The Pioneer Bank

The Exchange Bank of Lanark was founded April 2, 1878, by Lanark farmer and businessman, John Wolf, with a capital stock of $50,000.00. In today's market that amount of money might start up a small service station - not including the building. But money was scarce in 1878 and the buying power of a dollar was at least 10 times greater than today's currency. In fact, just 20 years before, government land in Carroll County was selling for $1.25 an acre. (That's a buck and a quarter an acre for prime farm land.) So founder John Wolf started building his bank with a sound financial foundation. That same financial solidarity existed throughout the bank's history and still continues today.

The Exchange Bank was not the first in Lanark. A newspaper ad from April, 1870, read: "Von Vechten and Co. Bank - Transacts general banking. Collections by mail or express receive prompt attention."

In December of that year, papers were filed in Washington to form the First National Bank of Lanark; Giles Van Vechten, Cashier; R. G. Shumway of Milledgeville, President. Directors were Van Vechten, Shumway, Emanual Stover, John Wolf, Alex McConnell, and Z. B. Kinkade. Banking began on Jan. 1, 1871; offices were located on the Northeast corner of Broad and Locust. During this same period the Compton & Fry Bank was in business, just across the street.

John Wolf became president of the First National Bank in 1877 and was succeeded by Robert Paley the following year. In April, 1878, Wolf formed the Exchange Bank which opened for business at the same spot where the present bank stands, formerly the site of Welch's Cheap Grocery.

In 1908 the bank was incorporated under its present name, the Exchange State Bank, Lanark, with the Wolf family very much in control. Their statement of condition would have included this lineup:

Amos R. Wolf (son of the founder), President and Director Guy Wolf, Cashier Millard S. Weary, Assistant Cashier.

Other directors were David Wolf, Bennet Trout, Edward W. Puterbough, George Dampbell, and Francis X. Newcomer.

During the first third of the century, the Exchange State Bank grew slowly but steadily and retained its strong financial condition, even during the darkest days of the depression when bank closings were commonplace. On March 4, 1933, when President Roosevelt declared his famous "bank holiday," the Exchange State Bank - along with all other banks in the nation - was ordered to close. The proposed 4-day holiday became 10 days - for big city banks. Country banks took longer before getting the green light. The Exchange State Bank was allowed to reopen - with no restriction - in April. No customer lost a penny. Nowadays, of course, deposits are insured by the Federal Deposit Insurance Corporation.

Lanark's other bank, the First National, which was founded a few years before the Exchange Bank, didn't reopen at all, but on September 8, 1934, The National Bank of Lanark was started. All customer obligations of the original First National were met. On Jan. 2, 1968, the Exchange State Bank assumed the assets and liabilities of The National Bank, and Lanark, since then, has been served by one bank.

This picture was taken behind the teller's cage at the Exchange Bank in April, 1906, for our 28th birthday. M. S. Weary, Assistant Cashier, is counting money at the left. Amos Wolf, President, is at the safe and Guy Wolf, Cashier, is seated on the high stool working on the books.

JOHN WOLF was listed in the 1878 "History of Carroll County" as "capitalist." He was also a farmer & stock raiser in addition to being the founder of the Exchange Bank.

AMOS WOLF, son of the founder, was President of the bank until 1913. He is listed in the 1878 History of Carroll County as: "farmer and stock raiser, Sec. 9; P. O. Lanark. Born in the Co. in 1845; owns 380 acres; has sold 177 hogs in one shipment of his own raising, netting him $4,828.00. Married Miss Susan Sword in 1867.