Bank of Victor Records

The Bank of Victor was founded in 1896 by David H. Moffat, a prominent Denver banker and railroad builder. Moffat became involved in Cripple Creek through his promotion of the Florence and Cripple Creek Narrow Gauge Railroad. In 1893, he founded the Bi-Metallic Bank in Cripple Creek. Around 1901, Moffat sold out the Bi-Metallic Bank to J.F. Hadley and established the Cripple Creek State Bank. He chose A.A. Rollestone, his head cashier at the Bank of Victor, to be the head cashier of the Cripple Creek State Bank. Moffat owned, but rarely visited, these two leading banks of the Cripple Creek District until his death in 1911. At that time, they were briefly acquired by J.T. Milliken, prominent St. Louis-based owner of Cripple Creek mining properties.

At the same time, Albert E. Carlton, owner of the Colorado Trading and Transfer Company, was building his own banking empire, in competition with Moffat’s. This banking business would be the base for Carlton’s great fortune in a later period as head of the Golden Cycle Corporation, owner of the United Gold Mining Company, the Portland Mining Company and the Golden Cycle Mill. In 1898, Carlton bought out pioneer Cripple Creek banker J.M. Parker’s First National Bank in Cripple Creek. He decided lumber merchant, Larry Maroney, would be the vice president. In 1904, Carlton founded the City Bank in Victor as a competitor to Moffat’s Bank of Victor. Real estate man C.D. Hall was brought in as vice president and J.N. Simmons was hired as cashier.

After the death of David H. Moffat, A.E. Carlton bought out Bank of Victor from its new owner, Milliken, and consolidated it with his own City Bank under the name of the Bank of Victor. He brought City Bank cashier Simmons into this bank as vice president. By 1914, Carlton controlled the most important bank in each of the two gold mining towns. In Cripple Creek, the only other bank was the Cripple Creek State Bank, now owned by A.W. Morrell. In Victor, the only competitor was the short-lived Citizens Bank, owned by J.R. Gardner.

By 1924, both of these banks had folded and A.E. Carlton was left as the sole banking interest in the two declining gold mining towns. Increasingly, their business was related to the liquidation of property holdings in the two towns. In 1916, Carlton brought his brother Leslie G. Carlton into his banking business as one of the directors. In 1922, L.G. Carlton became president of First National Bank of Cripple Creek. In 1926, the Bank of Victor closed, having been consolidated with the First national Bank of Cripple Creek. The First National Bank continued operations until 1971 when it lost its national charter and closed. It reopened after a two year cessation of business, as the Bank of Cripple Creek under a state charter.

CHRONOLOGY

1892 (?) Founding of First Bank in Cripple Creek by J.M. Parker 1893 Bi-Metallic Bank founded at Cripple Creek by david H. Moffat. 1896 Bank of Victor founded by David H. Moffat 1898 Albert E. Carlton bought J.M. Parker’s First National Bank of Cripple Creek 1901 Bi-Metallic Bank sold by Moffat to J.F. Hadley 1904 Moffat founded Cripple Creek State Bank 1911 Death of David H. Moffat 1913 (?) A.E. Carlton bought Moffat’s Bank of Victor from J.T. