Old State Bank (Vincennes, Indiana)

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Built in 1838, the Old State Bank is the oldest bank building in Indiana. On February 13, 1834, the Indiana General Assembly chartered the Second State Bank. The bank was headquartered in Indianapolis and it had a total of twelve branches across the state. In addition to Vincennes, the other branches were in Indianapolis, Lawrenceburg, Richmond, New Albany, Madison, Evansville, Bedford, Terre Haute, Lafayette, Fort Wayne and South Bend.
Indiana State Museum website: www.indianamuseum.org/sites/vincolds.html

Before the creation of a state banking system, anyone with a strongbox could open a bank. These were known as “wildcat banks,” and when one failed, many people lost all of their money. The creation of state banking system was important for several reasons:

1. The bank was backed by the state, which helped make it safe and dependable.
2. It produced regulated banking procedures.
3. It gave merchants a way to settle debts locally and statewide.
4. It served as a clearinghouse for money issued by other banks.

In those days, banks issued their own money. How much a bank’s money was worth depended on how much money it had in its vault. The money from many banks was worth less than its face value. This bank also served as a depository for money collected by the local land office. In Vincennes, the bank began business immediately in a rented building located on First Street between Main and Vigo Streets. The bank was robbed on January 26, 1838. The robbers made off with more than $20,000—quite a princely sum in those days.

Construction of this building was begun in July 1838. The bank moved into this building upon its completion in November 1838. The bank’s facade is an imitation of the front of a Greek temple. This is known as the Greek Revival Style. The design was chosen for many banks because it made them look dignified and secure. The style is carried over into the main room of the bank where six fluted columns, more than 30 feet tall, support a bell-shaped cupola. The cupola admitted light into the main room.

Also of interest in the main room is the original hand-riveted steel vault. The vault measures six feet by eight feet and is seven feet high. It is encased in stone walls two and a half feet thick. Two keys were required to open and lock the vault. More than likely one key was kept by the president of the bank and the other by the cashier. Bank officers were David S. Bonner, president; John Ross, cashier; and George W. Rathbone, clerk.

The room directly behind the main room was also used in conducting bank business. The bank’s charter allowed it to take furs and produce in exchange for cash. This room may have been used for those transactions. The stone step outside the side door is well-worn from many heavy boots. The brick used to construct the building was typical of the handmade brick in use at the time. John Moore, a local contractor, was the builder of this structure. Moore was later elected the first mayor of Vincennes.

The bank’s charter expired in 1859. The building was then rented and used for private banking. From 1886 to 1889 it housed the Vincennes Post Office. After that it was a warehouse, grocery store, museum and apartment house among other things. The Old State Bank is located at 112 N. Second Street, Vincennes, Indiana.