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Bankers Issue

VOL. X, NO. 1

WINTER, 1964

N€TICIA5 QUARTERLY BULLETIN OF THE SANTA BARBARA HISTORICAL SOCIETY MAILING ADDRESS: OLD MISSION, SANTA BARBARA, CALIFORNIA

Introduction

By Joe Paxton During Santa Barbara’s early years little thought was given to the necessity of establishing a bank—in fact, it was not until the early 1870’s that it was seriously considered. Earlier than this, each family was their own banker, keeping gold and silver in their own homes—generally in strong chests which could be locked. Practically all transactions were for cash and it was only between families well known to one another that occasionally credit was extended until cattle or some other commodity could be sold to furnish the necessary cash.

As the town grew, merchants began granting credit to the families they knew—and in the case of a rancher, carried him on their books for his needs, from one crop time until another. Hotels and restaurants paid for the supplies and help with cash obtained from the customers they served.

Minor coins, less than a dollar, were in scarce supply, particularly such coins as pennies, nickels and dimes, whereas today the public uses an almost unbelievable number of them.

Within a span of fifteen years, men of vision such as Mortimer Cook, William Eddy, Eugene Sheffield, George S. Edwards and Charles A. Ed wards, together with numerous friends, successfully started and operated three banks, which prospered and had tremendous influence with the build ing of Santa Barbara into the city which has become famous throughout the world, not only culturally, but as a delightful place in which to live.

The five men named above conducted the three early Santa Barbara banks in a manner quite different from present day methods. Then the customer’s financial condition, personal habits, standing in the community, and method of conducting his business were so well known to his banker that financial statements were not deemed necessary. Most business men asked for and respected the advice of their bankers, getting opinions from them before making any important moves. Their banker was considered to be a financial father confessor. All this personal contact and knowledge of the customer’s affairs was possible because Santa Barbara was a small town—the number of accounts and amounts of business transactions handled in each bank were quite limited.

Today it is possible for a Santa Barbara bank to handle and process more transactions and for larger amounts in one day than were handled in a whole year in the eighties and nineties—so it is easy to understand why present day volumes of business cannot be handled on the personal basis that was possible years ago.

1

Santa Barbara continues to grow and prosper, but we must not forget the impact of Cook, Eddy, Sheffield and the Edwards brothers, and the influence they had on the early building of our city. Their counsel was good— they encouraged their customers to build wisely. One has only to stop and consider—look for the foundations—and it is clear that they helped to create many businesses and things that we admire today.

United California Bank

By William K. Serumgard Banking got its start in Santa Barbara in 1871 when Mortimer Cook, banker, arrived by steamer from the north and brought with him the first iron safe to appear in the county. He wore a stove pipe silk hat and carried himself like a man deserving of confidence. On October 6, 1871, Mortimer Cook placed the safe he had brought in a building on State Street near Canon Perdido and inserted an advertisement in the old Santa Barbara Press, which read: “Mortimer Cook, banker, capital stock S40,000. I am prepared to do all and every business in my line. Buy and sell greenbacks, ex change on San Francisco and New York. Receive deposits and do all other business connected with general banking business. Hours from 9 a.m. to 3 p.m.”

Prior to this time, the banking business in Santa Barbara was done through the county treasurer and Wells Fargo express. When a man had surplus money he either deposited it with Frank Frost, who was county treasurer, Frank Frost acting as a trustee, or if he were a stranger here

Original building—Fir»t National Gold Bank of Santa Barbara.

2

he usually took his money to Judge J. M. Maguire who was in charge of the Wells Fargo office here. These offices made no charge for keeping such surplus; in fact they considered it an advantage to have the money.

After several years of operating as a private bank. Cook’s bank de veloped into the First National Gold Bank, the following account of the change being chronicled in the Santa Barbara Times of March 6, 1873: “We are pleased to be able to announce to our citizens that active measures are being taken for the establishment of a gold note bank in Santa Barbara. On Monday the following gentlemen met at the banking house of Mortimer Cook and completed all the pre liminary measures for the establishment of the First National Gold Bank in this place: Mortimer Cook, John Edwards, S. B. BrinkerhofI, Eugene Fawcett, G. W. Williams and A. L. Lincoln “After some discussion, articles of association and an organization certificate were agreed upon and signed, after which the gentle men named in the articles of association, namely Cook, Edwards, Brinkerhoff, Fawcett and Williams were named as directors, organ ized by the choice of Mortimer Cook as president and subsequently apjK)inted A. L. Lincoln, cashier.”

The first charter granted Cook’s Bank was on May 24, 1873. The name of the bank was “First National Gold Bank of Santa Barbara”, which later became the First National Trust and Savings Bank of Santa Barbara and IS now the Santa Barbara office of United California Bank. The capitilization was $100,000. The original officers were Mortimer Cook, president, and A. L. Lincoln, cashier. The First National Gold Bank was the oldest National Bank south of Tehachapi, if not south of San Francisco. The first bank in Southern California was established by Herman W. Heilman in Los Angeles, but it was not a National Bank so the Gold Bank was the “first” National Bank in all of Southern California. An entry in the minutes of May 24, 1873, shows the salaries were fixed as follows: President Cashier

$1,200 annually $1,800 annually

In some of the earlier years it seems to have been difficult to get a quorum for the board of directors. There are many records of meeting days at which no quorum was present: On one such occasion—May 4, 1874— the note appears: “A quiet looking-over of all the affairs of the bank was all that was done.”

On June 5, 1874, the minutes of the Gold Bank show the purchase of a lot at the corner of State and Canon Perdido, 26x114 feet, for $3,000, which forms part of the site still occupied by the present bank building.

Later in January of 1876, the first building was authorized, three stories high and 90 feet deep, to cost $15,000, above the foundation. When the bank moved to the new building in June of 1876 the minute book shows a direction to the cashier to obtain eight hitching posts, “same to be set.

3

MORTIMER COOK

painted and well sanded.” The minute book showed the board of directors at the proceedings consisted of; S. B. Brinkerhoff Mortimer Cook Milo Sawyer John Edwards Eugene Fawcett In 1877, a drought year created a financial panic in California. This was the year that Ralston’s Bank of California in San Francisco failed. In Santa Barbara a run on the First Gold Bank was averted singlehanded by Colonel W. W. Hollister who, at that time, was vice president of the bank and was the area’s most solvent citizen. He had become extremely wealthy growing wool in Monterey County and on San Julian Rancho. It is re ported that Hollister took his place at the door of the bank on the morning of the run and personally guaranteed every depositor’s bank account with a check on a commission house in San Francisco where Hollister had a great amount of gold on deposit.

