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Articles & Local History > Tampico Bank

John W. Glassburn had erected a large elevator to pur-chase and store corn, and ship the grain and produce to Chicago. His venture proved successful, and in 1882, with W. W. Craddock, he established a private bank to accommodate people of the vicinity. For a time he regarded banking as a side issue. This continued until March 1885, when Mr. Craddock retired, and A. T. Glassburn, his son, purchased his in-terests. About 1882 he built the present Tampico bank, the first, and still today, the only bank in the Village. Prior to this time, Mr. Glassburn maintained an account with a Chicago bank and offered limited service to local business.
In 1885, when A. T. Glassburn purchased Craddock’s interest, he became cashier while his father retained the presidency. The bank continued to be a private business until a change in banking laws persuaded the owners to retire. Part of their interests were sold to the newly formed Tampico State Bank. It occupied the Glassburn building.
Another business, the First National Bank, was organized. It was in business until 1931 when the Tampico State Bank bought its assets. A charter was granted August 11, 1908 for the institution of the First National Bank of Tampico which opened for business on October 1, 1908. Business was first conducted in the old Burden building, on the west side of Main Street, which has since been torn down, and later moved to the building on the east side of Main Street which houses the Village Administration offices at present.
The first president was John R. Woods of Mendota, fo-lowed by C. R. Aldrich and Arthur Aldrich. R. F. Woods served the bank as cashier during its entirety. The Bank closed its doors to business on November 10, 1934, after merging with the Tampico State Bank.
Tampico National Bank
For many years, a private Bank was operated in Tampico by A. T. Glassburn in the premises now occupied by Tampico National Bank. About 1920, this private Bank was converted into a State Bank. About the same time, The First National Bank of Tampico was organized. Both banks continued until the depression. Each Bank was able to show substantial profits and gave excellent service to the community. By the time of the Bank closings in 1933, both banks were out of business, and Tampico did not have a Banking insitution until the Tampico National Bank was organized on Feb. 1, 1947. For a considerable time, the merchants operated a money exchange at a loss, for the sake of service to the community but that had also been discontinued.
In May of 1946, R. E. McKenzie began making inquiries of Banking Officials to determine the steps required to organize a bank and learned that an amount of $70,000 would be required to Capitalize the Bank. This amount was subscribed from the citizens of the community with no difficulty. On Dec. 31, 1974, the Capital and Reserves of the Tampico National Bank totalled $350,000.
On January 17, 1947, there was a meeting of stockholders held and the first directors were elected to serve on the board of the Tampico National Bank. The following were elected as directors: Martin Barrett, Peter C. Johnson, R. J. Harms, Theodore R. Beyer, Richard B. Kelly, Clinton East, Harold C. Plautz, R. E. McKenzie, R. F. Nelson. R. B. Kelly was appointed President; Clinton East, Vice President; R. E. McKenzie, Chairman of the Board, and E. J. Whoolever, Cashier. Dale Kelly was the bookkeeper. On the first day of business, Feb. 1, 1947, deposits totaling $137,496.36 were made. On Dec. 31, 1974 the deposits totaled $3,000,000.
At the present time, Harold C. Plautz is the Chairman of the Board, Dale Kelly is the President, V. Francis Johnson is Vice President, and Joan Olson Johnson is Cashier. Other directors now serving are Charles Adams and Wayne Harms. Others who have served during the past 28 years on the Board of Directors are: R. B. Adams, Martin Barrett and Edward S. Burke. Bookkeepers-Tellers are Lana Egert Musche, Mary Anne Nuelle Batten, Donna Bruder Radake and Betsy Olson Hoover. Other bookkeepers during the years were Joan Callahan Carlson, Rita Verdick Frank, Bendetta Frank Schauff, Jerrie Rock Schindel and Mary Heeren Dudek.

In September, 1965, the Tampico National Bank was held up by two men and a woman. They presented a note to one of the tellers informing her that it was a stick-up and that she should surrender the money. She told them reasonably that it was not hers to give away. The cashier approached at that time to inquire if he could help and the bandit took over. He threatened to lock the employees in the vault but did not do so. After obtaining $3,100 in cash, the trio fled. An alert Tampico man, Neil Carlson had taken the number and make of car when his suspicions were aroused. The sheriff’s office, state police and Federal Bureau of Investigation were alerted. Road blocks were organized and the robbers were captured within two hours near Pekin, Illinois.
President C. R. Aldrich and Riley Woods ot the First National Bank of Tampico.
Tampico bankers: Homer Turner, A. T. Glassburn, and L. W. Denison.

Related Links: Tampico Bank (from the Portrait & Biographical Album of Whiteside Co. - 1885)

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