The Bank of Albion/Chemical Bank, 1956
The Bank of Albion opened January 27, 1956 after local citizens saw the need for a second bank in Albion. It was located at 309 N. Superior, on the site of the former Lake Shroe and Michigan Southern Rail depot, just north of the U.S. Post Office. First president was Alfonso A. Magnotta, prominent school board memebr and attorney. In 1974, a majority of the shares of the bank were purchased by Carl A. Gerstacker, chairman of the board of Dow Chemical Comapny, Mdland, Michigan.
Shortly after, the bank was absorved by the Chemical Financial Corporation of Midland, Michigan, which changed the name to the Chemical Bank – Albion in 1980. Charles N. Lentz, president of the Bank of Albion beginning in 1961, resigned his position in Febryuary 1978, due to philosophical differences with the nw owners. Local branches of the Chemical Bank – Albion were located at 309 N. Superior St., 1408 N. Eaton St., and 200 W. Cass St.
Source: Frank Passic. Albion’s Banks and Bankers. Albion, Michigan:Albion Civic Foundation. 1985.