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American Exchange Bank History |
The following is an abbreviated version of the bank history as
first written by Richard Clements on November 18, 1983.
The American Exchange Bank was incorporated July 13, 1889 and bank
business began on September 9, 1889. The incorporators were F. E.
Stevens, E. A. Stopher, W. S. Waters and C. D. Stevens. The bank
first used an existing building near the corner of the intersecting
county roads in Elmwood. Around 1892 the bank moved into an
adjacent building on the corner of the intersecting county roads.
This new building was 60 ft by 28 ft by 24 ft and had brick walls
14 inches thick. The vault in the building was 14 ft by 14 ft by 12
ft. The building cost was $4,911.89.
The Aldrich family became involved with the bank on April 1, 1909.
On that date John P. Cobb purchased 60% of the bank stock and C. S.
Aldrich purchased 20%. These two became president and
vice-president and received a monthly salary of $75. Bess Streeter
Aldrich was a minor shareholder as of April 1911 but became an
active part of the bank in 1925 when her husband, C. S., died
suddenly. She continued as a director of the bank until 1938.
The Clements family became involved with the bank on March 9, 1910
when Byron I. Clements purchased 15% of the bank stock. Guy L.
Clements began working as Assistant Cashier at the bank at this
time at the age of 22. Guy became president of the bank in 1938. He
remained president until his death in 1970. His son, Dwight, was
president of the bank from 1970 until 1982. At that time, one of
Dwight's sons, Richard, became president of the bank. Another son
of Dwight's, Robert, is a vice president of the bank. Another son
of Dwight's, Greg, wrote these web pages.
| August 2005 |
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December 2005 |
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