Cook had a flair for trading and he got into difficulties because of deflation. In 1877 he was replaced as president by Milo Sawyer, a very conservative financier who served until his death in 1878.

4

In August of 1880, a little more than two years after taking up quarters in the new building, the bank decided to change from a gold bank to a currency bank. On September 10th of that year Colonel W. W. Hollister was elected president, to continue in that capacity until his death in October of 1886. The minutes show that a resolution of record at his death was adopted on October 7, 1886, and that James W. Calkins was elected to succeed him on the same day.

H. P. Lincoln, who was the son of the original cashier, A. L. Lincoln, at the time of the celebration in 1931 of the 60th anniversary of the found ing of the bank, was interviewed and gave some very interesting information about the earlier days in the bank. He went to work for the bank in 1894 and was with the bank for 39 years. Mr. Lincoln stated that his father had been a banker in Massachusetts so that because of this background he had become the first cashier of the bank.

At the time of the granting of the charter for the Gold Bank, U. S. currency was at a discount and only gold was received at its face value.

Every deposit book had two columns, one for gold and one for currency, and a depositor was paid when he wanted his money in the kind of money he had deposited. Check books were then sold to depositors by the cashier and this was one of A. L. Lincoln’s perquisites. He had the checks printed and sold them to customers. If a customer desired his name printed on checks, the bank loaned him the plate and he could take it to his printer and have his own checks made, but very few people used checks in those days. They generally drew out what money they needed to pay bills and went about the city paying in coin.

President of the bank after James W. Calkins, with their terms of office, were: R. B. Canfield . . . . January 11, 1885 to January 8, 1918 Seth A. Keeney . . . . January 8, 1918 to January 9, 1934 K. W. Watters, Sr. . . . January 9, 1934 to September 5, 1944 Warner Edmonds . . September 5, 1944 to September 1, 1952 W. K. Serumgard . . September 1, 1952 to November 1, 1954 Many of the old records of the First National Gold Bank and First National and Savings Bank of Santa Barbara have been turned over to the Santa Barbara Historical Society where they can be seen.

In October of 1954 the bank was made part of the First Western Bank and Trust Company and in February of 1961 became a part of United Cali fornia Bank. During the years when it was the First National Bank and Trust Company of Santa Barbara some of the outstanding residents of Santa Barbara have been directors of the bank. The directors of the First National Trust and Savings Bank of Santa Barbara continued on as ad visory board members of the successor banks and presently the following are members of the Advisory Board: Warner Edmonds, chairman of the board; E. A. Gilbert; Charles W. Hague, formerly chairman of the board of First National Trust and Sav ings Bank of Santa Barbara; H. B. Ireland; Franklin R. Nuzum; John A. Parma; Francis Price, Jr.; J. Monroe Rutherford; Arthur H. Young.

5

WILLIAM M. EDDY

Crocker-Citizens National Bank

By David N. Siebert The door of the “Santa Barbara County Bank” was opened for business for the first time by its president, William M. Eddy, at 9:00 a.m., November 1, 1875. Somewhat earlier than this date, Mr. Eddy had come to Santa Barbara from the silverfields of Nevada. The Eddy residence was on West Mission Street near Modoc Road in a grove of large live oaks that grew beside Mission Creek. It was a comfortable, one-story frame structure that was the center of much of the social life of the community. It is gone now, but the Eddy grandchildren and great-grandchildren still live in the city and are active in its life.

Assembled in the new Bank’s quarters, ready to greet the charter depositors, were S. R. Weldon, vice-president, Eugene Sheffield, cashier, and Eugene Fawcett, the Bank's legal adviser. Included on the Board of Directors was John Edwards, a man who had become especially well known in the community. He had come to California in ’49 and had gone into business in the small community of lone. Twenty years later, he had moved to the Conejo Ranch and then to Santa Barbara and had taken up residence in a wooden, two-story house on Castillo Street within two blocks of the beach.

There were four children in the John Edwards family, George, Charles, Anna, and Alfred. In due time, all three of these boys were to become presidents of banks in Santa Barbara. Today, this family, too, is repre6

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sented by Edwardses of the third and fourth generation, and even by those

of the fifth.

Other members of the Board of Directors were A. Garland, A. L. Mc Curdy, J. F. Morris, and William A. White, all prominent in the life of the community. At the end of the first day of business, Cashier Sheffield, well satisfied, stowed §15,033 of deposits in his black, iron safe.

In the city, whose population at this time stood at the 3,000 mark, there were many businessmen who did not hesitate to express their doubt that a second bank in Santa Barbara could last long. The country at large, said they, was in the grip of the third year of the post-Civil War depression; and the community’s contacts with the outside world were confined to ir regular, coast-wise steamship service and to horse-drawn stage traffic. (To the north, stage travellers sometimes were victimized by bandits; and, to the south, the stage schedules were controlled by the fluctuations of the tides as the heavy coaches of necessity used, when available, the hard sand of the beach at Rincon Narrows.) The town had no industry to offer jobs to newcomers, these men argued further; and there was little arable land between the foothills of the Santa Ynez Range and the salt water of the Pacific Ocean for the expansion of agriculture. Had not Congress lately refused to give federal assistance to the building of a harbor breakwater on the ground that the business of the Port was too small to warrant such an expenditure of public funds? And had not the Southern Pacific Railroad spurned local pleas for a branch line from Saugus (a stop on the Bakersfield-Los Angeles main line) to Santa Barbara? These men believed firmly that the community’s population already had reached the saturation point.

The supporters of the new bank did not hold so pessimistic a view of conditions, however. They had conducted a survey of the local situation and had found that, since 1871, Santa Barbara had surpassed every other city in California in population growth: On a percentage basis Santa Bar bara had increased 17%, while Los Angeles and San Francisco had in creased only 11% and 10%. Obviously, tourists in ever increasing num bers were discovering Santa Barbara and its invigorating climate, its shelter ed beaches, and its beautiful scenery. In due time, these men felt, there would come solutions to the problems posed by the pessimists. Having made the study and having convinced themselves of the soundness of the project, they came forward with the money necessary for the launching of the new bank; and so Santa Barbara County Bank was organized with a capital fund of §100,000.

