“German Savings Bank" at the German American Heritage Center -- September 17.
Sunday, September 17, 2 p.m.
German American Heritage Center, 712 West Second Street, Davenport IA
A fascinating look into what was, for much of the 20th century, the leading bank of the Quad Cities metropolitan area and the surrounding region of eastern Iowa and western Illinois, the in-person and virtual program German Savings Bank will be presented by Davenport's German American Heritage Center on September 17, offering insightful exploration into the bank’s institutional history, the factors that created the conditions for such success, and its effects on the culture of Davenport and the greater Quad Cities region.
Henry Lischer and H.H. Anderson formed German Savings Bank in 1869. Davenport had a large German community and it contributed to the bank's success, and by the 1890s, the city had become the financial center of the region and the state. German Savings Bank took over Citizens National Bank in 1906, and it merged with the Farmers and Mechanics Savings Bank in 1910. By 1916, it was the largest bank in Iowa, yet because of anti-German sentiments that resulted from World War I, the bank's name was changed in 1918 to American Commercial and Savings Bank.
As the 1920s began, Davenport had 11 banks. American Commercial and Savings Bank absorbed the Security Savings Bank at this time. They had this building constructed in 1927, the new edifice reflecting the significance of the bank in the community, and it has dominated the city's skyline since it was built. As a result of the Great Depression, it absorbed Iowa National Bank, the Citizens Trust and Savings Bank, and the Farmers and Merchants Bank, becoming one of five banks in the city that was still active when President Franklin Roosevelt signed the Emergency Banking Act in 1933. It was one of only two banks to re-open in Davenport, and after another name change to Davenport Bank and Trust Company under the direction of E.P. Adler, it rebuilt itself to become, by 1936, the second largest bank in Iowa.
The historic building was listed on the National Register of Historic Places in 1983 under the name of its predecessor financial institution American Commercial and Savings Bank. In 2016, the National Register approved a boundary increase with the Davenport Bank and Trust name. It was included as a contributing property in the Davenport Downtown Commercial Historic District in 2020 and remains the tallest building in the Quad Cities, today known as Davenport Bank Apartments, a mixed-use facility housing commercial, office, and residential space.
German Savings Bank will be presented at the German American Heritage Center on September 17, participation in the 2 p.m. event is free for GAHC members and $5 for non-members, and the session will be recorded and available for viewing at a later date yet to be determined. For more information, call (563)322-8844 and visit GAHC.org.
