Union County, Ohio - History - Early Growth - Banking

Banking

The pioneers who composed the large majority of county residents in the early 19th century were generally very poor, meaning that there was no need for a bank in the county's early years. Trade was done by barter, including the exchange of coon and deer skins, whiskey, honey, and other durable goods. The state bank issued currency in the early periods known as "red dogs," "wildcats," and other currencies which passed through the county, with the book the "Bank Detector" published weekly to inform consumers of exchange rates of these currencies. Gold and silver was of little value in the early days, and what banks were formed usually failed.

After some banking laws were passed and the production of the county grew, currency gained value in trade, including paper, gold, and silver, and banks were permanently established in the county. The first bank in the county was the Bank of Marysville, established by Andrews, Evans, and Woods in 1854, with its first advertisement appearing in the Marysville Tribune. By 1863 they were selling the U.S. government "520 bonds". The Farmers Bank of Union County was established in 1868 on the Robinson block just east of the public square in Marysville, and by 1904 had merged with the Union Banking Company of Marysville. The Citizens Home and Savings Company was incorporated in 1889 with a million dollars in capital, located in the Liggett Building in Marysville. The Peoples Bank was organized in 1874 in Marysville, with its President being A.J. Whitney. In 1890 the Union Banking Company of Marysville was organized in Marysville by Snider, Asman, David, and Sellers. In 1909 the Commercial Savings Bank was established in Marysville by Braun, Blue, Southard, and Thorp.

In 1904 the Deposit Bank was established in Raymond. Banks were formed in Milford Center including the Milford Center Bank in 1878 by Fullington and Phelps, and the Farmers and Merchant Bank of Milford Center in 1907 by Erb, Reynolds, and Burson. The first bank in Richwood was formed in 1866 by Davis and Allen, but quickly failed. In 1867 the Bank of Richwood was organized by C.S. Hamilton, and would eventually become what is known today as the Richwood Banking Company. The Union County Bank was formed in 1874 in Richwood by Cratty and Blake, the Farmers Deposit Bank of Richwood in 1884 by W.H. Conkright, and the First National Bank of Richwood was formed in 1908 by L.J. McCoy.