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| Additional information |
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| The Bank of Salem |
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History:
W.R. Love was the first president. Other organizers were W. A. Young, L.B. Woodside, Hiram Hodges, E.B. Sankey, H.B. Clark, A.H. Clark, J.M. Orchard and David Carson. The bank's first authorized capital was $13,000.00. Succeeding presidents of the bank have been L. Judson, W.W. Young, L.N. Coffman, E.F. Dent, H.A. Young, Max J. Coffman, James L. Coffman, Sanborn N. Ball and Scott D. Ball.
During the Great Depression, there were five banks in Salem. Not one of them failed. Security State Bank was purchased by Bank of Salem. Farmers and Merchants Bank merged with Dent County Bank who is now Town & Country Bank. First National Bank was purchased by Mercantile Bank of St. Louis who is now U.S. Bank.
The Bank of Salem was located at 102 West Fourth Street from its founding until 1982. The Two-story brick structure facing Fourth Street was built in 1883. A one-story addition immediately south of the original structure (now in the middle of the building) was constructed in 1946. In 1966, the bank purchased the two-story brick structure known as the Malone Building facing Third Street immediately south of the one-story addition. The end result was a building 150 feet long but only 20 feet wide with several different floor levels. This arrangement did not allow an efficient floor plan for modern banking.
From 1966 until 1994, The Judson Young Memorial Educational Foundation, Inc., was the largest stockholder of the Bank of Salem. The foundation is still in operation today. Because of changes in tax laws, the foundation was required to divest itself of control of the bank. The Young Foundation was established by H.A. Young (sixth president of the bank) and his wife, Maggie, as a memorial to their only son, Judson, who died in 1928 while a student at Dartmouth College. The purpose of the foundation is to provide educational assistance in the form of loans to students for post-secondary education. The original bylaws stated that preference should be given to the youth of Dent County, Missouri, who are graduates of the Salem High School and of the secondary schools of Dent County, Missouri, especially boys. Since its inception, the foundation has provided financial assistance to hundreds of students. In recent years, the foundations charitable activities have been expanded to include donations to local school districts and educational institutions.
The bank moved to its present location at the corner of Fourth and Main Streets in 1982 after purchasing and remodeling the two-story brick building known as the Butler-Coffman Building. The present building was constructed by J.H. Butler and G.W. Peck in 1910 after a three-story brick building constructed in the 1880's and occupied by the Salem Hotel was destroyed by fire. The building was constructed in a unique manner by today's standards. The beams are rough sawed timbers, some 16 feet long. The building is supported by a "rubble" foundation 24 inches wide. In spite of the absence of footings, there has been no settling. The bricks were made by hand and were hauled to the top by a pulley system powered by Missouri mules. W.J. Mitchell from Rolla was the head mason. He supervised the bricklayers and laid 2,400 bricks per day himself. In 1923, L.N. Coffman purchased G.W. Peck's interest in the building. For many years, the first floor of the building was occupied by Vandivort Drug Store, The Taxi Stand, George Addison Law Office, Sidney Brown Ready to Wear and Ben Franklin 5 & 10. At one time, most of the doctors and dentists in town maintained their offices on the second floor.
The Bank of Salem purchased the property in 1981. Before the bank occupied the premises, the exterior and interior of the building were extensively remodeled. Several structural improvements were made including the construction of a three-story vault and the installation of copper awnings. Thomas J. Millerbaugh was the architect, and Perry Lewis was the construction superintendent. Local labor and material were used in the project whenever possible.
The present building houses many items of local historical interest, including the original staircase from the Butler-Coffman Building, two doors made by local Chevrolet dealer, Jim Pines, for H.A. Young, the original door and clock from the first bank building, and woodwork made out of locally grown timber.
On October 10, 2008, the Bank of Salem celebrated its 125th birthday. The Bank is still owned and operated by descendants of the original bank organizers. The Bank of Salem has stable ownership, strong capital, experienced management, and an unmatched commitment to our customers and our community. You have our pledge that the Bank of Salem is not for sale, and will continue to be a vital part of the future of Dent County and the surrounding area. We invite you to be a part of our banking tradition. We are making history every day! |
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