Five years after this auspicious start, in 1880, the Bank announced de posits totalling $114,000, an outcome that gave definite substance to the faith of the stockholders. After lliis announcement, the Directors decided to take advantage of the benefits offered to banks by the National Banking Act of 1863; and so the name of the institution became “Santa Barbara County National Bank”. For some time after this change, local residents took satisfaction from the fact that the president’s actual signature appeared on the bank notes they used. (One member of the Edwards family, for example, still treasures a fifty dollar bill, or bank note, upon which is the signature of Charles A. Edwards.)

Ten years after the change from state to national bank status, in 1890, deposits in the County Bank had increased to the unprecedented figure of $350,000. Obviously, the years between 1880 and 1890 had been a decade 8

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CHARLES A. EDWARDS

of extraordinary change and growth for Santa Barbara. After a mild re cession in 1884, a great land boom gripped all of Southern California. In Santa Barbara, improvements of many kinds were made: The commodious Arlington Hotel was built and put into operation, State Street was paved from the beach to Mission Street and electric lights were installed along it.

Most important of all, the long desired railroad from Saugus to and through the city was completed. Then the boom collapsed and, for a few years, times were hard. At one time during the panic of 1893, when a “run” on the Bank seemed to be a possibility, President Eddy had trays of gold specie displayed for the benefit of anxious depositors. This unusual display had the desired effect. At any rate, no run on the Bank materialized.

In 1905, when the Bank’s deposits had reached $430,000, Eugene Shefifield, who, on the death of William Eddy, had been elevated to the presidency, also died; and he was succeeded by Charles A. Edwards, the 9

second son of former director John Edwards. Mr. Sheffield had been a man deeply interested in the building up of Santa Barbara; especially had he been interested in the securing of an adequate water supply for the growing city; and so it came about that, after his death, not only the large reservoir to the north of Mission Ridge was named for him but also a newly constructed road west of Ortega Hill, which connected the old county road along the shore with the road that ran through upper Montecito and on to the Casitas Pass.

The new president, Charles A. Edwards, also was a man of great civic interest and public spirit. His chief avocations, though by no means his only ones, lay in the land and in the development of an adequate public library. When its was proposed to establish a State Normal School of Manual Arts and Home Economics in the city, it was Mr. Edwards as President of the Board of Trustees and his associates who donated fourteen acres on Mission Ridge for a site for this institution. Eventually, as is well known, it was this Normal School that developed into tlie State Teachers College and then into the Santa Barbara unit of the University of California.

Under Charles A. Edwards’ leadership, the Bank grew and prospered.

By 1910, deposits amounted to $650,000. In another decade, they amounted to $2,500,000. In this year, 1920, the Bank merged with the five-year-old Santa Barbara Trust Company to become the County National Bank and Trust Company. At the time of this merger, Edward B. Starbuck joined the staff as Vice-president and Trust Officer. Because the old quarters on the corner of De la Guerra and State Streets were not large enough to meet the needs of the expanded institution, it was decided to move the bank to a new location, the north corner of the intersection of State and Carrillo Streets, where a new and more commodious building would be erected.

Architect Myron Hunt was brought to Santa Barbara and commissioned to draw plans for the new edifice, which would be in keeping with the tra ditions of the community. Mr. Edwards took a lively interest in the drawing of these plans, and he spent many hours with the architect in working out the details of the exterior and the interior of the new building. The result, when the structure was completed in 1921, gave to Santa Barbara a building that was, and still is, rated among the handsomest in the area.

Four years after the completion of this building, when, in June, 1925, the now famous earthquake shook the area, the structure, while not de molished as were so many other buildings, was so weakened, especially the great chimney in the rear, that it was declared to be unsafe for public use; and so, on the following Monday morning, tents were erected on the lawn in front of Lobero Theater and business was carried on as nearly as usual as the situation permitted. Eventually, of course, more durable temporary quarters were found. It was almost a year before the bank build ing was repaired sufficiently to allow further public use of it.

By 1930, deposits had risen to $4,800,000. After the presidencies of James Warren, Frank A. Hoefer, and Herman Eddy (the son of William Eddy) management of the Bank was assumed in 1941 by Joe D. Paxton, as Chairman of the Board and P. Stanley Belford, President, with Mr. Eddy stepping down to a vice-presidency. By 1940, deposits amounted to $7,100,000. By the end of the Second World War, this sum had grown to $20,000,000, with the Trust Department showing a like increase in busi10

H. H. EDDY VICE PRESIDENT

HERMAN EDDY

ness. In 1958, a branch office was opened in the newly formed “Montecito Village”. This was followed in 1960 after the merger with Crocker-Anglo, by a second branch office on the Mesa, and, a year later, by a third one on Milpas Street.

At the close of business on May 29th, 1959, after eighty-four years of service to the community as a locally owned, independent bank, the County National Bank and Trust Company completed its merger with the CrockerAnglo National Bank. On July 31, 1961, it opened the new Main Office building, which was located across State Street from its former quarters.

On June 5, 1962, Mr. Herman H. Eddy, the “Dean of Santa Barbara Bankers” died at the age of 91 years. He had sj>ent 64 years of his life in banking, beginning as a messenger for his father and including in his active career the presidency of the Bank.

On November 1, 1963, a merger again changed the name of the in stitution to “Crocker-Citizens National Bank.” Mr. Paxton, Chairman of the Santa Barbara Advisory Board, who has spent the past 53 years in banking—the last 40 of these with the County Bank— observed: “This bank’s faith in Santa Barbara and the vision of its officers have been known over the years. We are proud of the part it has played in helping to build a bigger and a better city—one which, we hope, will continue to attract pieople who wish to live in one of the most beautiful cities in the world”.

11

GEORGE S. EDWARDS

Security-First National Bank Santa Barbara had been incorporated as a city for 36 years and was centenarian when the Santa Barbara Savings about to be recognized as Bank, predecessor to Security’s Santa Barbara Branch, was born in 1886.

Two banks were already struggling for existence. Population of the city was about 5,000. Contact with outside communities was by boat or horsedrawn vehicle.

Although the booms of the 60’s, 70’s and 80’s made a tremendous impact on the population of Southern California, Santa Barbara County due to the lack of transportation facilities and because it was comfortably nestled along the Pacific and extending back into the hill country, did not share in the growth. Population in Southern California (the 10 southern counties at the time) had risen from 5,849 in 1850 to 250,000 in 1886.

