The Bank of Chelsea was organized by a group of citizens who met in January 1896. This meeting was led by Emma Poole, who was named temporary chairman and president of the first meeting.
The first business transacted was to organize a bank with a capital stock of $10,000, shares selling at $100 each. The first stock holders were a Who's-Who of Chelsea and included: W J Strange, C A Davis, M W Couch, C L Lane, B D Pennington, C W Poole, Thomas Wills, J T McSpadden, J C McSpadden, W F McSpadden, W G Milam & John McIntosh, L A Byrd, E A Byrd, P Henry, J H Clawson and W H Clark. A banker from Missouri, John D Scott, came to provide expertise. Plans were made to secure a vault, fixtures, and supplies, and a site for the building was leased in the Couch store located at the corner of 6th & Olive.
The bank's charter, granted under the laws of Arkansas, was signed March 23rd, 1896, and the Bank of Chelsea opened for business. The first officers were J T McSpadden, President; C W Poole, Vice President; and, John Scott was hired as cashier for a salary of $1,200 per year.
In February 1902 a disastrous fire swept through the corner of 6th & Olive. The fire was first discovered in the building occupied by the Famous Cafe and J H Johnson's Grocery. There was no organized fire department at the time, and citizens responded quickly but were unable to save anything. The old burnt sandstone was used to improve the streets.
Later in 1902, a Chelsea Reporter article stated "The Bank of Chelsea, as usual, is doing a big business in the Dawes building, and on the spot where it burned out a fine brick structure is going up."
Another Chelsea Reporter article printed in August 1904 stated "The Bank of Chelsea moved into their elegant new building on the corner of Sixth and Olive."
The Bank of Chelsea maintained this building before moving to it's current location in 1914 or 1915. An article in the Claremore Progress July 29th, 1915 refers to officers raiding for alcohol and "checked the rooms over the old Chelsea Bank building" with nothing located. An advertisement for Dad's Restaurant printed in the Chelsea Reporter on May 4th, 1916 lists its location as the "Old Bank of Chelsea Building".
Since the Bank of Chelsea moved from the original building it has held numerous other businesses over the last 100+ years including a flower shop, liquor store, daycare, a laundry, and apartments.
This building has stood proudly as a prominent icon at the entrance to our hometown main street where we all have many wonderful memories.
Thanks to the Chelsea Municipal Authority, we now have an opportunity to give this beautiful building a new life. The Chelsea Historical Society members are excited to take on this massive project and bring this beautiful building back to life.
This will be a long process, and the current plan is to design and incorporate a Chelsea Area Historical Museum to occupy the building and bring the wonderful rich history of our town to light.
This is not a project that a mere handful of us can do alone. This will take time, money, and a lot of love to bring this to fruition. This is a great time to get involved and provide input for this project. Feel free to contact anyone involved with the Chelsea Area Historical Society by email or Facebook, or you are always welcome to attend any meeting on the 4th Thursday of the month.
The first business transacted was to organize a bank with a capital stock of $10,000, shares selling at $100 each. The first stock holders were a Who's-Who of Chelsea and included: W J Strange, C A Davis, M W Couch, C L Lane, B D Pennington, C W Poole, Thomas Wills, J T McSpadden, J C McSpadden, W F McSpadden, W G Milam & John McIntosh, L A Byrd, E A Byrd, P Henry, J H Clawson and W H Clark. A banker from Missouri, John D Scott, came to provide expertise. Plans were made to secure a vault, fixtures, and supplies, and a site for the building was leased in the Couch store located at the corner of 6th & Olive.
The bank's charter, granted under the laws of Arkansas, was signed March 23rd, 1896, and the Bank of Chelsea opened for business. The first officers were J T McSpadden, President; C W Poole, Vice President; and, John Scott was hired as cashier for a salary of $1,200 per year.
In February 1902 a disastrous fire swept through the corner of 6th & Olive. The fire was first discovered in the building occupied by the Famous Cafe and J H Johnson's Grocery. There was no organized fire department at the time, and citizens responded quickly but were unable to save anything. The old burnt sandstone was used to improve the streets.
Later in 1902, a Chelsea Reporter article stated "The Bank of Chelsea, as usual, is doing a big business in the Dawes building, and on the spot where it burned out a fine brick structure is going up."
Another Chelsea Reporter article printed in August 1904 stated "The Bank of Chelsea moved into their elegant new building on the corner of Sixth and Olive."
The Bank of Chelsea maintained this building before moving to it's current location in 1914 or 1915. An article in the Claremore Progress July 29th, 1915 refers to officers raiding for alcohol and "checked the rooms over the old Chelsea Bank building" with nothing located. An advertisement for Dad's Restaurant printed in the Chelsea Reporter on May 4th, 1916 lists its location as the "Old Bank of Chelsea Building".
Since the Bank of Chelsea moved from the original building it has held numerous other businesses over the last 100+ years including a flower shop, liquor store, daycare, a laundry, and apartments.
This building has stood proudly as a prominent icon at the entrance to our hometown main street where we all have many wonderful memories.
Thanks to the Chelsea Municipal Authority, we now have an opportunity to give this beautiful building a new life. The Chelsea Historical Society members are excited to take on this massive project and bring this beautiful building back to life.
This will be a long process, and the current plan is to design and incorporate a Chelsea Area Historical Museum to occupy the building and bring the wonderful rich history of our town to light.
This is not a project that a mere handful of us can do alone. This will take time, money, and a lot of love to bring this to fruition. This is a great time to get involved and provide input for this project. Feel free to contact anyone involved with the Chelsea Area Historical Society by email or Facebook, or you are always welcome to attend any meeting on the 4th Thursday of the month.
Current condition: This is the condition of the bank at the beginning of this project in early 2021.
PROGRESS!!! These are as of September 23rd, 2021...... we are making progress!
New stairs have been installed and the old roof has been removed with new support beams installed!
The bathroom and storeroom have been framed in and the new roof and windows will be completed soon! The wall in the middle is for construction support only and will be removed as soon as the roof is finished, leaving an open floor plan to house a first class museum in the future!
The bathroom and storeroom have been framed in and the new roof and windows will be completed soon! The wall in the middle is for construction support only and will be removed as soon as the roof is finished, leaving an open floor plan to house a first class museum in the future!
PROGRESS!!! These are as of October 22nd, 2021...... WE HAVE A ROOF!
WE HAVE A ROOF!!
The building now has a roof and two new steel support beams to last for years to come. The center support wall in photographs from September has been removed and we are moving on to the next step! Windows and the dry-in are coming next!
The building now has a roof and two new steel support beams to last for years to come. The center support wall in photographs from September has been removed and we are moving on to the next step! Windows and the dry-in are coming next!