1911 - Monroe State Bank Building - Monroe, OR - Dated Buildings and Cornerstones on Waymarking.com

The Monroe State Bank Building, headquarters for the only financial institution established in southeast Benton County, Oregon, opened for business February 10, 1911. The two-story reinforced concrete building continues to dominate the business district of Monroe on its original site at the corner of South Fifth and Commercial Streets. Although the interior has been extensively remodeled in recent years, the historical integrity of the exterior remains largely intact. The incised stucco finish, the decorative parapet, and the style and placement of doors and windows—with the exception of a scaled-down stairwell entrance—all conform to the original design, materials, and workmanship. A woodshed formerly attached to the rear of the building is no longer present. The building's architect and contractor are not yet known.

The Monroe State Bank Building is locally significant under all National Register criteria applicable to historic structures. The building meets Criterion A for its association with Monroe's commercial development during Oregon's period of railroads and reform movements, Criterion B as the crowning achievement of Monroe' s indomitable entrepreneur Adam Wilhelm (1846-1928), and Criterion C as the only 20th Century Commercial Style financial institution headquarters erected in southeast Benton County. No other commercial property in Monroe, or the vicinity better exemplifies the prosperity and optimism shared by the inhabitants of the region at the turn-of-the-century.

Many features of the immediate environment surrounding the Monroe State Bank Building offer clues to its historic context. The building stands on the site of Adam Wilhelm's first store and fronts Highway 99 West—a vestige of the Applegate Trail of 1846 which introduced immigrants to the region. Beyond the highway, the waters of the Long Tom River flow over a concrete drop dam which provided power for the Monroe Roller Mill and electricity for the town. The surviving mill building, constructed in 1896, dominates the view from the former bank lobby. Flanking the nominated property is Wilhelm's immense Queen Anne Style home built in 1905 and a house, built in 1882, which was converted into a hotel when a railroad connection for Monroe appeared imminent.

Monroe's prosperity led Adam Wilhelm [a prominent local businessman], and other influential farmers of southeast Benton County, to discuss the need for a bank. The trip to Corvallis or Junction City was strenuous for minor monetary transactions. Wilhelm offered the site of his first store as the location for the bank, and set his son, Matthew, to work on the project. A bank would lend respectability to the community and represent the ultimate success of Wilhelm's various business ventures. He had earned the reputation of being a shrewd businessman who could sell anything—even second-hand coffins!

The Monroe State Bank Corporation was formed September 24, 1910, by B. W. Holman, an experienced banking man from Puyallap, Washington; Edward Bennett, a local physician; and Matthew Wilhelm, Adam's son. The company was capitalized at $10,000--though the issue could have been subscribed several times over—and 100 shares of stock were offered. Among the influential men of the county who purchased shares were: M. L. Barnett, Monroe Childers, L. N. Edwards, J. R. Furnbow, J. M. Herron, L. A. Houck, R. J. Nichols, J. J. Richards, J. J. Winn, V. M. Woodcock, and Albert and Casper Zierolf. The stockholders elected officers at a meeting held October 8, 1910. Holman was appointed Cashier; H. C. Herron, President; and Adam Wilhelm, Sr., Vice President. Dr. Bennett and Matthew Wilhelm were placed on the Board of Directors as were D. B. Parley, R. S. Irwin, and B. W. Holeman.

Plans for the construction of a corporate headquarters were announced in the Corvallis Gazette-Times newspaper for October 14, 1910:

An order has been placed for one of the best Manganese safes and it is the intention to erect a two-story concrete building 25 x 60 feet on the site of the old Workman building. The upper floor will be used for a lodge hall. The promoters of the bank expect to have it in successful operation by the first of the year.

Few details of the construction work are known. The gravel for the concrete was reportedly collected from the Long Tom River. Horses hitched to pulleys were used to raise concrete to the second floor. A 1928 Sanborn fire insurance map indicates that the concrete was "reinforced," but no building specifications have come to light.

The bank's "Grand Opening" was reported by the Gazette-Times on February 10, 1911:

B. W. Holman, of Monroe, was in Corvallis Saturday making the final arrangements incident to opening the Monroe State Bank today. The building erected for bank purposes is practically finished, the fire and burglar-proof safe has arrived, and necessary furniture is installed. It will be some time before all is in the perfect condition desired, but these details need not interfere with the successful transaction of business.

The Monroe State Bank Corporation weathered the Great Depression In 1952, it changed its name to First Monroe Bank. Two years later, the tiny concern was absorbed by the First National Bank of Portland. The building was eventually vacated in favor of a modern single-story building constructed a block to the north. The Monroe State Bank Building has since housed a hardware store and a second-hand store, but is now vacant while awaiting restoration.

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