As usual, one article leads to another. In this instance, doing a search in the newspaper led to something interesting. This particular case it was a picture that came to my attention.
If you look at all the buildings that line Macoupin Street from SS Simon and Jude to the Shell Station, which one would you say has changed very little in 100 years and is the most recognizable by its design? It’s been a saloon, bank, grocery store, flower shop, and maybe a few more. Today it is an empty tavern with a “chalet” design. You’ll recognize it by the picture I found in the Gillespie News in February 1915.
John Rendolfi was a local businessman and saloon owner in Gillespie. Redolfi’s saloon sat at the corner of West Chestnut and Macoupin Streets. Redolfi was in negotiations with the Lemp Brewery to build a new building on site of his saloon in April 1914. Lemp and Falstaff beer had a strong presence in Gillespie. After several delays, the building was finished in July 1915 at a cost of approximately $12,000.
The new Lemp building or Falstaff Inn was a two-story building that stretched half way down the block. It had an upstairs meeting room and a saloon downstairs occupied by Redolfi. A barber shop was located in the rear room. In the basement there was a bowling alley. Redolfi already owned a bowling alley behind his saloon. It was the most attractive and expensive building built on Main Street and had all the most modern improvements. The Order of the Moose used the upstairs for several years as a meeting hall with pool table and card and club rooms.
Eventually, the Lemp building was sold to Gillespie Trust and Savings Bank. In 1931 after the bank merger, Bunn Grocery moved into the building.
In investigating this building, I found some interesting information that brought my into another fascinating series of business moves that involved the banks in town.
Starting in 1894, the Bank of Gillespie was located in the 200 block of South Macoupin. A new building was built on site in May 1913. Eventually the Bank of Gillespie because Gillespie Trust and Savings in April 1914. In March 1918, the Lemp building was sold to Gillespie Trust for over $19,000. Again, another bank move. The Gillespie Trust became American National Bank in February 1923.
Meanwhile, we have another bank that the outside façade still stands. The Gillespie National Bank was started in November 1905 and moved into a new building on the corner of Walnut and Macoupin Streets in April 1906 with another new building on site in May 1912. In August 1930, both national banks merged. The American National Bank moved all its reserves to Gillespie National Bank. This merger made the new Gillespie National Bank the largest in Macoupin County.
Now the third bank in this puzzle. In July 1922, Peoples State Bank opened its doors at the corner of Macoupin and East Chestnut Streets in the old Long’s Pool Hall. So by 1923, Gillespie has three banks including two national banks and a state bank. There is little difference between the two types. National banks are ruled by federal laws versus state regulations. State regulations are less strict on real estate loans and the amount of capital on hand. These loose regulations forced many state banks to fail in the 1920’s.
I found out that when doing research one thing leads to another and before you know it, the Falstaff saloon created a brief early history of Gillespie banks. I’m going to following this article with a brief look at Gillespie bank notes issued by banks.