First Bank of Whiting continues 90-year tradition
Item
Title
First Bank of Whiting continues 90-year tradition
Creator
Hoosier Banker Magazine
Date
July 1985
Identifier
SN.02.497
Subject
Anniversaries, 90th Anniversary, Michael Schrage, Henry Schrage, Walter E. Schrage, Jr., Walter E. Schrage, Sr.
Original Format
newspaper
Text
First Bank of Whiting continues 90-year tradition
The bank has grown and changed to meet the growing needs of a changing society. This change is reflected in the bank's 90th anniversary logo, with its twelve stars representing the twelve First Bank offices now serving the length and breadth of Northwest Indiana's heartland.
One of the most interesting phenomena of the contemporary American scene is the growing appreciation of the nation’s heritage. As our country matures and progresses, it is becoming more aware of its foundations and roots.
As a local institution in the Calumet region, the First Bank of Whiting is built on a solid past and can look proudly toward the future.
President Michael E. Schrage is the fourth generation of the Schrage family to be a leader in the 90 years the bank has been serving the public.
It all started in 1840 when Schrage's great-great-grandfather, Christof, migrated from Europe to Chicago. Later his son Henry invested in land in what later became the city of Whiting.
Henry Schrage put up a store in 1868 on what is now 119th Street, selling the needs of the people just after the Civil War. Great Grandfather Henry had been a Union soldier under General Sherman and fought in the famous "March to the Sea" battle.
As the nation grew, so did the Whiting Community, and in 1871 Henry Schrage became the first postmaster. In 1889 Standard Oil bought some of the Schrage's land. The event did two valuable things for Whiting. IL provided what was to become the community's major economic base. And it provided Henry Schrage with the money to start a bank.
The bank came into being along with the incorporation of Whiting as a town in 1895. Whiting became a city and the bank moved into a new building at 1500 199th St. in 1911 where it remains to this day. In 1917, the Bank of Whiting was incorporated and obtained a state banking charter.
In 1933, Michael's father, Walter, went to work in the bank as a clerk. He became president in 1941 and held that position until 1977 when Michael assumed the post. After Walter's death in 1982, Michael was named chairman of the board. Today the bank's resources run in the vicinity of $250 million - a long way from the first day's deposit of $5,600 90 years ago.
In 1960, the name was changed from Bank of Whiting to First Bank of Whiting. In 1963 the first branch office was opened in Highland, followed by Dyer in 1973, Pine Island in 1975 and Griffith in 1976. With the merger of First National of Crown Point and South Lake National in 1982, seven additional locations were added throughout Lake County.
The celebration observing the past and looking forward to the future began April 15 and continued to the end of the month. Bank lobbies were decorated and displays were set up by local historical societies. A brief bank history and the 90th anniversary logo were used on drive-up window envelopes. Winners of a jelly bean-guessing contest in each branch received a $100 savings bond. A specially-designed apothecary jar with scenes of area landmarks - the bank as it appeared in 1895, the old Griffith railroad station, Crown Point courthouse, Highland gazebo and the mill in Deep River Park - filled with jelly beans was sold. Balloons and popcorn from an old-fashioned popcorn wagon were distributed at the Whiting office. Pens and chocolates were given out. Arm garters added a touch to the employees' old-fashioned attire.
A horse and carriage in the local Fourth of July parades concluded the 90th year celebration as "The Tradition Continues."
The bank has grown and changed to meet the growing needs of a changing society. This change is reflected in the bank's 90th anniversary logo, with its twelve stars representing the twelve First Bank offices now serving the length and breadth of Northwest Indiana's heartland.
One of the most interesting phenomena of the contemporary American scene is the growing appreciation of the nation’s heritage. As our country matures and progresses, it is becoming more aware of its foundations and roots.
As a local institution in the Calumet region, the First Bank of Whiting is built on a solid past and can look proudly toward the future.
President Michael E. Schrage is the fourth generation of the Schrage family to be a leader in the 90 years the bank has been serving the public.
It all started in 1840 when Schrage's great-great-grandfather, Christof, migrated from Europe to Chicago. Later his son Henry invested in land in what later became the city of Whiting.
Henry Schrage put up a store in 1868 on what is now 119th Street, selling the needs of the people just after the Civil War. Great Grandfather Henry had been a Union soldier under General Sherman and fought in the famous "March to the Sea" battle.
As the nation grew, so did the Whiting Community, and in 1871 Henry Schrage became the first postmaster. In 1889 Standard Oil bought some of the Schrage's land. The event did two valuable things for Whiting. IL provided what was to become the community's major economic base. And it provided Henry Schrage with the money to start a bank.
The bank came into being along with the incorporation of Whiting as a town in 1895. Whiting became a city and the bank moved into a new building at 1500 199th St. in 1911 where it remains to this day. In 1917, the Bank of Whiting was incorporated and obtained a state banking charter.
In 1933, Michael's father, Walter, went to work in the bank as a clerk. He became president in 1941 and held that position until 1977 when Michael assumed the post. After Walter's death in 1982, Michael was named chairman of the board. Today the bank's resources run in the vicinity of $250 million - a long way from the first day's deposit of $5,600 90 years ago.
In 1960, the name was changed from Bank of Whiting to First Bank of Whiting. In 1963 the first branch office was opened in Highland, followed by Dyer in 1973, Pine Island in 1975 and Griffith in 1976. With the merger of First National of Crown Point and South Lake National in 1982, seven additional locations were added throughout Lake County.
The celebration observing the past and looking forward to the future began April 15 and continued to the end of the month. Bank lobbies were decorated and displays were set up by local historical societies. A brief bank history and the 90th anniversary logo were used on drive-up window envelopes. Winners of a jelly bean-guessing contest in each branch received a $100 savings bond. A specially-designed apothecary jar with scenes of area landmarks - the bank as it appeared in 1895, the old Griffith railroad station, Crown Point courthouse, Highland gazebo and the mill in Deep River Park - filled with jelly beans was sold. Balloons and popcorn from an old-fashioned popcorn wagon were distributed at the Whiting office. Pens and chocolates were given out. Arm garters added a touch to the employees' old-fashioned attire.
A horse and carriage in the local Fourth of July parades concluded the 90th year celebration as "The Tradition Continues."