Banks

[Towntalk]

Today's Chase Bank dates back to August 7, 1850 when Judge William Rayen became president of the newly formed Mahoning County Bank.

On June 2, 1863 in the wake of the new federal banking laws, the Mahoning County Bank became a national bank and its name was changed to the First National Bank, the third bank in America to make this move.

Wisely, Judge Rayen had as his Cashier Robert W. Taylor who would later become Comptroller of the United States, and the bank was able to go through the hard times of 1857 when other banks were going under.

On July 1, 1907, the First National Bank brought in the Dollar Bank which had been incorporated March 29, 1887.

In 1931, the First National Bank merged with the Commercial Bank and was renamed the Union National Bank.

In 1982 the Union National Bank merged with Bank One.

Today it is a Chase Bank.

Remarkably since the first bank opened in Youngstown, local banks were successes in spite of depressions and other downturns in the national economy (see History of Youngstown and the Mahoning Valley – J. G. Butler vol. 1, pg. 357) which explains why Youngstown experienced the growth that took place.

A look through the biographies in both Sanderson's and Butler's books shows that those bankers were also investors in the industries and businesses in Youngstown, many of which were on the boards of local steel mills and factories.

In his book, Butler observed: "In short, Youngstown can boast about as wholesome, sound and sane financial atmosphere as is found anywhere. And it has paid well, for Youngstown is one of the most prosperous cities in the world." (History of Youngstown and the Mahoning Valley – vol. 1, pg. 357).

Examples:

A. E. Adams besides his position with the First National Bank and Dollar Savings and Trust Co. as president was also on the board of directors of the Youngstown Sheet and Tube Co.; Youngstown Steel Car Co.; Ohio Iron and Steel Co.; Youngstown Foundry and Machine Co. among other Youngstown concerns.

Wilford Arms, Vice President of the Reality Trust Co. was on the board of the Brier Hill Iron and Coal Co.; among other valley companies.

J. A. Campbell, president of the Youngstown Sheet and Tube was on the board of the First National Bank and Dollar Savings and Trust Co.

John Stambaugh, board member First National Bank and Dollar Savings and Trust Co, was also on the board of the William Tod Co,; and Youngstown Sheet and Tube Co.

The Wick family.