First National Bank I
Life Span: 1863-1867
Location: SW corner of La Salle and Lake Streets
The most important transaction of this era was the purchase of the lot on the southwest corner of State and Washington streets. Vice-president Gray, who was charged with the negotiations, secured the transfer of this piece of ground—measuring fifty-five feet on State street by eighty-four feet on Washington street—during the last week in March, 1867, for the sum of $83,500, being equivalent to $1,500 per foot on the State street frontage. The conditions of payment were one-fourth cash and balance in three equal installments, payable one, two, and three years after date, bearing interest at the rate of seven per cent semi-annually. In September, a building committee, consisting of Messrs. Nickerson, Walker, Gray, and Talcott, was appointed. A fire-proof edifice was projected, which was furnished and occupied in the spring of 1868.