E. Hill & Sons’ Bank Now Serving 89th Year
From the Colon Express, November 12, 1940: “E. Hill & sons’ Bank in Colon is in its 89th year of unrestricted banking.
The firm of E. Hill & Son was organized in 1851, a partnership of Elisha Hill and his son Edwin E. Hill. The firm operated a general store and according to the advertisement in the Farmers and Merchants Almanac of 1869, sold dry goods, groceries, queensware, hardware, drugs, paints, oils and family medicine.
In 1870, the general store was liquidated and the partnership of E. Hill & Son entered the banking field. The bank was known as the Exchange Bank of E. Hill & sons, as more members of the Hill family were admitted into partnership. This was the period of the famous wild cat banking when anyone was allowed to enter banking without capital or resources. The record of this banking era was almost 100 per cent disastrous.
The banking firm of E. Hill & Sons faced many critical periods from its inception in 1870 but was always able to carry on unrestricted.
The direction of the Hill bank over the 89 years always has been by some member of the family. Elisha Hill, the bank’s founder, was its president frin 1870 – 1884, Thomas J. Hill from 1884 – 1909, and Frank I. Hill from 1909 – 1929.
Edwin J. Hill became the bank’s president at the age of 28, after the untimely death of his father two weeks before the memorable Black Friday in October 1929.
It is a lasting credit to the present management of E. Hill & Sons’ State Bank that during the depression years of 1930 – 1933, customer confidence was maintained with deposits fluctuating only 10 percent while the national average was at 50 percent.
At the close of the national Bank Holiday, E. Hill & Sons’ State Bank was given permission to reopen on an unrestricted basis.
The growth of the establishment has been steady. Its financial statement dated March 25, 1931 showed total resources of $288,036.65, its total resources at the present time is rapidly approaching the 4 million mark. The present capital is $100,000 and its surplus $260,000.
The board of directors of the bank is Roy J. Barholomew, John W. DeBack, Raymond H. Dresser Jr., Edwin J. Hill, Virginia B. Hill, Amelia H. Tenney, and Richard B. Tomlinson.
The bank’s officers are Edwin J. Hill, President; Amelia H Hill, Vice-President, Roy J. Bartholomew, Vice-President, Joyce Cartwright, Cashier, Kathryn Ladyman, Assistant Cashier, and Marie Miller, Assistant Cashier, Irene Groth, Cashier, Lillian Hinkley and Mildred Letherbury are also employed by the bank.
The bank is represented in legal matters by Attorney Raymond H. Dresser, Jr., of Sturgis.”