ISHPEMING — Although it was not the first chartered bank in Ishpeming, the Peninsula Bank was the first state chartered bank in Ishpeming and in the county of Marquette.

Prior to 1884, the banks in Ishpeming were privately run and most did not last for long. The DF Wadsworth bank failure in 1883 was especially costly for the city, as they had money deposited in the bank. The Ishpeming National Bank, chartered in 1884, was the first bank to have staying power and the Peninsula Bank was the second. The Ishpeming National Bank would become Miners National Bank in 1901.

“Several gentlemen of this city and others from Marquette have formed the preliminary organization for the establishing of a second bank in this city and are seeking to make it of national kind, having already applied to the government for a charter. All the stock has been subscribed and it is the intention to locate the institution in the new building of Mr. John R. Wood, now being erected on the corner of Main street and Cleveland avenue, and in which a vault for banking purposes is being constructed. Among the names mentioned in connection with the enterprise we hear those of Messr. John R. Wood, Capt. Sedgwick, H.H. Mildon, S.S. Curry and J. N. Wilkinson. As soon as further particulars can be learned we will impart them to the public.” (Iron Ore, August 6, 1887)

The bank would not carry a national charter as $50,000 in deposits were needed to secure a national charter. However, only $25,000 in deposits were required for a state charter, so the bank would be a state bank.

The building housing the bank and in the process of being completed had one major flaw. “At the council meeting Wednesday evening it was stated that the north wall of the foundation of the Wood building encroached on Bank Street sixteen inches, the matter being left to the street committee to investigate. It is a well known fact that the buildings of this city as well as the lots, are badly out of place, and if all were put where they belong there would be the liveliest moving heard of in the annals of our town. Careless surveys have caused a general shifting of lines from their true position until they are pretty badly mixed.” (Iron Ore, August 6, 1887)

Like most of the buildings of that time period, the Woods building was two storied. The bank occupied the first floor and there were offices on the second floor, including insurance agents. This arrangement ensured the maximum amount of rent went into the owner’s pocket. At some point in time, the building was sold to the Peninsula Bank.

In January of 1899, there was a fire at the bank, but the fire department was only a block away, on the corner of Bank and 1st street, so it was quickly put out. When the Miners National Bank building exploded in November of 1905, windows were shattered, but the damage was slight and did not affect the operations of the bank.

The building was remodeled in 1921, a major effort requiring the business part of the bank to move to temporary quarters.

In 1933, during the depression, both banks in Ishpeming were closed to allow examiners to assess each bank. The Peninsula Bank was able to reopen in the summer, but stockholders were required to pay $100 a share back to the bank. All monies owed to depositors were eventually repaid, but repayment took several years.

In 1947, the Peninsula Bank expanded by purchasing 102 Main Street and remodeling the two structures. This space was badly needed by the bank, as it had outgrown its present space. Its second expansion involved purchasing the property at 104-106 Main Street. That property had once been Hughes Mercantile and then clothing stores.

In recent years the bank has gone from the Peninsula Bank, to Pen Bank, then to m-Bank and finally, Nicolet Bank. Each name change represented a purchase or merger. But for 137 years, a bank has occupied that corner of Main and Cleveland streets.