298 HISTORY OF PASADENA. 



been subscribed by citizens of Pasadena. Frank M. Ward has been elected 

 president ; Alonzo Tower, vice-president, and B. W. Bates, cashier. The 

 directors are F. M. Ward, Alonzo Tower, B. W. Bates, C. S. Martin, L3'man 

 Craig, J. G. Miller, Walter R. E. Ward." 



In September, 1886, Mr. Bates bought for the bank a lot 25x75 feet, at 

 the corner of Fair Oaks Avenue and Colorado street, from Charles A. Gard- 

 ner for $4,500. The bank put up a building for its own use on this lot, 

 moved into it, and remains there yet. About October ist this year the bank 

 was reorganized, electing H. W. Magee, president ; J. W. Hugus, vice- 

 president ; Bates, cashier. And the following notice was officiall}^ published : 



' ' The individual property both real and personal of the stockholders of 

 this bank is pledged as security to its patrons for the bank's transactions." 



In 1887 Col. W. A. Ray was elected president. He resigned in April, 

 1890, and H. W. Magee was elected again to fill the vacancy. Then in 

 1 89 1 Frank C. Bolt was elected president, and still continues. The officers 

 in 1895 are: F. C. Bolt, president; S. Washburn, vice-president; Geo. B. 

 Post, cashier. Directors : Bolt, Washburn, W. S. Wright, J. W. Hugus, 

 Webster Wotkyns, C. S. Cristy, H. C. Allen. At my request the following 

 table was furnished of business done by this bank in successive years . 



LOANS AND LOANS AND 



YEAR. DEPOSISTS. DISCOUNTS. YEAR. DEPOSITS. DISCOUNTS. 



1887 $157,979 67 $ 78,569 63 1892 $146,181 90 I119.954 95 



1888 238,156 44 158,751 86 1893 199.391 14 162,693 31 



1889 86,149 94 97.788 22 1894 185,104 04 152,359 71 



1890 68,764 56 68,174 98 1895 255,537 18 187,337 56 



1891 94,184 84 77,109 59 



In February, 1891, a Savings Department was opened, this right having 

 been granted in the orignal charter of the bank, with individual liabilitj^ of 

 the stockholders the same as provided in security for other depositors. And 

 in January, 1895, it had about six hundred savings depositors recorded. 



The Pasadena National Bank. — The Pasadena U?iio7i oi Oct. 16, 

 1886, gave a report of the founding of this bank, from which I quote the 

 points of chief historic interest : 



"This bank was organized February 15, 1886, under the laws govern- 

 ing National banks, with a paid up capital of $50,000. The directors are : 

 I, W. Hellman. of the Farmers and Merchants bank of I^os Angeles ; E. F. 

 Spence, of the First National bank of Eos Angeles ; Dr. Wm. Conver.se, 

 president of the Dime Savings bank of Chicago ; Geo. A. Swartwout of the 

 Pasadena Hardware Co. ; and C. H. Conver.se, late a Inisine.ss man of 

 Chicago. Officers : Hellman, president ; Spence, vice-president ; Swart- 

 wout, cashier." 



Mr. Swartwout was one of the owners of the new Exchange block 

 (Carlton hotel), and therefore elegant quarters for the bank had been pro- 

 vided therein while the block was being erected. Here the bank first 

 opened its doors for business on Monday, October 18, 1886; and $25,000 

 deposits were made during the first day. 



