History of Whiting’s Banks: Part One

Anthony Borgo March 2025

Organized banking in Lake County had its origin with the establishment of the First National Bank of Crown Point in 1874.  Once Whiting was incorporated as a town, it did not take too long for its leaders to enter the banking world.  Over the next few months, I will document the rise of some of Whiting’s banking institutions.

Bank of Whiting

The arrival of Standard Oil proved advantageous not only to Whiting, but also Henry Schrage.  In 1895, the year Whiting was incorporated as a town, Henry Schrage sold approximately 50 acres of his land to the refinery.  With this newfound wealth, Schrage established the Bank of Whiting.  The bank was officially founded on April 21, 1895, with a total capital of $35,000 and $5,600 in deposits.

As Whiting soon began to grow and develop, so did the Bank of Whiting.  In 1895 Henry Schrage erected what was then considered a building “large enough for several years to come.”  However, by 1911 the bank’s headquarters were already insufficient for the amount of business being transacted.  Schrage moved his financial headquarters from its original location at 1738 119th Street to its current location at the corner of New York Avenue and 119th Street.

The Bank of Whiting was now housed in a brand new 2-story structure.  Herbert Ericson designed the bank.  The building was built at a cost of $50,000.  The bank was constructed of gray brick with a stone trim.  The mason contractor for the job was J. H. McClay.  The ground floor consisted of the bank (38 x 59 ft.), a storeroom (25 x 66 ft.), and a large multipurpose room (28 x 66 ft.), where the post office was relocated.  The second story of the structure was divided into 20 office rooms, which were rented.

The interior of the banking rooms were finished in satin walnut.  The vault, the most modern of the time, was built of concrete and steel.  The Mosler Safe Company under the supervision of E. Jackson Casse, an expert bank architect, installed the vault.  The bank’s vestibule and post office floors were laid with tile.  In addition, the building was steam heated throughout and lit with gas and electricity. 

There was a private room for lady patrons, which contained a desk with chairs and a davenport.  Another interesting feature of the bank’s interior was a special room for customers who wanted to conduct their business away from the public’s eye.  Adjacent to this privacy room was Henry Schrage’s private office, where his real estate and insurance business was conducted.  The bank’s safety deposit vault was fitted with all the modern conveniences, which had a few coupon rooms, where Whiting’s bondholders could clip their coupons. 

At the time of the opening of the new bank building Henry Schrage, Sr. owned substantial property in the cities of Chicago, Hammond, East Chicago and Whiting.  The value of his real estate valued at approximately $400,000, the equivalent of $9.7 Million in 2018.  As a result, the bank of Whiting was considered more responsible than any other financial institution throughout Lake County.  The bank’s responsibilities and resources were totaled around $1 million, with deposits running somewhere around $500,000.

The Bank of Whiting was incorporated in 1917.  At this time, Henry Schrage served as Chairman of the Board, while his youngest son Walter, Sr. served as bank president.  Walter’s son, Walter Jr., joined the family business in 1933.  Walter Jr. worked his way up starting out as a clerk.  In 1941, upon the death of his father, Walter Jr. became president of the Bank of Whiting.  Walter Jr. followed in his predecessors’ footsteps by constantly staying involved in the community and operating under the business principles instilled in him by his father and grandfather.

Whiting’s first ever drive through banking service was opened to the public on February 16, 1958.  Mayor Mary Bercik was the first customer to make a deposit using the Bank of Whiting’s electric drive-in window.  The drive-in window was constructed of bulletproof glass and framed in stainless steel.  The window was located on the bank’s south side.  This new service allowed customers the opportunity to save time and at the same time relieve some of the parking problems and prevent congestion in the bank’s lobby.

In 1960 the Schrage bank’s name was changed from the Bank of Whiting to the First Bank of Whiting.  During this period the bank enjoyed substantial growth.  Under Walter Jr.’s management, the financial institution established four branch offices in the surrounding communities.  Michael E. Schrage, a fourth generation Schrage, joined the bank in 1972.  Five years later he was named president.  Likewise, in 1982 Michael E. Schrage succeeded his father as Chairman.

Over the next several years the bank continued to grow.  Much of this growth came in the 1982 merger with First National Bank of Crown Point and Southlake National Bank of Lowell.  First National Bank had at this time assets of $65 million and Southlake National Bank had assets of approximately $9.2 million. 

In 1991 the Schrage family bank’s name was again changed, this time to Centier Bank.  The bank’s new name served as a symbol reflecting the financial empire’s unique identity and expansion throughout Lake and Porter counties.

