are suspending all over the country, we are pleased to state that under the efficient management of John Osborn, cashier, Marmont Exchange Bank is solid, and has no fears of being wrecked by the financial cyclone now passing through the country.

Exchange Bank

1898 - Aug 19 - There is strong prospects of a bank being established in Culver. The move is one in the right direction. There is no better place in the county to establish an institution of this kind and will meet a long-felt want. We understand that parties have been here looking the grounds over and that they are favorably inclined

1898 - Sep 1 - M. C. McCormick will open a bank at Culver City soon. Speaking of the matter, the Culver City Herald says:"We are pleased to announce to our readers that upon or about the 15th of next week Mr. McCormick of Argos will open a bank at this place in the building formerly occupied by the Marmont Exchange Bank. Mr. McCormick has had years of experience and will have plenty of xapital to make the enterprise a success" - Argos Reflector

1898 - Sep 8 - M C McCormick went to Culver on business Monday - Argos Reflector

1898 - Sep 9 - We are also pleased to state that Mr. M. C. McCormick, who formerly was connected with the Argos State Bank and who thoroughly understands the banking business, will open a bank in Culver about the middle of the month in the building formerly occupied by the Marmont Exchange Bank. This will fill a long felt want and no doubt will be liberally patronized... Banker McCormick was making himself acquainted with the combinations of his safe Monday. He will begin business as soon as his supplies arrive and will move here as he can secure a suitable dwelling. We heartily welcome him aud his family to Culver

1898 - Sep 15 - M. C. McCormick goes to Culver today, where he will open a bank. Mr. McCormick is an experienced banker and we wish him a prosperous buiness - Argos Reflector

1898 Sep. 16 - M. C. McCormick goes to Culver today, where he will open a bank Mr. McCormick is an experienced banker, and wish him a prosperous business — culver city Herald

1898 Dec 2 - The Exchange Bank, of Culver, has insured its safe and contents against burglary and daylight holdup. It is surmised that the experience of his friend, Lennon, at Flora, Ind., has shaken cashier McCormick's usually quiet nerves.

1899 - Feb 23 - M. C. McCormick has moved his family and household gooods to culver Argos Reflector

Schuyler Shilling bought the bank from M. C. McCormick. McCormick who had purchased it from John Osborn, as an investment.

1901 - Jun 27 - M. C. McCormick, the Culver banker has assisted in the organization of a new national bank at Knox and has been elected cashier - Weekly Republican, Plymouth, Indiana

On August 1, 1901 Schuyler C. Shilling purchased the privately owned, Exchange Bank of Culver, one of 240 in the state of Indiana at the time; from M.C. McCormick in 1901 and, with resources of $20,000

Found in the Culver Herald of Aug. 9, 1901:

Changed Hands.

Mr. S. C. Shilling of Knox, Ind., has purchased the Exchange Bank, formerly operated by M. C. McCormick, in this city. The new owner has taken posession of the bank- with Mr W A. Foust formerly cashier of the Citizen State Bank at North Judson, as cashier, who comes well recommended, and who thoroughly understands his business.

The proprietor, Mr. Shilling, has been engaged in agriculture pursuits all his life and still owns a fine farm in Starke County. He also is a stock holder in the First National Bank at Knox. He comes highly recommeuded as being a business man of integrity and who can be thorougi ly relied upon in all business transactions. The“Herald” with the balance of the community extend to him a cordial welcome

It began operations on 1 August 1901 as the 'Exchange Bank' and at this time capital was $10,000, and with esources of $20,000 the privately owned bank began operation under its new ownership.

Jan. 23, 1918—In checking over old records of the State Exchange Bank, S. C. Shilling found that when the bank was founded in 1901 it had 76 depositors and the checking deposits totaled $18,000

Mr. Shilling started the operation of the bank with the help of his 14 year old daughter, Minnie Shilling, who was a sophomore in high school at the time. She assisted part-time in the bank, serving as teller and helped with the custodial work and was a full-time employee upon high school graduation.

1903 - NOv. 5 - Ad

In 1905, the bank's assets were $51,323 - an increase of $31,323 in four years.

1905 - Nov 23 - Bank Statement.

Report of the condition of tho Exchange Bank at Culver, in the State of Indiana, at the close of its business on October 31, 1905: RESOURCE

Loans and Discounts		28,441.16
Overdrafts		5,830.77
Due from Banks and Bankers		14,092.11
Furniture and Fixtures		400.00
Cash on hand
Currency	2,040.000
Specie	519.17
		2559.17



LIABILITIES.

