Photo courtesy by Patti Jo Petersen, Plattsmouth Journal
American Exchange Bank Turns 125 and is Honored
by the Nebraska Bankers Association
An eagle, majestic and enduring, is a fitting symbol of American Exchange Bank, which will celebrate its 125th anniversary in Cass County in July.
“It’s the oldest bank in Cass County,” said Richard Clements, president of the bank. His twin brother, Robert, serves as vice president.
American Exchange Bank had a strong startup, Richard explained.
“In the 1880s and 1890s, Elmwood was a vibrant, growing community,” he said. The Clements family didn’t found the bank, but has been involved with it since 1910.
The bank was incorporated July 13, 1889, and bank business began Sept. 9, 1889. The incorporators were F.E. Stevens, E.A. Stopher, W.S. Waters and C.D. Stevens.
“The bank first used an existing building near the corner of the intersecting county roads in Elmwood,” Richard said. “For the first three years, it was in this small building.”
Then the bank moved to 102 S. Fourth St., and remained there for 82 years.
This building was 60 feet by 28 feet, and had brick walls 14 inches thick. The vault in the building was 14 feet by 14 feet by 12 feet.
“The old vault is still there,” Richard said.
The Clements family became involved with the bank March 9, 1910, when Byron I. Clements purchased 15 percent of the bank stock. Guy L. Clements began working as assistant cashier at the bank in 1907 at age 22. He became president in 1938.
Guy was also responsible for bringing a true symbol of the bank to rest there.
In 1911, Guy came across Floyd Rodaway, then 13, who had just trapped an eagle. “He was going home with the eagle when he met Mr. Clements in his horse and buggy. He sold it to Mr. Clements (for $5),” relates Viola Maloy, Floyd’s daughter, in a letter to the Clements written in 2000.
“It’s a golden eagle and it has been in the bank lobby ever since,” Richard said.
Guy was president until he died in 1970, at which time, his son Dwight, took over. Richard and Robert are Dwight’s sons. Now retired, Dwight still comes to the bank a couple of times a week.
In 1974, the bank moved to its existing location at 151 N. Fourth Street. It currently has $44 million in assets and more than 2,000 accounts.
“We try hard to support our local businesses. Our employees are active in the community and the churches. Robert is president of the Bess Streeter Aldrich Foundation. Both of us are members of the Sons of the American Legion,” Richard said.
American Exchange Bank is deeply entwined with the history and success of the community.
April 1, 1909, the Aldrich family became involved with the bank, when John P. Cobb (Bess Streeter Aldrich’s brother-in-law) purchased 60 percent of it and C.S. Aldrich, Bess’ husband, purchased 20 percent.
“These two became president and vice-president and received a monthly salary of $75,” the history reads.
Bess, famous for all the novels she wrote, was also a minor shareholder in the bank starting April 1911. She took a more active role in the bank in 1924 when her husband died and continued as the bank’s director until 1938.
Because of Bess’s interest in the bank, it didn’t close permanently when President Franklin D. Roosevelt declared the Holiday Banking Act in 1933.
“There was a run on banks at that time and people were withdrawing their money,” Richard explained. “President Roosevelt declared a bank holiday and closed all the banks for four days. The banks that didn’t have enough money had to stay closed. The ones that did stayed open.”
Marie Clements, Guy’s wife, recalls Bess cashing in $75,000 of her own assets to keep the bank financially stable.
“I remember an occasion during the Bank Holiday Act when the regulators said our bank could open only if we paid out five percent of the total deposits due each customer. Bess asked me to drive her to Lincoln, which I agreed to do. Guy and others were there as we called on the Nebraska director of banking at the state capitol,” Marie stated in “A History of Banking in Nebraska” by Ben Haller.
According to Marie, Bess was told he was too busy to see her.
“Tell him I want to see him now,” Bess replied.
He complied. Bess lifted a bag she carried with her, and turned it over to reveal the $75,000 worth of assets.
“You know, Mrs. Aldrich, you may not get all or any part of this back.” the bank director told her.
“I didn’t’ ask you whether I’d get it back. I said I want the bank open tomorrow,” she said.
