|
The Year 1893
The year 1893 was a turbulent year in the financial markets. On February 20, 1893, The Philadelphia and Reading Railroad went into bankruptcy and a sharp stock panic shook the stock exchanges. With the panic on the stock exchanges, many banks failed and labor unrest was becoming rampant.
At the start of 1893, Carmi had a single bank, The Hay and Webb Bank. The Hay and Webb Bank was established in 1872 by F. E. Hay and E. B. Webb. F. E. Hay had accumulated a small fortune packing and shipping pork and other produce down the Ohio and Mississippi Rivers. In 1872, he and his brother-in-law, E. B. Webb, quit the dry goods business and started their bank.
In 1893, the Hay and Webb Bank sold foreign bills of exchange in all the principal European and Oriental cities. Despite the economic storm clouds rolling over the nation, business was good in Carmi. The Hay and Webb Bank was rock solid and was weathering the financial storm that had gripped our nation.
In the spring of 1893, an ambitious young man, Thomas Hall, moved to Carmi from Saline County. He was 37 years old at the time and his intent soon became apparent. On May 4, 1893, The Carmi Courier printed the following notification: "Permit has been issued by the Secretary of State to Nathaniel Holderby, C. S. Conger, Thomas W. Hall, and Charles McDowell to organize a bank at Carmi under the State Banking Law. The following individuals were elected directors of the new bank: George Wiist, John Land, Felix Viskiniskki, Thomas Hall and C. E. McDowell." Carmi now had two banks.
On July 14, 1893, the Hay and Webb Bank finally succumbed to the financial panic that had gripped the nation. Hay and Webb had struggled to keep the bank solvent but on July 13th they made a general assignment for the benefit of the creditors to P. A. Pearce, a local attorney. As it turned out, the Bank was not in as bad a financial shape as many had feared. In the end, all depositors were paid 100% of their deposits when the affairs of the bank were finally settled.
Tom Hall knew that The Carmi State Bank was not large enough to handle all the financial deals in Carmi. He immediately began to work on the formation of a new well-capitalized national bank. He also knew that he would need to get most of the influential business and professional people in the community involved in the new bank.
On December 20th, the first shareholders of The First National Bank of Carmi met to organize their new bank. The meeting was called to order and it was announced that all $50,000 in capital stock for the new bank had been subscribed. Adam Miller, Tom Hall, Felix Viskniskki, John Land, and John Crebs were elected to the board of directors. In addition, Adam Miller was elected the bank’s first president, John Land was elected vice president, and Tom Hall was elected cashier. In addition, J. R. Webb, who had done such a good job of settling the affairs of the Hays and Webb Bank, would become the bank’s assistant cashier.
On December 23, 1893, Adam Miller purchased the former Hay and Webb building for the new bank. On December 29, 1893, Comptroller of the Currency, James H. Eckels, signed the charter for the First National Bank of Carmi. On January 1, 1894, The Carmi State Bank closed its doors and the First National Bank of Carmi opened its doors for business.
The following paragraphs are short biographies on the founding shareholders of the First National Bank of Carmi.
 |
Adam Miller was the central figure in Tom Hall’s plan to form a new bank. Adam Miller was a self-made man. He was born in 1835 and at the age of 16 was left fatherless. His father, Sheriff Abram C. Miller was killed in the line of duty. At the age of 16, he began working on his mother’s farm to help support his mother. |
| In August 1862, Adam Miller joined C Company of the Illinois Infantry, commanded by Lieutenant Colonel John M. Crebs, to fight in the civil war. At the end of his first year of active duty, he was promoted to captain and he fought heroically at the siege of Vicksburg, the capture of Jackson, Mississippi, and several other sharp engagements. |
 |
Upon returning to Carmi after the end of the war, Adam Miller purchased 120 acres of farmland and began a career as a private banker and trader. Miller would purchase walnut timber and boatloads of pork to ship to New Orleans. He always brought back goods to sell in Carmi. By 1893, he had accumulated over 1,000 acres of farmland and had significant other business holdings.
Adam Miller was not an easy sell on Tom Hall’s idea of starting a new well-capitalized national bank in Carmi. Mr. Miller's wife was adamantly opposed to Adam Miller joining the efforts to form a new bank. She did not trust banks and she was very content with the living provided by their current holdings. Upon hearing that her husband had finally agreed to join the group forming a new bank, Mrs. Miller demanded that their home be transferred to her name only so that she would be assured of a home in case the new venture was not successful.
Judge Chauncey S. Conger, Sr. was 55 years old when the bank was formed. In 1861, Judge Conger was admitted to the bar and became a partner of Col. John M. Crebs. In November 1862, at the age of 24, he was elected to the Illinois General Assembly. In 1879, at the age of 41, he was elected judge of the Second Judicial Circuit of Illinois. In 1891, he stepped down as an Appellate Judge.
Charles and R. D. Stinson owned one the largest retail businesses in Southern Illinois with stores in Carmi, Enfield, Norris City, and Salem.
