Dexter Horton
Encyclopedia
Dexter Horton was the founder of the first bank
in the City of Seattle. Before his founding of the Bank of Dexter Horton in 1870 financial transaction
s were conducted by merchant
s.
Dexter Horton was born in 1825 in Seneca Lake, New York. He was raised on a farm his family acquired in the state of Illinois
. As a young man he traveled to Oregon with others who were living in his area. Having lived in Oregon for a time he relocated to Seattle. After working as a mill hand for Henry Yesler
he opened a general store. This business succeeded. A part of the business was making loans and accepting deposits from customers. In 1870 Dexter Horton opened up the first business dedicated to serving as a bank. It was one of the corporate ancestors of Seattle First National Bank, which eventually merged into the Bank of America
.
According to Seattle lore, decades after the battle 1856 Battle of Seattle
, Seattle's future fire chief Gardner Kellogg was excavating his house and found a shell from the USS Decatur
that had buried itself without exploding. He stuck it under a stump that he was trying to burn out and went off to lunch; Dexter Horton stopped by to warm the seat of his pants at the fire, and as it exploded, nearly became the last casualty of the battle of Seattle.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in the City of Seattle. Before his founding of the Bank of Dexter Horton in 1870 financial transaction
Financial transaction
A financial transaction is an event or condition under the contract between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals.-History:...
s were conducted by merchant
Merchant
A merchant is a businessperson who trades in commodities that were produced by others, in order to earn a profit.Merchants can be one of two types:# A wholesale merchant operates in the chain between producer and retail merchant...
s.
Dexter Horton was born in 1825 in Seneca Lake, New York. He was raised on a farm his family acquired in the state of Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
. As a young man he traveled to Oregon with others who were living in his area. Having lived in Oregon for a time he relocated to Seattle. After working as a mill hand for Henry Yesler
Henry Yesler
Henry L. Yesler was an entrepreneur considered to be Seattle, Washington's first economic father and first millionaire. He arrived in Seattle in 1852 and built a steam-powered sawmill, which provided numerous jobs for those early settlers and Duwamish tribe members...
he opened a general store. This business succeeded. A part of the business was making loans and accepting deposits from customers. In 1870 Dexter Horton opened up the first business dedicated to serving as a bank. It was one of the corporate ancestors of Seattle First National Bank, which eventually merged into the Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
.
According to Seattle lore, decades after the battle 1856 Battle of Seattle
Battle of Seattle (1856)
The Battle of Seattle was a January 26, 1856 attack by native Americans upon Seattle, Washington. At the time, Seattle was a settlement in the Washington Territory that had recently named itself after Chief Seattle , a leader of the Suquamish and Duwamish peoples of central Puget Sound.Backed by...
, Seattle's future fire chief Gardner Kellogg was excavating his house and found a shell from the USS Decatur
USS Decatur (1839)
USS Decatur was a sloop-of-war in the United States Navy during the mid-19th century. She was commissioned to protect American interests in the South Atlantic Ocean, including the interception of ships involved in the African slave trade...
that had buried itself without exploding. He stuck it under a stump that he was trying to burn out and went off to lunch; Dexter Horton stopped by to warm the seat of his pants at the fire, and as it exploded, nearly became the last casualty of the battle of Seattle.