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Page 182 BANKING
A short time after the appointment of the creditors'
committee the President, who had been reached by cable, returned and
with him and the committee a plan was worked out by which it was
believed that the creditors could be paid a very substantial amount,
if not all, of their claims. It is to the credit of the President of
this bank that he turned over all of his property and before the
creditors' committee got through they had received very large
contributions from the other stockholders. A large amount of real
estate was conveyed to the Receiver and on the final wind up, after
paying expenses, the creditors got 67% of their claims.
The DuBois Deposit Bank did not have a run on it as
might have been expected. Shortly after the closing of the Bank of
DuBois, the stockholders of the DuBois Deposit Bank applied for a
charter for a national bank, to be called the "Deposit National
Bank," with a capital of $100,000.00, which was fully subscribed,
and on the 20th day of September, 1895, this bank opened its doors
under the National Banking Laws and has so continued and is now the
oldest bank in western Clearfield County.
The Deposit National Bank remained the only banking
institution in the city for five years.
In 1899 some parties became interested in a Trust
Company and the result was the organization of the The Union Banking
& Trust Company of DuBois, Penna., with a capital stock of
$125,000.00 and on the 9th of January, 1900, this institution opened
its doors as a banking and trust company.
After the Spanish War of 1898 the country commenced to
develop more rapidly, and in 1904 some parties concluded there was a
field for another bank and the The DuBois National Bank was
organized under the national banking laws with capital stock of
$100,000.00 and a surplus of $25,000.00, and this bank opened its
doors for business on the 2 1st of November, 1904.
All of these banking institutions have been wisely
managed and each one has doubled its capital stock since its
organization. An examination of the reports show that all of them
are in a very healthy prosperous condition.
The bankers of DuBois have been foresighted and have
encouraged local industries by assisting wherever they can.
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