State Exchange Bank History
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.
In the spring of 1918, the first Liberty Loan, World War I drive to raise funds for the war effort
and to promote citizen support was initiated. The Culver bank was the only bank in Marshall County
to meet every quota of World War I Liberty Loan Bonds.
|In September of 1918,
Carl M. Adams, husband of Margaret Shilling Adams, youngest daughter of Schuyler Shilling joined
the bank family.
||the bank on Dec. 29, 1921…note b ullet holes in the windows |
At 9:30 a.m. on Wednesday, December 29, 1920, robbers staged a bank hold-up. One of the men shot Jacob
Saine, Culver resident who later died of the wounds. Jerome Zechiel was also wounded. Carl Adams twin
brother, Earl, another defender on the scene, was not injured.
Three robbers escaped on foot through the basement of the bank. One bandit who had crossed the street
to the Ewald meat market and locked several customers of that store in the ice box after having sprayed
the bullets that killed Mr. Saine got in the car with the driver of the get-a-way car and the two drove
away from the scene. Later the three hold-up men who escaped through the basement were caught. The driver,
named Byer, was apprehended in Knox, Indiana while he was walking into his home.
The bandit who shot Mr. Saine was not caught. On January, 1, 1921, the bandits were moved from the
Marshall County jail to the Michigan City detention center as a precautionary move as the citizens of
the county were very irate at the intrusion of their world. The bandits were arraigned on January 8 in
Marshall County and were indicted by the Grand Jury on Manslaughter charges.
|the getaway car, complete with bullet holes.
On May 18, Clarence Darrow from Chicago, Il, an attorney made famous by the "Monkey Trials" as the dispute
concerning the origin of man became known, was named defense attorney for the three men. Even though the
nationally known attorney made an impassioned plea for the defendants’ release, the jury brought in a guilty
verdict. (Darwin's origin of Species: Man sprung from the monkey, but in this case of the bank robbers, they
didn't spring far enough.) May 20, the judge sentenced them all to life imprisonment. (Please note the short
time frame, January to May of the year 1921 to bring the bandits to justice.)
Beyer, the driver of the car who left the scene, was later up for parole Will Osborn was asked if he approved
of the man being released. W.O. was reported to have suggested since the boy was only sixteen at the time of
the robbery and had been in jail for some time he believed Byer should be released. Mr. O. became Byer's parole
officer. Byer moved to Culver , reported to Osborn, even to bringing his bride-to-be in for Will's approval.
The young man obtained a loan from State Exchange Bank and never defa ulted a payment. An Account of this
trial was found as.
A more recent re-account of the event.
Sometime after this Culver ites developed a plan of defense for its bank which included an arrangement by
Philllip Middleton for the State Exchange Bank to buy a dozen of Krad 30-40 riflesk, being Army surplus
these were distributed to local business men in the downtown area points being:
the dx station at the corner of Lakeshore & Main
Sinclair Service Station at corner of Main & Washington
Easterday Funeral Home
Culver city Drug Store
Service Station at Main & Davis.
there was also a concealed office in the bank where the girl at the switchboard could survey the premises
and send out the alarm to set in action the prearranged plan of defense.
Stockholders of Marshall County Banking Companies 1921-1924:
|Name || Residence|| Banking Co. ||Location |
|Adams Carl M. ||Culver || State Exchange Bank ||Culver |
|Bogardus Irene ||Culver || State Exchange Bank ||Culver |
|Currens Joseph W. ||Culver || State Exchange Bank ||Culver |
|Dillon Louis C. ||Culver || State Exchange Bank ||Culver |
|Druckermiller Austin ||Culver || State Exchange Bank ||Culver |
|Gignilliat Leigh R. ||Culver || State Exchange Bank ||Culver |
|Glascock Hugh G. ||Culver || State Exchange Bank ||Culver |
|Goss Oliver T. ||Culver || State Exchange Bank ||Culver |
|Greiner Bert H. ||Culver || State Exchange Bank ||Culver |
|Holt Arthur B. ||Culver || State Exchange Bank ||Culver |
|Medbourne Samuel E. ||Culver || State Exchange Bank ||Culver |
|Mitchell John ||Culver || State Exchange Bank ||Culver |
|Norris Norman S. ||Culver || State Exchange Bank ||Culver |
|Osborn W. O. ||Culver || State Exchange Bank ||Culver |
|Overmyer Franklin ||Burr Oak|| State Exchange Bank ||Culver |
|Overmyer Lewis ||Burr Oak|| State Exchange Bank ||Culver |
|Schilling S. C. ||Culver || State Exchange Bank ||Culver |
|Slonaker Clement L. ||Burr Oak|| State Exchange Bank ||Culver |
|Smith David H. ||Culver || State Exchange Bank ||Culver |
|Stabenow Otto ||Culver || State Exchange Bank ||Culver |
|Walter John P. ||Culver || State Exchange Bank ||Culver |
1921 - Mar 2 Among the real estate transfers recently recorded is the sale of the Shilling Bank
Building to The State Exchange Bank for $10,000 which amount has been provided for by the sale
of additional stock, increasing the capital of the bank to $60,000.
At the 1923 Annual Stockholders Meeting of State Exchange Bank, a new corporation was organized, to be
known as State
Exchange Finance Company (SEFCO)
The directors of the State Exchange bank at his time were:
S. C. Shilling, W. O. Osborn, I. M. Bogardus, S. E. Medbourn, L. C. Dillon, John P Walter, Louis
Ass boasted "Under one manafement with combined capital and surplus of...."
In 1924, the bank purchased the lot to the north of the bank to enlarge the bank building.
1924 - 26 March - Culver citizen - directors of the state Exchange Bank have purchased the lot next
to their building and plan to enlarge and remodel their present banking quarters. A new vault will
also be installed.
1924 Sep 17 - Plans have been made for the remodeling of The State Exchange Bank Building so that the
bank will occupy the entire front across the two lots with the telegraph office in a room on the
1925 - jan 13 - The State Exchange Bank has rented the room vacated by Mr. Johnson.The bank will
construct a new building on its present site during the summer.
