The Wayne Building and Loan Company

The Wayne Building and Loan Company. The incorporation of the Wayne Building & Loan Company, one of the leading financial institutions of North Central Ohio, was dated March 30, 1899, and carried the following signatures: L. P. Ohliger, Charles M. Lovett, J. G. Sanborn, W. A. Wilson, J. R. Zimmerman, H. A. Hoff stott, and J. Fremont Hickman. It had an authorized capital stock of $300,000. The charter granted by the State of Ohio bears the date April 1, 1899, and books were opened for subscriptions to the capital stock on April 3rd, when the following subscribers were enrolled: Andrew Branstetter, L. P. Ohliger, J. R. Zimmerman, W. A. Wilson, H. A. Hoffstott, J. H. Harding, C. M. Lovett, J. G. Sanborn, J. Fremont Hickman, Harry McClaren, W. O. Beebe, and Ross W. Funk.

The first election of directors was held and resulted in the choice of L. P. Ohliger, Harry McClaren, and J. Fremont Hickman, for three years, J. R. Zimmerman, C. M. Lovett, and H. A. Hoffstott for two years, and Andrew Branstetter, W. A. Wilson, and W. O. Beebe for one year. The officers elected were: L. P. Ohliger, president; J. Fremont Hickman, vice president; W. A. Wilson, treasurer; and Ross W. Funk, attorney.

The first certificate of paid-up stock was issued to a young woman employed in the Wooster Dry Goods Store, and amounted to $1,000; the money remained with the company until January, 1914. The business of the company prospered from the beginning, the first statement after nine months showing assets of $23,996.22, and a dividend of 6% per annum was declared. The capital stock was increased to $500,000 on Dec. 6, 1901, and July 22, 1904, showed a further increase to $1,000,000, followed by $5,000,000 on Jan. 15, 1912, and $10,000,000 on Feb. 16, 1917. About this time a new site for the institution was purchased, known as Doctor Robinsonís Corner. It was not built on, however, until December, 1903. In 1916 enlargements of the office building were deemed necessary and the services of Henry & Murphy, architects, of Akron, were secured, resulting in the plans and specifications providing for the construction and equipment of a splendidly appointed building now known as the Wayne Building & Loan Company. The building is of buff brick construction, with terra cotta trim. The first floor is finished in mahogany with Italian marble screen and wainscoting. The furniture and fixtures are in harmony with the central plan of providing for an attractive and convenient counting room and lobby. A fireproof vault extends to the basement and is equipped with the latest product in Mosler quadruple manganese steel bank safe, lock boxes, etc. Feb. 21, 1917, was the day set for the formal opening of the new building.

The plan of the Wayne Building & Loan Company is based on true mathematical and business principles, and no institution can be founded on a more conservative and substantial basis.

The present officers of the Wayne Building & Loan Company are: C. E. Thorne, president; Charles M. Lovett, vice president; J. G. Sanborn, secretary; Lloyd D. Sanborn, assistant secretary; Col. F. C. Gerlach, treasurer; and Daniel C. Funk, attorney. Directors are: George A. Fisher, John E. Weiser, Jesse McClellan, and Judge Ross W. Funk.

On Dec. 31, 1929, assets amounted to $20,500,000, with undivided profits of $638,402.86.

History of North Central Ohio
Embracing Richland, Ashland, Wayne,
Medina, Lorin, Huron and Knox Counties
BY: William A. Duff
Historical Publishing Company
Topeka-Indianapolis 1931

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