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THE WAUPACA COUNTY
POST December 31, 1991 WHEN THEN WAS NOW By Wayne A. Guyant This
is what the July 28, 1910, issued of the Waupaca Record had to say: “Charter for a State Bank. Waupaca will have another financial
institution in the near future.” The
fact that a city the size of Waupaca had only one bank caused some concern
among the people of the area, especially after the event of the Charles
Churchill incident and his resigning in February, 1910, after 20 years as
president and director of the First National Bank. This was the primary cause that led to the birth of the Farmers
State Bank. On
October 1, 1910, the State Bank Commissioner approved the Article of
Incorporation of the Farmers State Bank of Waupaca. They had a capital stock of $25,000, 250 shares at $100
each. The incorporators were Dr. L.H.
Pelton, with 100 shares; John Pinkerton, 100 shares; E.B. Jeffers, 35 shares;
L.D. Moses, 10 shares, and G.J. Moses, five shares. The
building owned by John Pinkerton, next door to Alfred Johnson’s Abstract
Office, was to become the new bank’s permanent home, which it was to occupy
later. Dr. L.H. Pelton was elected
president and G.J. Moses as cashier. In
the Waupaca Record for October 20, 1910, there appeared an ad for the
Farmers State Bank: “The Farmers State
Bank will open next week at 114 East Union Street.” Also in that same issue was a notice that the Rosholt Brothers
had secured a home for a new bank and they closed a deal that assured a third
bank for the City of Waupaca. Things
were happening fast since the shakeup of the First National Bank. There was another article that appeared the
27th of October, 1910, stating that the Farmers State Bank had
changed hands in its infancy. A deal
which had been pending for a week was consummated whereby the Rosholt Brothers
– Julius Rosholt of Minneapolis and Kim Rosholt of Eau Clair – purchased the
property and took over the charter of the newly organized Farmers State Bank of
Waupaca. When
the Rosholt Bros. came to Waupaca looking for a location to open a bank they
leased the building just vacated by Charles Hoffmann, who retired from the
jewelry business after 29 years. A
deal was made the first day of November, 1910, by and between the Estate of
Richard Lea, of the City of Waupaca, and the Farmers State Bank of Waupaca. The
party of the first part agreed to lease to the party of the second part the following
described premises; the basement and first floor of the building used by
Charles Hoffmann as a jewelry store.
Said building being located on lot one (1) Block K, in the City of
Waupaca, to hold for a term of 10 years November 1, 1910, November 1, 1920, for
an annual rental of $550. The
party of the second part was authorized to build a suitable fire proof vault in
said building at their own expense, provided however that at the expiration of
said lease, if it is not renewed, the party of the second part had the right to
remove such vault, provided the floors and building shall be repaired and
placed in as good condition as it was before the erection of the vault. The
Waupaca Record, dated November 5, 1910, had this to say: “New State Bank to open soon. Work on remodeling the Hoffmann building is
going ahead rapidly. Mr. Kim Rosholt of
Eau Claire told the representative of the Waupaca Record that they
expect to have one of the most modern banks in the state. They are installing a large burglar-proof
vault with safety deposit boxes, and the floors and the front of the building
will be marble. The officers have not
as yet been elected, but would be soon.” The
original Article of Incorporation was amended December 29, 1910. The time had come, and the Waupaca Record
for Thursday, Jan. 12, 1911, brought the news to the people of Waupaca: “The new State Bank opens Saturday. The Farmers State Bank held its first
meeting on Wednesday afternoon (and) 26 stockholders were present. The bank opened for business on Saturday,
Jan. 14, 1911.” The
first officers elected were: president,
J. Rosholt; vice president, K. Rosholt, H.J. Myhus, C.R. Hoffmann, E.W. Smith,
Albert Breit, O.C. Harrington, and Mr. Hoffmann was elected as chairman. The
original stockholders were Herm Felker, O.C. Hole, Carrie A. Wheeler, B.P. Hom,
E.W. Smtih, R.J. Havenor, N. Cohen, O.B. Ware, Albert Chady, J.R. Keating, F.D.