1925 - January 1928 - Albert F. Stahl Get Bank Building Contract
The sealed bids for the new building for the State Exchange Bank were opened last Thursday
and it was found that Albert F Stahl, weel-know local contractor was the loewst bidder
Accordingly, he was given the general contract which merely includes the erection of the
Sub-contractors will be let for heating, lighting, plumbing, vault door, and fistures.
Mr. Stahl whas already begun to make his plans for the work and the actual tearing down of
the old byuildings will begin in the early spring.
When completed, the new edifice will be one of the mose handsom buildings in this section
of the country.
In early February of 1925, dismantling of the old building began
Dismantling Operations Begun on Bank Building
During the past week, dismantling operations have begun on the
building occupied by Dr. Tallman and the Western Union.,
prepartory to the b uilding program the Exchange Bank will soon begin.
The Western Union will move this week to the office rooms over the
Easterday Undertaking parlors, while Dr. Tallman will soon move to the
Hand property immdiatley back og the Mikesell Grocery.
The tearing down work has been done on the second story of the
building in the rooms formerly occupied by Dr. Tallman. As soon as
the tenants are moved, the building will be wrecked. - 25 Feb 1925.
The bank continued operations in the
across the street from the bank, until the
grand opening of the renovated building one year later. The exterior of the building was of
Bedford limestone and was trimmed in maroon brick. The original entrance
located at the corner of Jefferson and Main was moved to face Main Street.
1925- February 25, - Best Vault Door Made Is Purchased By Bank
S. C. Shilling and J. P. Walter made a trip to southern Ohio last
week where they pruchased the best vault door made, for the new bank
building. The door is made of Donsteel which is a new invention and
wchich cannont be penetrated with any kind of heat processes.
The two men were shown the advantages of this new output of the Mosler
safe Co. and were convinced beyond doubt of the impregnability of this
type of steel door.
The interior featured brass teller cages with Neapolitan marble counter tops, floors of mosaic tile,
walnut woodwork. On the second floor were offices of Dr. Mackey; generally practitioner, Dr. Norris and
Dr. Robinson; dentists, and the Masonic Lodge. Later, a tenant of the second floor was The Barnes
Construction Company, which was to become the Easterday Construction Company. In the basement, a vault
stored $29 a pound mint oil used as collateral for farm loans. Once, the mint oil leaked and the bank reeked of
double-Mint gum for months.
||from left: the bank before remodeling...and after|
|the newly remodeled interior
In 1927, because of increased business, the bank announced it would be open from 7 to 9 p.m.
the first evening of each month to serve customers. That practice was later changed, but the
six days a week, 8 to 4 pm hours would stay in operation until the 70's when the bank began
to close at noon on Saturday. Will's grand quote: "If we want to help them (the people) we
have to treat them right and be there when they need us." And two other quotes that liken the
bank to a doctor:” You don't need a doctor unless you're sick" and "You don't go to a doctor
who you don't cure you."
There were 14 banks in Marshall County in 1927. Only seven remained following the great
Depression of 1930.
As early as 1932 there was plalns to purchase the Argos State Bank as found below:
NEW ARGOS BANK - Indianapolis, Sept. 21 - (U.P.) - Permission for the State Exchange
Bank of Culver to establish a branch bank at Argos was granted today by the state
charter board.- The News-Sentinel, Wednesday, September 21, 1932
On March 6, 1933, President Franklin D. Roosevelt declared the Bank Holiday. That day, all
state and national banks, trust companies and credit unions were permitted to only accept
deposits in cash and accept checks only on new accounts. To open and carry on normal
operations, banks had to be approved with assurance of capability by the State and Federal
governments. In Indiana, Class A banks could remain open with no restrictions; Class B to
open subject to restrictions and conditions; and Class C were not permitted to reopen.
State Exchange Bank was the only bank in Marshall County to be licensed by the State of
Indiana to reopen as a Class A financial institution with no restrictions the first day
following the nationwide bank moratorium. State Exchange Bank never borrowed, never
restricted deposits, cut salaries or skipped a dividend during the Depression.
The bank's sound financial reputation drew the attention of unsavory visitors. Famous bank
robber Willie Sutton was once asked: "Why do you rob banks?" He replied, "Because that’s
where the money is." As the late film actress Ruth Gordon was once asked how she felt about
money. She answered: "It's right up there next to oxygen!"
On May 29, 1933, at 9:04 a.m., seven men staged a hold-up of the bank in a widely publicized
robbery in which six robbers were captured after a chase west of Culver. The seventh was
arrested in Chicago in late October. Of the $12,655.60 stolen, $9,375.61 was recovered.
That Monday morning a car came in from the North and stopped in front of the bank. Five men,
masked, with one machine gun, and four sawed-off shotguns jumped from the car and went in
Mr. Osborn had seen them from the front window and set off the alarm, which alerted the citizens
of Culver . Another account it is said that the switchboard operator was the one who sent the
alarm out as she was in a concealed office where she cold survey the whole premises. When the
bandits entered the bank she sent a call to the academy which set in the pre aggranged defense
plan for the bank. The alarm was ringing when they came in the door spraying bullets.
Oliver C. Shilling (son of Schuyler Shilling) with gun in hand ran to the roof of the two-story
shoe repair shop south of the bank, and from that vantage spot, shot between the eyes the driver
seated in the get-away car. The second man waiting outside ducked for cover behind the car.
Inside the bank, two of the robbers made the fourteen people in the bank lie down on the floor,
one stood guard at the entrance, one in the middle of the lobby and another took Carl Adams to
open the vault.
The next day The Chicago Tribune reported: “Culver Trains Guns on Bank Bandits; Gets 6.”
Scenes from the 1933:
||Culver ’s first banker, John Osborn, points to the b ullet holes in Dr. Mackey’s car|
|Irene Bogardus, Wilma Smith, Martha Werner,
Helen Kruman, and Lenore Medburn faced the bandits’ guns ||
||Citizen publisher M.R. Robinson exhibits the special edition of the paper devoted to the robbery|
| Oliver C. Shilling demonstrates his shooting technique
|| the car of H.H. Tallman, riddled with bullet holes, |
| and the same vehicle after evidence of the gunshots was removed by D. L. Jones.