During this same period, Santa Barbara County had grown from 1,185 persons to 15,000. Big things were ahead—the Southeni Pacific was ex12

peeled to extend its rails from Los Angeles to San Francisco, and they were to pass through our long isolated early California community.

Cutthroat competition existed between the railroads in 1886. Fares from the Midwest to Los Angeles dipped to $15 and lower. Santa Barbara at tracted many people.

Enthusiasm oi that day motivated seven prominent men into action.

On September 17, 1886, in a small room at State and Victoria Streets, the Santa Barbara Savings Bank came into being. J. H. Redington was the president, W. B. Metcalf was the cashier, and $25,000 of the $50,000 capital had been paid in by the shareholders.

The following year, on August 15, the name of the bank was changed to the “Commercial Bank.” Future prospects must have been good; capitali zation was increased to $100,000 and the shareholders had subscribed to half that amount.

The bank opened for business under its new name. Commercial Bank, just two days before the arrival of the first Southern Pacific passenger trains from Los Angeles and San Francisco via Newhall. Completion of the rail line to Santa Barbara was a long-anticipated event. The townspeople turned out en masse to celebrate—music, speeches and the grand ball were the big events—the humble were content merely to touch and admire the first iron horses they had ever seen. The bloom of prosperity was fading elsewhere in Southern California by 1887; Santa Barbara was to have its day—though short-lived. This same year State Street was paved with two miles of bituminous rock to the tune of $180,000, many miles of side walk were laid, and sales of real estate for the first seven months of the year approached the unprecedented $7,000,000 mark. Then came the “bust”.

Work on the railroad ceased. The community was in the doldrums for several years.

Even the darkest clouds, in time, gave way to sunshine. So, too, with the economic ills of mankind—Santa Barbara was soon vigorous and enter prising. The Commercial Bank moved to its second home at 826 State Street in 1890. The community was coming into its own—being recognized as one of the outstanding “living” areas of the Southland the climate was near perfection. The countryside was beautiful and the Spanish-American charm prevailed. People with wealth were attracted. It may be insignificant when compared with today’s astronomical figures, but deposits in the Commercial Bank increased from the $100,000 mark in iS91 to a $380,000 level in 1901.

The next two years were to see deposits jump to $3,000,000. Business was on the move.

The next important event in the bank’s existence was the consolidation of the Commercial Bank with the Santa Barbara Savings & Loan Bank on August 13, 1918, to form the Commercial Trust & Savings Bank. Banking records show the incorporation date of the new bank to be June 17, 1918, capitalization of $575,000, Alfred Edwards as the president and John S. Edwards as the cashier.

In the period immediately following World War I, the guiding fathers of the Commercial Trust & Savings Bank anticipated a change in the trend of California banking and embarked on a program of area banking. February 16, 1920 was a significant day in the banking history of Santa Barbara County. On this day a new Commercial Trust & Savings Bank was formed 13

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by the consolidation of the Santa Barbara bank with the Commerce and Savings Bank of Carpinteria, the Lompoc Valley Bank and the Lompoc Valley Savings Bank. The new institution was capitalized for $1,000,000 and was headquartered in Santa Barbara.

Banking history in California was eventful during the decade with con solidations, sales, mergers and the formation of branch banking institutions; many are in existence today. Santa Barbara did not escape the activity— it just added to the color. On July 1, 1922, the Commercial Trust & Savings Bank was purchased by the Los Angeles Trust & Savings Bank. In this transaction community offices of the “Commercial” became branch offices of the Los Angeles bank. It was soon realized that the Los Angeles Trust & Savings Bank was serving a large portion of Southern California and its name was inappropriate. On September 16, 1922, the name of the bank was changed to “Pacific Southwest Trust & Savings Bank.” Another change in name was to take place on September 1, 1927, when “Los Angeles First National Trust & Savings Bank” was adopted as the new name. A major change occurred on April 1, 1929, with the consolidation of the Los Angeles First National Bank and the Security Trust & Savings Bank of Los Angeles creating the present-day institution. Security First National Bank. At the time, the newly consolidated bank ranked 10th among the larger banks in the United States. This distinction has been retained and improved upon during the intervening years, keeping abreast of the economical growth of both the State of California and the nation.

George Sexton Edwards, a beloved and outstanding personality, was the leader and an important figure in the management of the Santa Barbara office of the Security Bank and its predecessor banks for 40 of the more than 75 years the institution had served the area. Mr. Edwards, known to many as'Uncle George”, was elected a director of the Commercial Bank in 1887, became the president on January 29, 1890, and remained at the helm of the institution until his death on July 15, 1930. In tribute to this fine person —his love of people and community—the bank dedicated its community history book of Santa Barbara, “Tierra Adorada,” published in 1930, to George Sexton Edwards. It was a well deserved recognition, as George, born in the “Mother Lode” country of California, came to Santa Barbara with his parents in 1869 at the age of 10. After attending local schools and graduating from the State University in Berkeley in 1879, he returned to Santa Barbara where he engaged in farming and mercantile work before entering banking. During his adult life, he was known for his love of people and his community. He made innumerable contributions of time and money for the betterment of Santa Barbara. In all of his benevolence, he was not a seeker of recognition.

Prior to the activity of George S. Edwards in the bank, several of the founders with previous banking experience apparently gave of their abilities.

There was J. W. Cooper, a Kentuckian, who first came to California in 1850 at the age of 23 and later bought the Rancho Santa Rosa north of Santa Barbara. This rancho contained about 16,500 acres and the pur chase price was $25,000—a tidy sum in those days. Another Kentuckian, James W. Calkins, had engaged in banking in his native state prior to coming to California. Walter H. TIawley was a capitalist, dealing in real 16

estate. John H. Redin^ton was a railroad builder. Other members of the board were George W. Coffin, mayor of the City; Salmon R. Weldon, a minister; and A. L. Anderson, occupation unknown.

After the death of George S. Edwards, the next permanent manager of the Santa Barbara Branch was William Guntermann. With the exception of an eight-month period during the last illness and death of Mr. Edwards, when Fred W. Gibbs of Los Angeles was to act as temporary manager, Mr. Guntermann was to remain at the helm for 20 years. The story of Mr. Gunlermann’s life would look well in print. An immigrant lad from Germany, arriving in California during his late teens, his first job was in a small bank in Imperial Valley, then quite wild and barren. He served his ap prenticeship without pay in order to learn a trade.

