Centier marking 100th year
Item
Title
Centier marking 100th year
Creator
Vidette-Messenger
Date
April 29, 1995
Identifier
SN.01.869
Subject
Michael Schrage, James R. Ellsworth, Walter E. Schrage Sr., Walter E. Schrage Jr., Henry Schrage, Christoff Schrage, Community, Centennial, Anniversaries, 100th Anniversary
Original Format
newspaper
Text
WHITING - In some families, more than tradition lasts from generation to generation.
For Centier Bank's Schrage family, that's second nature.
In 1844, Henry Schrage was born in Ambrodenberg, Germany. His family emigrated from Germany to the United States in 1854 and settled in a place that became known as Whiting, Ind.
Christopher, Henry's father, owned 50 acres.
When Henry was 19, he joined the Union Army and participated in the Civil War battles of Chattanooga, Lookout Mountain and was part of Sherman's famous "March to the Sea."
When he returned from the war, he opened a store in Whiting, served as a city councilman and became Whiting's first postmaster.
April 21, 1895, Henry opened the Bank of Whiting with a capital of $35,000, thanks to the Standard Oil Co., which bought
some of his land.
In 1911, the bank moved from the 1700 block of 119th Street to a new location at New York Avenue and 119th Street, the present home of the bank.
In 1917, the bank became incorporated, with Schrage as chairman and his youngest son, Walter, president.
During the Great Depression, the elder Schrage used his personal assets to keep the bank solid when loans went bad. He died in 1932.
Part of the bank's success is due to community service and family commitment. Walter was interested in the progress of Whiting, serving in various civic positions.
He became mayor of Whiting in 1913 and helped change Whiting into a modern city, complete with a filtration and sewage disposal plant, public playgrounds and a city park.
Meanwhile, his family's bank changed with the times. The name has changed over the years from The Bank of Whiting to First Bank of Whiting in 1960 to Centier Bank in 1991.
The name symbolizes a century of service, which is the theme for the bank all this year.
The fourth generation of the family to follow the tradition is Michael E. Schrage, who joined the bank in 1972 and became chairman in 1982 when his father, Walter, Jr. died.
In 1982, seven new branches were added throughout Lake County, when the bank acquired First National Bank of Crown Point and Southlake National Bank of Lowell.
In 1987, the bank moved into Valparaiso.
One hundred years later, the bank continues to be an independent, family-owned and family managed financial institution. It has 18 offices and more than $500 million in assets.
"All branches will have open houses for the communities," said Jim Ellsworth, executive vice president.
"All branches will have community programs this summer," said Ellsworth.
"There will be an ice cream social in Chesterton, a hog roast, ice cream social in Valparaiso during the Popcorn Festival. All these events tie into a typical community picnic," he said.
Events for employees are also being held and the bank's centennial trolley, bought in November, has been a spectator's delight.
"The trolley will be used during the Popcorn Festival to transport people to the parking lots," Ellsworth said.
In 1982, seven new branches were added throughout Lake County, when the bank acquired First National Bank of Crown Point and Southlake National Bank of Lowell. In 1987, Centier opened a branch in Valparaiso. One hundred years later, the bank continues to be an independent, family-owned institution. It has 18 offices and more than $500 million in assets.
For Centier Bank's Schrage family, that's second nature.
In 1844, Henry Schrage was born in Ambrodenberg, Germany. His family emigrated from Germany to the United States in 1854 and settled in a place that became known as Whiting, Ind.
Christopher, Henry's father, owned 50 acres.
When Henry was 19, he joined the Union Army and participated in the Civil War battles of Chattanooga, Lookout Mountain and was part of Sherman's famous "March to the Sea."
When he returned from the war, he opened a store in Whiting, served as a city councilman and became Whiting's first postmaster.
April 21, 1895, Henry opened the Bank of Whiting with a capital of $35,000, thanks to the Standard Oil Co., which bought
some of his land.
In 1911, the bank moved from the 1700 block of 119th Street to a new location at New York Avenue and 119th Street, the present home of the bank.
In 1917, the bank became incorporated, with Schrage as chairman and his youngest son, Walter, president.
During the Great Depression, the elder Schrage used his personal assets to keep the bank solid when loans went bad. He died in 1932.
Part of the bank's success is due to community service and family commitment. Walter was interested in the progress of Whiting, serving in various civic positions.
He became mayor of Whiting in 1913 and helped change Whiting into a modern city, complete with a filtration and sewage disposal plant, public playgrounds and a city park.
Meanwhile, his family's bank changed with the times. The name has changed over the years from The Bank of Whiting to First Bank of Whiting in 1960 to Centier Bank in 1991.
The name symbolizes a century of service, which is the theme for the bank all this year.
The fourth generation of the family to follow the tradition is Michael E. Schrage, who joined the bank in 1972 and became chairman in 1982 when his father, Walter, Jr. died.
In 1982, seven new branches were added throughout Lake County, when the bank acquired First National Bank of Crown Point and Southlake National Bank of Lowell.
In 1987, the bank moved into Valparaiso.
One hundred years later, the bank continues to be an independent, family-owned and family managed financial institution. It has 18 offices and more than $500 million in assets.
"All branches will have open houses for the communities," said Jim Ellsworth, executive vice president.
"All branches will have community programs this summer," said Ellsworth.
"There will be an ice cream social in Chesterton, a hog roast, ice cream social in Valparaiso during the Popcorn Festival. All these events tie into a typical community picnic," he said.
Events for employees are also being held and the bank's centennial trolley, bought in November, has been a spectator's delight.
"The trolley will be used during the Popcorn Festival to transport people to the parking lots," Ellsworth said.
In 1982, seven new branches were added throughout Lake County, when the bank acquired First National Bank of Crown Point and Southlake National Bank of Lowell. In 1987, Centier opened a branch in Valparaiso. One hundred years later, the bank continues to be an independent, family-owned institution. It has 18 offices and more than $500 million in assets.