History of The Cleveland Bank

The Cleveland Bank was first organized in 1901 as the Triangle Bank. The name came not from the commonly-used term associated with the Jordan Valley territory situated between the Arkansas and Cimarron Rivers, but from the unusual construction of the entranceway to the building. Located at 104 S. Broadway in Cleveland, there were two recessed doors located in front walls, projected toward a point facing east, forming a triangular lobby.

The first certificate for ten shares in the bank was issued to J.A. Burkholder on August 5, 1901. Other organizers who purchased ten certificates each were O.M. Lancaster, G.M. Weems, Frank Hudson, C.C. Burkholder, Dave Holler and L.M. Drown. Total investment in the bank at that time was $7,000. On Dec. 9, 1901 E.C. Mullendore purchased an interest in the Triangle Bank.

In 1904 the institution was reorganized as the Cleveland National Bank by shareholders O.M. Lancaster, Frank Hudson, L.M. Drown, J.H. Simmons, J.C. Byers and E.C. Mullendore.  At some time during this period, the capital; stock of the bank was increased from $7,000 to $15,000, and Mullendore gradually acquired more of the stock and in 1907 he gained a controlling interest in the institution.

In 1922, Albert C. Adams entered the banking business at Cleveland National as a bookkeeper. Several years later he married Mullendore’s daughter, Mildred. Upon the death of Mullendore in 1938, his widow Sarah Jane Berry Mullendore, became president of the ban k and served in that capacity until her death in 1951. At that time Adams was named president.

From 1922 to 1962, the assets of Cleveland National Bank rose from slightly under one-half million dollars to approximately 2.5 million dollars.

The bank has been situated on the northwest corner of Broadway and Delaware since 1913. It was extensively remodeled in the spring of 1959. The recessed doorway was replaced by a new and modern curved entrance, and mosaic tiles in varying shades of green were used to veneer the original red brick structure. The interior was completely modernized with wood paneling and tile to form an open, expansive lobby and office area.

In 1962, controlling interest in the bank was purchased by Frederick F. Drummond and Fred A. Drummond. Also serving on the bank’s board in 1962 were Adams, Mrs. Adams, Mrs. L. Ralph (Bessie Mullendore) Johnson, Ms. J.M. Crady and R.F. Mullendore.

On June 25, 1980, the bank converted its national charter to a state charter, and changed the name of the bank to The Cleveland Bank.

Today, appreciating its rich heritage, The Cleveland Bank continues to thrive under the leadership of the Drummond family, with Frederick F. Drummond serving as Chairman of the Board. Current Board members are Frederick F. Drummond, Thomas E. Drummond, F. Ford Drummond, Holly Drummond, J.W. Perry, Carol Spess, C.L. Stallard, and Vickie Farrill.  Assets of the bank have gone from the $7,000 in 1901 to $43,000,000 today.

The Cleveland Bank is again investing in Cleveland with an extensive remodeling project, removing the dated “modernization” changes and returning the bank building at the corner of Broadway and Delaware to its original red brick edifice with every intention of serving the community of Cleveland and its surrounding areas for years to come.