John Land was another local merchant that helped to organize the new bank. He and his two brothers, David and Robert, owned a hardware store on Main Street in Carmi. In 1898, Mr. Land would sell his stock in the new bank and move to Ridgway, Illinois, to form a bank there.
Judge P. A. Pearce was another prominent lawyer of the time. He was active in Democratic politics and his influence was felt in many circles. Pearce was the guiding spirit in the construction of the First United Methodist Church at the corner of Main St. and Church St.
John M. Crebs was just 24 year old and already one of the leading businessmen in Carmi. His father, Colonel John M. Crebs, was a distinguished officer during the civil war. In addition, Colonel Crebs commanded the regiment that captured John Wilks Booth, 3 days after the assassination of President Lincoln. In 1895, John Crebs sold his stock in The First National Bank of Carmi and would later help establish The National Bank of Carmi in 1905.
Felix Viskniskki owned a local grocery and hardware store and he was also a director of The Carmi State Bank.
George Wiist, Sr. also owned a grocery and hardware store near the train depot in Carmi.
L. Haas was the final founding shareholder. He was the owner of the Bankrupt Store, one of the busiest stores in Carmi.
Adam Miller’s Tenure as the Bank’s First President (1893 - 1906)
Adam Miller served as the Bank’s first president. His tenure stretched from December 20, 1893, until December 31, 1906, when he retired as President but remained a director of the bank.
By the end of 1894, the bank had total assets of $206,496.33. In its first year of business, the bank turned a profit of $8,571.62 and paid a dividend of $7,500.00. During this period of time, the bank’s total assets increased to $490,684.70. Adam Miller was now 72 years old and he knew it was time to step down. Adam Miller was very proud of the bank he had created and he was confident Tom Hall would be a worthy successor.
Adam Miller died at the age of 75 on February 16, 1910. He was still serving as a director of the bank at that time.
Thomas Hall’s Tenure as the Bank's Second President (1907 - 1936)
Thomas Hall became the Bank’s second president on January 1, 1907. He was 51 years old and ruled the bank for 30 years. Tom Hall was born in 1855 in Johnson County, Illinois. He attended Ewing College and secured his teacher’s license. He taught in Saline County and later furthered his studies at Southern Illinois Normal University in Carbondale, Illinois.
Hall began his banking career as the cashier at The Saline County Bank in Harrisburg. He decided to further his banking career and was instrumental in the formation of The Carmi State Bank and The First National Bank of Carmi.
Tom Hall faced his first major economic challenge in 1912. In 1912, the Titanic sank, and Woodrow Wilson was elected President of the United States. The United States was also sinking into another economic storm. In 1913, disastrous flooding occurred along the Ohio, Mississippi, and Wabash Rivers. During this period of time, the bank’s assets dwindled from approximately $460,000 to $328,000 in 1914.
On January 15, 1914, the Bank became a member of The Federal Reserve System.
By 1920, the bank had outgrown its building. On April 9, 1921, the bank dedicated its new building at 201 E. Main St. in Carmi. On April 22, 1925, Carmi had its first million-dollar bank. Tom Hall was proud to announce that the bank's total assets had reached $1,012,559.
In March, 1929, Herbert Hoover became President of the United States and in October, 1929, the stock market crashed. By the end of the year, stock values had declined by $15 billion and before the crash had ended the market had declined by $50 billion. The impact of the depression was not felt at the First National Bank until 1931 when the bank lost $2,258 and again in 1932 the bank lost $2,005.
In June, 1933, the bank purchased the assets and paid the liabilities of The Burnt Prairie State Bank. In August, 1934, the Reconstruction Finance Corporation purchased $50,000 in preferred stock of the bank to assist it through the depression. This preferred stock was retired by December, 1937.
On February 12, 1937, Tom Hall died from influenza at the age of 81. He served as President of the First National Bank for 30 years.
Jennings F. Marlin, The Bank’s Third President (1937 - 1955)
 |
Jennings F. Marlin started working at The First National Bank in August, 1922. In 1923, Marlin became assistant cashier and was elected to the board of directors. In 1935, Marlin was elected Vice President of the bank and was appointed President of the bank on March 8, 1937, upon the death of Tom Hall. When Marlin became President, the Bank had total assets of $1.3 million. |
Jennings Marlin’s years as president of the First National Bank had been dominated by World War II and the oil boom. In the late 1930’s, oil was discovered in the Storms Field in Heralds Prairie Township. Carmi’s population increased from 2,900 people to over 5,000. Major oil companies such as Sinclair, Phillips, Superior, Humble, and Continental all established offices in Carmi.
Marlin became a good judge of character as many new people moved to the area and the bank had to help them with their housing and business needs.
In 1955, Marlin purchased the adjacent building to the bank and started construction of an expansion to the current bank. On September 14, 1955, Jennings Marlin died at the age of 55 of heart disease. He did not get to see the completion of the building renovations. During Jennings Marlin’s years, the bank’s total assets grew form $1.3 million to over $8 million.