More detail on the robbery can be found here, in
True Detective Magazine's
feature story on the robbery and capture effort.
The robbers took Carl Adams and a customer, Stephen Warren, with them as hostages
placing them on the running board of the car.
The wounded driver was shoved aside and another man drove. The new driver did not know the
roads. In frustration, the two hostages were let go at the west edge of town and the car
proceeded North and crossed State Road 10 going West. Dr. C. B. Mackey was following close
behind in his car. And when the get-away car skidded from the road on a sharp curve, the men
stopped the doctor and took over his car. The doctor administered to the wounded driver who
later died. In unknown territory, the driver tried to cut the car through a woods west of Ober
which was swampy. The stolen car bogged down in quick sand.
They had to abandon the car and scatter on foot. A large posse of Culver citizens, joined by
men from Plymouth and North Judson and led by Col. Robert Rossow, commandant of the Culver
Military Academy [said to have numered 500 which included 10 officers from Culver Military
Academy], encircled the robbers and all but one were caught. One of the men was in a tree,
another submerged up to his neck in water, another man with the leader of the gang were well
hidden with only their faces showing above the swamp water. Over half of the money was gathered
throughout the woods with the largest sum found buried under a root on the bank of a creek.
"A Primitive Method of Enforcing the Law"
Vigilantism as a Response to Bank Crimes in Indiana, 1925-1933
On May 29, 1933, hundreds of vigilantes captured three men in the woods just outside
Culver , Indiana. Their quarry was the last of a gang who had stolen more than
$12,000 from the State Exchange Bank in Culver that morning.
Armed with shotguns, the robbers had entered the bank at 9:07; while some of them
watched over the bank's customers and employees, their leader ordered the assistant
cashier to open the va ult, which the gang members then emptied. Alerted by a
telephone call from a bank employee in an adjacent office, a group of local
vigilantes (soon numbering five hundred, including ten officers from the Culver
Military Academy) quickly mobilized and surrounded the bank.
Using two captives as human shields, the bandits ran to their getaway car. As they
sped away, the bank president's son, perched on a nearby building's roof, shot
and killed the driver.
The car overturned, but the surviving bandits stole another one, leaving their
hostages in a ditch. After crashing into a tree ten miles out of town, they fled
on foot into the woods, where the vigilantes apprehended them piecemeal over
the next few hours.
The trial for the robbers was held in Plymouth and ended with three robbers being sentenced
3 to 10 years and three sentenced to 2-8 years. The seventh was arrested in Chicago, IL.
In the inner circles of prison, it was said that John Dillinger cased the Culver Bank and
believed it too diffic ult to get away. Apparently, the seven men did not know of their
fellow criminal's observation.
|| Some months after the robbery, Mr. Osborn received an extortion note from
one of the robbers threatening death if W.O. didn't bring $20,000 in a
bag to a partic ular location in Plymouth, Indiana.|
Daughter Francis Osborn Butler remembers her mother, her husband's mother and father,
who were visiting from Nebraska, and herself going to Plymouth and waited for news of
the drop at a restaurant. While Will drove, Oliver Shilling was lying in the back of
the car on the floor with a submachine gun. Four policemen were staked out in a house
across from the alley. Osborn dropped the sack filled with fake bills beside a trash
can. No one came to pick up the bag. But a lone car cruised by the site after midnight
leading police to believe it was the robber who was tipped off to the stake-out.
|The bank as it appeared in the 1930's and iinto the 1950's; the Culver
Public Library can be seen to the right.
The STate Exchange Bank upon a petition of Argos area residents in 1931 established an
office there to provide for the areas banking needs.
1934 - Oct 31 - The statement of The State Exchange Bank showed a total increase of $99,459.
34 since June 30.
In 1935, with recourses at $1,700,000 and deposits at a record high, the bank officials
decided to remodel the interior of the Culver bank.
1935 - January 16 — H. E. Medbourn was elected a director of The State Exchange Bank to
succeed J. P. Walter who asked to be relieved because of ill health.
The bank also added a cafeteria on the lower floor for employees and invited guests.
The remodeling was completed in 1936 with modern equipment including an inter-office telephone
system with central switchboard, new filing system and Eastman Kodak Recordak with a 16 mm.
camera capable of processing 12 S checks per minute. The bank was becoming an automated sophisticate.
Margaret Swanson joined the bank staff as comptroller.
||Hampton Boswell joined the insurance staff in December 1936.
(father of Carolyn Kline/father-in-law of Bob Kline). |
Photos of the bank interior after the 1935 remodeling (these photos were taken in 1947).
|| the assembly room which included a state of the art theater-seating projection room
||stairs leading to the basement & the Snack Bar
||pantry in the kitchenette & the hallway to the kitchen area
||the kitchenette [Glenda Sellers (seated) speaks to Alice Mikesell (standing)
in the kitchenette area] & dinning room
In December of 1936, after nineteen years of continued growth, total assets reached
close to two million dollars ($1,942,148.62). Also in that year the original
shareholders were directors.
| The Culver bank also established a branch bank in Argos in 1937. As
required by law, the new State Charter changed the title of the bank from State
Exchange Bank to The State Exchange Bank.
||A. N. Butler, husband of Francis, son-in-law of W. O. Osborn and newly graduated from LU.
Law school joined the bank as manager of the Argos branch.|
The change over is found recorded as such:
Culver BANK PURCHASES BANK BUILDING IN ARGOS
The purchase of the building, furniture and fixtures of the Argos State Bank, of
Argos, by the State Exchange Bank, of Culver , has been announced by the officers
and directors of the latter institution. The transaction was completed on Monday.
