Early
Banking History in Stoughton
Stoughton’s
first bank started after the Stoughton Courier began a campaign on May 23,
1877. The editors wrote: “We think
Stoughton needs a bank more than anything else.
The tobacco interest is increasing and the business of the village would
be easier and better if we had a reliable bank.
We think also that money can not be invested to any better advantage
than in that way.”
"According to records of 1880 the founders of the State Bank were George Dow and H. H. Giles, grandfather of Giles and Robe Dow (later officers of the bank)."
“The bank,
known as Stoughton State Bank, was established under the general banking law of
the state with a capital of $50,000 in September of 1877. First offices were in Brown’s building, which
was then located across the street from the present bank location.”
“…Construction was begun on a fine two story
substantial brick building … They moved into the new building in September
1878.”
“Directors
of the bank were Matthew Johnson, S.H. Severson, O.M. Turner, George Dow and
H.H. Giles. O.M. Turner was president
and Frank Leland, vice President.”
"The bank was considered one of the finest in the county and was a great asset to the thriving city. It has helped to develop the industry and enterprise of the village and has maintained a reputation for soundness and conservative banking . . . "
Excerpts from Stoughton
Courier Hub Sesquicentennial Edition, February 27, 1997
Stoughton State Bank opened in September 1877, founded by George Dow. His son Robe (left) worked as cashier, while grandsons Giles and Robe Jr. assisted with the cashier and teller posts.
In 1991 Stoughton State Bank became Mid-America Bank.
