Thatcher Brothers Banking Co. records
Scope and Contents
This collection consists of the financial records of the Thatcher Brothers Banking Company, the Hyrum State Bank, West Cache Bank, and the First Security Bank of Logan. The collection consists of nearly 170 ledgers and three boxes of various papers, which contain financial information on Logan's first bankers, George W. Thatcher, Sr. and Moses Thatcher, Sr. In addition, since the Thatcher Bank was the only bank in Cache Valley from 1883-1892, these records contain extensive financial information on Cache Valley's residents and businesses during this time period. Although boxes 1 and 2 (and many of the ledgers) in this collection contain correspondence, researchers should also see COLL MSS 47: George W. Thatcher, Sr. Papers, which contain a substantial amount of early business correspondence for the Thatcher Brothers Banking Company.
This collection is organized into three sections, section I (the majority of the collection), contains records from the Thatcher Brothers Banking Company, section II contains 13 ledgers from the Hyrum State Bank, and section III contains two stock ledgers related to the West Cache Bank. boxes 1-3 contain incoming and outgoing correspondence, bank employee payroll, historical information about the bank, small ledgers, account books, deeds (one relating to the Brigham Young College, Logan), and various other papers. The ledgers contain a record of the minutes of the board of directors, daily transactions, savings accounts, stock purchases, safety deposit boxes, deeds, power of attorney, outstanding loans, and other various books, such as a day book connected to the Brigham Young College (Bk 138). Although boxes 1-3 and the ledgers from section I primarily contain materials connected to the Thatcher Brothers Banking Company, they also contain a small amount of material from other Cache Valley banks.
Dates
- Creation: 1883-1953
Language of Materials
Collection materials are in English.
Restrictions
Open to public research.
Copyright
It is the responsibility of the user to obtain permission to publish from the owner of the copyright (the institution, the creator of the record, the author or his/her transferees, heirs, legates, or literary executors). The user agrees to indemnify and hold harmless the Utah State University Libraries, its officers, employees, and agents from and against all claims made by any person asserting that he or she is an owner of copyright.
Permission to publish material from the Thatcher Brothers Banking Co. records must be obtained from the Special Collections Manuscript Curator and/or the Special Collections Department Head.
Historical Note
In 1883, Logan, Utah's first bank was formed through a partnership between George W. Thatcher Sr., Moses Thatcher Sr., H. E. Hatch, W. D. Hendricks, S. T. Josselyn, and W. A. Rossiter, who organized the Thatcher Brothers and Company Banking with $58,500 in capital. Restructuring occurred within the bank in 1889, when it changed its name to Thatcher Brothers Bank Company (TBBC), and had $100,000 in capital. Within a year the bank built a large brick structure for $70,000 dollars on Center and Main Street of Logan (the current location of the Wells Fargo Building). This new building housed the Thatcher Brothers Banking Company on its lower levels and the Thatcher Opera House on its two upper floors. From 1889 to 1913 the Thatcher Brothers Banking Company acted as trustee for the sale of endowment lands from the Brigham Young College in Logan. With Moses Thatcher's involvement in the bank, and his status as an apostle for the Church of Jesus Christ of Latter-day Saints, some people perceived the Thatcher Brothers Banking Company as a "Mormon bank." In response a gentile-operated bank, the First Security Bank of Logan opened in competition to the Thatchers in 1892. Thereafter a number of banks opened in Cache Valley, such as the Hyrum State Bank (1908), the State Bank of Richmond (1908), and the West Cache Bank (1915). With the death of George W. Thatcher in 1902, H. E. Hatch became acting president of the Thatcher Brothers Banking Company until the 1930s.
Misfortune struck at 5:00 pm on April 17, 1912 when the Thatcher Bank caught fire, consuming the entire structure. Although this was the end of the Thatcher Opera House, temporary quarters were arranged to continue banking. By 1915 a new $150,000 building was erected on the site of the burned structure. With business continuing, the Thatcher Brothers Banking Company took over the assets and liabilities of the West Cache State Bank in 1922. Financial difficulties from the agricultural depression of the 1920s hurt the banking industry in Cache Valley, and in 1928 the First Security Corporation acquired ownership of the Thatcher Brothers Banking Company, the State Bank of Richmond, and the Hyrum State Bank. In 1933 the Thatcher Brothers Banking Company changed its name to the First Security Bank of Logan.
Sources:
Mss Collection 3: Thatcher Brothers Banking Company records, box 1, Fds 25-31.
Mss Collection 43: The Cache Valley Historical Society papers, box 2, Book 2.
Extent
178 Volumes (35 linear ft.)
Abstract
Minute books, dividend books, cashbooks, general and individual deposit ledgers, discount registers, general balances, records of escrow, outstanding cashier's checks, and other records created by Thatcher Brothers Banking Co. during its 50 year history. Correspondence files are absent. Also includes records for the West Cache State Bank of Trenton, Utah (1917-1923) and the Hyrum State Bank of Hyrum, Utah (1911-1935). Other books show dealings of the Bank as trustees for the Brigham Young College in the sale of the College's 10,000 acre endowment farm.
Arrangement
Organized in 3 sections:
- I. Ledgers and records of the Thatcher Brothers Banking Company;
- II. Records of the Hyrum State Bank;
- III. Records of the West Cache State Bank.
Immediate Source of Acquisition
The materials contained in this collection were donated by the officers of First Security Bank during the years of 1970-1973.
- Title
- Guide to the Thatcher Brothers Banking Co. records, 1883-1953
- Author
- Finding aid created by the Special Collections Department at Utah State University
- Date
- ©2008
- Description rules
- Finding Aid Based On Dacs (Describing Archives: A Content Standard, 2nd Edition)
- Language of description
- English
- Script of description
- Latin
- Language of description note
- Finding guide is in English in Latin script.
- Sponsor
- Library Services and Technology Act (LSTA) grant, 2007-2008
Revision Statements
- 2009: Template information was updated to reflect Archives West best practices guidelines.
Repository Details
Part of the Utah State University, Merrill-Cazier Library, Special Collections & Archives Repository
Merrill-Cazier Library
Utah State University
3000 Old Main Hill
Logan Utah 84322-3000 United States
435 797-8248
435 797-2880 (Fax)
scweb@usu.edu