W. K. Cole is one of the leading bankers of Alameda county, controlling the Berkeley National Bank, its affiliated institution, the University Savings Bank, and a number of banks through northern California. He is a native of Indiana, but he spent his early manhood in New York city, where he engaged in business until 1889, when he came to California, locating in Martinez, Contra Costa county. There in 1892 he married the daughter of B. Fernandez, a representative of one of the old pioneer families of California. In 1899 Mr. Cole removed to San Francisco, where for eight years he held the position of cashier of the United States mint. This responsible office he resigned in 1906 in order to turn his attention to banking, becoming associated with the Anglo-California Bank, Limited, of San Francisco, as manager of the Mission branch of that bank. He later organized the Anglo-California Trust Company and held the position of vice president and manager until 1912, when he sold his interest in that bank to the Fleischhackers in order to give his entire attention to his banks throughout California. The institutions which are now under his control are the Berkeley National Bank and the University Savings Bank, both of Berkeley, with a combined capital and surplus of four hundred and fifty thousand dollars; the Vallejo Commercial Bank, with capital, surplus and undivided profits of one hundred and seventy thousand dollars; the Bank of Richmond, with capital, surplus and undivided profits of sixty-five thousand dollars, and the San Ramon Valley Bank, at Walnut Creek, whose capital, surplus and undivided profits amount to ninety-three thousand dollars. Mr. Cole has also control of the branch of this latter organization at Danville, and also owns the controlling interest in the Bank of Concord. He is a director of the First National Bank of Martinez, an institution which he founded, and he also holds a place on the directorate of the Bank of Pinole, with its branch at Crockett.
To the two institutions at Berkeley Mr. Cole is devoted most of his energies, but in doing so he is not neglecting the interests of the other banks. The Berkeley banks in his list have been growing steadily, but, with the direct management of a man so energetic as their president, they are expected to expand still more rapidly. The most recent statement of these institutions shows that with a combined capital of three hundred and fifty thousand dollars the two Berkeley banks have surplus and undivided profits amounting to one hundred and twenty-six thousand five hundred dollars and deposits totaling one million two hundred and eighty-five thousand dollars. The statement shown on this page shows a splendid year of progress in these two banks, the combined assets having increased one hundred and twenty-six thousand nine hundred dollars in one year. The total resources of the two banks have now reached the two million dollar mark. The Vallejo Commercial Bank, at Vallejo, California, in its statement shows a capital, surplus and undivided profits amounting to one hundred and seventy thousand dollars, which is also a good increase over the same time of last year. At Walnut Creek the San Ramon Valley Bank is known as one of the most prosperous of the interior banks of California. It was started as a private bank in 1906, and in June, 1907, through the efforts of its organizer, Joseph L. Silveira, and W. K. Cole, it was incorporated with a capital of twenty-five thousand dollars. This capital has since been trebled and strong gains in business have been made. The opening of the valley by the new electric line through the tunnel from Oakland has brought greatly increased business, and the future of this bank and its two lusty branches is of the brightest. Ten years ago, when Richmond was in its infancy and only the far-seeing business man was impressed with its possibilities as a manufacturing center, the Bank of Richmond was started by W. R. Starley, and even though his friends tried to dissuade him with the statement that he could never make a prosperous bank there, he felt that his judgment was correct. He started the bank with a capital of thirty thousand dollars, and now the bank has grown to such an extent that its capital has been increased to one hundred thousand dollars and is doing a business that is surprising even to the most optimistic. It has done a business that has enabled it to pay dividends to its stockholders amounting to more than its capital. That the bank has attracted attention is evidenced by the fact that it has taken on new life through new blood, and the business methods that are strictly up-to-date have kept pace with the phenomenal growth of the city of Richmond. All these banks are now so closely allied in their interests that they have become a strong chain of finance around the thriving manufacturing and agricultural district which lies to the north of San Francisco, touching on the shores of the bay. These institutions are destined to play a large part in the progress and upbuilding of the communities which they represent, and, with a central mind that looks to the general good of the communities as well as to the banks, California may look for rapid development in that part of the commonwealth.
Past and Present of Alameda County California, Vol. II
Published in Chicago by The S. J. Clarke Publishing Company
1914
Transcribed by Linda Jackson 7/11/2008, Pages 452-454
Alameda County Biographies ~ Archive Biography Index ~ Archive Index
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