His next moves were to Los Angeles and Mexico City, in each instance to gain business experience and perfect his ability in languages. His linguistic talents must have been excellent, for he induced his Los Angeles sweet heart, Lottie Mannion, to meet him in Laredo, be married and live in Mexico City. After three years the Guntermanns returned to a fast-developing Im perial Valley, engaged in banking and business, and prospered in their activities. In 1925 they disposed of their interests and moved to Santa Barbara.

After a year of travel and relaxation, Mr. Guntermann joined the old Pacific Southwest Trust & Savings Bank of Los Angeles and became the assistant manager of the Santa Barbara Branch in 1927. He was made manager and vice president in 1930. During his years of activity in bank work in Santa Barbara, he found time to take part in the many community, business and cultural organizations. Since retirement in 1950, William Guntermann has resided in Santa Barbara and is actively interested in com munity welfare.

Since 1950, management of the Santa Barbara Office has been in the capable hands of Douglas 0. Vickery. Mr. Vickery joined the staff of the Security Trust & Savings Bank in 1922, after serving six years with the Imperial Bank of Canada in Toronto aiiu after he had acquired a bachelor’s degree in law. Vickery has been an officer in the Security Bank since 1925, and, prior to moving to Santa Barbara, had held numerous positions of responsibility in management. He has been prominent in many organizations and has participated in activities for the betterment of the community.

Needless to say, in limiting the review to management officers only, many a worthy employee, board member, advisory board member and friend of the bank has been bypassed in being named for credit and praise that has been justly earned. No doubt they have all contributed immeasurably to the welfare and growth of the bank and service of the patrons.

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Bank of America Although Bank of America officially became a part of Santa Barbara’s financial life under the name Bank of Italy in 1927, the statewide bank’s actual beginning in the city can be traced back to the era when gentlemen with handlebar mustaches courted their ladies on bicycles built for two.

In 1920, the Central Bank, “grandfather” of the city’s present Bank of America branches, began operation. Spearheading its founding were T. Wil son Dibblee, a descendant of Don Jose De la Guerra, and Addison H. McKay. T. Wilson Dibblee had attended the Belmont Academy, on the Peninsula near San Francisco, where among his classmates were his boyhood friends the late William H. Cooper of Rancho Santa Rosa and John More of Goleta.

From the academy they had all gone on to University of California where Dibblee graduated in 1902. He returned to Santa Barbara to begin a bank ing career with the Santa Barbara County National Bank.

Dibblee’s brother-in-law, William Summers, had become President of a bank in San Luis Obispo, and shortly, Wilson, who had married the lovely Anita Orena, daughter of a distinguished Spanish family, joined him as vice president and treasurer. A few years later following the sale of this bank, Dibblee returned to Santa Barbara County to take over management of his family’s huge Rancho San Julian, near Lompoc.

After some four years on the ranch, Dibblee and Summers bought a controlling interest in the Merchants National Bank of San Francisco and Wilson and Anita moved to that city, he to assume the duties of vice president and treasurer. There Wilson remained until 1920 when he was invited to return to Santa Barbara as president of the Central Bank, a post he held until 1925 when this institution was sold to Bank of Italy.

Dibblee then became manager of the de la Guerra Properties, with offices in El Paseo, and resumed management of Rancho San Julian, which activities he carried on until his death in 1951.

His interest in banking did not completely die out despite his retirement from active management, since he served from 1929 on, together with his life-long friend Billy Cooper, as a techfiical director of the Santa Ynez Valley Bank of Solvang. There, as he had through the many preceding years, stood that tall slender distinguished Spanish American, of patrician bearing, but kindly eye and gentle mien, to give wise counsel, not only to those perhaps less experienced officers of a fledgling financial institution, but no less im portant, to the many whom this institution had been organized to serve.

Central Bank, which subsequently changed its name to Central Trust and Savings Bank, soon established a second office at the corner of State and Haley Streets which it called the Haley Street Branch. This branch was de stined to become the Estado-Cota branch of Bank of America, while the orig inal Central Bank is now the statewide bank’s Santa Barbara Main Office.

The transition came about through a series of mergers during the boom period preceding the 1929 stock market crash.

In September, 1925, Bank of America of Los Angeles purchased the Central Trust and Savings Bank and two years later merged with the Liberty Bank of California. The names of the two organizations were also joined, with both Santa Barbara branches going under the name of Liberty Bank of America of San Francisco.

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T. WILSON DIBBLEE

This marked the beginning of a new banking era for the city. J. P. Kennedy, who succeeded Dibblee as manager of the main office, publicly an nounced to residents that “every service that can be offered in the largest of cities now will be rendered here with equal promptness.”

At the time of the consolidation, the old Fugazi Bank in Santa Barbara was merged with the local Haley Street branch of Bank of Italy and moved to Fugazi Bank’s quarters at 600 State Street, where it later became the EstadoCota branch of Bank of America.

Warner Edmonds succeeded Kennedy as manager at Santa Barbara Main Office at the beginning of the depression era, and Ludwig N. Ackerson took over the helm in 1941, serving until the appointment of Thomas J. Flynn, the present vice-president and manager in March, 1956.

Estado-Cota managers have included Umberto Dardi, Hyram S. House, G. Y. Barber, A. G. Gallotti, J. Anchordoquy, B. P. Pino, John D. Shaw, and William E. Watkins, who presently holds the post.

After the depression and war years came the era of the 1950’s and early 1960’s which brought unprecedented prosperity to Santa Barbara, necessitat ing the doubling of the numher of Bank of America branches here. Shortly before Christmas of 1959 the State-La Cumbre branch in the Five Points Shopping Center opened its doors. Manager L. M. “Luke” Spencer was on hand at the gala open house to welcome a large throng which included many of the city’s top leaders.

Last summer the State-Valerio branch began operation with 20-year banking veteran John F. Quinn as manager. Almost half a million dollars was spent on the branch’s 7200 square foot building.

Continuing economic growth forced the Estado-Cota branch to abandon its original quarters in favor of a modern 8,000-plus square foot structure built at a total cost of §328,000. In September of 1962 Manager William E. Watkins and his staff moved into the building, and a short time later the old bank building next door was torn down to provide a customer parking lot.

