First National Bank of Albion, 1885
With the expiration of the charter No. 1544, the National Exchange Bank ofAlbion was placed in voluntary liquidation February 28, 1885, and reorganized asthe First National Bank of Albion, which received its charter No. 3316 on March2, 1885. Original capital was $100,000, that was raised to $150,000 by July1886. After the sudden death of Samuel V. Irwin in 1890, Dr. WilloughbyO’Donoughue was elected as the new bank president.
Problems in the bank became apparent before the turn of the century. Throughmis-management on the part of the cashier, Henry Montgomery Dearing, the bankran up several large bad debts, and was forced to reduce its capital by $50,000.
The First National Bank of Albion was placed in voluntary liquidation at theexpiration of its charter on January 13, 1905, and was reorganized as the AlbionNational Bank. The directors of the First National agreesd to sell the premisesof the Albion National for $7,450. Henry Montgomery Dearing was placed in chargeof liquidation affairs.
Source: Frank Passic. Albion’s Banks and Bankers. Albion, Michigan:Albion Civic Foundation. 1985.