Capital Paid in		10,000.00
Discount, Exchange and Interest		2,212.83
Individual Deposits on demand		39,110.63



S. C. SHILLING, President. MINNIE L. SHILLING, Cashier. State of Indiana, Countyof Marshall}ss": I, S. C. SHILLING, President of the Exchange Bank, at Culver, Indiana, do solemnly swear that the above statement is true. S. C. SHILLING, President. Subscribed and sworn to before me, this 15th day of November, 1905. (seal) OLIVER MORRIS, Notary Public. My commission expires December 24, 1905

1906 - Feb 22

1906 - Feb 22 - Bank Statement.

Report of the condition of tho Exchange Bank at Culver, in the State of Indiana, at the close of its business on January 29, 1905: RESOURCE

Loans and Discounts		24,638.11
Overdrafts		497.58
Due from Banks and Bankers		21,487.11
Furniture and Fixtures		400.00
Current Expenses		11.70
Cash on hand
Currency	$4,830.00
Specie	685.85
		5,515 95
Cash Items		626.11
	53,174.46	53,174.46



LIABILITIES.

Capital Paid in		10,000.00
Discount, Exchange and Interest		413.99
Profit and Loss		1,774.11
Individual Deposits on demand		40,986.36



S. C. SHILLING, President. MINNIE L. SHILLING, Cashier. State of Indiana, Countyof Marshall}ss": I, S. C. SHILLING, President of the Exchange Bank, at Culver, Indiana, do solemnly swear that the above statement is true. S. C. SHILLING, President. Subscribed and sworn to before me, this 9th day of February, 1903. (seal) OLIVER MORRIS, Notary Public. My commission expires December, 24, 1906

In April, 1906, William 0. 'W.O.' Osborn and Minnie Shilling were married; moved to Peoria, Illionois and then in late 1906, back to Culver with Will taking a position with the bank as cashier.

The first published bank statement in June of 1906 resources had increased close to $11,000.

1906 - Nov. 1 - W. O. Osborno, notary public, represents American and Security Fire Insurance of Mewark, N. J. Both farm and city risks. Office, Exchange Bank.

1906 - Nov 29 - Depositors Secured

The Exchange bank carries burglar insurance to cover all funds in its safe. In case of robbery of the bank every dollar is absolutely guaranteed by the compant, and neither myself nor my patrons will looos a cent. - S. C. SHilling, Pres. - - Citizen

1907 - Apr. 11 - New Business Block to Be Erected 0n Main Street This Season by S. C. Shilling

There is an excellent prospect of Culver adding to its business facilities this season a new bulding which will be a home for its Exchange Bank and post office.

S.C. Shilling, proprietor of the bank owns the vacant corner lot on Main and Jefferson Stree St, and has concluded to occupy it with a two story brick building, 30x99, the front or Main street half to be used as a permanent home for his bank and the rear half for the post office provided the government will sanction its removal from its present location.

Saturday a petition was circulated and largely signed asking the post office department to make the change,

As the postmaster and every visiting inspector had for some time realized the inadequacy of the present quarters it is probable that the departement will approve the change. Mr. Shilling will wait for the action of thedepartement before drafting the plans for the proposed building.

The second story is likely to be devoted to flats and offices, for which there is a growing demand in Culver.

As the corner in question is one of the best it town it is fitting and desirable that it should be improved with a building of modern design and creditable to the important interests to which it will give shelter.

The main entrance was to be set at a 45-degree angle on the Main and Jefferson corner. The bank and United States Post Office were to be on the first floor. The second floor was rented to the Masonic Lodge. The estimated building cost was $10,000. It boasted polished brass, an impressive vault, sparkling terrazo floors, marble counters and barred teller windows.

1907 May 6 - John Osborn has commenced excavating for the Shilling bank building

1907 - May 16 - The contract for the excavation for the new bank building should be credited to Henry Overman and not John Osborn as the Citizen printed it last week

The two-story, brick-faced building was constructed at the corner of Main and Jefferson Streets in 1907 at a cost of $10,000

May 7, 1907 statement listed S. C. Shilling, President; W. O. Osborn, Cashier; Minnie L. Osborn, Assistant Cashier. Edgar Shilling (Schuyler's brother) was listed as a Vice President, though the gentleman was never an active participant in the operation of the bank.

