Albion Exchange Bank, 1858
When George and Marvin Hannahs sold their bank to their bookkeeper James W.Sheldon in 1858, he reorganized it into the AlbionExchange Bank, and by 1861 had acquired both the land and building from the Hannahs. The first deposit was made November 26, 1858 for the amount of $400.00by John Oyer. In 1885 Sheldon held a burning ceremony which destroyed his earlycertificates of deposit.
Although Sheldon was a prominent figure as a banker, he charged high interest,and made a fortune off the residents of Albion. Regarding his financialpolicies, one local program made the following comments:
Although Mr. Sheldon served as Village president on several occasions, and was reputed to be civic minded, he was also reputed to be acquisitive and somewhat of a skinflint when it came to matters of money. His untimely foreclosures ruined a number of prominent Albion area families, probably including Jesse Crowell.
Source: Frank Passic. Albion’s Banks and Bankers. Albion, Michigan:Albion Civic Foundation. 1985.