What does the future hold for Bank of America in Santa Barbara? Few can express it better than Thomas J. Flynn, vice president and manager of the bank’s Santa Barbara Main Office, when he said recently: “Santa Barbara is one of those rare cities that can boast of both a tradition-rich past and a progressive present and future. Our bank’s growth here is symptomatic of the over-all prosperity the city has known in recent years and, by all indica tions, will continue to enjoy for a long time.”

Santa Ynez Valley Bank

By Harold H. Davis Shortly after 1911, the year in which a group of Danish-Americans largely from the Midwest established a colony at Solvang in the Santa Ynez Valley, it became apparent that a bank would be of great value in the de velopment of the community. Accordingly a group representative of the Valley as a whole and spearheaded by Henry Harkson, a business man and 21

■iii

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Santa Yncz Valley's first bank building.

Danish Vice-Consul at Portland, Oregon, made plans for the establishment of a bank.

It was decided to build on the corner of First and Main Streets, in Solvang, and J. L. Curletti, a well known architect of Santa Barbara, was employed. He was instructed to keep the building well within a limit of S10,o6o and A. Ibsen got the construction contract, comfortably under that figure. The building, a forerunner of today’s “shopping center”, contained a doctor’s office, a store, offices of the Danish-American colony and a Post Office, as well as the bank’s quarters.

The bank opened August 25, 1913, with deposits of $4,579.62 and a capital of $25,000. P. R. Hornsyld, Post Master of Solvang and Secretary of the colony, was president. Harald Harkson, a son of founder Henry Harkson, was vice-president and chief executive officer. Other directors were S. P. Calef of Santa Barbara, M. P. Hourihan of Santa Ynez, P. B. Montanaro of Los Olivos, and Peter Albertsen and J. M. Gregersen of Solvang.

Throughout its history the bank has been very fortunate in having in valuable “little brother” relations with Santa Barbara banks and bankers and has received much technical advice and help. A pillar of strength during the period of incorporation was Judge R. B. Canfield, chairman of the board 22

of the First National Trust and Savings Bank of Santa Barbara, an able lawyer, and a holder of extensive ranch interests in the Valley. Other such men who have served on the Board of Directors at various times included J. D. Lowsley, vice president of the First National, T. Wilson Dibblee, pres ident of the Central Bank, and P. S. Belford, president of the County National Bank and Trust Company.

Over the years the balance of the board has included men prominent in business and ranching in the area. Such well known county residents as A. M. Boyd, J. T. Torrence, J. C. Burchard, Marcus Nielsen, and W. H. Cooper of Lompoc have served long and ably, and left behind them a solid foundation on which the bank has developed.

In 1925 the building burned to the ground, and nothing was left behind except a red hot but intact vault. An enlarged and modern building was built on the same site by H. C. D. Skytt, and was opened to the public in 1927.

This time the bank used the entire floor space and did not have to share quarters with such a variety of tenants. No longer was it necessary to knock on the wall to call the doctor to the only telephone, or to tell tourists of the advantages of the colony when the real estate man was out.

The bank grew slowly and steadily. In 1928 Harald Harkson took over as president and chairman of the board, positions he held until his death in 1959. The same year Soren Madsen, who first went to work at the bank in 1915, became cashier, a position which, along with a vice-presidency, he still

holds.

With total assets well under $500,000 and a rather liquid position, the bank came through the depression years with a minimum of disturbance.

During this period, a number of tenant farmers, mostly hard working reliable men of Portugese or Swiss ancestry in the Lompoc and Los Alamos areas, were financed. These loans, based fully as much on character as on cut and dried financial statements, proved a great success. The customers came through which flying colors, many of them became prominent and substantial operators, and their loyalty to the bank has been of tremendous assistance.

Of the many thousands of dollars loaned in this type of venture, the bank’s total charge off was the sum of $190, and for that the tenant offered his lone remaining work horse, his one saleable asset. With thanks, the bank declined.

During the 1940’s Solvang became more and more of a tourist attraction.

Travel and tourist magazines helped advertise the town, and many of the articles were illustrated. One of these showed a picture of the bank with a sign on the window stating the Capital and Surplus amounted to $35,000, and the magazine article poked a little fun at the amount. While it was true that the capital structure was several times the sum stated, the bank had been cutting corners on expenses with the objective of raising capital by the boot strap method, and one unnecessary expense seemed to be the importing of a gold leaf sign painter for such a small job.

Such a painter was finally engaged, however, and he came up from Santa Barbara considerably the worse for wear. A booster shot or two and several cups of coffee later, he departed, and left behind not only a very crooked sign but one that showed the figures to be some $25,000 too much.

He eventually returned to correct his work, but it was only a few months later 23

that the bank had to transfer $25,000 to surplus from undivided profits and the painter’s confidence in the future proved warranted.

An article in the Saturday Evening Post early in 1947 caused more com_plications. Dean Jennings, the author, stated that all business stopped in mid morning while coffee was brewed over the oil stove that also served to heat the bank, and the staff and customers enjoyed a cup.

This was true enough, and Mrs. Christine Jensen, who came to the bank first in 1929 and is now an assistant vice-president, has graciously seen to ‘'coffee times” through the years. However, the article gave the impression it was open house” and when the magazine hit the news stands the tourists began to flock in for their morning cup. Some of them got pretty huffy when not served and it took some time and tact to persuade them that there were restaurants in town better equipped to serve the public.

During the years since the war the bank has grown along with the de velopment of California. It is now an $8,000,000 institution, with over $500,000 in capital funds. The building was modernized throughout in 1962 while a new addition has more than doubled working space. A branch office in Bucllton is due to open in 1964..

Helmer Harkson, a son of Harald Harkson, and grandson of founder Henry Harkson, is president and chief executive officer. Other directors with an average service of twenty-two years, include H. C. D. Skytt, chairman of the board, H. G. Petersen, T. M. Parks, G. W. Cornelius, P. S. Belford, and

H. H. Davis.

When the Santa Ynez Valley Bank celebrated its Golden Anniversary in August 1963, it was able to look back with some pride on fifty successful years of independence.

