The Exchange Bank, Walnut, Iowa
The Exchange State Bank was founded in 1875 by E.R. Hinckley as a private banking establishment. Mr. Hinckley came to Walnut as an employee of the railroad to sell land around Walnut. He was the first Post Master, Sherriff, and Land Parcel Salesman. His office, as you can see in the above photo was next door to the bank until the fire in approximately 1883 that destroyed the buildings on that side of Main Street, except...The Exchange Bank. Mr. Hinckley moved his office to the Exchange State Bank at that time. The bank started with $35,000 in capital and by November 1, 1880, it had capital and surplus of over $200,000. Making it the larges in Pottawattamie County, and one of the largest in Western, Iowa.
Mr. Hinckley sold the bank to J.H. Henry. The farmers and businessmen in the community felt confident placing their trust in The Exchange Bank as it was equipped with the most modern 1800's fire and burglar system, having one of Hall's safes and time locks on a burglarproof vault. This is still in the building and has been restored to it's original condition. The vault was fireproof and the building had been built with fireproof bricks produced by a kiln in the Walnut Brickyard, making the building fireproof. Mr. Henry born in 1845 in Sturgis, Michigan. He enlisted in the Civil War when it broke out, not shrinking back from his civil duty. It was a great struggle, but his sacrifice is still remembered by his descendants today. After the war he engaged in the lumbar trade at Blairstown, Iowa and did a successful business.
In January 1888, Mr. Henry moved his wife and children to San Jose, California for a better climate and education. He purchased the old horse-car line and franchise on the famous Alameda, and established the electric railway system, the first in the state of California. During one winter in the late 1800's he bought the principal street railway in the city of Sacramento, and changed the system from mule propulsion to electric, being the second successful electric Road in the Golden State.
And, he got his start in Walnut, Iowa! His wealth was valued at an estimated $500,000. He owned real estate and over 5,000 acres of fine farm land near Walnut, which was valued at $200,000 in the late 1800's.
Mr. Hinckley sold the bank to J.H. Henry. The farmers and businessmen in the community felt confident placing their trust in The Exchange Bank as it was equipped with the most modern 1800's fire and burglar system, having one of Hall's safes and time locks on a burglarproof vault. This is still in the building and has been restored to it's original condition. The vault was fireproof and the building had been built with fireproof bricks produced by a kiln in the Walnut Brickyard, making the building fireproof. Mr. Henry born in 1845 in Sturgis, Michigan. He enlisted in the Civil War when it broke out, not shrinking back from his civil duty. It was a great struggle, but his sacrifice is still remembered by his descendants today. After the war he engaged in the lumbar trade at Blairstown, Iowa and did a successful business.
In January 1888, Mr. Henry moved his wife and children to San Jose, California for a better climate and education. He purchased the old horse-car line and franchise on the famous Alameda, and established the electric railway system, the first in the state of California. During one winter in the late 1800's he bought the principal street railway in the city of Sacramento, and changed the system from mule propulsion to electric, being the second successful electric Road in the Golden State.
And, he got his start in Walnut, Iowa! His wealth was valued at an estimated $500,000. He owned real estate and over 5,000 acres of fine farm land near Walnut, which was valued at $200,000 in the late 1800's.
John P. Burke was connected with The Exchange Bank from the time Mr. Henry purchased it. His father, PE. Burke, was born in Tipperary County, Ireland. In 1846, PE Burke sailed for America. He settled in Staten Island, New York, but in 1856 PE Burke moved to Iowa and settled in Shelby County, bringing his son, John P. Burke with him. He then moved to Walnut, Iowa and purchased a 'fine residence' according to the Historical Society of Pottawattamie County.
Mr. Henry was very fortunate to have John P. Burke as his Bookkeeper. When Mr. Hinckley moved to California with his family, he left Mr. John P. Burke in charge of the bank as Cashier. Mr. Burke, although young for the assignment, did an excellent job of managing the bank and Mr. Henry's 5,000 acres of farmland around Walnut.
The Exchange Bank building was built in 1881 by ER Hinckley. In June 1917, it underwent a remodel. The wooden stairs at the main door of the bank were replaced with a cement circle stairway. The stucco vestibule was put in. The banking rooms were lowered by two feet making the entrance much easier. A flitch of freak Walnut was obtained from a log of peculiar grain of wood. When finished wood lovers from all over the county came to see the panels and remarked that they were the most beautiful workmanship they had every seen.
The bank was a thriving bank until the stock market crash and then it closed it's doors.
Over the years the bank was many things. In 1910 it was the Musson Telephone Exchange; 1947 a shoemaker was in the basement, Walnut Bureau office, and Dr. Weir dentist office.
Mr. Henry was very fortunate to have John P. Burke as his Bookkeeper. When Mr. Hinckley moved to California with his family, he left Mr. John P. Burke in charge of the bank as Cashier. Mr. Burke, although young for the assignment, did an excellent job of managing the bank and Mr. Henry's 5,000 acres of farmland around Walnut.
The Exchange Bank building was built in 1881 by ER Hinckley. In June 1917, it underwent a remodel. The wooden stairs at the main door of the bank were replaced with a cement circle stairway. The stucco vestibule was put in. The banking rooms were lowered by two feet making the entrance much easier. A flitch of freak Walnut was obtained from a log of peculiar grain of wood. When finished wood lovers from all over the county came to see the panels and remarked that they were the most beautiful workmanship they had every seen.
The bank was a thriving bank until the stock market crash and then it closed it's doors.
Over the years the bank was many things. In 1910 it was the Musson Telephone Exchange; 1947 a shoemaker was in the basement, Walnut Bureau office, and Dr. Weir dentist office.
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In June 2004, after seeing the building during the June Walk...on July 25, 2004...we became the new owners.
Initially, The Vault, today we operate Millie McKeever's Vintage & Home Decor, The Notebook Cafe women's ministry, and The Gathering Room. My parents were instrumental in the over two year renovation of the building. My Dads woodworking skills, my mom's sewing and cleaning talent, and my husband's ability to do everything else were amazing. It was a family bonding time that I will always cherish.
We did have a flood in 2008, and did a second remodel.
Here's some before and after pictures from 2004 until now.
We did have a flood in 2008, and did a second remodel.
Here's some before and after pictures from 2004 until now.
UPSTAIRS BOARDING ROOM KITCHEN
Upstairs Boarding Room Kitchen 2004
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2024 Cupboards built by my Dad. Behind the door is a laundry room...also build by my Dad.
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Other side of kitchen
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The Gathering Room
The Gathering Room 2004
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The Gathering Room 2024
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The 1881 bank vault now 'Esther's Tea Room'
Bank vault 2004
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Esther's Tea for Two Room 2024
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