AMERICAN TRUST AND SAVINGS BANK

AMERICAN TRUST AND SAVINGS BANK. In 1991 Dubuque's second oldest bank. American Trust is the successor of the GERMAN SAVINGS BANK whose formation was announced locally on October 14,1864. By 1907 the Couler Avenue branch of the bank had proven itself so popular that on October 14, 1911, the board of directors of the German Savings Bank met to consider opening another savings bank. Three weeks later, the directors met again and agreed to the incorporation of the Eighteenth Street German Savings Bank. The board of directors of the German Savings Bank was asked to serve as provisional directors and officers of the bank until the first stockholders' meeting. Shareholders of the German Savings Bank were offered an opportunity to buy stock on November 30,1911. Each person was offered one share in the new institution for each share owned in the parent bank.

Directors and officers met on December 1, 1911, and decided to shorten the bank's name to the Eighteenth Street Savings Bank. The bank was capitalized with $50,000. Three days later the articles of incorporation were approved. The name of the bank was changed to the GERMAN AMERICAN SAVINGS BANK.

On January 16, 1912, the first annual stockholders meeting of the German American Savings Bank was held. The directors included Charles Christman, William S. Dennis, M. J. McCullough, Henry Michel, Nicholas John SCHRUP, and Charles Joseph SPAHN, Sr.. The German American and German Savings Bank had identical directors and officers with the exception of Albert C. Lantzky. The furniture of the former branch bank was sold to the new institution, and the lease of the building was assumed for one dollar. Within nine months, the deposits of the German American Savings Bank had risen to $310,096.57.

The start of World War I had a serious effect on banks in Iowa carrying "German" in their names. The charge was made that Germans were withdrawing their money from traditional banks and opening accounts in new banks because support had been demanded of them in the sale of war bonds.

Feeling the word "German" in their name would harm their business, the stockholders of German American Savings Bank changed the name of their institution. On April 24, 1918, German American Savings Bank became American Trust and Savings Bank. A new charter was issued in August 1918.

The change in name signaled an expansion of services the bank could offer in the field of trust services. With continued growth expected, a new bank building was constructed at 1842 Central and opened for business in August 1919.

The death of Nicholas J. Schrup in November 1924 resulted in the first new president for the Pioneer Trust and Savings Bank (the former German Savings) in twenty-five years. At American Trust, Charles J. SCHRUP became the new president.

In 1934 American Trust opened for business in the BANK AND INSURANCE BUILDING. American Trust and FIRST NATIONAL BANK were the only Dubuque banks to survive the Great Depression. In 1945 American Trust moved across the street to the Federal Bank Building, its present location on TOWN CLOCK PLAZA.

In 1985 AMTRUST, Inc. was established as a holding company for American Trust that acquired the Dyersville National Bank in 1986. American Trust acquired the Dyersville office of Midland Savings Bank in 1990.

In 1990 American Trust announced its American Trust Super Money Market, Dubuque's first full-service retail bank facility located inside a grocery store. Found inside Econofoods on John F. Kennedy Road, the center offered residents the opportunity to shop and complete their banking business with one stop. The purchase of the former MARKETPLACE DUBUQUE led to the unveiling of the remodeled American Trust Financial Center in 1991.

Since 1975 one of the most distinctive features of the American Trust Building is its gigantic barometer that signals forecasts of the National Weather Service. Looking like a large lighted arrow from a distance, the instrument is wrapped by bands of red neon and topped by a cube that alternates between white, green or red. Rising temperatures are shown when the red bands flash from the bottom to the top of the tower. Falling temperatures are shown when the bands flash from the top to the bottom. Steady temperatures are indicated by the red neon being lit continuously. The cube at the top shows white for clear weather, green for clouds, red for rain, and flashing red for snow.