George Reeser Prowell, 1886
THE CAMDEN NATIONAL BANK.—A movement was made shortly after the passage of the National Bank Act toward establishing a bank in the southern part of Camden, but the project was abandoned. A few years later the Gloucester Savings Institution opened a branch office on Kaighn Avenue, which it maintained til the time of its failure, 1884. In 1885 the subject of establishing a National Bank on Kaighn Avene was again discussed. Isaac C. Martindale, who had many years experience in the banking business, became interested in the movement, and Zophar C. Howell, president of the Kaighn’s Point Ferry Company, and others gave the project encouraging support. Application was made on May 30, 1885, to the comptroller of the currency for authority to organize and establish “The Camden National Bank,” with a capital of one hundred thousand dollars, with the privilege of increasing it to two hundred thousand dollars. The necessary permissions having been received, a call for public meeting to promote the enterprise, signed by John Cooper, Henry B. Wilson, Howard M. Cooper, William B. Mulford, Zophar C. Howell and Isaac C. Martindale, was issued and the meeting held at the office of the Kalghn’s Point Ferry Company June 13, 1885, when more than one-fourth of the capital stock was subscribed. A committee then appointed ta solicit further subscriptions reported, at a meeting hold July 6th, that the full amount ($100,000), had been subscribed. The articles of association and the organization certificate were executed, and a meeting of the stockholders held on July 20th, when the following-named persons were elected as the first Board of Directors: Zophar C. Howell, Henry B. Wilson, Charles B. Coles, James Davis, Isaac C-Toone, George W. Bailey, George T. Haines, Irvine C. Beatty, John Cooper, William B. Mulford, Philip H. Fowler, Charles E. Thomas, Harry B. Anthony, Howard M. Couper, Zophar L. Howell, Herbert C. Felton, Rudolph W. Birdsell. William W. Price, is teller at Philadelphia office; Charles P. Martindale, receiving teller at the bank; Lewis Mueller, bookkeeper.
They organized by electing Zophar C. Howell, president; John Cooper, vice-president; and Isaac C. Martindale, cashier, who still continue in office. Howard M. Cooper was chosen solicitor. No. 259 Kaighn Avenue was selected and fitted up for temporary banking-room. Authority to commence business was granted by the comptroller of the currency on August 1st and on August 13, 1885, the bank was open for business.
The first statement, on October 1st, after the bank had been in operation six weeks, showed aggregate assets of $219,018.
On March 20, 1886, the bank opened a special line of accounts, on which interest is allowed, at the rate of three per cent. on all sums from one dollar to five hundred dollars, and two per cent. on all sums over five hundred dollars, such deposit to be drawn only after two weeks notice has been given, the interest being credited to the account every six months.
This bank has a branch office at the northwest corner of Second and Walnut Streets, Philadelphia, and arrangements have been perfected by which deposit are made at J. A. Wamsley’s drug-store, in Gloucester City. The management of the Camden National Bank has been a success, and the institution has secured a good patronage.