Encyclopedia Dubuque
"Encyclopedia Dubuque is the online authority for all things Dubuque, written by the people who know the city best.”
Marshall Cohen—researcher and producer, CNN
Affiliated with the Local History Network of the State Historical Society of Iowa, and the Iowa Museum Association.
SCHRUP, Nicholas J. Sr.
SCHRUP, Nicholas John. (Grand Duchy of Luxemburg, Aug. 23, 1853-Dubuque, IA, Nov. 10,1924). Founder, DUBUQUE FIRE AND MARINE INSURANCE COMPANY and the GERMAN AMERICAN SAVINGS BANK.
John and Mary Schrup, the parents of Nicholas, emigrated to the United States in 1855. They settled in Dubuque County in 1857 and began farming. Nicholas Schrup graduated from the Wisconsin Normal School in Milwaukee and taught school in Cascade five years. During this time, he also sold insurance for the German Insurance Company of Freeport, Illinois. He served as Dubuque County auditor from 1880 to 1883.
In 1883 he was involved in the organization the Dubuque Fire and Marine Insurance Company. He served the company as secretary and general manager under John J. LINEHAN, the president. He served as its president until July 10, 1917, when he became chairman of the board.
Three of the directors of the insurance company were also directors of the GERMAN SAVINGS BANK. In 1894 Schrup was the vice president of the bank and became president in 1897. In 1905 the bank opened a branch office on the corner of 18th and Couler Avenue to serve the needs of the rapidly developing northern portion of the city.
By 1911 Schrup and others recognized that the success of the branch bank indicated an opportunity to establish another bank. Schrup and his business associates were granted a charter on December 27, 1911, by the State of Iowa for the German American Savings Bank that opened for business in January 1912. Schrup served as the bank's first president. The directors, shareholders, and articles of incorporation of the two banks were generally the same.
Schrup served as president of the PIONEER SAVINGS BANK AND TRUST COMPANY and the National Reserve Insurance Company. He was a director of the CONSOLIDATED NATIONAL BANK, regent of COLUMBIA COLLEGE, and president of the local board of education. In 1910 Schrup was elected a state senator by the largest majority ever given a candidate until that time. Schrup served two terms as state senator and was knighted by the King of Belgium for his contributions to relief efforts in Belgium during WORLD WAR I.
---
Source:
"Our History...the Beginning," compiled by Jerry ENZLER, Winter 2011