FIRST STATE BANK OF HARVARD
The First State Bank of Harvard traces its origin to establishment of an
exchange and safe keeping of money in the Axtell and Palmiter general store
in the 1860's and 1870's.
Demand for this service became so great that Alonzo E. Axtell, partner in the
store business, and his wife, the former Mary Lambert, decided it was
necessary to install a large safe to hold the money. Overnight guard of the
currency was provided by Frank Phelps, a 16 year old youth, later
vice-president, who slept on a bed near the safe.
The first "burglar alarm" was nothing more than a pail of water hoisted to
the ceiling above the safe. A trip rope extended from the pail to Phelps'
bed. In case of an intruder, Phelps was to pull to rope the clamor of the
falling pail to awaken the Axtells who lived in an Apartment upstairs. They
could see what was going on by rushing to a railing guarding a square opening
looking down into the store. No report is available as to whether the alarm
was ever used.
Alonzo Axtell came from Friendship, New York, and started a mercantile
business in 1858 in the location that is now the Richardson Pharmacy. He
continued in the store until 1877 when he founded the Axtell Exchange Bank, a
private institution, continuing in the banking business until his death on
March 31, 1889.
Mrs. Axtell operated the bank for a few years until a son Frank F. Axtell,
became president in 1892, after engaging as a grain trader on the Chicago
Board of Trade for 15 years. Mrs. Axtell died November 18, 1892.
Frank F. Axtell was born in New York State, October 29, 1847, and attended
the schools of Boone County, Illinois, where the family located in 1852, and
Harvard where they came in 1858. His first employment was as a clerk in his
father's store, and he remained with him until 1889 when he organized, as a
private concern, the bank of which he was executive head, and re-organized it
as a state bank in 1909. Mr. Axtell was a member of the American Bankers
Association and the Illinois Bankers Association, and he was associated with
the Chicago Board of Trade for a number of years. Mr. Axtell was married to
Cynthia A. Austin, a daughter of Pasco Austin, and they had one son, E. Lyle
Axtell who continued in the bank and became its President for many years. and
a daughter Darlene V. Axtell who died in 1911.
On May 20, 1902, the Axtell Bank was taken over by the First State Bank of
Harvard which had been established, and re-organized with a capital stock of
$50,000, which with the surplus and undivided profits, of over $97,000 gave
the bank a working fund of $147,000 and a greater than that of any other bank
in McHenry County.
E. Lyle Axtell, who joined his father, F. F. Axtell, in the bank in the early
1900's became president after his father's death in 1922. E. Lyle continued
as president until his sudden death June 17, 1955.
During the years these improvements were made:
July 1930 - night depository
October 1942 - first to discount retail merchants installment sales
August 1949 - air conditioned lobby for customers comfort
June 1957 - parking lot for customers
February 1958 - Drive in window and night envelope depository
Robert J. Goll came to Harvard in April of 1934 after previous experience in
banking in Chicago and Milwaukee. He was a veteran of the First World War.
In 1969 the First State Bank moved to 201-207 West Diggins Street after 92
years at the same Ayer Street location.
In 1972 Robert J. Goll, chairman of the Board, retired after 37 years of
service.
Joseph L. Crabb is a native of Wisconsin. He was a school teacher for several
years, then served as Register of Deeds of Kewanee County for eight years. In
1948 he became Executive Vice-President of the State Bank of Kewanee. In 1957
he resigned to take the same position with the First State Bank of Harvard.
Mr. Crabb has been very active in civic affairs since coming to Harvard,
serving as chairman of the Citizens Advisory Council of School District 50,
Treasurer of Knights of Columbus, Vice-Chairman of Harvard Planning
Commission, and Chairman of McHenry County Zoning Board of Appeals. He was
named president of the First State Bank in 1966 and continues to serve in
that capacity at the present time.
The present officers and directors (1976) include:
J. L. Crabb - President
W. E. Johnston - Executive Vice-President and Cashier
Anthoney DeMay - Assistant Vice-President
Shirley Sweatman - Assistant Vice-President
D. R. McCauley - Assistant Cashier
John L. McCamman - Assistant Cashier
Directors Include:
A. A. Anderson
W. E. Burton
J. L. Crabb
H. A. Deneen
D. R. Hereley
W. E. Johnston
E. M. Schutt
J. R. Shields
The First State Bank has grown from resources and liabilities of
$1,579,895.00 in 1921 to $10,665,756.60 in 1968 and to $20,786,308.68 in 1976.