Marion's First Bank

History of Marion, Iowa Volume 1, 1838-1866, Marvin Oxley

Prepared for the American History and Genealogy Project.
This is not a USGenWeb Project or Property
Copyright (C) 2001-2003 by Sandra Sanchez
All Rights Reserved

There is little information on record of Marion’s first private bank. The proprietors were Robert and Tom Smith who later lived in Mount Vernon, Iowa. They began business in 1854, but had little standing capital. Their bank must have had some standing in the community, however, because in the following year, Albert J. Twogood
Smith, Twogood & Co. Bank
The Smith private bank had been in operation a little over a year when a connection was made with a new and important financier who had become a resident here in 1852. The firm became Smith, Twogood and Company.
Albert J. Twogood is said to have brought something like $20,000.00 in gold, for which he sought Iowa investments. A brick building was shortly erected on Sixth Avenue, just east of the Court building. It has been torn down in recent years.
Albert J. Twogood was born June 9th, 1812, in Tompkins County, New York. His career in Marion, dating from 1852, was that of a trader in land, livestock and grains. He bought lands extensively both in Linn and Tama Counties. He was Marion’s leading “drover”, gathering together great herds of livestock, and driving them to market, sometimes as far as Chicago, and even farther, to Philadelphia (probably partly via rail).
In 1858, Henry P. Elliott became his son-in-law, also succeeding Tom Smith as a partner in the bank. In October 1877, the Twogood & Elliott Bank failed. Mr. Elliott had been the man in charge during the years just preceding this disaster. Mr. Twogood seems to have lost no friends on account of this failure. The memory of his services in establishing a market for Linn Counties farm produce in pre-railroad days had not been forgotten. The C.M. Hollis Abstract Company bought the former bank building on September 15th, 1878.
His home was an imposing brick structure located on the road to Cedar Rapids. The hill on the Boulevard out of Marion was long known as “Twogood Hill”. Mr. Twogood died at the home of his daughter Mrs. E.C. Preston of Cedar Rapids, Iowa. Other members of his family who survived him were Mrs. Henry P. Elliott, of Milwaukee, Mrs. A.J. Boardman of Minneapolis, and two sons residing in South Dakota, Frank and James C.
Mr. Twogood’s later years were spent in his old home in New York, with an occasional winter in California. His old Marion home is now known as the “George Toms property”.

Copyright (c) 2000-2003 by Sandra Sanchez

All Rights Reserved