The Argos building is located on one of the choice corners of the town and is a
modern bank structure, with two va ults. It has two stories and a basement, with
office rooms on the second floor. The attractive front is of white stone, with
The officials of the State Exchange Bank announce that they plan to replace all the
furniture and make several alterations and repairs, which will give Argos a well-equipped
and modern banking quarters.
It is planned to redecorate the interior of the building, place inlaid linoleum where the
floor is not tiled, divide the back room that leads off the lobby by a glass partition,
install Venetian blinds on the windows of the main floor and replace all furniture with
the latest design of walnut. Keeping their banking quarters modern and attractive is
one of the fixed policies of the officials of the State Exchange Bank.
Miss Zita A. Boggs, who has managed the Argos branch during the past few years, will
continue in charge as one of the assistant cashiers. - The News-Sentinel, Thursday,
August 12, 1937
1938 - January 12 - New bronze doors have been placed on the Culver and Argos buildings of
he State Exchange Bank replacing the wooden ones.
In 1938, after much consultation with different insurance companies, Mr. Osborn met with Charles
S. Miller, Tyner, Indiana who represented the Lincoln National Life Insurance Company, Ft. Wayne,
and pioneered a plan to insure the lives of makers of loans, on a voluntary basis. The year-end
statement showed deposits of $2,500,000 and capital accounts of $239,947.
In the 40's the bank continued its philosophy of the ‘30’s, which stressed the customer-depositor,
should not be charged for service of the bank and the bank should take care of the legitimate
needs of the community. Free checking, free napkins and advertising hand-outs were given to
organizations as well as to individuals.
|a 1937 advertisement for the bank's 1938 Christmas Club
||1930s advertisement shows the bank decked out in Christmas finery|
In the late 30's and early 40's, the growth of depositors necessitated an intensive Loan
Policy to accommodate the ever increasing demand for money. The demand fostered another
service to be pioneered by the bank-Field Representatives to call on farm customers.
Clarence E. Bair, Sr. and O. T. Goss were the Field Men in the 40's. In the early 70's,
That year, the October issue of "Burroughs Clearing House Magazine" featured an article on
Country Bank Loans authored by W.O. Osborn. His innovative ideas were making news in
banking circles throughout our country. In 1941, Will Osborn lectured at the Wisconsin
State Bankers Association at Milwaukee, Wisconsin. The bank Vice President spoke on the
State Exchange Bank's interest in the youth programs and education of the young and its
sponsorship of the 4-H Program in the trade area. One coveted award at the Argos 4-H Fair
is the Grand Champion farm animal award. The State Exchange Bank policy was to buy the
animal at a top dollar price.
1941 - Apr. 24 A partition has been removed from the interior of The State
Exchange Bank to allow more room for the note department.
1941 - Dec 17 - Remodeling Interior of State Exchange Bank
Don't think that a bomb has exploded when you walk into tht
interior of the State Exchange Bank - the main room is just
being remodeled to give more working space to handle the steady
increase in business.
Two tellers' windows are being placed at the north side of the
lobby so that improvement service may be given to customers.
The southeast corner is being changed to give space for the
finance and insrurance departments.
The bank has ordered 560 new lock boxes to meet th demand for
more this type of storage space. The saftey deposit boxes,
which will be extended to the ceiling on one side of the vault,
are expexted to be shipped within a short time.
1942 - in the magazine "Finance" Osborn was quoted as saying; "We believe that
all of out employees belong to an 'official family' and that they should be taken
into our confidence in being informed not only on the policy of the bank, but on
the weak as well as the strong points affecting the same. We are strong believers
in the paying of a bonus to everyone employed by our bank, not only because we think
that those who ear the money should be paid, but because it puts them in the position
of being stockholders, wothout being forced to by stock. As a result each of our
employees becomes vitally interested in the success of the bank.'
The next few years during World War II the bank played an active role in supporting
bond drives and promoting E-Bond sales.
In February 1943, the Board of Directors approved purchase of the Farmers State Bank,
LaPaz, Indiana, by the State Exchange Finance Company. Deposits were $11,400,000,
and Loans of over five million.
In 1946, Charlotte Jung joined the bank staff as secretary to W. O. Osborn.
Perhaps it is a good time to describe the Christmas parties the bank began in the late forties.
Charlotte Jung was in charge of the Christmas Parties and had a delightfully different theme
each year, which was carried out in table decorations and favors. No words can describe
the events, but suffice it to say, all enjoyed the occasions.
1945 - Sep. 12 - A public parking lot is being planned by The State Exchange Bank at
the corner of Jefferson
||Charlotte Jung, having joined the bank in 1946, is pictured with W.O. Osborn in
In 1947, remodeling of the bank building provided added bookkeeping facilities on the
lower floor and insurance offices on the second floor. Night depository facilities were
provided at each bank during the 40's. Plans were announced to provide employees with
life insurance another perk for employees.
Mr. Osborn had become a much-in-demand speaker. On October 16, 1947, when Mr. Osborn was
sixty-two years old, he was the key note speaker at the prestigious International Business
Machine 100°r6 Club Convention held in Endicott, New York. Mr. Osborn's speech was
recorded on a 78 RPM platter.
|Mr. Thomas J. Watson, Jr., IBM chairman and his officers standing in front
of the bank with bank officials and employees, in 1947 The IBM executive staff was at the
Culver bank for a meeting.
||In 1948 Board of Directors of the State Exchange Bank of Culver & Argos - Lewis Overmyer,
O. T. Goss, W. O. Osborn, W. L. Johnson, H. E. Medbourn, Hampton Boswell, A. N. Butler,
and Carl. M. Adams - absent was S. C. Schilling.|
They were: S. C. Shilling, President; O. T. Goss, Vice President; W. O. Osborn, cashier; Carl M.
Adams Assistant cashier; Hampton Boswell assitant cashier; A. N. Bulter, assistant cashier; W.
