Milton-Freewater Through The Years: Remembering the Farmers Security Bank

Article and Photos Courtesy of Marcia West Akes

About thirty local farmers, fruit growers, and businessmen opened the
Farmers Security Bank in Milton on May 10, 1910. This was a state bank and
received a Banker's Permit from Oregon's Secretary of State. The bank was
located on the southwest corner of South Main and 10th Street in the
building first occupied by Milton's first bank, The Bank of Milton.

J. F. Coffman, a farmer and pioneer of the Milton area, was the bank's
President. Mr. Coffman lived south of town and farmed a section of wheat
land. F. M. Kent was the bank vice-president. Mr. Kent was a wheat farmer
and farmed nearly 400 acres of land and was also known locally for raising
exceptional farm horses. W. W. Wasser was the bank cashier. Mr. Wasser was
considered a man that possessed needed banking skills.

In the late 1890's it is noted that wheat farmers saw the price of wheat
soar to forty cents a bushel. This may have helped the bank in receiving a
fair share of initial Capital Stock!

The fixtures for the bank came from Portland, Oregon. The James L. Marshall
Manufacturing Company furnished woodwork and furniture made from the finest
golden oak. The bank was exceptionally proud of the Ely-Norris Bank Safe
that they displayed for their patrons. They advertised that the safe was the
strongest safe in the world with a compound door and made of
Manard-Magnesium Steel that was both mob and burglar-proof!

The early day directors for the bank were: H. H. Williams, the Mayor of
Milton. S. D. Peterson, an attorney that had been the Milton City attorney
in 1908-1909. T. M. Williams, a lumber merchant and partner in the
Williams-Olinger Lumber Company that operated lumber yards in Milton and
Umapine, Oregon as well as in College Place and Dixie, Washington. Robert
McEwen, a farmer. And S. S. Shields, who owned the Shields Fruit Company.

A 1923 Farmers Security Bank advertisement in the McLoughlin High School's
"Oregon Trail" school annual stated: "Work Your Dollars On a "Day Shift" and
a "Night Shift!" Twenty-four hours a day they are busy piling up interest
for you. How large a "force" of dollars is working in the bank for you?
Start your savings account with us today. No matter how small."

This sounded like pretty sound advice. The Roaring Twenties were quite a
historical time in our history. Then came some of the worst years and
memories with the "Great Depression," and many of the banks closed.

In this old photo of the Farmers Security Bank in Milton (the part of the building that is painted white) you can see the Ely-Norris Bank Safe in the window. The bank was located on the east side of South Main Street on the corner of S. E. 11th Avenue.