Mayhew & Irwin Exchange Office, 1859
The forerunner of the National Exchange Bank of Albion was a private banking firm established in 1859 by Ira Mayhew and Samuel V. Irwin, known as the Mayhew & Irwin Exchange Office. The bank was located in the north half of the building at 300 S. Superior St, in the location John M. Peabody would later establish his bank here in 1876. Little information is available about the early history of the operations of the bank. A fire occurred in 1861, but had little effect on the bank. In 1863, Mayhew sold his interest in the bank to his son-in-law, Mr. Sutton. Mayhew decided to devote full time to his Commercial College, that he had established in 1860.
Irwin remained with the bank, and through his financial leadership, was instrumental in obtaining a Federal charter on August 30, 1865. At that time the National Exchange Bank of Albion was organized., although the Mayhew & Irwin Exchange Office continued business through January 1, 1866.
Source: Frank Passic. Albion’s Banks and Bankers. Albion, Michigan: Albion Civic Foundation. 1985.