Encyclopedia Dubuque
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UNION TRUST AND SAVINGS BANK: Difference between revisions
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Union Trust was the first bank in Iowa to use the Bank Insured Savings System. Under the plan, depositors were given insurance and credit on the rest of their payments to be payable in full face value in the event of death. | Union Trust was the first bank in Iowa to use the Bank Insured Savings System. Under the plan, depositors were given insurance and credit on the rest of their payments to be payable in full face value in the event of death. | ||
[[Image:DSC01114.jpg|left|thumb|250px|Deposit bag from Union Trust and Savings Bank. Photo courtesy: Bob Reding]]In 1932 during the | [[Image:DSC01114.jpg|left|thumb|250px|Deposit bag from Union Trust and Savings Bank. Photo courtesy: Bob Reding]] | ||
In 1932 during the [[GREAT DEPRESSION]] Union Trust was declared insolvent, and the Federal Discount Corporation purchased the building. Eventually this building became the home of [[DUBUQUE BANK AND TRUST COMPANY]]. | |||
[[Image:union.jpg|left|thumb|250px|Photo courtesy: Bob Reding]] | [[Image:union.jpg|left|thumb|250px|Photo courtesy: Bob Reding]] | ||
Revision as of 19:34, 18 January 2014
UNION TRUST AND SAVINGS BANK. '"The Bank that Boosts Dubuque." Opened on January 20, 1887, Union Trust at 13th Street and Central was originally known as the GERMAN TRUST AND SAVINGS BANK. Among those who organized the bank were John BELL, Peter KLAUER, and Nicholas GLAB. Bell served as the bank's first president until his death in 1893. He was succeeded by Paul TRAUT. Peter Klauer was elected president on January 16, 1889. (1) Deposits grew rapidly: (2)
April 16, 1892---------360,747.83
April 16, 1902---------699,915.33
April 16, 1912-------1,747,395.70
April 16, 1922-------2,728,510.00
Growth in the bank's business led it to enlarge and modernize its facilities in 1910. These changes soon proved inadequate the the property for the new bank was purchased several years before construction was begun. The bank changed its name in 1918 in response to the anti-German feelings caused by WORLD WAR I. By 1922 it had loaned $5,000,000 on Dubuque city and county real estate making it the local leader in this area. (3)
In 1922 bank officials announced the construction of a new building by Weary & Alford Company of Chicago, specialists in bank construction. (1) Contracts were to be awarded by July, 1922 with work completed by May 1, 1923. In 1923 Christopher H. BERG was the president as the bank when it opened its new building.
Union Trust was the first bank in Iowa to use the Bank Insured Savings System. Under the plan, depositors were given insurance and credit on the rest of their payments to be payable in full face value in the event of death.
In 1932 during the GREAT DEPRESSION Union Trust was declared insolvent, and the Federal Discount Corporation purchased the building. Eventually this building became the home of DUBUQUE BANK AND TRUST COMPANY.
(Photo Courtesy: http://www.dubuquepostcards.com)
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Source:
1. "Structure to be Constructed at 14th and Central Avenue," Telegraph Herald, April 16, 1922, p. 16. Online: http://news.google.com/newspapers?id=QCBRAAAAIBAJ&sjid=W84MAAAAIBAJ&pg=4718,343399&dq=center+for+dubuque+history&hl=en
2. Ibid.
3. Ibid.
"Union Trust Big Factor in Growth of the Community," Telegraph Herald, Nov. 19, 1923