Wells Fargo Bank - The First Bank of Sitka

Wells Fargo Bank - The First Bank of Sitka. Historic Sitka Alaska. , Sitka struggled without a bank for 72 years after Alaska came under the American flag. For many years William P. Mills, who with his sister Loretta May Mills, served as the town banker. Lorretta owned the largest store in town, on Lincoln Street opposite St. Michael's Cathedral. W.P. Mills was principal owner in the Sitka Wharf and Power Company and Sitka Cold Storage Company., The First Bank of Sitka was incorporated on June 29, 1939, by William P. Mills, Dr. William C. Charteris, Jack J. Conway and Theodore Kettleson all of Sitka, and William A. Bates of Ketchikan. The capitalization needed was $25,000 and quickly subscribed by its first stockholders: Mills, Kettleson, Charteris, Conway, Bates, Charles M. Peterson, Neill Andersen, W. Leslie Yaw, Jack Calvin, Prosper S. Ganty, Tom Tilson, Jr., Ludwig C. Berg, Nels Berg, Sam Morris and Val Zitz. The four last names were fish buyers. On December 31, 1939, the bank reported demand deposits of $105,213 and time deposits of $23,530. However, for its first three months of operation, it reported that expenses exceeded earnings by $1,496., In January 1960, the First Bank of Sitka and five other Alaska banks merged with the National Bank of Alaska which had its headquarters in Anchorage. In 1970, the Sitka branch moved to its present location at the corner of Lincoln and Maksoutoff Streets. Ironically, this was the corner where a committee had proposed to put a bank in 1927., Wells Fargo had an early relationship with Alaska through its Express Service, carrying goods and packages to Alaska and shipping Alaskan gold south. During world war one the U.S. Government assumed control over all U.S. express services, ending Wells Fargo's presence in Alaska. Wells Fargo purchased the National Bank of Alaska system in 2000, resuming their long history with the Alaskans and National Bank of Alaska.