L. Johnson, assistant cashier; Margaret L. Swanson, Auditor. Its sister bank the Farmers State
bank of Lapaz had the officers as follows: S. C. Shilling, President; O. T. Goss, Vice President;
W. O. Osborn, executgive vice president; Carl M. Adams Assistant cashier; Hampton Boswell assitant
cashier; A. N. Bulter, assistant cashier; E. N. Johnson, assistant cashier. The board of directors
for the above institutions were: s. C SHilling, O. T. Goss, W.O. Osborn, carl M. Adams, H. E. Medbourn
and Leis Overmyer. The associate directors were: Hampton Boswell, W. L. Johnson and A. N. Bulter.
As of 1948 the State Exchange Bank had as capital moroe than $650,000 and the Farmer State Bank,
$150,000. Total resources for both totaled $16,000,000
1949 - feb 2 - February 2, 1949 Another new service for customers is being provided by The
State Exchange Bank in the form of a night depository safe
||In 1949, Fred E. Adams, grandson of Schuyler Shilling, nephew of W.O. Osborn
joined the staff as a teller.|
Fred had served three
years in the U.S. Navy in World War II and obtained his LU. Business School Degree.
In 1950, a survey published by Purdue University on bank practices in agricultural
loans complimented the policy and practices of The State Exchange Bank. The board
of Directors was increased from six to nine members.
|from left: Wallace Clark and Zenith Crossgrove, State Exchange Bank custodians, in 1947.
|Clarence E. Bair with board member O.T. Goss
||Charlotte Jung, Esther Bolinger, Bonnie Reed, and Wilma Snyder|
|Carl M. Adams, Margaret Swanson, Wilmas Snyder, Hampton Boswell, Robert Lindvall,
Betty Young and joan Weaver.
||Margaret grindle, Esther Lindvail and betty Zechiel|
These photos come from the bank's 1948 photo book and program.
view the entire book
|Argos teller area
|Agros employees - 1947-8 - Clarence E. Bair, clinton Bendecit, Lois Carl
and Kathyrn Overmyer.
|| Argos custodian, Tony miller, 1948|
|W.L. Johnson, Cashier Farmers State Bank Lapaz
|| Lapaz employees of Framers State Bank - 1947-8: E. N. Johnson, Fern Baker, Ethel Sanders
and Madeline Oler.|
S .C. Shilling, President and Founder of the bank, passed away on September 13, 1951, at the
age of 89. On September 18, 1951, W. O. Osborn was elected President of The State Exchange
Bank, Farmers State Bank and State Exchange Finance Company. Carl M. Adams was named Cashier
and Oliver C. Shilling, Riverside, California, was named Director to succeed his father.
The statement showed combined resources of $19,549,835. Surplus was increased to $500,000.
In the 1950's an annual $250 college scholarships for four years was established for seniors of
the five surrounding county high schools and a $1,600 scholarship to Culver Military Academy.
1950 - Jan 18 - Local Bank Increases Directors From Six to Nine
At the annual stockholders’ meeting of The State Exchange Bank of Culver and Argos, and the Farmers’
State Bank at Lapaz, membership on the Board of Directors was increased from six to nine. Hampton Boswell
of Culver , A. N. Bulter, manager of the State Exchange Bank at Argos, and W. L. Johnson, cashier at
Farmers’ State Bank at Lapaz are the newly elected members of the board.
Each of the new directors has been closely associated with the development of the bank for several
years. The six other members who were re-elected to the board of directors include S. C. Shilling,
O. T. Goss, W. O. Osborn, Carl M. Adams, H. E. Medbourn and Lewis Overmyer.
Detailed reports given at the annual meeting indicated that both iinancial institutions, The State
Exchange Bank and the Farmers’ State Bank, had had a successful year. The summary reports at the close
of the year showed the banks had the largest statements ever published.
In 1951, the bank initiated the first of the annual Senior Class Educational Tours for five county high
schools, which featured bus trips to Chicago to tour the Board of Trade, Federal Reserve Bank, and
Continental Illinois National Bank.
1952 May 21 – The State Exchange Bank announces plans to occupy another room in the two-story bank
building here; the room was formerly occupied by Western Union.-
In 1953, Fred Adams left the bank to own and manage the Adams Men and Boys Wear Clothing Store in
In july, 1953, Farmers State Bank, Lapaz, Indiana, moved into a newly constructed bank building.
W. O. Osborn presented a series of lectures at the Fourth Annual School of Public Relations at the
University of Missouri in 1953.
1955 - july 6 — Total resources of Culver , Argos, and Lapaz banks now listed at $26,670,704.00 as
all three continue amazing growth.
|| Buick Roadster Bank of heavy diecast metal, issued in 1955 by the Culver State Exchange
Bank of Indiana|
|In 1956, the bank announced the purchase of the lots on the block past the library and plans
were announced for major rehabilitation, remodeling, and redecorating of the Culver building
starting in January of 1957.
A 60-car parking lot was planned for the west side of the Culver building, and more space was
to be added for bookkeeping, cafeteria and kitchen, offices, drive-up windows and central air
Argos was being revitalized and remodeled at the same time. The exterior was modernized and the
brass teller cages were replaced with open stations.
A 1956 Culver Citizen article detailing the planned remodeling of the bank
Fred Adams was asked and returned to the bank to take the position of Vice President-Loan and
1958 groweth as annouced - The Combine year-end statement of the Culver , Argos and LaPaz
branches of the State Exchange Bank continue to show a really marvelous growth. The combined
assets of these great banks as of Dec. 31, 1958, amount to $30,716,099.11, nearly #1 million
more then the same period last year. .... 7 Jan 1959 Culver Citizen
||The little black book issued by the State Exkange bank to its Saving account
Two Open House receptions at the newly remodeled bank buildings at Argos and Culver , attracting
hundreds of visitors. On June 12, 1958. Among other guests were 200 visiting bankers. Buses
transported visitors between Argos and Culver to tour the bank buildings. A buffet lunch was
served at the Culver Bank.
1959 - Dec. 31
1960 - Jan 6 - All =Time Records Set
Resources Now Almost $31 1/2 Million!
1960 - Jan 27 - Culver Bank Is Featured In National Magazine - - W. O. Osborn Given Editorial Salute -
The January issue of Burroughs Clearing House, an important monthly national magazine for
bank and financial officers, which boasts a circ ulation of 114,182, features a five page well illustrated
story on The State Exchange Bank.
