Thatcher Brothers Banking Co. (Utah)

Eugene Santschi, Jr. was born in Alton, Illinois, on January 15, 1883 to Swiss immigrants Eugene, Sr. and Emma Chausse. At some point in his youth, his family moved to the coal-mining region of Utah. Thereafter, according to a Utah Since Statehood biographical sketch of Santschi, he enlisted in the United States Army and spent two years overseas on active duty, and was involved in both the Philippine Insurrection (1899-1902) and the Boxer Rebellion in China (1900-1901). In 1903 Santschi returned to the United States and enrolled in the United States Military Academy at West Point, New York, and graduated with the class of 1907. From 1907 to 1914 Santschi was stationed at Fort Douglas, Utah. In 1908 Santschi attended the Agricultural College of Utah (now Utah State University), at Logan, Utah and received a B.S. that year. Although Santschi was stationed at Fort Douglas during this time period, the military sent him on numerous trips to Japan, the Philippines, and China where he spent time studying military tactics and touring the battlefields of the Russo-Japanese War of 1905. While in the United States, Santschi met and married Amanda Marie Holmgren of Logan, Utah on June 5, 1911.

From 1914 to 1917, Santschi lived in Logan, Utah to serve as a ROTC instructor at the Agricultural College of Utah. With the war in Europe taking place Santschi was recalled to the Tactical Department at West Point, where he remained until 1919. In 1919 Santschi went to Europe and served in the army of occupation in Germany, as Chief of Staff of the 2nd Brigade, until 1922.

Thereafter, Santschi's career allowed him to serve in many positions and his military rank progressively advanced. From 1922-1923, Santschi served at the Command and Staff School, Ft. Leavenworth. From 1923-1927, he was an instructor at the Command and General Staff School. During 1927-1928 he worked at the Army War College, from 1928-1929 at the Naval War College, and from 1929-1932 in the Organized Reserves, 6th Corps Area. During 1932-1936 he was an instructor at the Naval War College and from 1936-1938 he was in Command of the 34th Infantry, at Ft. Meade. From 1938-1940 he served as Chief of Staff of the Hawaiian Division, and from 1940-1941 he was in Command of the 1st Infantry, Ft. Warren, Wyoming. In 1943 Santschi retired from the military, but because of World War II, he was recalled to active duty until 1946. In 1945 he was awarded a Legion of Merit, and the Order of the British Empire. After the war, Santschi officially retired and moved to California where he died on January 19, 1959 in Palo Alto.

In 1883, Logan, Utah's first bank was formed through a partnership between George W. Thatcher Sr., Moses Thatcher Sr., H. E. Hatch, W. D. Hendricks, S. T. Josselyn, and W. A. Rossiter, who organized the Thatcher Brothers & Company Banking with $58,500 in capital. Restructuring occurred within the bank in 1889, when it changed its name to Thatcher Brothers Bank Company (TBBC), and had $100,000 in capital. Within a year the bank built a large brick structure for $70,000 dollars on Center and Main Street of Logan (the current location of the Wells Fargo Building). This new building housed the Thatcher Brothers Banking Company on its lower levels and the Thatcher Opera House on its two upper floors. From 1889 to 1913 the Thatcher Brothers Banking Company acted as trustee for the sale of endowment lands from the Brigham Young College in Logan. With Moses Thatcher's involvement in the bank, and his status as an apostle for the Church of Jesus Christ of Latter-day Saints, some people perceived the Thatcher Brothers Banking Company as a "Mormon bank." In response a gentile-operated bank, the First Security Bank of Logan opened in competition to the Thatchers in 1892. Thereafter a number of banks opened in Cache Valley, such as the Hyrum State Bank (1908), the State Bank of Richmond (1908), and the West Cache Bank (1915). With the death of George W. Thatcher in 1902, H. E. Hatch became acting president of the Thatcher Brothers Banking Company until the 1930s.

Misfortune struck at 5:00 pm on April 17, 1912 when the Thatcher Bank caught fire, consuming the entire structure. Although this was the end of the Thatcher Opera House, temporary quarters were arranged to continue banking. By 1915 a new $150,000 building was erected on the site of the burned structure. With business continuing, the Thatcher Brothers Banking Company took over the assets and liabilities of the West Cache State Bank in 1922. Financial difficulties from the agricultural depression of the 1920s hurt the banking industry in Cache Valley, and in 1928 the First Security Corporation acquired ownership of the Thatcher Brothers Banking Company, the State Bank of Richmond, and the Hyrum State Bank. In 1933 the Thatcher Brothers Banking Company changed its name to the First Security Bank of Logan.

Sources:

Mss Collection 3: Thatcher Brothers Banking Company records, box 1, Fds 25-31. Mss Collection 43: The Cache Valley Historical Society papers, box 2, Book 2.