Banking Through Changing Times

Banking began when someone had money to loan. Enterprising businessmen have, for years, loaned money from their home or place of business. J. W. Price loaned money out of his store during the early days of Allendale. Later his sons and others formed the First National Bank of Allendale. T. J. Shannon operated a merchantile business in Mt. Carmel during the 1850's, receiving his goods by steamboat one or two times a year. He also loaned money. Mt. Carmel's first bank was started by T. J. Shannon and Joshua Beall near the corner of Third and Market Streets.

The First National Bank in Mt. Carmel had a capital of $100,000, with the following officers: H. T. Goddard, president; P. J. Kolb, vice president and K. F. Putnam, cashier. This bank was chartered in 1890 and was located at the norwhwest corner of 4th and Market Streets. In 1931, during the Great Depression, it voluntarily liquidated and was absorbed by the American National Bank.
Click here to see information about Savings & Loans including Wabash County's oldest financial institution, Wabash Savings & Loan
First National Bank after remodeling. Compare with the photo above.

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Present Day Banks

The Great Depression

Banking Artifacts

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A bank is such an important business to a community that the founders of Mt. Carmel made accomodations for a bank when the town was incorporated in 1817. The articles of association for the government of the town were drafted and provided for the erection of a seminary and the founding of a bank. The first bank was probably at the southeast corner of 3rd and Market Streets. It was known as the Shannon and Beall Bank. After 1880 it was controlled by Mr. Beall and was known as Beall's Bank. The Tri-County History book states that "the capital of the bank was fully adequate to do a safe banking business and it was furnished with Hall's fire and burglar proof safe, with time lock and located in a fine two-story brick building, owned by Mr. Beall."

Old Landmark to Be Removed
Building on Site of Proposed Filling Station One of Oldest in City

The old building at the northeast corner of Third and Market Streets which will be replaced by the proposed new service and filling station to be erected by the Standard Oil Company, is one of the old landmarks in the city. The building is the old Beall home and in pre-Civil War days was one of the finest residences in this section. W. P. Habberton recalls that when he came to Mt.Carmel in 1850 the building was the imposing residence of Joshua Beall, one of the wealthiest residents of the county. It was furnished fit for a king, he says, and was really a mansion. He recalls, too, that the building this side of the residence was once the home of a bank. Mr. Beall occupied the residence until his death and his remains were buried in Sand Hill Cemetery.

The Beall residence, and the Sears building, two squares north, on the present site of the new American National bank building, were two of the oldest buildings in the city. Both old landmarks will soon have passed.