Today, Centier Bank remains an independent, family owned and family-managed institution.  The bank’s goal is to provide their clients with a world class service experience.  In addition, Centier’s mission is to build relationships with families, business and communities of the area.  Centier Bank is consistently selected as one of the “Best Places to Work” throughout Northwest Indiana.  There are now 69 banks or branches in the Centier family, with more planned to follow in the future.

The First National Bank of Whiting

The Schrage family weren’t the only individuals to take advantage of the arrival of Standard Oil and the birth of Whiting as a booming industrial town.  Gallus J. Bader and Fred J. Smith were two great financial leaders known throughout East Chicago, Indiana Harbor and Whiting.  They were the founders of some of the strongest financial institutions in the Calumet area.  Both men were born in LaPorte County, Indiana, where their parents were pioneers.  Bader and Smith first forged a partnership when they established a bakery and restaurant in Whiting.

One day, one of their restaurant guests mentioned that many possibilities laid in Whiting real estate.  The young men listened, and after several failures, they found a man who had a piece of property equivalent to thirteen city lots, which he was willing to sell for $3,000.  The only problem was that combined, the two partners had a total savings of $1,000 and had not acquired the art of borrowing yet.  However, this didn’t stop the two entrepreneurs.  The two men asked friends of theirs to join in this venture.  The property was situated on the corner of New York Avenue and 121st Street and was labeled as the Smith & Bader subdivision.

In addition, the two men were quite interested in the development of financial institutions.  They founded the First National Bank of Whiting in 1902.  The organization was completed on September 13, 1902 at a meeting of the stockholders.  At this time the directors of the new bank were chosen: Fred J. Smith, William Warwick, James Gill, Gallus J. Bader, and George H. Wilson.  The following officers were also elected at this time: Gallus Bader, president; William Warwick, vice-president; George Wilson, cashier.  The board of directors’ first item of importance was selecting a suitable location for the bank’s headquarters. 

The First National Bank of Whiting was located on the first floor of Dr. G. S. Hilliard’s brick building.  The building was located at the corner of 119th and Oliver Streets.  The bank opened for business on January 1, 1903.  The bank at this time was furnished with the most modern fixtures.  The institution was founded with a capital of $50,000.

In 1906 Smith and Bader acquired the First National Bank of East Chicago, which they later sold off.  They also purchased the Indiana Harbor State Bank.  In 1906 Smith and Bader organized the First State Bank of Tolleston.  This was followed by the formation of the International State Savings Bank in Gary and the Peoples Trust and Savings Bank of LaPorte.  In 1909 Smith and Bader became directors of the Citizens Trust and Savings Bank, formerly known as Citizens State Bank of Indiana Harbor.  They also organized the First Trust and Saving Bank of Whiting, which served as an adjunct facility to the First National Bank of Whiting.

On March 29, 1915 The First National Bank of Whiting opened its doors to its beautiful new home located on the corner of 119th Street and New York Avenue.  At the time of the bank’s construction it was considered the most elegant banking building in the state.  Clifford Wiley of East Chicago served as the building’s architect.  The bank was constructed of structural steel, waterproof brick and Bedford stone.  The cost of the building’s construction was approximately $60,000.

The interior of the structure was also quite beautiful.  The floors were tiled in Tennessee marble.  The interior fixtures were also done in marble imported from Greece and Belgium and African mahogany and bronze.  Wiley designed the bank in Grecian architecture of the Doric style. The first floor of the bank contained the president’s office, the cashier’s office, the customer’s room, the ladies rest room and the director’s room.  The main floor of the bank was finished in mahogany.  The cages and offices of the paying and receiving tellers, foreign and steamship departments ran the entire length of the main banking room.  The bank vault and safety deposit vaults were both created in the most improved style of the time.  The second floor of the bank contained several office suites, which were finished in golden oak.

Over 6,000 people were on hand to witness the opening of the First National Bank of Whiting’s new location.  According to a 1915 Hammond Times article titled “It was a Proud Day For the First Nation,” “The unprecedented attendance at the opening of the bank attests to the confidence of the public in it as an institution and the appreciation of the enterprise that made possible the construction of the beautiful new home, pronounced the most elegantly appointed in Northern Indiana.”  Each lady attending the bank’s grand opening were presented a large American beauty rose, the young girls with a carnation and cigars “Jim’s Best,” manufactured in Whiting were given to all men.  There was also string-orchestra music furnished.

            Come back next time for part two of the history of banking in Whiting, Indiana