Curtis Bohleber, The Bank’s Fourth President (1956 - 1988)
 |
Curtis Bohleber began working at The First National Bank of Carmi on August 17, 1937, as a bookkeeper. In January, 1952, he was named cashier and upon the death of Jennings Marlin he was appointed Executive Vice President of The First National Bank. In January, 1956, at the age of 37, Curt Bohleber was named President of The First National Bank. |
During Curt’s years at the bank, he oversaw three major remodeling and expansion of the bank’s building. In 1957, he completed the remodeling planned by Jennings Marlin. In 1964, the bank opened the first driveup bank in Carmi. In 1975, Curt completed his second major remodeling of the bank building.
The 1970’s and 1980’s were turbulent. In the 1970’s, the price of farm ground increased from $450 per acre to over $2,000 per acre. Oil priced soared with the Arab oil embargo. The local economy was booming. By 1979, the nation’s economy was nearing a meltdown.
In 1980, the bank formed a one-bank holding company, First Carmi Bancshares, Inc., to give the Board of Directors more flexibility to deal with the changing banking environment.
In 1980, interest rates soared as The Federal Reserve increased rates to slow the economy. The prime lending rate reached 20%. Agriculture, which was heavily dependent upon credit, began to suffer significant financial stress. In 1984, The First National Bank charged off $2,429,000 in loans and suffered only its’ third loss since being established in 1893. The bank had a loss of $692,000.
In 1986, the second shoe fell when the price of oil plummeted from $26 per barrel to $8 per barrel. Virtually all oil and gas exploration in the Illinois Basin ceased. By the end of 1986, the bank charged off another $1,976,000 in loans and recorded its’ fourth loss of $1,365,000.
By the end of 1988, Curt Bohleber had served as President of The First National Bank of Carmi for 33 years. During those years, the bank had grown from $8 million to over $60 million in total assets. He managed through the economy tranquillity of the 1950’s, the boom of the 1960’s and 1970’s, and the collapse of the agriculture and oil and gas industry in the 1980’s. Curt was now 70 years old and he was confident the bank had seen the worst of the cleanup of its problem agricultural and oil and gas loans. It was now time for him to retire.
Curt continued as a consultant to the board of directors and management until his death on February 17, 1992.
Alvin Fritschle, The Bank’s Fifth and Current President (1989 - present)
 |
Alvin Fritschle became the bank’s fifth president on January 1, 1989. Unlike his two most recent predecessors, he was not a native of White County. Fritschle grew up on a farm near Newton, Illinois. In 1976, he graduated from Eastern Illinois University in Charleston with a B.S. in Business Administration. In the fall of 1976 he entered the M.B.A. program at Southern Illinois University at Carbondale. In May, 1977, Fritschle started to work for Dycus, Schmidt, and Bradley, Certified Public Accountants and became a partner in that firm in July, 1981. He was in charge of several bank audits with Dycus, Schmidt, and Bradley. |
In April 1986, Fritschle was appointed Vice President and Senior Loan Officer at The First National Bank of Carmi. He was placed in charge of the Bank’s problem loan portfolio. He was primarily responsible for determining which of the problem credits could be restructured and saved, and which could not.
On May 15, 1990, the Bank opened a new branch on the west side of Carmi near the larger retail businesses located in the community.
In April, 1993, the bank installed its first in-house computer system. The bank had previously contracted all of its data processing with outside service bureaus. The in-house system gave the bank greater control and more timely information to meet the needs of its’ customers.
In 1994, it became obvious that the bank had outgrown its’ main bank facility and additional space was needed. The current building had been remodeled several times but was over 70 years old. The bank acquired the property adjacent to the main facility and tore the old bank and adjacent buildings down. A new 9,000 square foot bank was opened on May 7, 1995.
On September 15, 1996, the bank opened a full service branch in Grayville, Illinois, a community 13 miles from Carmi.
On September 30, 1996, The First National Bank of Carmi acquired The First National Bank of Enfield. FNB of Enfield was a $24 million dollar bank approximately 10 miles from Carmi that had been experiencing financial difficulties from problem loans. FNB of Enfield was merged into The First National Bank of Carmi and became a full service branch of the bank.
On September 30, 1999, The First National Bank of Carmi acquired the Becker & Hall Insurance Agency and Schumaker Insurance in Carmi. The two agencies were merged into one agency and renamed First Insurance Agency.
Between 1995 and 1999, total assets of the First National Bank had grown from approximately $62 million to over $108 million. The number of employees had also increased from 22 employees in 1995 to 41 employees in 1999. With the rapid expansion, the new bank facility constructed in 1995 was inadequate to meet the needs of the larger bank. The property adjacent to the Bank was acquired and in April, 2000, construction began on a 2,000 square foot addition to the main bank.
In June, 2000, The First National Bank announced it had completed its Internet banking branch. In addition to Internet Banking, the site included a portal containing updated news and weather, community bulletin board, online shopping, and an Internet search engine.
|
