A Pillar of Spartanburg: Celebrating 100-Years of Service and Community Banking

On Friday, Sept. 15, Randolph County residents, devoted customers, Merchants Bank of Indiana team members and our special guest Hopper came together to celebrate a major milestone – a century of rich banking history and service within this community. 

As members of this treasured, tight-knit community, customers enthusiastically welcomed this historic celebration, bringing much fanfare to the event. The evening featured remarks from Chairman and Co-Founder of Merchants Bank Michael F. Petrie, Hopper making the rounds to welcome each and every guest, photos and trivia highlighting memorable moments from years past, food and drink, mingling and much more.

In preparation for the centennial, Merchants employees unearthed multiple historical facts showcasing this location’s everlasting impact on the community.

● The very first bank location was a concrete block building that is still standing today. This building is now privately owned and used as a garage. Prior to the first official bank building, operations were likely carried out at someone’s home.

● Christopher Chenoweth was the Bank’s first president. Gail Chenoweth, Christopher’s son, was the first customer to make a deposit.

● The Bank was officially chartered with the state of Indiana on June 7, 1923. Opening day of the current Spartanburg branch was on March 11, 1965 and the name Merchants Bank of Indiana was adopted on April 3, 2009.

● In 2001, the asset size of this branch was $5.9 million. As of June 2023, the asset size was reported to be $16 billion.

Established in Spartanburg, Indiana in 1923, within that humble concrete block building, the bank grew and adapted to meet each of the community’s emerging needs in an ever-changing financial landscape. What began as a modest local branch grew into a community pillar with employees developing long-standing relationships with customers, witnessing the growth of families and their businesses and solidifying this bank as the trusted financial institution within the surrounding area. Throughout its 100-year history, this branch experienced a number of advancements – most recently being the 2009 rebrand to a new name of Merchants Bank of Indiana that would make further expansion into new markets possible. Through each obstacle and every change, we’ve never forgotten our roots in the Spartanburg community.