The following is taken from "Ilion 1852-1952." We thank the Mayor and other officials of Ilion for granting us permission to provide this information to our visitors.
History of Ilion's Banks
Ilion National Bank and Trust Company
In 1852, a few of the leading citizens met and organized the Ilion Bank which began operations under the state banking laws with a capital of $100,000. Eliphalet Remington was elected the first president and held that office until his death. The bank suspended business in 1866, paying all of its liabilities in full.
The Ilion National Bank was organized March 14, 1867 with a capital of $100,000 under the direction of Mr. Charles Harter, with a charter from the Federal Government. The first president was Jacob Folts and the first cashier was Charles Harter who was succeeded by F. C. Shepard. In 1887, Mr. Harter was made president and held that office until his death in 1926. He was followed by Ralph D. LeRoy, Edwin E. Barney and Leo H. Powers.
In 1919 the bank was granted the right to exercise the fiduciary powers by the Federal Reserve Board. These powers consist of acting as executor or administrator of estates, guardian, transfer agent and other capacities. The Ilion National Bank was then changed to Ilion National Bank and Trust Co.
On March 6, 1933, by order of the President, a "Bank Holiday" was declared that only those banks found in good standing would be allowed to reopen. This bank opened the following week. Excellent management is shown in its condition with assets over $6,000,000.
Ilion Savings and Loan
The Ilion Permanent Building, Savings and Loan Association was organized on October 3, 1888 for the Purpose of assisting the people of Ilion to build and own their own homes. At this time eleven directors were chosen to serve without compensation and by-laws were adopted.
The first mortgage was made in 1889 and many of the homes in Ilion were paid for through this means. It has grown from this small beginning to assets of just under two million dollars.
The first president was Samuel T. Russell followed by Ralph D. LeRoy, Floyd A. Clayton and Leo H. Powers. William H. Grimshaw was the first secretary.
In 1921 the Association purchased the building at 10 E. Main St. from the Manufacturers National Bank. In 1936 the name of the Association was shortened to the Ilion Savings and Loan Association. In 1950 the old structure was torn down to the 1st floor and modernized.
Manufacturers National Bank
The Manufacturers National Bank of Ilion opened its doors for business in the Ilion Savings and Loan Association Building on May 4, 1908.
A group of forward-looking business and professional men held the firm conviction that there was ample room in Ilion for two banks. They believed that a new bank, by doubling the banking facilities available to our community, would be a definite move toward a more progressive Ilion.
The founders and original directors were: Samuel T. Russell, John A. Giblin, Archibald W. McGowan, Grosvenor W. Heacock, James Conkling, William Hartford, Norman Harter, Richard Redway and Fayette W. Getman.
Two sons of the original Board are now serving as directors, George B. Getman and A. K. McGowan. Mrs. Alice B. Heacock, a member of the present board, is the wife of the late Grosvenor W. Heacock, an original director.
The bank's first Report of Condition was published on May 14, 1908. A comparison of some of the principal items of that report with the Report recently published as of December 31, 1951 indicates a most remarkable growth.
The steady increase in business under its liberal but sound policies made it necessary to secure larger quarters. The site at the corner of West Main and Otsego Streets was purchased and a new building erected. On November 27, 1922 the bank moved to its new and present quarters.
Grosvenor W. Heacock succeeded Mr. Russell as President and George B. Getman succeeded Mr. Heacock. On November 28, 1922 the Bank was granted Trust Powers to act as Executor of Wills, Administrator of Estates, Guardian of Property and Minors, Committees of Incompetents and in other fiduciary capacities.
Copyright © 2001 Paul McLaughlin/ Judy Breedlove/ Martha S. Magill