The following historical account is found:

Exchange Bank of Culver - Mr. S. C. Shilling is the president of the bank and William Osborn cashier.

When Mr. Shilling took charge of the bank in 1901 the deposits were $18,000, the loans $11,000, and the number of open accounts 100. At the present time the deposits are $50,000, the loans $40,000 and the open between 250 and 300. The bank recently purchased an eligible lot in the center of the town, on which it erected and is now settled home amid surroundings luxurious enough to place it in the rank with similar institutions anywhere in the northern part of the building is the finest in the town of Culver, and in addition to it houses that other leading business factor, the post office, besides to the Masonic lodge on the second floor, and also three professional men. Not only the owners of the bank are proud of the institution but the community at large are equally gratified that they have in midst so important a factor in the building up of the business of their town. - HISTORY OF MARSHALL COUNTY 1908 BY Daniel McDonald pg 129

1908 - Arrival of Bank Fixtures. - The fixtures for the new back room are being placed in posiiton. The bank will go into its new quarters next Monday.

1909 - Mar 25 - The Exchange Bank this week completed its complement of office furniture by the addition of a roll-top desk and a large table and chairs for the consulting room. The articles are of weathered oak.

In 1912, W. O. Osborn was admitted to the bar as an attorney after having studied law on his own. He also became a full partner with his father-in-law, S. C. Shilling in the running of the private institution. In 1914, Irene Bogardus joined the staff as bookkeeper-auditor.

1912 - Feb. 1 - Former Culver Banker Dead

M. C. McCormick, cashier of the First National bank of Knox, died in a Chicaho hospital where he had undergone an operation on Jan. 23, aged 62 years.

He was will known throughout Marshall county and had been quite prominent in the Thirteenth district politics.

He conducted a bank at Argos for several years.

Mr. McCormich resided in Culver a few years prior to 1901, suceeding John Osborn as proprietor of the town's first bank, and givinf it the name of Exchange Bank. H sold to S. C. Shilling.

1914 - Dec 31- A Credit to the Town.

Foremost among the institutions which reveal the prosperity of a community are its banks. They are always looked upon as the thermometers; which show the business, conditions. Culver is distinctly in the line of progress if its Exchange bank is a criterion. Founded on ample capital, conservatively yet liberally managed, it not only affords the financial accommodation which business men and farmers must have to make their ventures successful, but it guarantees the safety of its customers' funds. These fundamental requirements united with unvarying courtesy to all who transact business with it, have given the Exchange a standing that is a source or satisfaction alike to the public and its owners.

Its stockholders, S. C. Shilling, E. W. Shilling and W. 0. Osborn, have a financial responsibility of over $150,000 - ample for protection and acommodation.

President S. C. Shilling and Cashier W. 0. Osborn are enterprising in their management of the institution, believing in the wisdom of adopting every means to facilitate the accurate and rapid handling of the business. In pursuance of this policy all the mechanical aids which large banks have installed have been introduced into the Exchange bank.

The latest of these is a Burroughs adding and subtracting machine which posts into the bank's depositors' ledger each day's checks and deposits and strikes a daily balance. At the end of the month, or any other desired period, a customer can be furnished with a printed sheet on which all his checks and deposits are listed separately, each under its own date, together with the amount of his balance; and in case he has overdrawn, that amount will be shown in red ink. This form or monthly statement will be appreciated by business men and others who have occasion to make daily use of a bank.

In 1915, Exchange Bank became a charter bank (State Bank No. 513) by the newly established Indiana State Bank Charter Board. Bank resources had risen to $236,000 and indicated a 4 per cent interest on certificates of deposit. In nine years, the assets had grown $173,894.09.

1915 - June 10 - The bank building is improved by fresh paint on all the outside woodwork.

In 1917 The Exchange Bank, of Culver, and after sixteen years of being successfully operated by S. C. Shilling, W. O. Osborn, and Minnie Osborn, the bank was newly chartered by the Banking Department of the State of Indiana and became The State Exchange Bank of Culver, Indiana with $50,000 of paid-in stock ($60,000 captial), the same employees and seven stockholders: S. C. Shilling, W. O Osborn, Irene Bogardus, J. P. Walters, Lewis Dillon, Franklin Overmyer and S. E. Medbourn. The assets amounted to $366,545.20.

A Buisness card reads: Loans Made of Personal, Collateral or Real Estate Scecurity - Any Amount - Locwest Rates - Exchange Bank - Culver Ind.

Continued under State Exchange Bank.