William Buchheit and The Bank of Watertown

THE BANK OF WATERTOWN

Among the founders of the bank are some of the most prominent pioneer settlers of this territory, men who played a leading part in the early development of the community. At the first stockholders’ meeting, held on August 1, 1854, A. L. Pritchard, Luther A. Cole, Linus R. Cady, John Richards and Ebenezer W. Cole were chosen directors of the bank. A. L. Pritchard was elected president, and William H. Clark, cashier.

Daniel Jones, Amos Steck, and John P. Roose were also among those actively interested in the organization of the bank, and Theodore Prentiss joined the group shortly after.

Among the later presidents of the institution were WILLIAM BUCHHEIT and Frank E. Woodard.

Among later officers and directors were Jesse Stone, Marshall J. Woodard, E. J. Brandt, W. C. Stone, Constance Wiggenhorn, and C. H. Jacobi.

Shortly after the bank was organized it erected a three story brick building on the site of its present structure.

That building, which was the bank’s home for sixty years, was regarded at the time of its erection as the best bank building in the state outside of Milwaukee. It was built of Watertownbrick. Vault doors were brought from New York City, and the vault, which would seem almost primitive compared with the one the bank owns today, was hailed as a notable example of advanced construction.

One episode in the bank’s history in which it takes particular pride, and one that is characteristic of the high sense of responsibility that has always been a feature of the bank’s management, took place in 1893. That was a year of financial panic in the United States, and banks in many parts of the country were in acute distress. The Bank of Watertown remained perfectly sound, as it had through previous panics, but gossips aroused by the general lack of public confidence in banks spread rumors that frightened some of the depositors. To quiet depositors and restore confidence, on July 26th, the bank posted in its window and published in the newspapers the following “Notice to Depositors”:

Owing to the present unsettled condition throughout the business world, we, the undersigned directors of the Bank of Watertown, hereby guarantee with our private fortunes all the deposits now in the bank and all deposits made during the year 1893. There is due depositors in this bank, $220,000. The assets of this bank are $300,000. Added to this ample amount of assets we pledge our private fortunes. We take this occasion to thank the business community, farmers, and other customers for their liberal patronage and desire to show our appreciation of the same with this absolute guarantee.

Dated, Watertown, Wis.

July 26, 1893

Wm. Buchheit

Jesse Stone

M J Woodard

Theodore Prentiss

C Wiggenhorn

E J Brandt.

This confidence-inspiring document accomplished its purpose.