Submitted by: Jeffrey B. Dunn
on: January 28, 2011 | Page view count: 1947 | Article rating:
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.
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 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.