“C. Ferguson & Son Bank Formed” – December 2, 1872
- Jim Wade
- December 2, 2018
- 1 Min Read
On December 2, 1872, the firm of C. Ferguson & Son purchased the Townsend & Currier bank. Charles Ferguson and his son, Charles R. Ferguson were the bank’s owners.
C. Ferguson & Son was the only bank in Almont until the Almont Savings Bank was organized and opened in 1909.
Competition eventually put a strain on the bank. With the outbreak of World War I came tighter credit. The value of the bank’s securities decreased and creditors defaulted on their loans. Ultimately, in 1921 the bank closed. Posted on the bank’s doors was the message; “On Account of the withdrawal of deposits, it has been necessary to close this bank.