continuous, and owing to the very low price of grain and other produce, the borrowers were unable to reduce their loans sufficiently to furnish available cash." Thus the business was suspended, "in order to protect our depositors from possible loss." A. H. Waite was president; J. R. McKinney, vice president, L. K. Evans, cashier, and Max Smith and Charles A. Roberts were assistant cashiers at the time. Robert Hitch, Arthur Henning, M. A. Adams and H. H. Baker were on the Board of Directors.
James A. Williams of Hoopeston served as receiver and directed the work of closing the old bank. Meantime a new bank was organized, taking over the liabilities and the good assets of the old bank, and asking for only a 10% waiver of deposits in the old First National. About $300,000 in deposits were soon released, appreciably lessening community concern.
On September 1, 1932 the new El Paso National Bank opened for business in the quarters of the old bank. J. R. McKinney was elected president; A. H. Waite, vice president, and H. H. Baker, M. A. Adams and W. D. Kitchell were named directors, with Mr. Kitchell moving here from Danvers and assuming the position of cashier of the new bank. Mr. Charles A. Roberts was named assistant cashier, and Mr. L. K. Evans continued a connection in a general capacity. In 1953 the bank installed a night depository. Present officials are Lester Pfister, president; W. D. Kitchell, vice president and cashier; Loren Ludwig, assistant cashier and director; Max Smith and Margaret H Ring, assistant cashiers. The first three named, with Frederick B. Baker and Clyde S. Stotler, compose the board of directors.
The history of the Woodford County National Bank was published a little brochure on its fiftieth anniversary as follows:
On July 20, 1900, S. M. Ferrell, Joseph G. Baker, P. M. Evans, J. F. Schofield and other local businessmen and farmers sent a certificate of organization of a new bank, to be named The Woodford County National Bank of El Paso, to the Comptroller of the Currency in Washington, D. C., having applied for a federal charter on June 20, 1900.
As of that date, Thomas P. Kane, then acting comptroller, issued these men Charter No. 5510 to begin the operation of their bank after a sixty day notice period had elapsed. Weekly notices of publication began in the El Paso Journal July 28, 1900 and continued until the bank opened September 2, 1900.
S. M. Ferrell was organizer and first president; Joseph G. Baker was vice president and James A. Corbett was elected cashier and a member of the board of directors, which also included George Pinkham, John Fruin, J. F. Schofield and J. F. Sturgeon.
John F. Shepard became president of the bank in 1905 and held that office until his death in 1946, though he had moved to Normal in 1914. George Shuman became a director in 1908 and continued as such until just before his death in 1953. Miss Emma R. Glessing completed forty-five years of service with the bank on September 1, 1950.
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