013-016 Timeline history of Irwin Union Bank

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Dublin Core

Title

013-016 Timeline history of Irwin Union Bank

Description

A typescript timeline history of Irwin Union Bank from 1850 to 1986. Handwritten notes on last page suggest areas in need of updating.

Creator

Date

1980s

Rights

In Copyright
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Language

English

Type

text

Identifier

CKL_GF_IrwinUnion_013-016

Coverage

301 Washington Street (Columbus, Ind.)

Is Part Of

Cline Keller Library General File Collection, Irwin-Union, Bartholomew County Historical Society, Columbus, IN; 301 Washington Street: Cornerstone of Columbus, Indiana (digital collection).

Bibliographic Citation

Timeline history of Irwin Union Bank, 1980s, Irwin-Union, Cline Keller Library General File Collection, Bartholomew County Historical Society, Columbus, IN.

Provenance

Bartholomew County Historical Society

Mediator

Bartholomew County Public Library

Text Item Type Metadata

Text

Four-page typewritten document

Typewritten text (sheet 1):

1850       Joseph I. Irwin opened a mercantile store in downtown Columbus. Residents trusted him and asked to leave their money in his safe, which became known as the safest safe in town. At the time, Irwin had the only safe in town, but never realized he was in the banking business until he was presented with a note that read, "Mr. Irwin, please pay Jim Brown $5.00 from my poke in your safe."

1871       Irwin's Bank was chartered as a private bank.

1877       The November 17 Evening Republican carried the following advertisement:

Banking House

Joseph I. Irwin is now doing a regular banking business at his store, 94 Washington Street. Exchange of the principal cities bought and sold at reasonable rates. Business solicited.

1910       William G. Irwin became president upon the death of his father, Joseph I. Irwin.

1928       William G. Irwin realized the seriousness of the coming economic situation and arranged a merger of his private bank, Irwin's Bank with the Union Trust, a bank formed by the merger of the Peoples Savings and Trust Company and the Farmers Trust Company. The newly formed bank was named The Irwin-Union Trust Company.

1937       Total loans outstanding amounted to $1,809,000, while deposits totaled $4,173,000. Net earnings were $40,000.

1943       Hugh T. Miller became president upon the death of his brother-in-law, William G. Irwin.

1947       Irwin Miller became president upon the death of his father, Hugh T. Miller. Loans amounted to $3,053,000. Net earnings were $105,000.

1953       Irwin Miller was elected Chairman of the Board of Directors. Replacing Irwin Miller as president was S. Ed Lauther, who had been with the bank since 1946. Total assets were $30,965,481.

1954       The bank's name was changed to Irwin Union Bank and Trust Company in order to reflect the increased importance of commercial banking.

1955       The new office, designed by Eero Saarinen, was completed in March. More than 5,000 people toured the new facility during a two day open house.

VII

Typewritten text (sheet 2):

1956       Hope State Bank, with assets totaling $1,743,794.91, was purchased. Total deposits increased to $36,667,508.

1959       Personal Credit Line, Farm Management and College Career Plan services were introduced. The Hope office building was completed in July. Total assets amounted to $45.5 million.

1960       The Eastbrook office opened in October. The Travel Department completed its first year of operation. Earnings increased to $27,044.

1961       The State Street office opened for business in December.

1962       Total assets amounted to $54.7 million while net earnings of $487,420 were recorded.

1964       Paul N. Dinkins became the sixth President of the bank, replacing S. Ed Lauther. Assets were $63.4 million.

1965       Record net earnings of $715,041 were up 20% from the previous year. Construction of the Taylorsville office began.

1966       Conversion of bank accounting to the data processing system continued by adding installment loans, savings certificates, Christmas Clubs and payroll accounting.

1968       A new savings service, the Golden Passbook account, was introduced.

1969       A sixth office was opened and located at Columbus Center. Irwin Union ranked seventeenth in size among Indiana's 408 banks and recorded a 17.0% average annual compounded earnings growth rate over the previous five years. Architects Kevin Roche, John Dinkeloo and Associates were hired to design an addition to the downtown office, nearly doubling the floor space. The bank's credit card, introduced in 1953 and one of the first in the nation, became acceptable nationwide and in most European countries through the issuance of the new Master Charge credit card.

1970       The Columbus Center office moved from a temporary location to its new building in July. Ground was broken in December for the Downtown office expansion.

1971       Land was purchased near the State and Mapleton office for expansion of facilities. The Bank received a Certificate of Merit for Environment Improvement from Mrs. Richard M. Nixon for landscaping at the Downtown office.

Typewritten text (sheet 3):

1972       The community's first cash dispensing machine, "Cash 24" was installed at the Columbus Center office. Plans were approved to build a new office at State and Mapleton. Irwin Union Corporation was formed.

1973       The new downtown office addition was received to open a seventh banking office at Courthouse Center. The Federal Reserve Board approved the formation of Irwin Union Credit Insurance Corporation as a subsidiary of Irwin Union Corporation.

1974       The office in Courthouse Center opened during the first quarter and a second cash machine was installed there.

1975       Three new services introduced: Statement Savings, Individual Retirement Account, Social Security, Direct Deposit. The State Street office opened to provide increased banking convenience.

1976       First Bank Machine in Bartholomew County introduced, deposit customers issued bank cards, assets totaled $164,053,428. John A. Nash became President of Irwin Union Bank with Paul N. Dinkins serving as Chairman of the Board.

1977       Paul N. Dinkins retired, assets exceed $20MM, April $100MM plus loans.

1978       Smart Saver checking introduced, Loan Production Office opened in Bloomington.

1979       Assets $254MM, RECORD YEAR, conversion to data processing systems completed. New Automated Teller Machines, John H. Cragoe was elected President, John A. Nash became Chairman of the Board.

1980       The travel agency was sold to IVI Travel, Inc. of Chicago.

1981       Total corporate assets amounted to $280MM, Certificate of Deposit Program established (recycling portion of money market funds to commercial banks.) Inland Mortgage Corp. acquired by Corporation with offices in Indianapolis, Columbus, Washington, D.C., Chicago, and Tampa. Third Automated Teller Machine joined MoneyMover network, application to U.S. Small Business Administration to operate White River Capital Corporation, a subsidiary of the Corporation. Michael F. Ryan was elected President of Irwin Union Bank.

1982 West Hill office opened in July. $270MM total assets, White River Capital Corporation licensed in March.

Typewritten text (sheet 4):

1984       Irwin Union Capital Corporation formed.

1985       Highest earnings in the Corporation’s history, $2.19MM, up 32% over 1984. Announcement made to acquire Midwest National Bank, Indianapolis.

1986      The Corporation's consolidated earnings again reached a record level. Total Corporate assets amounted to $388MM. Geographical operations expanded into six states with twenty-five subsidiary offices. Corporate staff totaled 507.

Citation

Harrison, Ruth, “013-016 Timeline history of Irwin Union Bank,” BCPL Archives, accessed August 8, 2020, https://bcplarchives.omeka.net/items/show/159.