"Schrage's Bank" At Whiting Adopts A Less Confusing Name
Item
Title
"Schrage's Bank" At Whiting Adopts A Less Confusing Name
Date
1960
Identifier
SN.01.082
Subject
Name Changes
Text
BANKING FINANCE and INVESTMENTS
"Schrage's Bank" At Whiting Adopts A Less Confusing Name
The First Bank of Whiting assumed that new name last Nov. 3, adding the prefix "The First" to its original name, largely to eliminate confusion with a much younger bank in the teeming Calumet area of Northern Indiana.
On April 21, 1895 the private business of Henry Schrage, the Bank of Whiting, was opened with a capital of $35,000. During that same year of 1895, Whiting was incorporated as a town.
In 1903, Whiting became a city, and the bank was growing with it, each helping the other.
In 1917 the Bank of Whiting was incorporated with Henry Schrage as chairman of the board, and his son, Walter E. Schrage, Sr. as president.
Henry Schrage, farmer, soldier, merchant, banker, and Lake County's best known pioneer citizens, died at the age of 88 in 1932.
Walter E. Schrage, Sr., the youngest son of Henry Schrage, was born in Whiting in 1884. He left college to enter the family bank as teller, later advanced to cashier, and held that position for many years.
When the bank was incorporated in 1917, he became president, serving in that post for 24 years until he suffered a stroke in the bank on Oct. 9, 1941 and died that evening.
Following the death of his father, Walter E. Schrage became president.
He was born in Whiting in 1912.
Attended Culver Military Academy
Educated in the local schools, Culver Military Academy, and Northwestern University, he had joined his father in the bank as a clerk in 1933.
Mr. Schrage is active in the Chamber of Commerce, Community Chest, Red Cross, and Lions Club. He is married to the former Doris Smith, and they have two children - a daughter Patricia and a son Michael.
Mr. Schrage has continued the sound business principles of his father and grandfather and under his leadership the bank has enjoyed substantial growth, with present assets in excess of $14,500,00.
INDIANA BUSINESS AND INDUSTRY for March, 1961
"Schrage's Bank" At Whiting Adopts A Less Confusing Name
The First Bank of Whiting assumed that new name last Nov. 3, adding the prefix "The First" to its original name, largely to eliminate confusion with a much younger bank in the teeming Calumet area of Northern Indiana.
On April 21, 1895 the private business of Henry Schrage, the Bank of Whiting, was opened with a capital of $35,000. During that same year of 1895, Whiting was incorporated as a town.
In 1903, Whiting became a city, and the bank was growing with it, each helping the other.
In 1917 the Bank of Whiting was incorporated with Henry Schrage as chairman of the board, and his son, Walter E. Schrage, Sr. as president.
Henry Schrage, farmer, soldier, merchant, banker, and Lake County's best known pioneer citizens, died at the age of 88 in 1932.
Walter E. Schrage, Sr., the youngest son of Henry Schrage, was born in Whiting in 1884. He left college to enter the family bank as teller, later advanced to cashier, and held that position for many years.
When the bank was incorporated in 1917, he became president, serving in that post for 24 years until he suffered a stroke in the bank on Oct. 9, 1941 and died that evening.
Following the death of his father, Walter E. Schrage became president.
He was born in Whiting in 1912.
Attended Culver Military Academy
Educated in the local schools, Culver Military Academy, and Northwestern University, he had joined his father in the bank as a clerk in 1933.
Mr. Schrage is active in the Chamber of Commerce, Community Chest, Red Cross, and Lions Club. He is married to the former Doris Smith, and they have two children - a daughter Patricia and a son Michael.
Mr. Schrage has continued the sound business principles of his father and grandfather and under his leadership the bank has enjoyed substantial growth, with present assets in excess of $14,500,00.
INDIANA BUSINESS AND INDUSTRY for March, 1961
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