Capital National Bank (Salem, Or.)

The Capital National Bank of Salem, Oregon, was founded by John Henry Albert (1839-1920) and R. S. Wallace (1849-1891) on November 23, 1885. It ranked second, both in age and assets, after the well-known Ladd & Bush Bank of Salem, and was responsible for financing Salem's first bridge and fire engines, among other ventures.

John Henry Albert served as cashier and manager of the new bank, while R. S. Wallace, co-founder and bank president for a number of years, remained occupied primarily with running his farming business. Albert, who arrived in Salem in 1865 to work for G. W. Gray & Company, gained his banking experience by serving in various positions, including that of cashier, the with Ladd & Bush Bank.

In addition to R. S. Wallace, bank presidents included Dr. William A. Cusick, John Henry Albert (1898), Albert's son-in-law George F. Rodgers (1920), and Daniel J. Frey, who took over after Rodger's death in 1920.

In 1923, Capital National Bank became the First National Bank of Salem; it merged with the Salem Bank of Commerce in 1929, creating merged assets of $3,113,496 and deposits of $2,634,188.

John Henry Albert's son, Joseph Holman Albert, also served with the bank for many years, primarily as cashier. Much of the correspondence and material in the collection is connected with these two Alberts, their family affairs, and associated businesses.