‘Million dollar bank’ opens in Mondell building

Hannah Gross
NLJ Correspondent
With Leonard Cash
 
Historian Leonard Cash continues to dive into his discussion on the Mondell building, located on lot 12 of block 10, in this week’s installment of “History on Main,” with newspaper articles from 1920 that report the success of First National Bank, which had recently undergone an extensive remodeling.
Starting with the July 22, 1920, edition of the News Letter Journal, shortly after First National Bank moved from its former location into the Mondell building, the establishment became known as “Weston County’s million dollar bank.” It had modern fixtures, marble trimmings and even a restroom
for visitors. 
“A trip thru the new building should be worth the time of every citizen,” the article says. “With former State Treasurer, J.L. Baird as president and Dr. Fred Horton as Vice-president, this bank has built up a confidence and trust that is impregnable.” E.P. Coyle was said to have “welfare of the entire community at heart.” 
This bank proved its integrity and trustworthiness to become the “pinnacle of what can be accomplished by an institution of trust handling huge sums of money … (with) the most careful, considerate and reliable methods
of banking.” 
Not only did they have a new building, but by August 5, 1920, the paper announced that First National Bank had erected a “magnificent electric illuminated clock” in the front of the building, which was “10 feet, 6 inches in height and 3 feet square, of dark bronze with a copper hood at top and bottom.” Four large dials, 2 feet in diameter, with crystal on the outside “will not only add materially to the appearance of the busiest section of the city, but will prove to be a great public convenience for the general public.” The clock contained bronze and plate glass with a 12-inch dial and a complete set of Westminster chimes, creating an “artistic appearance” and “perfection” of its making. The chimes rang every quarter hour and “may be heard practically as far as the clock may be seen.” 
According to the Oct. 7, 1920, paper, Clem Mollring, who formerly lived in Newcastle and operated the Mollring & Mollring dry goods store until moving to San Diego, wrote to his Newcastle friends that he was doing well and that “California is milk and honey land.”
Two years later, First National Bank continued to grow because an article from Dec. 7, 1922, reported that it had bought out Newcastle National Bank. Many believed that the consolidation was a good business accomplishment because, for the time being, “Newcastle can best support two banks instead
of three.” 
“This arrangement has been hanging fire for some little time and the final agreement was reached,” the article says. “No radical changes in the business of the town will result from the transfer of
the business.” 
An undated article in Cash’s records revealed the demise of the bank. First National Bank was organized in April 4, 1904, and grew from a small establishment to the largest banking business in town. However, it fell into tough times, becoming the “third bank failure to be recorded in the history of Newcastle.” The first two banks to fail were the Bank of Newcastle, which closed its doors on Dec. 5, 1903, and Weston County Bank. The bank in Osage
also closed. 
“With the closing of these two (Newcastle and Osage banks), it leaves Weston county with but one banking institution in operation, that of the Bank of Upton,” the
article says. 
Fortunately, a new bank was opening soon by H.G. Weare of Spearfish, South Dakota, who was a well-known rancher, according to the bank’s website and his associates. Weare held interests in several Black Hills banking institution and had years of experience, which would “undoubtedly make a success in the new undertaking.” The state granted a charter to allow the building formerly occupied by Weston County Bank (which is the present-day Cashbox Ceramics) to
be leased. 
“Folks in this community who have had to get along without a bank now for some time will undoubtedly welcome the new bank, and it is expected that the banking institution will start off with a fine business,” the article says. 
And that’s just what
happened.
According to the Aug. 21, 1924, paper, “we predict that the new bank founded on bed rock and having outstanding obligations will be of real benefit to our town and country and that they will do a good business from the start.” The bank was capitalized for $15,000, “prepared to increase capitalization when ever there be need for it.” 
And the following issue announced that First State Bank had officially opened and moved in. Although the bank was located in the Cashbox store, Cash wanted to include it in this series because it moved into the Mondell building in 1930. 
“The First State Bank of Newcastle opened for business and from the very start, it was apparent that the people were taking kindly to (the) idea of again having a banking institution in the town and county,” the article says. 
Within the first week, $23,000 was deposited in bank, giving it a “footing” of $38,000 altogether. Eighty-six people and business firms opened accounts “and more are coming daily.”
The success continued because the Sept. 4, 1924, issue of the paper reported that the footings increased to $61,000. Cambria, Osage and Upton were also doing business at First State Bank. 
“The effect of having a bank in operation is reflected in the business of the community,” the article says. 
Two years later, First State Bank rearranged its office equipment in the lobby, which had previously been occupied by C.C. Storm, who was the receiver of Weston County Bank. He moved his office to the courthouse. 
By April 7, 1926, the bank was made depository of United State funds “for the reason being a well qualified institution.” 
“Persons who deposited their money in the local post office in saving certificates are in turn deposited again with the local bank,” the
article says. 
That same year in 1926, Security State Bank opened up, with Walter Schoonmaker as president and C.W. Dow as vice president, and although he is unsure of the date, Cash said it eventually moved into the Mondell building before First State Bank bought out Security. But that will be saved for next week’s installment of “History on Main.”