Finance History | KeyCorp — Twenty-Five Dollars from Mrs Bond Behind Merchants Bank
· 1849-8
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Finance History | KeyCorp — Twenty-Five Dollars from Mrs Bond Behind Merchants Bank
kevin
People treat KeyBank as the glass Key Tower on Cleveland's Public Square that always cleared Midwest payroll.
The first book sat in the rear of another bank.
On 2 August 1849 Samuel H. Mather and Charles J. Woolson opened the Society for Savings in the back of the Merchants Bank at Superior and Water, now West Ninth Street.
It was a mutual savings bank, not a commercial lender.
The stated purpose was a secure place for people who received money in small sums and wanted to keep it.
The first depositor was a woman, Mrs D. E. Bond, who put in twenty-five dollars in 1849 currency.
By the end of the first year the Society held $9,500 from 130 depositors.
The Panic of 1857 did not close it.
After the Civil War the deposits had quadrupled, and in 1867 the bank put up its own building on the northeast corner of Public Square.
In 1890 it opened a ten-storey red-sandstone house at 127 Public Square, designed by John Wellborn Root of Burnham and Root.
Locals called it Ohio's skyscraper.
For a time it was the tallest building between New York and Chicago.
The conservatism was the product.
When the Society marked its centenary in 1949 it still had a single office, more than 200,000 depositors, and over $200 million in deposits.
It had come through four nineteenth-century panics and the Depression bank holiday as one of Cleveland's four largest banks.
In 1958 the mutual converted and became Society Corporation, which then bought community banks across Ohio.
The 1994 merger with Albany's KeyCorp kept the Key name and left the headquarters on the same square.
The 1890 sandstone building still stands beside the tower.
The first room was a rented back office.
The first account was twenty-five dollars.
Photo: TonyC0101, public domain, via Wikimedia Commons
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