Written by the famous journalist, Arthur Van Vlissingen. the article beaded, " Will Osborn's Big
Small-Town Bank." is a great advertisement for our community and a tremendous tribute to our
No. 1 citizen.
Subhead of the feature article reads: "This unorthodox country banker operates fair beyond his
farm community area, achieves remarkable results." Congrat ulatory letters by the dozen, from all
over the United States, are arriving on President Osborn's desk in every mail. He generously gives
a great deal of the credit for the bank's success to the teamwork of his associates and board of
1960 jul. 6 Banks Continue To
Establish Amazing Records
1961 - Jan. 11 - ALL
1961, - June 30th
||1961 - Aug 23 - Great Artist Paints Portrait Of Noted Culver Banker Edmund Brucker's Superb
Portrait Of W. O. ( Will) Osborn|
The current issue of the fast growing monthly magazine,Indiana Buisness and Industry, is the annual
financial number of the publication saluting the Hoosier State's outsanding bankers and investment
firms. A most faithful and striking new oil portait of W. O. Osborn president of the State Exchange
Bank of Culver , appears in f ull color on its front cover which describes him as "America's most
fabulous country Banker". Edmund Bruckner, distinguished artist, is pictured in his Indianapolis
studio in the renowned John Herron Art School as he places the finishing touched on his portrait of
Culver 's No. 1 citizen...
1961 - Nov. 15 - Local Christmas Club Checks Total $120,901
Being Mailed To 947 Members W. O. Osborn, president of The State Exchange Bank, on behalf
of the institution's board of director's, has announced that a combined total of $120,901 will
be mailed today to Christmas Club members among their many Culver and Argos bank customers.
The checks will be mailed to a combined total of 947 members of the 1961 Christmas Club.
This sum is $2,597.11 more than paid out last year at this time to a total membership of 1,004.
1962 - Jan 10 Combined Resources Over
; Capital Structure Exceeds $ 2 Million
1962 - jul 4 - State Exchange Banks
Continue Amazing Growth
Argos Bank Now Being Remodeled
1962 - Nov 14 - Local Christmas club Checks total $124,196
Local Christmas club Checks total $124,196
970 Members To receive Checks
W. O. Osborn, president of The State Exchange Bank, on behalf of the institution's
board of diectors,has announced that a combined total of $124,196 will be mailed
this week to Christmas club members among their many Culver and Argos bank customers.
The checks will be mailed to a combined total of 970 members if the 1962 Christmas Club.
This sum is $3,295 more than laid out last year at this time to, membership of 947.
1963 - Janaury 9 - Ends Most successful
Year Resourcesup $2,300,000 over 1961; Argos bank being remodeled and expanded.
1963 july 3 State Exchange Banks Continue
Remodeling Nearly Finished At Argos
1964, January 8 - State Exchange Banks Continues
Argos Building and Facilities Remodeled and Improved
1964 - july 8 - Combined Resources Of Culver , Argos And LaPaz Banks
Exceed $36 Million
1964 - Nov. 11 - Local Christmas Club Checks Total $131,300.16
W. O. Osborn, president of The State Exchange Bank, on behalf of the institution's
Board of Directors, has announced that a combined total of $131,304.16 will be mailed
tomorrow to Christmas Club members among their many Culver and Argos bank customers.
The checks will be mailed to a combined total of 969 members of the 1964 Christmas Club.
This sum is $3,668.92 more than paid out last year at this time to a membership of 978
1965 - January 7 - Combined Resources
Of Culver ,
Argos And LaPaz Banks Exceed $41 Million',
1965- Jan 21- Bank Stockholders Add new dircetors At Annual Meeting
Mr. W. O. Osborn, president of The State Exchange Bank of Culver and Argos, and the Farmers
State Bank of LaPaz, has reported that the stockholders of the above named banks held their annual
meeting Tuesday, Jan. 13, at which time three new Directors were added which makes 12 Directors
The newly elected Directors are Edwin C. Boswell, Rochester; Miss Charlotte J. Jung, Argos;
and Frederic E. Adams, Culver . All of the old Directors were re-elected.
The following is a complete list of all Directors for The State Exchange Bank, of Culver and
Argos, Ind., Farmers State Bank, of LaPaz, Ind., and the State Exchange Finance Company, of Culver ,.
Ind.: W. O. Osborn, Carl M. Adams, Hampton Boswell, W. L. Johnson, A. N. Butler, O. C.
Shilling, Margaret L. Swanson, Glenn Overinyer, George E. Eley, Edwin C. Boswell, Charlotte J.
Jung, and Frederic E. Adams. - THURSDAY, JANUARY 21, 1965 -
1965 - February - 25 - State Exchange Bank Ranks 1116 Largest In U. S.
The State Exchange Bank of Culver , whirch reported deposits of 329,615,416 on December 31,
gained 54 places in its standing among the 12 00 largest commercial banks in the United States
during 1964 and now ranks as 1116 largest in size compared with 1170 place at the end of
1963. Deposits of the bank totaled $26,214,356 a year ago.
This is revealed in the 1965 Annual Roll Call of the 1200 Largest Banks in the United
States published by the daily AMERICAN BANKER of New York, which is the trade newspaper
of t h e banking business. There are 13,673 banks in the United States.
1965 - march 25 - Culver Bank Seeks To Open Plymouth Office
The Department of Financial Institutions at Indianapolis is scheduled to rule today (Thursday)
on the application of the State Exchange Bank of Culver to establish a branch bank at Plymouth.
The application of the bank to establish a branch was taken under advisement when the board
met last week. The department was to meet with representatives of the bank to further discuss the
William O. Osborn, president of the State Exchange Bank, said the bank has made application
with the Indiana Department of Finance to establish a branch bank north of Plymouth.
The bank has an option on the southeast corner of the Labas Chevrolet property, West 7th road
and U. S. 31, just north of the city limits of Plymouth.
