Its time once again for #FlashbackFriday with the Whitewater Historical Society.
Today’s view of downtown Whitewater in the 1940s features the corner building, the First Citizens State Bank. Ninety years ago, the merger of the First National Bank and the Citizens State Bank saved Whitewater from banking problems during the Great Depression of the 1930s. After the stock market collapse in the fall of 1929, the nation’s economy fell apart and banks were hard hit.
In 1933, the federal government closed all banks and only allowed those that were solvent to reopen. But, in Whitewater, a banking problem was avoided when, in 1931, the two main banks in town decided to merge. In fact, when the new First Citizens State Bank was closed in 1933, it quickly reopened after auditors pronounced it stable. The new bank remained at this location until the 1950s when it moved west on Main Street, where it remains a solid banking institution today.
Join us next week for more from the collections of the Whitewater Historical Society.
(#5538 edited Whitewater Historical Society)