{"id":1320087,"date":"2020-05-18T21:45:53","date_gmt":"2020-05-19T03:45:53","guid":{"rendered":"https:\/\/www.postindependent.com\/?p=996505"},"modified":"2020-05-18T21:45:53","modified_gmt":"2020-05-19T03:45:53","slug":"us-bank-closing-marks-first-time-in-glenwood-history-that-a-bank-hasnt-occupied-downtown-corner","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kske\/local-news\/us-bank-closing-marks-first-time-in-glenwood-history-that-a-bank-hasnt-occupied-downtown-corner\/","title":{"rendered":"US Bank closing marks first time in Glenwood history that a bank hasn\u2019t occupied downtown corner"},"content":{"rendered":"<figure class=\"wp-block-image p402_hide\">\n<div class=\"caption-container\">\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"791\" src=\"https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-1024x791.jpg\" class=\"attachment-large size-large wp-post-image\" alt srcset=\"https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-1024x791.jpg 1024w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-300x232.jpg 300w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-768x593.jpg 768w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-1536x1187.jpg 1536w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920.jpg 2000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/p><figcaption><strong>The First National Bank building became a more-prominent downtown landmark with its big rooftop sign in the middle part of the 20th century.<\/strong><br \/><em>Courtesy Carleton Hubbard<\/em><\/figcaption><\/div>\n<\/figure>\n<p>An era dating back to Glenwood Springs\u2019 founding 135 years ago ends with US Bank\u2019s decision earlier this year <a href=\"https:\/\/www.postindependent.com\/news\/u-s-bank-closing-downtown-glenwood-springs-branch\/\">to close<\/a> its downtown banking facility.<\/p>\n<p>Glenwood Springs had just been founded in 1885 when its very first lending institution, the George Arthur Rice Co., opened up at the southeast corner of Eighth and Grand.<\/p>\n<p>\u201cCapitalized with $10,000, Rice tended to the financial needs of a growing community,\u201d Willa Kane wrote in her May 1, 2012 <a href=\"https:\/\/www.postindependent.com\/news\/first-national-bank-now-us-bank-celebrates-125th\/\">Frontier Diary<\/a> column in the Glenwood Springs Post Independent.<\/p>\n<p>A historical record she compiled from the Glenwood Springs Historical Society archives, along with a timeline provided by Glenwood Springs native and local historian Carleton \u201cHub\u201d Hubbard tells the story from there.<\/p>\n<div class=\"row\">\n<div class=\"col\" readability=\"6\">\n<div class=\"row gspi-donation gspi-donation-mobile p-0\" readability=\"7\">\n<div class=\"col-xl-4 p-2\">\n<div data-bg=\"url(https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/03\/PI-logo-white.png)\" class=\"p-0 mt-2 mb-2 h-75 text-center rocket-lazyload\">\n<p><img decoding=\"async\" src=\"https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/03\/PI-logo-white.png\" class=\"logo m-0 p-0 invisible\"><\/p>\n<\/div>\n<\/div>\n<p><h3 class=\"d-inline mr-3\">Support Local Journalism<\/h3>\n<p><button class=\"btn d-inline\" type=\"button\" onclick=\"handleDonationButtonClickMidArticle()\">Donate<\/button><\/p>\n<\/div>\n<p><\/div>\n<\/div>\n<p>As one might guess, noted Glenwood Springs developer and architect Walter Devereux and railroad magnate J.J. Hagerman, along with investors DRC Brown, Jerome B. Wheeler and George Henry Hewitt, had a hand in most things regarding money in those early days.<\/p>\n<p>In 1887, they invested $50,000 to form First National Bank, and the three-story structure that still stands today \u2014 now owned by Colorado Mountain College \u2014 was built at 802 Grand Avenue.<\/p>\n<p>The bank occupied about a quarter of the ground floor, and the remainder of the building was rented out to various businesses and for residential apartments, Hubbard said.<\/p>\n<p>Hagerman chaired the bank organization, while Devereux was vice president and a gentleman by the name of J.H. Fesler, who later became well known in Denver banking circles, was the cashier, according to Hubbard\u2019s account.<\/p>\n<p>\u201cThe First National Bank of Glenwood Springs opened for business on June 1, 1887,\u201d Kane wrote in her column, which was penned on the occasion of the bank\u2019s 125th anniversary. \u201cTen days later, deposits totaled $100,000.\u201d<\/p>\n<div class=\"p402_hide\">\n<figure class=\"wp-block-image size-large\">\n<div class=\"caption-container\">\n<p><img decoding=\"async\" src=\"https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-2-947x1024.jpg\" alt class=\"wp-image-996523\" srcset=\"https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-2-947x1024.jpg 947w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-2-277x300.jpg 277w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-2-768x831.jpg 768w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-2-1420x1536.jpg 1420w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-2-1894x2048.jpg 1894w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-2.jpg 2000w\" sizes=\"(max-width: 947px) 100vw, 947px\"><\/p><figcaption><strong>The early days of First National Bank\u2019s presence at the corner of Eighth and Grand in downtown Glenwood Springs.<\/strong><br \/><em>Courtesy Carleton Hubbard<\/em><\/figcaption><\/div>\n<\/figure>\n<\/div>\n<p>The very next month, Glenwood National Bank \u2014 backed by future Redstone developer and mining magnate John Cleveland Osgood \u2014 opened just up the block at 828 Grand Ave.<\/p>\n<p>\u201cIn July 1891, the Glenwood National Bank voluntarily liquidated, leaving the First National Bank to solely fill the community\u2019s needs,\u201d Kane wrote in her account.<\/p>\n<p>Twelve years later, another group of Glenwood Springs businessmen opened the Citizens National Bank at 729 Grand Ave., where the Daily Bread restaurant is now located.<\/p>\n<p>One of the rooms in what\u2019s now a local\u2019s favorite for breakfast and lunch was a vault, Hubbard noted. There was also a famous bank robbery there in 1909.