1965 - April 1 - State Board Approves Bank's Branch Proposal
The Indiana Board of Financial Institutions at Indianapolis has granted the State Exchange Bank
of Culver authority to open a branch bank near Plymouth. The approval was granted last Thursday
at a meeting at Indianapolis which local bank officials attended.
William O. Osborn, bank president, said the next step preliminary to the actual start of construction
will be to secure Federal approval to proceed by application to the Federal Deposit
Insurance Corp. He said the normal time required for this procedure is about two months.
The local bank has an option on a building site at the southeast corner of the Labas Chevrolet
property, West 7th Road and U.S. 31, just north of the city limits of Plymouth.
| W.O. Osborn at the ribbon-cutting ceremony for the Plymouth branch of the bank.
1965, july 8 - Culver , Argos, LaPaz Banks End Greatest Growth Year In History
Combined Resources, $42,879,106.26
1966 - Jan 6 - Resources
Exceed $46 Million
first to retire under retirement pension plan from Culver Bank
1966 - Nov. 10 - Christinas Club Christinas Club $142,799.70.
W. O. Osborn, president of The State Exchange Bank, on behalf of the institution's Board of directors
has announced that a combined total of $142,799.70. Including interest, was mailed today, Thursday,
Nov. 10. to Christmas Club members among their many customer s of the Culver, Plymouth and Argos banks.
The checks were mailed to a combined total of 1,091 members of the 1966 Christmas Club.
This sum is $11,509.79 more than last year's total of $131,289.97, paid to an increased membership, up
63 from last year's total of 1,028.
1967 - Jan 12 - Resources
exceeded the 50 million dollar mark
, for 1966.
A proposal to assist the Culver Community School Building Corporation in a financial crisis involving
construction cost of a new high school building in Culver , was approved with the bank purchasing
$1,900,000 of bonds.
1968 - Jan 18 Banks Report
Record High For Operations
To provide for needed expansion at Culver, remodeling called for using the entire second floor of the
building. The Masonic Lodge, which had occupied quarters on the second floor of the bank building since
1907, moved across Main Street to the ">K.P.
. Expansion included bookkeeping space on the second floor,
new quarters for SEFCO
offices on the second floor and remodeling of first floor offices.
The bank now boasted three branches one in Argos, one in Lapaz and one in Plymouth. lnterest rates
spiraled to record high levels reflecting a tight money flow in late 1968 through 1971 and in that
year, President Nixon issued a national price-wage freeze to fight inflation. Total combined
resources were $63,810,867.
1968 - Aug. 1 - Bank To Install New Drive-In Window - The State Exchange. Bank would like all their
customers to know that the drive-in window will be closed Monday, August 5 through Wednesday, August 7
for the installation of a new and larger window
||In 1972, John J. Deery
came to the bank as Assistant Vice President.|
Carl M. Adams, Sr. retired as Cashier after _4 years of active service. With the new branches,
it was impossible for all of the employees to know each other - important in the bank's
caring-family relationships. Marcia Adams suggested and, with permission from the directors,
published a house organ named "News notes" with the slogan, "Work Brings People together,
News Brings Friends Together" The paper, told about the lives of bank employees, births,
deaths, marriages, promotions. It was published once a month from 1975 to 1980.
||Custodian J. C. Beck in the 1970s.|
1973 - Bank Remodeled At Culver
Construction work is currently being carried out on interior remodeling-rennovation, first and
second floor levels of The State Exchange Bank here.
The project, initiated in late 1972, is a result of planning to fulfill a need for rearrangement
for bank departmental areas and offices. Remodeled centers will be provided for the cashier, the
bookkeeping and accounting departments on the second floor.
The new arrangement planning including offices for secretarial and bank officers on the first
The plan also provides for greater functional coordination of bank operations including record
files, supplies, PBX communications, check printing operation, accounting equipment and others.
Included in the redecoration plan is a carpeted lobby.
Easterday Construction Co., Culver, is the general contractor. - April 12, 1973
1974 - Mar 12 - Fred E. Adams , executive vice president, The State Exchange Bank,
has announced the appointment of Jack
to the bank bank staff Mr. Keldenich has, been names assistant vice president.
In 1975, Mr. Osborn was honored by the town on his 90th birthday.
||The grand opening of the Senior Citizen Osborn House the former
was also on that festive day.|
||W. O. Osborn and Minnie (Shilling) Osborn on that evening.|
|Osborn with former Indiana Governor Otis Bowen and Robert Rust
|| and a newspaper article commemorating the occasion.|
In November of 1976, a brochure was published commemorating the 75th anniversary of The State
Exchange Bank. Combined resources of the four banks were $98,588,000. Hampton Boswell retired
in 1976 after forty- years of service.
Ground was broken for a new bank at Bremen in October of 1977, to be a branch of Farmers State
Minnie Shilling Osborn died in 1977.
In 1977, the farm economy was at a high level. Reports showed that the average value of Indiana
farm land was $1,154 per acre. In May of 1978, deposits hit a new high of $95,949,019 with total
resources of $100,014 000.
Open house was held in August marking the completion of the new Farmers State Bank, at Bremen,
located at the corner of Indiana 331 and High Road. In September, scholarships to county high
school students were increased to $500 a year and the CMA scholarship was increased to $ 2,000.
For the first time in history, in October of 1981, service charges were placed on checking accounts.
The Carter Administration's decisions abroad affected the farmers' abroad affected the farmer's
grain abroad, affected the farmer grain prices. The farmer’s demise was to recall one of Mr. Osborn's
sayings. "We're built with the earth as our foundation, not figures and promises. Farmers have played
an important role" When farmers have hard times, they can't pay back their loans-"prime the pump"
practice was essential to their solvency. The farmers, hurt-the bank hurts.
A new All Savers Certificate of Deposit was authorized. On December 17, a Memorandum of Understanding
was signed with the Federal Deposit Insurance Corporation and Department of Financial Institutions.
At the December Directors' meeting, a plan was approved for a special mortgage loan promotion to try
to boost the sluggish economy in the area.
