Banking in Logan County

Source: 1952 Centennial Program Booklet – Page 41, Published by the City of Logan, WV.

By G. W. Raike

There have been seven banks in the history of Logan county. The Guyan Valley Bank was the first to begin business. The establishment was started in a small frame building on Jan. 1, 1900. Old Timers of Logan say that fishing was excellent in the Guyan river in the early 1900s and that it was not unusual to see a sig on the front door of the G. V. Bank, “Closed for the Day, Gone Fishing.”

The second bank to be started in the City of Logan was the Logan National. It opened April 7, 1906 and had one employee. Mr. Naaman Jackson for several years. Later, Robert E. Vickers was added to the staff as bookkeeper. The Logan National Bank was organized by John H. Jordan, Scott Justice, S. A. Draper, Naaman Jackson and the directors were Scott Justice, S. A. Draper, J. H. Jordon, H. Ewart, H> H> Morris and W. R. Lilly. The Guyan Valley Bank was absorbed by the First National Bank of Logan in Sept. 1931. The Logan National Bank’s name was changed to the First National Bank of Logan about the year of 1908.

On September 1^st, 1918, the Logan County Bank of Lundale began business, with George M. Jones, president, R. W. Quaintance, Vice-president, and F. P. Chambers, the cashier. The board of directors of this bank included T. F. Downing, F. P. Chambers, George M. Jones, C. A. Martin, R. W. Quaintance, J. H. Schiveitzu, and R. J. Stegall. This Lundale organization was consolidated with the Bank of Logan in approximately 1928.

The fourth ban in Logan was the Bank of Logan which began business on Nov. 1, 1920. The bank directors were Fred Haislip, B. L. Holland, Don Chafin, J. R. Slack, Alex Rose, Scott Mc Donald, C. S. Minter, A. A. Hamilton, and Dr. N. E. Steele. Shortly after consolidation with the Logan County Bank, the name was changed to the Bank of Logan and Trust Co. The Bank of Logan and Trust Co. Was absorbed by the First National Bank of Logan in 1929.

The fifth bank to begin business in Logan county was the Merchants and miners Bank at Man which opened Sept. 12, 1921. Those instrumental in the organization of this bank were S. E. McDonald, president, T. N. Perry, vice president and E. R. Mullins, cashier. The directors of the Merchants and Miners Bank were W. E. McDonald, Dr. L. E. Shrewsburgy, J. Green McNeely, Thomas Perry and E. R. Mullins.

A part of the assets of the Merchants and Miners ban were taken over by the First National Bank of Logan in the year 1930.

The doors open for business at the National Bank of Logan on Jan. 22^nd, 1934. This bank purchased a part of the assets of the First National Bank of Logan in 1934. The bank, which was started with the capital of $150,000.00 and surplus of $40,000.00, now has a capital and surplus of $800,000.00.

The officers of the National Bank of Logan, when it started business were C. McDonald England, president, S. E. McDonald, vice president, F. S. Martin, vice president, Walter T. Mitchell, cashier,  and J. F. Cook, assistant cashier. The directors were C. McDonald England, J. J. Foster, Bruce McDonald, S. E. McDonald, Fran S. Martin, Dr. J. N. Bradley, Patsy Ferzacca and U. B. Buskirk.

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The Guyan Valley Bank was established by John Cary Alderson (1868-1934). Mr. Alderson was perhaps one of the most widely-known and most generally beloved citizens of early Logan. He was affectionately called “Uncle Cary” by most everyone in Logan that knew him. “God never made a better man than “Uncle Cary” Alderson.” — 50 Years A Mountain-Country Doctor by Sidney B. Lawson, M. D. c1941, p. 40.