<\/p>\n<p>\u201cIn 1914, the Citizens National Bank built a stately new building at 801 Grand Ave., directly across the street from the First National Bank,\u201d Kane\u2019s column continued.<\/p>\n<p>By then, downtown Glenwood Springs was bustling with all sorts of commercial activity, not to mention acts of bravery.<\/p>\n<p>Among Hubbard\u2019s collection of historic photos is one from 1916 showing a giant ramp that was erected in the middle of Grand Avenue at the corner of Eighth Street. One of the day\u2019s daredevils famously rode his bicycle down the ramp, coming out in front of the Hotel Glenwood..<\/p>\n<div class=\"p402_hide\">\n<figure class=\"wp-block-image size-large\">\n<div class=\"caption-container\">\n<p><img decoding=\"async\" src=\"https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-3-1024x650.jpg\" alt class=\"wp-image-996522\" srcset=\"https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-3-1024x650.jpg 1024w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-3-300x191.jpg 300w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-3-768x488.jpg 768w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-3-1536x975.jpg 1536w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/05\/BankHistory-gpi-051920-3.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"><\/p><figcaption><strong>A large ramp was erected in front of the First National Bank building and the Hotel Glenwood for a daredevil bicyclist stunt.<\/strong><br \/><em>Courtesy Carleton Hubbard<\/em><\/figcaption><\/div>\n<\/figure>\n<\/div>\n<p>\u201cThe two banks competed for nearly three decades until the stock market crash of 1929. Three years later, the Citizens National Bank closed its doors, leaving the First National Bank again as Glenwood Springs\u2019 sole banking institution,\u201d according to Kane\u2019s historical account.<\/p>\n<p>In 1940, the building was remodeled when a new group of bank investors, including the J.V. Rose Motor Co., entered the picture. That\u2019s when the large \u201cFirst National Bank\u201d sign was erected on the roof, serving as an iconic landmark for many years to come.<\/p>\n<p>In December 1945, the neighboring Hotel Glenwood caught fire and burned to the ground. Several people died in the blaze and the heat from the fire broke out all the windows on the north side of bank building across the street.<\/p>\n<p>A few years later, the top floor of the bank became a hospital, and various doctor\u2019s offices occupied the second floor along with accountants and other businesses, Hubbard recalled.<\/p>\n<p>In 1961, the bank was sold to George McKinley, with whom Hubbard was good friends.<\/p>\n<p>Hubbard recalled a bank robbery at First National in 1973 when a bank official was kidnapped from his home in Glenwood. His wife and children were tied up, and he was taken by force to the bank and made to open the vault. The robbers, who were never caught, made off with $50,000.<\/p>\n<p>In 1976, the bank was again sold to the Baldwin Piano Co., which owned it for another 10 years before the First National Bank name went away with its sale to Central Bank.<\/p>\n<p>The late 1980s and early \u201990s saw more name changes when Central Bank sold out to First Bank Systems of Minneapolis, which then became part of Colorado National Bank, and in 1997 became known as US Bank.<\/p>\n<p>Over the years, the bank had acquired some of the lands farther south on Grand Avenue where the main US Bank facility is now located, Hubbard said.<\/p>\n<p>US Bank kept its downtown branch in operation until announcing this past March that it would be closing the facility.<\/p>\n<p>Early on, the bank had leased the space from the former building owners, Aspen Research Group Ltd.<\/p>\n<p>\u201cAt some time prior to 2006, Aspen Research Group sold the building to Walter L. Jenkins, Raydean Acevedo, Dennis W. Kruger and Tomas C. Lacy,\u201d said Debra Crawford, public information officer for current building owner CMC.<\/p>\n<p>\u201cIn 2008, the individuals created an entity, 802 Grand, LLC, which is who we bought the property from,\u201d Crawford said.<\/p>\n<p>The bank officially closed to regular business on May 5, but due to the impact of the COVID-19 outbreak has been unable to fully vacate the space. A sign on the door says safe deposit box owners have until June 4 to schedule a time to come claim their belongings.<\/p>\n<p>\u201cCMC has been working with the bank on the terms of the lease termination,\u201d Crawford said in a followup statement. \u201cIn the coming months, facilities staff will work with senior leadership to explore options for how the space may be repurposed.\u201d<\/p>\n<p><em><a href=\"mailto:jstroud@postindependent.com\">jstroud@postindependent.com<\/a><\/em><\/p>\n<p> <a href=\"https:\/\/www.postindependent.com\/news\/us-bank-closing-marks-first-time-in-glenwood-history-that-a-bank-hasnt-occupied-downtown-corner\/\" target=\"_blank\" rel=\"noopener noreferrer\">via:: Post Independent<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The First National Bank building became a more-prominent downtown landmark with its big rooftop sign in the middle part of the 20th century.Courtesy Carleton Hubbard An era dating back to Glenwood Springs\u2019 founding 135 years ago ends with US Bank\u2019s decision earlier this year to close its downtown banking facility. Glenwood Springs had just been [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[160],"tags":[],"class_list":{"0":"post-1320087","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-06-23 03:50:52","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSKE Ski Country","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kske","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/posts\/1320087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/comments?post=1320087"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/posts\/1320087\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/media?parent=1320087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/categories?post=1320087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/tags?post=1320087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}