W. O. Osborn chairman Emeritus, died at his home on December 26, 1981. It was the end of an era for The
State Exchange Bank. In spring of 1982, Carl M. Adams died at home.
In September, 1982, the directors accepted the resignation of John Deery and named Allen Cummins,
formerly the manager of the Farmers State Bank, LaPaz, was named Executive Vice President of The
State Exchange Bank.
1982 - September - Bank Merger Proposed
Merger discussions are under way involving The State Exchange Bank, Culver , and Farmers State
The boards of directors of both banks have authorized the respective managements to pursue a merger.
The merger plan must be approved by the Federal Deposit Insurance Corporation and the Indiana Department
of Financial Institutions.Fred Adams, chairman of the boards of both banks, said the two banks arc
presently owned by the same group of shareholders and have the same boards of directors. Adams expects
the merger to be completed by early 1983 Sunday, Septpmber 19, 1982 Logansport Pharos-Tribune
In October 1982 a Merger Application was filed for the proposed merger of The State Exchange Bank and
Farmers State Bank.
On December 30, 1982,
filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Due to the bank's close association
with SEFCO through the years, this move caused problems for the bank. The proposed merger wasn't accomplished
before depositors pulled their money because of rumors and suppositions.
During the Directors' Meeting scheduled for January 10, 1983, the Marshall County Sheriff interrupted
the meeting with news that Fred Adams, President and Chief Executive Officer, had taken his life in a
wooded area near Culver Military Academy.
1983 - Feb. Promotions of employees
Claudia Neff Promoted Claudia J. Neff has been promoted to the post of auditor at The State
Exchange Bank in Culver.
A six-year staff member, Neff previously Swerved as assistant controller.
Carl W. Fox has been appointed Individual Retirement Account (IRA) Department manager at the Culver bank.
Fox has been with The State Exchange Bank 16 years and was formerly the operations manager
and finance officer of the bank's Plymouth branch -Sunday, February 27, 1983 Logansport Pharos-Tribune
1983 - March - Bank Names New Directors
Three new members have been elected to the board of directors of The State Exchange Bank of
The new members are Dr. Vactor 0. Connell, Bourbon, Sam C. Schlosser, Plymouth, and Paul E.
Winn, Culver . - Sunday, May 22, 1983 Logansport Pharos-Tribune
1983 - June - Bank Purchase Eyed
Culver (UPI) The State Exchange Bank of Culver is considering, the purchase of its sister
company, the State
Exchange Finance Co., which has filed for Chapter 11 bankruptcy.
Allen Cummins, chairman of the bank, said the deal would include buying the finance company's
subsidiary, the Farmers State Bank in Lapaz.
The proposal would be subject to approval by bankruptcy court, bank shareholders, and governmental
regulatory agencies. - Thursday, June 2, 1983 Logansport Pharos-Tribune
1983 - Aug. A. Lee Campbell Heads Bank
Culver — A. Lee Campbell has accepted the post of president and chief executive officer of
The State Exchange Bank, Culver , effective August 15.
The announcement was made by Allen H. Cummins, who has been serving in the dual role as chairman
of the board and president. Cummins will retain his responsibilities as chairman of the board.
Logansport Pharos-Tribune Sunday, july 24, 1983
The directors employed the legal firm of Krieg DeVault Alexander and Capehart as Special Counsel to
make an independent study of the relationship between the State Exchange Bank and State Exchange
Due to increased costs, after some forty years, the cafeteria service for employees was discontinued.
On September 30, 1983, a definitive agreement was signed by the Bank and SEFCO, which would form the
basis of SEFCO's Plan of Reorganization. The plan further resolved to eliminate the years of litigation that
could occur without a settlement, and to merge the Farmers State Bank with The State Exchange Bank.
1984 - August - Culver Bank Still Seeking Merger - The State Exchange Bank Co. (SEFCO) will continue
to seek a merger with Farmers State Bank of LaPaz, despite a setback by the federal government,
officials said Tuesday.
1984 - December Marshall County Bank Merger OK'd
WASHINGTON (UPI) - Federal authorities have approved the merger of two northern Indiana banks,
although it is animproper marriage in the eyes of some creditors.
The Federal Deposit Insurance Corp. board of directors approved the merger of the State Exchange
Bank of Culver and the Farmers State Bank of LaPaz Monday, citing increased capital and reduced
The FDIC staff had twice recommended disapproval of the union.
The new bank will be called the NorCen Bank and will have five offices. More details on the merger
will be announced at Plymouth Thursday, officials said.
Donald F. Pfeiffer, FDIC supervising review examiner, said improvements in the merged bank's financial
capabilities justified the approval.
Investors have pledged an additional $850,000 to the new entity since the FDIC first denied the merger
request in August, said R. Matthew Neff, State Exchange Bank's Indianapolis lawyer.
Total resources for the State Exchange Bank are $102.7 million. - Wednesday, December 19, 1984
1984 - Dec 20 - The State Exchange Bank, Farmer's State Bank and State Exchange Finance Company
have scheduled a press conference at 2 p.m. today in the Plymouth Public Library to announce further
details Thursday, December 20, 1984 Logansport Pharos-Tribune
The Directors, attorneys and others began another year of frustration in ironing out all the
details of the Plan and filing it with the Court, until finally, on January 24, 1985, it was
consummated and NorCen Bank was born of the merger of The State Exchange Bank and Farmers
Bryce Burton was elected as the first Chairman of the Board of NorCen Bank.
The State Exchange Bank which weathered the Stock market crash and depression without closing
it doors ceased to exist...
- - - - - -
Logansport Pharos Tribune
Marshall county History, 1908
1948 Promotional Booklet of State Exchange Bank
1975/6 Booklet of State Exchange Bank
This history of The State Exchange Bank was compiled by Charlotte J. Jung, Senior Vice President, in 1986, added to by Marcia P. Adams in 1998
(and was presentd to the Antiquartian Society of Culver on August 8, 1998) and edited by Harvey Firari in 1998, Jeff Kenney in 2005.