Directors Report On Friday, November 22nd of this year, 1963, the President of the United States was assassinated in Dallas, Texas, creating a shock such as none of us had ever experienced or will ever forget. May I express in a few words our appreciation of John Fitzgerald Kennedy and his devoted wife, Jacqueline, for their interest in and highly developed love of history and the arts. None of our Presidents have had such a background, and none had brought to the White House this interest and loving care for its historic an tiques and treasures of the past. The dignity, beauty, grandeur, and sim plicity of the mass, the ceremonies, and the pageantry of the historic funeral, the symbolism of the riderless horse, the muffled drums, and the eternal light were a fitting tribute to a martyred President by a great and sorrowful nation.

Earlier in November Mrs. Gledhill and I were at Bancroft Library, searching into the archival transcriptions of the Presidio records of Santa Barbara, selecting additional letters and documents for Mrs. Melville Sahyun’s future translating. There exist 63 volumes of these transcriptions made by Bancroft’s researchers from the original Spanish California Archives before the originals were destroyed in the fire of the San Francisco earthquake. The records of Santa Barbara are located in a great many of these 63 volumes.

The Santa Barbara Historical Society has many years of research ahead in bringing back to Santa Barbara copies of these records of her past.

24

We had several visits and talks with Dr. George Hammond, Director of the Bancroft Library, and he complimented Mrs. Sahyun on her fine translating from the Spanish California transcriptions. He also directed Miss Rebec, Bancroft Library’s expert archivist and librarian, who has had 20 years experience in the Library of Congress, to advise and answer any ques tions we might ask.

In Sacramento, as a member of the Legislative Council of the Conference of California Historical Societies, I attended a meeting called by Chairman Walter C. Frame and the Conference President, Irene Simpson. All State Legislation desired by any area has to be submitted to this Committee in December, 1963, for its approval. It was noted at this meeting that the Di vision of Beaches and Parks is becoming less and less interested in historic preservation and that eventually a State Division of History must be created to preserve and restore California landmarks.

At the Society’s luncheon on December 4th, commemorating the anni versary of the founding of the Santa Barbara Mission by Father Lasuen in 1786, the promotion of the de la Guerra Adobe as a national historic monu ment was listed as a project of the Historical Society by the President, Dr. Hilmar Koefod.

Father Joseph B. Tliompson, O.F.M., author of “El Gran Capitan,” a history of the De la Guerras, gave the invocation.

Francis Carr spoke of the founding of the Old Mission in 1786 and pointed out that even in rapid growth, Santa Barbara has always preserved the feeling and atmosphere of historic beauty that the Franciscan Fathers showed in the building of their Mission. He touched briefly on the local effort to establish a Channel Island National Seashore, which would include San Miguel, Santa Rosa, Santa Cruz, and Anacapa Islands.

At the head table, besides the speaker, Francis Carr, and President Koe fod, were Mayor Don MacGillivray; Supervisor Joe Callahan; Elmer Whit taker; Miss Pearl Chase; Edward Toda, Consul of Spain; Paul Sweetser; Selden Spaulding; Mrs. Wilson Forbes; Father Maynard Geiger, O.F.M.; Father Joseph Thompson; O.F.M.; and W. Edwin Gledhill.

Among the honored authors at the luncheon were Frances Cooper KroU, Harold Chase, Cameron Rogers, Father Joseph Thompson, and Father May nard Geiger, O.F.M. On December 6th, Dr. William Davis, Historian of the State Archives at Sacramento, visited the Society, and we were privileged to show him our new home. He was impressed with the plan and construction. Dr. Davis con sidered the building in every way suitable for the exhibition and storage of valuable historic material.

The following are a few of the recent gifts of interest: A 17th century Spanish capa of rare beauty and an 18th century interesting cross from the Katharine Burke Estate through the kindness of her niece.

A Queen Anne crewel embroidery hanging from the William H. Bliss Collection and an 18th century blue china platter with design of the “Esplanade in Castle Garden” from Dr. and Mrs. Homer Barnes.

Painting by John M. Gamble entitled “Matilija Canyon”, one of the artist’s best canvases, from Mrs. Allen Finger.

“A. B. Gray Report of the 1854 Survey of a Route on the 32nd Parallel” for the Texas, Western Railroad, a recent reprint, from Mrs. Andrielte Gledhill. Andrew Bel-

25

cher Gray, Mrs. Gledhill’s grandfather, was Chief Surveyor on the Mexican and United States Boundary Commission and an important historic figure in the boundary dispute, for which he was recalled; and he was responsible for El Paso and the Mesilia Valley being preserved for the United States. He envisioned New San Diego, and interested Wil liam Heath Davis in financing and creating “New Town”, what is now the main business part of San Diego. He also built the second house there, “The Hermitage,” as his home.

A doll made by Charley Russell, noted artist, for Verne Linderman when she was a child, and a book by Frank Bird Linderman, “Recollections of Charley Russell”, both given by Miss Verne Linderman; and through her cooperation, the Society was able to secure a valuable, illustrated letter written to her father, Frank Bird Linderman, by Charley Russell.

A valuable William Keith painting entitled “Evening and Oaks” from Mrs. Deborah J. Pelissero.

In April or May of 1964, the construction of the new museum of The Santa Barbara Historical Society will be completed. The Society will then be in need of funds or memorial gifts for the furnishings and equipment. We will need large Spanish style tables, glass display cases and furniture for the Spanish California Room; furniture for the library; steel filing cases for maps and microfilms, and steel shelves for the books and papers in the storage rooms.

This remarkable adobe building, which is reinforced with steel and concrete, will in itself be both fire and earthquake proof. It will give pro tection and security to all future gifts to the Society, and it will give many decades of service to the community.

Edwin Gledhill

GIFTS Mrs. E. A. Coffin Mr. E. Selden Spaulding Mr. Clifton Smith Mr. W. Ripley Dorr Ramsay-Reed Agency Mr. James T. Coane Dr. and Mrs. Homer F. Barnes Mrs. A. W. Finger Dr. J. N. Bowman Mrs. W. Edwin Gledhill Mrs. Godwin J. Pelissero Mrs. Kellogg Jones Mrs. J. Raymond Kieding Mrs. Donald Myrick

Mr. Elmer Whittaker Mrs. Robert N. Burgess Mr. Stanley C. Lowry Ogilvy, Gilbert, Norris & Hill Miss Frederica Dibblee-Poett Mr. Charles Parkey Mr. Guy DeLagerberg Mr. Dudley Backus Fr. Maynard Geiger, O.F.M. Dr. Elliot Evans Miss Katherine Burke estate Mrs. Wilson Forbes Dr. Hilmar 0. Koefod Mrs. Ralph A. Malcolm Miss Verne Linderman Mr. Porter Van Ness

IN MEMORIAM Mr. Warren C. Foster Mr. Frank Pettee

Mrs. Wadsworth Baylor Miss Katherine Burke

26

Activity Report—Women^s Projects Board A delightful postscript to the St. Barbara’s Birthday luncheon spon sored by the Santa Barbara Historical Society at the Carrillo Hotel on Wednesday, December 4, 1963, was the autograph party at the Fernald House on West Montecito Street, from 3 to 5 o’clock. The reception, which was open to the public, was held under the auspices of the Women’s Pro jects Board, honoring the authors of three recently published books.