Marie’s son as well as Richard and Robert Clements’ father, Dwight, started working at the bank when he was in high school. He verified Bess had indeed put up her own income to save the bank. Bess also purchased out of the bank’s loan portfolio a number of loans the regulators considered sub-standard or risky.
“For years, we had two separate note cases in the vault, one for the bank’s regular business and one for the notes taken out by Mrs. Aldrich,” Dwight said. “Quite regularly we’d have people come into the bank and make payments on the notes she held; often those payments were just small amounts.”
“She was an amazing person,” Richard said. “She made one condition of the money. No one was to be told about this until after her death. She didn’t want to be the hero around town. She saved farmers and businesses in town from being foreclosed.”
With such strong roots in Cass County, it’s no surprise American Exchange Bank opened a branch in Eagle in 2000. “It was opened in the former Post Office building, built by Dwight,” Robert said.
The bank also has ATMs in Elmwood, Eagle and Greenwood.
On May 9, Nebraska Bankers Association honored American Exchange Bank for its 125th anniversary. Richard and Mickie Clements, Rob and Peggy Clements, Andy Clements and John Westland attended the luncheon held at Embassy Suites in LaVista.
American Exchange Bank’s top staff has a simple answer for why the bank has survived hard times like the Great Depression, World War I and World War II.
“Honesty and trust with our customers,” Robert said.
In 1911, Guy Clements purchased this golden Eagle that was caught in a young man's trap for $5. At that time, it was 10 percent of his total month's salary. The eagle has been a figure in American Exchange Bank since Guy brought it in. Guy is the grandfather of Richard and Robert Clements.
For 82 years, American Exchange Bank was located in this brick building at 102 S. Fourth St., Elmwood.
Craig Brewster, left, Nebraska Bankers Association (NBA) president from Butte, and John Stinner, right, NBA past president from Gering, present a plaque, commemorating American Exchange Bank's 125th anniversary, to Richard and Robert Clements during the 2014 NBA Awards Luncheon. The luncheon was May 9 at the Embassy Suites Omaha-LaVista.
Nebraska Bankers Association presented this plaque to American Exchange Bank in Elmwood May 9 to commemorate the bank's 125th anniversary.
This photo collage of the bank's presidents and other officials hangs in American Exchange Bank today. In the upper right-hand corner is Bess Streeter Aldrich, world-renowned American author, who served as the bank's director from 1924-1938.
Article compliments of the Plattsmouth Journal - Patti Peterson Editor
===========================================================
Part of the group Pumpin it up for Ashli! Teri McClane, Mark Brown, Brandon Ahlers, and Millie Anderson
This will be on Ashli's headstone.
Kalee Brewer uses the extended squeegee to get Mick Bornemeier's window clean.
Brandon and Mark tag team it to get the job done.
We were selling Ashli's famous BBQ sauce, too. It is really awesome!
============================
=====================================================
Click here to see the schedule of events for the Cass County Fair...2014!!
====================================================================
====================================================================
A Public Information/Discussion Forum dedicate to Trash/Recycling/Composting and Re-Purposing information has just been created and is now provided and is managed by www.NCWP.org Visit this group at http://groups.google.com/group/casstrashtalk
There is a great deal of misinformation, confusion and discussion on these issues and it is valuable to establish a single official clearing house for accurate information, comment and discussion on these matters that affect everyone in Cass County.
Please accept this invitation to participate in this Discussion, ask Questions and provide your feedback.
========================
=================================================================
Click here to see the June Lunch Menu for the Elmwood Community Center
===================================================================
Nebraska Tourism Commission is looking for photos from the past!
Attention all Nebraska attractions! The Nebraska Tourism Commission is seeking black and white photos from the past that we can compile into the history of tourism and use as a throwback for our facebook page!
The photos should be black and white and must reflect the true spirit of Nebraska’s culture, history, heritage and way of life. Please provide who is in the photos along with a brief story to describe the history behind the photo.
Please submit clear, good quality photographs to Taylor Cruse by July 1, 2014. You can e-mail them to NTC.tourism3@nebraska.gov or mail them to:
Nebraska Tourism Commission
Nebraska History Photos
PO Box 98907
Lincoln NE 68509-8907
==============================
==========================
Community Sustaining Sponsors 2014
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor
2014 Community Sustaining Sponsor