Cleveland Trust
by David Bearden
Title
Cleveland Trust
Artist
David Bearden
Medium
Photograph - Hdr
Description
AMERITRUST, the largest bank in the midwest at one time, was established in 1894 as the Cleveland Trust Co. with $500,000 capital and John G. W. Cowles as its first president. In 1903 Cleveland Trust merged with the Western Reserve Trust Co., and kept their offices open as branches. At that time, Calvary Morris succeeded Cowles. Having outgrown a series of rented offices by 1905, the bank built a new headquarters bldg. at E. 9th and Euclid, which opened in 1908. During the presidency of FREDERICK GOFF (1908-23), Cleveland Trust expanded, acquiring banks such as the Detroit St. Bank, the Garfield Savings Bank, and Lake Shore Banking & Trust. By 1924 Cleveland Trust became the 6th largest bank in the country and Harris Creech was its new president. The bank survived the Depression well, and after GEO. GUND succeeded him as president in 1941, it continued to grow in wealth and influence, reaching $1 billion in assets by 1945.
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July 24th, 2011
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