Noble County Bank

The site of the former Noble County Bank is one of the most ornate buildings in Downtown Kendallville. It contains four large pillars outside the building built in a neo-classical style with art nouveau details. ^[1] The Noble County Bank & Trust Company was founded in 1889 as a private bank by Jewish merchant Jacob Keller with Abraham Jacobs as the first cashier. Keller and Jacobs were sons of prominent German-Jewish immigrants from the 1860s. Their fathers owned a successful mercantile business in the mid-century, J. Keller & Co., one of the most significant mercantile businesses in northeast Indiana. ²

The Noble County Bank was established in 1891. During the Panic of 1893, Kendallville financial institutions faced great uncertainty. In June 1893, the First National Bank of

Kendallville, the first and oldest bank in the city, closed. A "run" on the bank occurred after the closure. Many people panicked to withdraw their funds. The First National Bank owner was John Mitchell, the son of Kendallville's founder William Mitchell. Mitchell was known to be a wealthy property owner and was believed to be the richest man in the county. The other bank in town was the Noble County Bank. Following the First National Bank's closure, many business owners stood by the bank and "counseled depositors on the need to be prudent and confident."

Several other patrons withdrew their money, but the bank remained stable in the crisis. ^[3] Abraham Jacobs married Keller's daughter and took over the bank and Keller's other bank, the Kendallville Trust & Savings Bank, following Keller's death in 1909. On December 18, 1914, the Noble County Bank moved into the building at 212 S. Main St. The Noble County Bank merged with Kendallville Trust & Savings Co., becoming Noble County Bank & Trust Company.^{[4] '}

^ After Jacobs died in 1925, his brother, Samuel Jacobs, took over as president. The new owner of the Noble County Bank amassed great wealth in real estate in New York City. He bought the General Motors building in New York City in 1927 for $12 million, which was one of the largest buildings in the country. The Stock Market Crash deeply hurt Jacobs in 1929. With his finances in peril, Jacobs' health and mental state began failing. By 1930, The Noble County Bank & Trust Company was in jeopardy. Looking to cut its losses, the bank's board of directors saw the bank's real estate value was decreasing as the Great Depression prolonged. The bank closed its doors on January 10, 1931. ^[5]

Within a month of the bank's closure, a citizen committee was organized to investigate its collapse. It was discovered that the bank had a liability of $500,000 more than its assets. A lawsuit was filed against Jacobs and other bank executives for damages and negligence. In April 1931, a grand jury announced six counts of the indictment against Jacobs and other bank leaders for embezzlement and perjury. Two of the bank officials were charged and found guilty of embezzlement in 1932. They were both sentenced to 2-14 years in prison. Samuel Jacobs did not stand trial. He took European vacations and reportedly hid out in Canada and New York during the scandal. Samuel Jacobs died in 1932 of cancer. ^[6] After the bank's collapse, depositors lost half of their money that was stored at the bank. ^[7]

The vacant building became the home of another bank, Campbell & Fetter Bank, from 1938 to 1941. Since Campbell & Fetter Bank moved out of the building, 212 S. Main St has housed various businesses periodically throughout the decades. Community members report that the building has housed a pool hall, hair salon, and offices. The East Noble Alternative Learning Center operated in the structure until May 2006. ^[8]The building is currently privately owned and remains vacant. 

 [1] Historic Downtown Guided Tours Set For 1 to 4p.m. Sat, June 1,” Kendallville News Sun, May 29, 2013, https://www.kpcnews.com/archives/features/kvdowntown/article_88ad58a6-281d-5f4e-a9d5-cd3133613aab.html. 

[2] Terry Housholder, 150 Years Kendallville Indiana, 1863 – 2013 (Kendallville: KPC Media Group, 2013), 83. 

[3] Bob Gagen, “Panic of 1893 Closed Kendallville Bank Briefly,” Kendallville News Sun, February 28, 2006, https://www.kpcnews.com/article_435c9007-27d2-571c-890e-d9bfb9de0377.html.

[4] Housholder, 150 Years, 83.

[5] Housholder, 150 Years, 83.

[6] Housholder, 150 Years, 84.

[7] “Downtown Historic Guided Tours.”

[8] Megan Hockley, “Alterative School Moving Next Door,” Kendallville News Sun, February 28, 2006, https://www.kpcnews.com/article_72863e04-e49e-5b03-8e42-10a03bb38cf8.html.