FREMONT SAVINGS BANK & COMPANY

Local History Collections

Collection ID: 285
Location: LH 259

(Description ID: 594716)

Rutherford B. Hayes Presidential Center

Fremont Savings Bank and Company

LH-259

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Introduction

Agency History

Scope and Content

Inventory

Introduction

The records of the Fremont Savings Bank and Company of Fremont, Ohio, were donated to the Rutherford B. Hayes Presidential Center by Society Bank branch manager Terry Clabaugh in 1993.                                                                    

         Agency History                                          

On March 6, 1882, former President Rutherford B. Hayes, Reverend Father Seraphin Bauer, Dr. John B. Rice, Anson H. Miller, and Dr. James W. Wilson, residents of Fremont, Ohio, signed incorporation papers to establish the Fremont Savings Bank and Company in Fremont, Ohio. The Fremont Savings Bank's first officers were Dr. James W. Wilson, president, and Augustus E. Rice, secretary and treasurer, who also served as cashier. The directors purchased the entire capital stock of $50,000.  The dissolution of the Bank of Fremont, controlled by J. C. and L. Wideman and C. M. Spitzer may have been the impetus behind the formation of the new financial institution.  The directors of the Fremont Savings Bank purchased the furniture, safe, and supplies from the Bank of Fremont.  The also rented the Croghan Street offices of the former bank.


The institution’s first depositor was Rutherford B. Hayes.  One year after its formation, nearly one thousand accounts had been opened and nearly $4000 in interest had been paid to depositors.  Five years later, in preparation for needed expansion, the directors purchased the entire Croghan Street block on which the Fremont Savings Bank was located.  With the resignation of A. E. Rice, Rutherford Platt Hayes, son of President Hayes, was elected to the position of cashier.  At approximately the same time, Fremont resident Colonel William E. Haynes was elected a director and  vice president. He took over the management of the bank’s daily operations. Previously, Haynes had been a director of the First National Bank of Fremont and a partner in the private real estate and brokerage firm of White and Haynes. Colonel Haynes was the first of four generations of the family to serve as a director of the Fremont Savings Bank and Company. 

By 1921, the original building, equipment, vault, and floor space were no longer adequate.  Accordingly, a new building was erected on the same site.  The institution weathered the financial panic of 1893 and the years of the Great Depression.  In 1957, on the institution's seventy-fifth anniversary, the total assets were more than $12,000,000.  The Fremont Savings Bank and Company became an affiliate of Society Corporation of Cleveland, Ohio, in 1965.  It was the first independent bank in Ohio to merge with the Cleveland-based firm.  Society took over both branches of the bank - the Central Motor Bank on Garrison Street and the Potter Village facility on the west side of Fremont.  Sometime after the merger, Society discontinued the Potter Village branch and erected a new building on Moore Street. In addition, the Garrison Street branch was modernized.  Due to a decrease in downtown business and a poor traffic pattern, the original Croghan Street building was closed in May of 1993. In November of the same year, the building was sold to the Fremont Federal Credit Union. Due to a subsequent merger, Society became officially known as Key Bank. 

Scope and Content

The collection consists of various account ledgers from the nineteenth century including the institution’s first deposit ledger and asset ledger.  General account, bond, and debit ledgers from a slightly later period are also part of the collection. Due to the lack of administrative records, founding documents, board of directors’ minutes, and correspondence, this collection provides few insights into this financial institution’s operations.  However, the records provide the names of the Fremont Savings Bank’s first depositors and the institution’s initial assets. Used in conjunction with The Fremont Savings Bank Co., a publication created in 1957 as part of the bank’s seventy-fifth anniversary celebration, the records shed light on the institution’s operations during its first decades in business. 

Inventory

Ac. 5266

12 items

General Ledger "A"     1882 - 1895

General Ledger "B"     1895 - 1900

Deposit Ledger "A”     1882 - 1886

Balance Ledger         1897 - 1900

"Petty" Deposit Ledger "A" 1894 - 1899

"Petty" Deposit Ledger "B" 1900 - 1901

"Petty" Deposit Ledger "C" 1901 - 1901

Certificate of Deposit Ledger 1882 - 1891

Certificate of Deposit Ledger 1891 - 1893

Bond Ledger "A"       1899 - 1916

Debit Journal "C"  1893 - 1896


Historical Statistical Record 1882 - 1970           

                             

Addendum

Ac. 5925

3 items

Bank Share Ledgers (2) 1882-1934
Bond Register Ledger 1925-1952
Invoice Book/files 1922 – 1923 Remodeling of The Fremont Savings Bank and Company