Albion Interactive History / Businesses / National Exchange

Albion Interactive History

Albion Interactive History / Banking

National Exchange Bank of Albion No. 1544

Samuel V. Irwin organized the National Exchange Bank of Albion on June 26,1865 with Federal charter No 1544, assigned on August 30, 1865. The startingcapital was $50,000, consisting of 500 shares at $100 each. the originalshareholders annd number of shares owned were: Samuel V. Irwin, 200; GardnerHerrick, 50; Abram Brusie, 50; Martin Haven, 20; Charles W. Dalrymple, 50.

In 1872 the National Exchange Bank of Albion moved from the west to the eastside of S. Suerior St. The banks new locations had formerly been part of themill yard of the Albion Company, constructed around 1835. Jesse Crowellpurchased the Albion Mills building in 1845 and erected a small office buildingup from the mill. This office was extensively restructured in 1872 to become thenew headquarters for the National Exchange Bank of Albion.

On October 1, 1873, the bank’s capital was $75,—. On July 1, 1875, t was$100,000. After the expiration of the bank’s Federal charter in 1885, the bankwas placed into voluntary liquidation and on March 2 received a new charter andthen became known as the First National Bank of Albion. 

Source: Frank Passic. Albion’s Banks and Bankers. Albion, Michigan:Albion Civic Foundation. 1985.

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