CHAPTER XIV
Flovrishing Financial Institutions and Their Officers -
Banks and Loans Association - Kent County Mutual Fire Insurance Company.
The Farmers and Mechanics' Bank was incorporated in October, 1849, with these directors: Geo. Vickers, George B. Westcott, James B. Ricaud, Richard Hynson, Hugh Wallis, William F. Smyth, P. C. Blackiston, Wesley Wiley, Daniel Collins, Thomas R. Browne, G. O. Trenchard, G. B. Westcott, president; S. W. Spencer, cashier. They started in the room occupied by C. H. Wickes, Esq., and a banking house was afterwards erected on the McClain lot. The statement in 1852 showed deposits of $15,037.37, and circulation $52,238.00; loans, $53,891.25. The Kent National succeeded the Mechanics' and closed its career in 1885, under the management of the late George B. Westcott. It paid handsome dividends.
The Chestertown Bank of Maryland is the successor to the Chestertown National. The Board of Directors are William W. Beck, president; Samuel Vannort, vice-president; Allan A. Harris, cashier; Jesse E. Ireland, assistant cashier; E. S. Valliant; James W. Chapman, C. E. Crane, C. H. Price, James T. ixon, Wm. B. Usilton, E. A. Scott, James E. Woodall, Jr., Merrick Clements, S. Scott Beck, Arthur L. Harris.
They established a branch bank at Galena a few years ago. The capital stock paid in is, $26,575. The last statement in Ma-y, 1916, showed loans of $499,695.75; deposits, $490,680.54 and a surplus sum of $45,000. The total amount of business was $610,105.89.
The Second National Bank was organized in June, 1890, and opened in the "Kent News Building." On February 3, 1891, the bank moved into its new building, which cost over $12,000. Its successor is the Third National. This bank is doing a big business and meeting the fullest expectations of its friends. During the past twelve months this bank paid nearly $23,000 to its savings depositors in interest. Its capital stock is $50,000; surplus fund, $30,000; total business, $879,789.90. The Board of Directors are James A. Pearce, Hope H. Barroll, Wilbur W. Hubbard, Adam F. Huey, P. Thomas Hurlock, T. B. Durding, L. Wethered Barroll, Geo. D. Lolland, Elmer E. Leary, Thomas P. Bowers, W. B. Copper. James A. Pearce, president; Hope H. Barroll, vice-president.
The Kent County Savings Bank was organized in July, 1893, and located in the building opposite the "Kent News Building." September 1, 1901, they moved into their magnificent new structure. The contract price was $11,992. Capital stock, $20,000; this was the first bank in Kent County to pay interest on deposits. They all pay 4% at this time, 1916. The last statement shows total business, $537,829.93; surplus fund $40,000. The Directors are as follows: M. A. Toulson, president; Fred. G. Usilton, vice-president; William F. Russell, cashier; Jefferson D. Bacchus, John P. Urie, James H. Baker, Philip G. Wilmer, Lewin W. Wickes, James A. Casey, James E. Hurlock, Charles S. Smith, Howard Turner, William F. Russell.
The Kent Mutual Loan Association was formed in 1869. It was succeeded by the Chester Loan Association in 1880. The Kent Building and Loan Company is its successor. From $500 to $1,000 per week is paid in by the members; par value per share $100; payments of 25 cents per share per week, and the stock matures in about six years and six months. The officers and directors are as follows: President, L. Bates Russell, Vice-President, Fred. G. Usilton; Secretary and Treasurer, J. Waters Russell; Counsellor, John P. Urie; Dr. H. Benge Simmons, Thos. S. Bordley, Charles S. Smith, William F. Russell, A. M. Culp, J. H. Sides, M. A. Toulson, Charles N. Satterfield. Its assets December 31, 1915, were $85,500.93.
The People's Bank was organized in 1911. Capital stock $25,000; the last statement showed, surplus fund of $10,000 and total business, $273,772.62. Its Directors: Dr. H. B. Simmons, president; L. B. Russell, vice-president; A. Parks Basin, William M. Slay, Capt. Daniel Hill, William P. Brown, William G. Smyth, Joseph Downey, John C. Davis, Howard F. Owens, B. Hynson Rogers. They have established a branch bank at ROck Hall, one at Massey and another at Betterton.
Another growing financial institution is the Millington Bank of Maryland, located at Millington. The capital stock is $15,000; surplus fund, $5,000; total business $138,571.81, according to the statement, May, 1916. Its Directors are John P. Ahern, president; Isaac Gibbs, vice-president; R. W. Moffett, T. C. Roe, R. F. Powell, J. H. Wiest, Spencer Merrick, J. S. Newman, Joseph Mallalieu.
The Mutual Fire Insurance Company of Kent County is a successful financial corporation in Chestertown, and was chartered in -1847. It has saved to its policy holders at least $175,077.12 during the -past fifty years of its existence. The Directors are Thomas W. Eliason, president; George B. Westcott, secretary and treasurer; Samuel Vannort, James H. Baker, E. S. Valliant, James A. Casey, Edward W. Emery, R. G. Nicholson, Jefferson P. Bacchus, Harry C. Price, James T. Brown, Fred G. Usilton.
The Kent County Land Company was organized in 1911 and has a capital stock of $22,500, and has about $80,000 invested in land. The Directors are J. Waters Russell, president; William S. Collins, Fred G. Usilton, Aiwyn M. Culp.
Page(s) 123-127, History of Kent County, Maryland, 1630-1916, by Fred G. Usilton, 1916
Transcribed by Nathan Zipfel for the Maryland History and Genealogy Project