Finance History | U.S. Bancorp — Twenty-One Thousand Dollars and No Vault on Opening Day
· 1891-2
Unreviewed contributionBy kevin · · updated · Report an issue
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Finance History | U.S. Bancorp — Twenty-One Thousand Dollars and No Vault on Opening Day
kevin
People treat U.S. Bank as a Minneapolis tower that always cleared Midwest payroll.
The Pacific book opened in rented rooms in Portland.
Nine businessmen, none of them Oregon-born, organized the United States National Bank of Portland on 5 February 1891. Donald MacLeay, a Scottish grocer and shipper, and George Washington Ewing Griffith of Kansas led the board. The bank opened four days later.
On the first day fifteen customers deposited 21,886.30 dollars. The office had no vault that year. The deposits came in anyway.
The bank held through the Panic of 1893 better than several Portland rivals. It later took Ainsworth National Bank in 1902, Wells Fargo's Portland book in 1905, and Lumbermen's National Bank in 1917. After the Ainsworth purchase the headquarters moved to Third and Stark.
By the 1910s the book had outgrown that hall. In 1916 the directors bought the corner at Sixth and Stark and hired A. E. Doyle. The eastern half of the United States National Bank Building opened in 1917. A westward extension to Broadway, finished in 1925, doubled the terra-cotta temple.
The building at 321 Southwest Sixth Avenue is still the bank's main Portland branch. U.S. Bancorp, formed as a holding company over the Oregon bank in 1968 and later merged with First Bank System of Minneapolis, kept the name that was painted on this colonnade.
Photo: Steve Morgan, CC BY-SA 3.0, via Wikimedia Commons.
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