The Madison National Bank.—The citizens of London were without a banking-house until the summer of 1861, by which time capitalists felt that the business interests of the village would justify the opening of a bank, and consequently there was organized (mainly through the efforts of Dr. A. Toland, E. W. Gwynne and Richard Cowling), under the Free Banking Laws of Ohio, the Madison County Bank. The stockholders of the institution were E. W. Gwynne, Richard Cowling, A. Toland and B. Gwynne; of whom Richard Cowling was President, A. Toland Vice President and B. Gwynne, Cashier. The bank was opened for business July 9, 1861, and its location was in Toland Block, on Main street. The business was begun with a capital stock of $20,000, and a general banking business carried on until May 15, 1865, when it ceased operations as the Madison County Bank, having been re-organized and merged into the Madison National Bank the preceding January; on the 19th of which month its certificate of incorporation was dated, authorizing the commencement of a general banking business, as a National Bank, May 15, 1865. The capital stock of the bank was $120,000, and it was officered as follows: President, H. W. Smith; Vice President, Richard Cowling; Cashier, B. Gwynne. Mr. Gwynne resigned on the 11th of April, 1866, and the vacancy was filled by A. Toland. Another change in the officers occurred November 22, 1867, when H. W. Smith resigned the presidency and Mr. Cowling became his successor, and James Q. Minshall was elected Vice President. On the 28th of January, 1871, Jesse Watson succeeded Mr. Cowling as President, which position he filled until his death, which occurred September 5, 1871. On the 15th of the following January, James Q. Minshall was elected President and Samuel Sidner Vice President. Mr. Minshall was succeeded in the presidency of the bank by Stephen Watson, January 22, 1880, and on the same day B. P. Clark became cashier. In addition to the above officers, the teller of the bank is now G. Van Wagener, and the Board of Directors is as follows: Stephen Watson, Samuel Sidner, B. F. Clark, Robert Boyd, Wyatt Minshall, J. C Bridgeman and David Watson. In April, 1872, extensive improvements were made in the banking-house, in the line of a new front, extension in length of room, and counter with white and black walnut finish, new doors and windows with full size plate glass, etc., making it an elegant room for the transaction of business.
The London Exchange Bank.—This bank had its origin in Madison County Bank No. 2, which was opened in the Phifer House building, on Main street, June 1, 1866, with a capital stock of $50,000. The proprietors were Robert Boyd and Addison Shanklin. A stock company was formed in May, 1870, and purchased the Madison County Bank, and July 1 took possession thereof. The bank was removed to the new banking-house of Robert Boyd, located in what is now known as Union Block, on Main street, opposite the court house, where the business of the bank has since been carried on. The name was changed to the London Exchange Bank, July 1, 1870. The institution began with a capital stock of $20,000. The officers were: Robert Boyd, President; Stephen Watson, Vice President; Otway Watson, Cashier; Wyatt Minshall, Teller. From October, 1872, until December, 1878, Mr. Minshall was the cashier of the bank, and A. C. Watson served as teller during that period, and since December, 1878, the last-named gentleman has filled the position of cashier. Stephen Watson, the Vice President of the bank, has acted as President since its organization. There have been no other changes. The directors and stockholders are the same as those of the Madison National Bank. The building in which the bank is located is one of the finest blocks in London. It is three stories, with a basement; the second and third floors arranged for offices, and cost about $20,000. The main business room is 20x22 feet; the private room at rear is a cozy place indeed, 12x20 feet, both well lighted and heated. The counter and other furniture are constructed of white ash, and are fine specimens of mechanism. The vault is a substantial fire and water proof one, and the safe acknowledged to be the best in the county. It was built by Diebold & Hanhan, of Cincinnati, and cost $2,500.
The Central Bank.—This individual or partnership bank was organized with a partnership of twenty-five stockholders, December 14, 1875. The first Board of Directors was composed of the following-named gentlemen: John Jones, John Farrar, Robert Rea, T. J. Sutton, and W. A. Koontz; and the officers were, Robert Rea, President; William Farrar, Cashier; C. W. Pringle, Teller. What was known as the Harrison property, on the west side of Main street, was purchased in 1875, and fitted up for a banking house, by Messrs. John & William Farrar, where the Central Bank commenced business, January 1, 1876, with a capital stock of $60,000, and where its business has since been continued. A prosperous business in general banking has been conducted by this bank since its organization, and it continues to be in a prosperous condition under the present management. The officers for 1882 are: Thomas J. Stutson, President; William Farrar, Cashier; John D. Maddux, Teller; Jesse C. Pancake, Clerk; Board of Directors, T. J. Stutson, John Jones, J. T. Houston, Jeremiah Rea and William Farrar. The banking room is neatly and conveniently arranged.