Fremont CountyMuseum Blog

An Interest in Banking

The Fremont National Bank had a few different homes throughout its life. The building at the corner of 4th Street and Main Street is probably the most recognizable. The words “Raynolds Bank” are emblazoned above the corner entrance. The building was built in 1882 for the Fremont County Bank and the year over the entryway, 1874, is the year the bank was first established.

Along with his brother Jefferson Raynolds, Frederick Raynolds moved to Cañon City and started the Fremont County Bank. Less than four years after the opening of the bank, Fredrick Raynolds ceased to be a partner in the bank and was the sole owner. He was involved with other banks during this time and was the youngest bank president in the state at the age of only 26. At some point however, he decided to focus his attention on just one bank and made Cañon City his permanent home.

Frederick Raynolds was born in Canton, Ohio on September 26, 1850. He worked in a dry goods store beginning at the age of 15 until he became a traveling salesman for the Eagle Woolen Mills. He continued at that company until he went into the banking business with his brother. He was married to Magdalene Sheetz in 1880 and the couple had a total of five children although two of them died at young ages. Raynolds also started the Raynolds Cattle Company and acted as the president. He owned mines, part of the Cañon City flour mills, and tracts of land around the county. He passed away from pneumonia at the age of 56 in 1906.

At the time of his death, Magdalene took over as president of the bank until her remarriage in 1913. She sold most of her stock to George F. Rockafellow who was a cashier with the bank. During this period is when the bank became nationalized. The bank finally closed after 131 years in business in 2005 but that doesn’t mean the legacy of Frederick Raynolds has faded from memory. The former location of the bank at the corner of 4th Street and Main Street still bears his name as does one of our city streets. Through his contributions to his home, Raynolds left his mark on Cañon City.

Happy Birthday Frederick Raynolds!

Frederick A. Raynolds, ca. 1904; Copyright Royal Gorge Regional Museum & History Center
Frederick A. Raynolds, ca. 1904; Copyright Royal Gorge Regional Museum & History Center

 

One thought on “An Interest in Banking

  1. Very interesting and well written piece about this man! Love to go to Cañon City and see how well all the older buildings stand up. Live in Pueblo,

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