Honored guests were Harold S. Chase, Mrs. Frederick W. Kroll (Fran ces Cooper), Rev. Maynard Geiger, O.F.M., Ph.D., and Edward Selden Spaulding. Russell Ruiz, Santa Barbara artist who was represented by several drawings in Fr. Maynard’s book, and Mrs. Ruiz, were also present.

Proceeds from the sale of several of the books were generously donated to the Publications Fund of the Santa Barbara Historical Society by their authors.

On sale for the first time were copies of “Hope Ranch—A Rambling Record” by Harold S. Chase; “Memories of Rancho Santa Rosa and Santa Barbara’’ by Frances Cooper Kroll; and “A Pictorial History of the Physical Development of Mission Santa Barbara from Brush Hut to Institutional Greatness, 1786-1963” by Fr. Maynard Geiger.

Harold S. Chase, in the early 1920’s, in cooperation with his father, H. G. Chase. was the developer of Hope Ranch Park. His well-written, profusely illustrated book has filled a long-felt need for a history of this locality.

Frances Cooper Kroll is the daughter of Joseph Wright Cooper, early pioneer and business associate of the Dibblee and Hollister brothers in the sheep and cattle business on Rancho Lompoc in the 1860’s, and later owner of Rancho Santa Rosa. She has written a nostalgic history of her childhood spent in Santa Barbara where she was born in the stately Vic torian home on Sola and Chapala Streets, as well as of events on the Rancho La Vina (Santa Rosa) near Lompoc.

Fr. Maynard Geiger’s volume is published by the Franciscan Fathers of California in a limited edition, and is illustratetl by many rare and never before reproduced photographs and drawings. It traces the many changes which have been made in the Mission structure since its beginning in 1787 as a ‘palisade, or log cabin style” building. Russell Ruiz has several fine drawings which tell the story of the original blessing of the site in a simple ceremony on the hill of Tanayan, on December 4, 1786 by Fray Fermin Francisco de Lasuen, and again on December 16, 1786, when he celebrated the first Mass at the Mission site in an enramada or brush hut. In his pre face, Fr. Maynard states: “Despite various vicissitudes, despite earthquakes, secularization and changing use of buildings, the mission has preserved the core of its original self and where change was effected scrupulous care was taken to preserve the spirit of the past. It may be said that while the face is old, the facial is new”.

Edward Selden Spaulding, whose beautiful edition of the etchings of Henry Chapman Ford occasioned a similar autograph party in December of 1962 at the Fernald House, had several of his books on sale—Ford’s etch ings,—and an earlier publication, “Adobe Days along the Santa Barbara 27

Channel.” He had also written the foreword for the Chase and Kroll books, so his pen was kept almost as busy signing his autographs as were those of the other authors.

Mrs. Godwin Pelissero, a director of the Historical Society Board, was chairman of this event. Other members of the Women’s Projects Board who were responsible for the festive Christmas decorations and holiday treats at the tea table, were Mrs. Ray H. Paine, chairman, and the Mmes. Godwin Pelissero, Frederick Brossy, John H. Locklin, Leo McMahon, Alex Funke, Gene M. Harris, Edward TToporeck, Vincent Grocott, Robert Ingle Hoyt, Wilson Forbes, George H. Finley, Leland Crawford, Jr., Howard Smith, L. E. Wood and Miss Mary Chrisman. Associate members who assisted as hostesses, were the Mmes. Arthur Kvaas, John C. Vesey, Sydney Barton Robinson and Walter Hoag. Presiding at the tea table, was Mrs. Hilmar Koefod, wife of Dr. Koefod, president of the Historical Society.

WiLBERTA M. Finley

Santa Barbara streetcar—circa 1BB0.

SANTA BARBARA HISTORICAL SOCIETY

OFFICERS President First Vice President Second Vice President.

●Dr. Hilmar 0. Koefod Hugh J. Weldon Mrs. Wilson Forbes Paul G. Sweetser

Secretary Treasurer Past President

Mrs. Henry Griffiths .Thomas J. McDermott

DIRECTORS Garrett Van Home Elmer H. Whittaker Dr. Irving N. Wills Thomas M. Storke* John Galvin*

Mrs. Charles H. Cannon John D. Gill Mrs. W. Edwin Gledhill Rev. Virgil Cordano Mrs. Godwin Pelissero John Jordano, Jr. Lockwood Tower Edward S. Spaulding

● Honorary Directors

●Museum Director Curator Editor-in-Chief

W. Edwin Gledhill Mrs. W. Edwin Gledhill Edward Selden

Spaulding.

NEW MEMBERS ACTIVE

STUDENTS

Mrs. John P. Cooke

Mr. Anthony Wilkinson

Mr. Mr. Mr. Mr. Mr.

SUSTAINING Mr. and Mrs. Robert L. Lewis

J. Edgar Freeman Herman Hagedorn F. Bourn Hayne and Mrs. Ralph R. Layte Wallace C. Penfield

CONTRIBUTING Mr. H. Hall Qovis PATRON Dr. and Mrs. Edward H. Kirschbaum

Mr. Vance Phillips Mrs. Wade B. Rubottom

HISTORICAL SOCIETY MEMBERSHIP Classes of membership: Benefactor, $100; Patron, $25; Contributing, $15; Sustaining, $10; Active, $7.50; Student, $5. Dues are tax deductible.

MAILING

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MISSION,

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BARBARA,

CALIFORNIA

N<7TICIA5

Non-Profit Org.

QUARTERLY BULLETIN

U. S. Postage PAID

OF THE

Santa Barbara,

SANTA BARBARA HISTORICAL SOCIETY

Calif.

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OUO MISSION SANTA BARBARA, CALIFORNIA