Axtell, Chas. R. Hoffmann, Albert Breit, Thos. Davidson, Lawrence Miller, A.B.
Axtell, R. McCabe, M.E. Hansen, O.C. Harrington, John Wallace, Carl A. Sander,
Fred Hess, S.J. Danielson, Thos. Oyans, William Pope, A.W. Warren, K. Rosholt
and J. Rosholt. When
the building was completed, the wainscot was Grecian marble set off most
beautifully by a base board of Italian marble.
The dealing plate was of Belgian marble and the woodwork and fixtures
were all in mahogany. The
10 years lease came up, and it was renewed for another 10-year period. On
June 12, 1930, they renewed the lease for a third time for 10 years. On
September 30, 1939, the Farmers State Bank purchased the entire lot one (1)
Block K from the estate of Richard Lea, for $30,000. This was a Trustee Deed, volume 193, page 221, executed by
Charles W. Lea, who was a son, and Harry R. Lea, who was a grandson of Richard
Lea; the original builder of the building. “Farmers
State Bank in home of its own, in Lea Block.
The Farmers State Bank, 28-year-old Waupaca financial institution, soon
will boost a roof of its own and a home of its own. “On
October 2, 1939, a deal will be consummated whereby the bank acquires the
Richard Lea estate property now occupied by the bank, McLean’s Market,
Stedman’s Drugs store and Allen’s Restaurant.
All occupants will continue in their present quarters, states Harry
Rawson, the bank president, and will continue as tenants of the bank excepting
Allen’s Restaurant. David Allen has
already arranged to purchase the quarters occupied by his restaurant.” The
above was published in the Waupaca County Post. On
January 13, 1955, there was a picture in the Waupaca County Post of
workmen installing a new revolving clock on the Farmers State Bank
building. The old clock prior had been
installed on October 25, 1916. The
new revolving clock was unique in design, and there were only four of them in
Wisconsin, the others in Milwaukee, Madison and Fond du Lac. It was installed under a lease agreement by
the Federal Sign and Signal Co., Milwaukee, assisted by Reuben Nelson of Nelson
Sign Service, who became in charge of the maintenance. Kissinger Electric did the wiring. The
clock was installed so that its twin faces were visible for long distances in
all directions as it revolved. The
faces were three feet six inches square and were of white plastic with black
plastic numerals. They were illuminated
by white grid tubing. The signs at the
top and bottom that advertised the bank were maroon with gold letters. They too were illuminated. In
the Waupaca County Post, for October 23, 1958, there was a picture of
the Farmers State Bank before it underwent its extensive exterior
remodeling. The heading was, Waupaca’s
Main Street undergoes a “Face-lifting.”
“The
west side of the 100 block on South Main Street in Waupaca is undergoing
extensive “Face-lifting.” From Union
Street northward, the First National Bank remodeled the exterior and the
interior of its building some months ago, the Schultz Bros. Variety store
remodeled the interior, converting to self-service, the Campbell store is in
the process of doubling its space by annexing the former Leader Hardware
building and on the corner of Main and West Fulton streets, the Farmers State
Bank is sealing off the second floor and installing a modern new front which
will include Winches drug store.” Sometime
between January 1955 and June 1966, the first temperature-time clock was
installed on the Farmers State Bank building on the corner of Main and Fulton
streets. This clock replaced the
revolving time clock that had been installed there in January of 1955. When
the Farmers State Bank moved to their new location at 112 West Fulton Street on
March 7, 1966, they took their time-temperature clock with them to their new
location. For
years the clocks that were mounted on the corner of the Farmers State Bank had
dominated the Main and Fulton streets intersection. The people had acquired the habit INCOMPLETE ARTICLE |