In the month of July, 1889, Miller & Thompson of Rock Rapids, Iowa
opened up a banking office in the town of Doon with a view of organizing a bank at that
place. On August 12th of that year, the organization of the Doon Savings Bank was
completed with O.P. Miller, J.K.P. Thompson, Chas. Creglow, M.A. Cox, M.D. Hathaway, E.G.
Bowen as stockholders, with a paid-up capital of $10,000, and an authorized capital of
$25,000.
The first board of directors consisted of O.P. Miller, J.K.
P. Thompson, E. Huntington, Chas. Creglow, M.A. Cox. O.P. Miller was elected
president, E. Huntington, vice-president, Chas. Creglow, cashier and J.K. P. Thompson,
assistant cashier. Mr. Creglow remained cashier of this bank until January, 1902,
when he sold his stock to Miller & Thompson.
Mr. Herman Hasche was elected assistant cashier in July,
1892, and continued in office until in January, 1902, when he was elected to succeed Mr.
Creglow as cashier. At the same time C.R. McDowell was elected assistant cashier.
In September, 1902, Mr. Hasche committed suicide and C.R.
McDowell, assistant cashier, was elected cashier to fill the vacancy.
Mr. Hasche enjoyed the confidence of the entire board of
directors and was always found to be strictly honest and after the directors had examined
the books and accounts of the bank, they had no reason to change their opinion as to his
honesty and integrity.
April 27, 1903, the Doon Savings Bank was converted into
the First National Bank with a paid up capital of $25,000 and with a surplus of $2,500.
The directors of the said bank consist of the
following named stockholders: O.P. Miller, C.R. McDowell, E. Huntington, F.B.
Parker, C.J. Miller.
By reference to bank directory for January, 1904, this bank
reports as follows: Deposits, $80,000, loans, $90,000, cash reserve, $15,000.
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