Thursday, October 30, 2014

Montgomery County Illinois History

Montgomery County Loan & Trust Company Founders
Taken from: “Hillsboro A History” by Dorothy Bliss
Published: 1989
Based on the writings of the late Tom Bliss.

In 1869, the Montgomery County Loan & Trust Company, now Montgomery County National Bank, was capitalized by 14 men for $50,000. The original shareholders and the number of shares of $100 per-value stock each held were: William P. Marshall, 60 shares; Captain John Glenn and his brothers James R. Glenn and William J. Glenn, 50 shares each; Joseph T. Eccles, Fred Noterman and Pordice Boutwell, 50 shares each; William D. Shirley, 40 shares; John W. Edwards, John C. Gunning, James M. Truitt and Edward Y. Rice, 20 shares each; and Thomas Standring and Robert K. Bryann, 10 shares each.
 
The first Montgomery County Loan & Trust officers and directors were James R Glenn, president; Joseph T. Eccles, vice president; and Pordice Boutwell, Edward Y. Rice, William P. Marshall, William D. Shirley, John W. Edwards, Fred Noterman and James M. Truitt, directors.
 
Others who served as president of the bank during its 119-year history have been Joel K. McDavid, Dr. E. Turner Douglas, Bernays Seymour, Dr. Douglas's son Dr. William T. Douglas, and R. M. "Whitey" Patton.
 
Serving as bank directors prior to 1931, in addition to the original nine, were Amos Miller, Edward Lane, George Paisley, A. Michael, John F. Glenn, George H. Blackwelder, C. E. Michael, Robert Morrell, Joel K. McDavid, E. D. Marshall, James B. McDavid, J. B. Barringer, Catherine G. Stewart, Guy C. Lane, Frank L. McDavid, Dr. E. Turner Douglas, L. V. Hill, Harry S. Hargrave, Edward T. McDavid, Bliss C. White ,and Rice W. Miller.
 
When Peoples National Bank was absorbed by the Montgomery Loan & Trust Company in 1931., Peoples Bank directors Joseph M. Baker, John L. Dryer and Homer S. Butler joined the Loan & Trust board.
 
When the Taylor Springs State Bank was merged, also in 1931, Joe Sullivan, a director and cashier of the Taylor Springs bank, became cashier of the loan and trust company.
 
Elected as directors of the bank in the years following the merger of the three financial institutions were J. Earl Major, A. H. "Ott" Bartlett, Rice W. Miller, Harry B. Walker, Edward R. Davis, Omer Poos, Bernays D. Seymour, L. Bankler Dunn, Carl L. Killpatrick, Ralf Hauck, Dr. W. T. Douglas, Ralph Vandever, Elbert Butler, Ted C. Solander, Harold D . Whitten, Don J . McDavid, Arthur E. Bass, Alice McDavid, William K. Jenkins, Orville Johnson, R. M. "Whitey" Patton, Nancy (Bliss) Slepicka, Pete Patton and Dr. Roger McFarlin.
 
The bank operated under a state charter as Montgomery County Loan & Trust Company from 1870 to January 1940, when the name was changed to Montgomery County Bank. In May 1945, it became a national bank and has operated as Montgomery County National Bank (MCNB) since then.
 
The bank's board of directors agreed in the spring of 1987 to accept a $70.05 per-share purchase offer from Country Bancorp Inc., a bank holding company that owned First National Bank of Mt. Olive and its branch bank at Livingston. All of the 47,400 outstanding shares of Montgomery County National Bank were sold for a total purchase price of $3,320,370. MCNB's 1987 assets were listed as $43 million, and Country Bancorp ended 1986 with assets of $26 million.
 
Country Bancorp's principal shareholders and officers in 1987 were Dave Fleming, president, and Attorney Ron Scharf of Litchfield, and John Jubelt and Richard Kloss of Mt. Olive.
 
Directors and principal officers of MCNB at the time of the merger were R. M. "Whitey" Patton, president; Robert Smith, chief executive officer; Attorney Stephen Cullison, Dr. William Douglas, Harold D. Whitten, William K. Jenkins and Nancy Slepicka of Hillsboro, plus Orville H. Johnson of Nokomis. Attorney Elbert Butler, who succeeded his father, Homer S. Butler, on the board, served as bank vice president prior to the merger and was serving the board as consultant when Country Bancorp acquired the bank.
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