Historic Businesses: Pioneer Trust Bank

Early view of Ladd & Bush Bank

May 11, 2017 Episode.

Salem's first bank, Ladd & Bush Bank, first opened its doors on March 29, 1869. Asahel Bush, owner and publisher of the Oregon Statesman newspaper since 1851, partnered with Willam S. Ladd, a Portland merchant since 1851 and then in his second term as mayor of Portland, to open the first bank in this relatively young community.  With statehood officially achieved just 10 years before, Salem was still a rough and tumble town. The telegraph had come to town just five years earlier in 1864, and railroad services wouldn't be available for another year.  The telephone wasn't yet invented. The first phones would be displayed at the State Fair in 1877, but public service wouldn't be available until 1890.  Both the telegraph and the telephone were brought west at the urging of the state's newspapers, with Mr. Bush being at the forefront of the effort.  It wouldn't be until the 1880s that another bank would provide any local competition.  What has this to do with the history of the Pioneer Trust Bank, you may ask. The world in the mid-1800s was indeed very small, and the circles of acquaintance very narrow.  

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Asahel Bush II, 1824-1913

Asahel Bush IV (l), Asahel Bush II, Asahel (A.N.) Bush III (r), c1906 (SPL)

William S. Ladd, 1826-1893

The bank continued to grow over the years, providing a reputable service for both the businesses in town as well as the residents.  Often, as lawyers and other such professionals were few and far between in the Oregon country, a bank would become more than just the depository for funds, but also act as a repository for documents, including deeds, wills, and other business contracts. The nearest trust company, the type of business that usually handled these things, was located in Portland, nearly a day's journey north.   In 1924, Ladd & Bush Bank expanded to provide trust services locally, and A.N. Bush, Asahel's son, organized the independent trust company which would have quarters adjacent to the main bank. 

As the new president of the trust company, A.N. would take with him another bank employee, Henry V. Compton, to serve as the vice-president. Henry Compton had first arrived in Salem in 1900 when he detoured from his travels to new employment with a trust company in San Francisco to visit his uncle, Louis Compton, warden of the state penitentiary at the time. Henry decided to stay in Salem, and soon took employment at another new bank, the Bank of Commerce. During a proposed merger with First National Bank in the early 1920s, he left the Bank of Commerce for a position at Ladd & Bush Bank, where his skills and reputation were very much appreciated.  A.N. and Henry worked desk-by-desk for many years, and with the passing of A.N. in 1937, Henry assumed the position of president.

US National Bank, c1909

US National Bank, 1924, soon to be home of Pioneer Trust Company

Thus begins the long history of the Compton family with the venerable institution of Pioneer Trust and Bank. In fact, three generations of the Comptons - Henry V, son Stuart, and twin grandsons Randy & Michael - have overseen the operations of this business, continuing to this day. They have witnessed and endured the changes to banking following the Crash of 1927, the Great Depression of the 1930s, the war bond years of the 1940s, the economy booms after WWII, along with the recessions of more recent years.  The business has changed over the years, adding commercial banking to their trust services, but not their commitment to great customer service and to the community as a whole. Institutions of such longevity and high respect are a priceless asset to any community, and we thank them for their service here in Salem.

Michael & Randy Compton, Pioneer Trust Bank Vault, 1999 (StatesmanJournal)