First State Bank Part II

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Last week’s News Letter Journal covered the opening of First State Bank in Newcastle. This week, Leonard Cash continues detailing the bank’s history, starting with the resignation of its president and founder, Henry G. Weare.

An article ran in the Dec. 3, 1931, issue of the News Letter Journal titled “Charles W. Dow Heads Bank Here.” The piece announced that H.G. Weare, president of First State Bank, resigned due to ill health and Charles W. Dow, a “well and widely known local businessman and state senator from Weston County” took over. Not soon after, however, Dow suffered a stroke, which sidelined him from his work for several months. While the bank’s leaders dealt with health problems, the business at the bank does not seem to have been affected.

Sometime between 1931 and 1933, according to a News Letter Journal announcement in Cash’s records, the capital and surplus at First State Bank increased to $50,000, with total resources at $749,840.18.

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