HARVARD STATE BANK
In the spring of 1866 there was not a bank in the whole of McHenry County. It
was almost impossible to get money with which to pay debts, even greenbacks
and "wildcat" currency. Merchants of Harvard were having difficulty buying
more merchandise on credit. Storage bins of the Crumb elevator were full of
grain.
Out of these conditions, J.C. Crumb is said to have conceived the plan
destined to give Harvard the first bank in McHenry County. His grain was sold
for greenbacks, readily accepted by Chicago wholesale houses in settlement of
the debts of Harvard merchants.
J. C. Crumb had decided that he would rather have the notes of honest Harvard
merchants than greenbacks of uncertain value. The notes, he knew, would be
paid after the chaos in Washington settled down and some order restored in
the value of currency.
Thus founded on faith in the honesty and integrity of Harvard businessmen and
farmers, the Harvard Bank continued to operate as a private bank for 53 years.
J. C. Crumb died in 1891 but he had carefully trained a son, Herbert D.
Crumb, to carry on. In 1919 other Harvard business men became interested in
the bank and a state bank charter was obtained. The word "State" was added to
the bank's name forming the present title, "The Harvard State Bank". Blake B.
Bell, Howard J. Ferris and John J. Pountain were elected to the directorate.
Other directors over the years included William Doyle, Garrett W. Fitzgerald,
Herbert B. Megran, William J. Heatley and Jacob Olbrich.
In January 1938, W. C. Hubbell was elected president of the bank to fill the
vacancy created by the death of Herbert D. Crumb who for 62 years had
faithfully followed the policies of sound banking instituted by his father,
J. C. Crumb.
With the vigor and stamina characteristic of a pioneer, the bank has forged
ahead through good times and bad, booms, panics and depressions, its
conservatism, fidelity and competence unwavering.
With over a hundred ten years of progress and experience now behind it, with
the interests of Harvard and McHenry County always at heart, the bank looks
forward to many more years of increasing usefulness to its customers and
friends.
Current officers (1976) include:
Roy W. Bailey - Chairman of the Board
Clifford H. Maddox - President
Raymond M. Galvin - Vice-President
Howard J. Ferris - Honorable Chairman
The Executive Committee include:
Erwin D. Menzies - Cashier
Vernon W. Townsend - Assistant Cashier
Directors include:
Roy W. Bailey
Raymond M. Galvin
Clifford H. Maddox
Paul H. Marcks
William H. Olbrich
Jerome E. Powers
Dr. F. J. Quincannon
Collis C. Stewart
James H. Weir