Encyclopedia Dubuque
"Encyclopedia Dubuque is the online authority for all things Dubuque, written by the people who know the city best.”
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Affiliated with the Local History Network of the State Historical Society of Iowa, and the Iowa Museum Association.
GERMAN SAVINGS BANK
While the articles of incorporation were similar to others of the period, one article set this bank apart. It stated that no person could hold the office of president or be employed as cashier or teller unless they were capable of speaking and understanding the German language. This article was not included when the articles were renewed in 1884. The first directors of the bank were Jacob Christman, Anton Heeb, William Hintraeger, Otto Junkerman, Peter Kiene, F. M. Pleins, Titus Schmid, J. H. Thedinga, and William Westphal. Thedinga was chosen president.
The hours of banking operation were set at 9:00 a.m.-8:00 p.m. Monday through Friday. On Saturday the bank was open from 9:00 a.m. until 5:00 p.m. The bank opened for business on November 20, 1864, at 57 Main Street.
The German Savings Bank survived the financial depression of 1873 and the panic caused by the failure of the MERCHANTS NATIONAL BANK due to Richard A. BABBAGE. In 1874 the Iowa Legislature passed a law prohibiting institutions calling themselves savings banks from any business other than savings. Effective January 15, 1875, German Savings Bank was renamed the GERMAN BANK.
The significance of the word "German" in the bank's name had lessened greatly by 1884 when all but three directors were non-German.
German Bank underwent great change in leadership in 1890, and the next year it joined the Dubuque Clearinghouse Association, a local bank organization that established rules for the operations of member banks. Among the new directors of the bank was Nicholas J. SCHRUP, Sr.
Banking operations were conducted on the first floor. Apartments were built on the upper two stories. The beautiful building did not, however, hide the fact that the bank had been growing more slowly than its competitors. In 1904 the articles of incorporation were renewed with the addition of an amendment that returned the bank to the status of a "savings bank." The institution was renamed the German Savings Bank. The articles also called for the establishment of a branch bank. This opened at 1810 Couler Avenue in 1905. The branch bank remained under the complete control of the head office.
In 1907 a financial panic challenged Dubuque's confidence in its banks. The control offered by the Dubuque Clearing House Association led to less hoarding and eliminated runs on banks.
The Couler Avenue branch of the German Savings Bank continued to grow in popularity. The board of directors of the bank met on October 14, 1911, and discussed the organization of a savings bank to replace the branch. This became the GERMAN AMERICAN SAVINGS BANK.
The outbreak of WORLD WAR I saw anti-German sentiment sweeping the United States. In Dubuque both the German Savings and German American Savings Bank felt that their business was endangered by the word "German" in their names. In 1918 the German Savings Bank was renamed the Pioneer Savings Bank and Trust Company. One year later the name was changed to the Pioneer Trust and Savings Bank.
The announcement that the Pioneer Trust and Savings had merged with the Consolidated National Bank came on November 9, 1926. On January 1, 1927, the business records and employees of Pioneer moved to the Consolidated bank offices at Main and Sixth Streets. Less than six years later Consolidated National closed its doors, a victim of the Great Depression.
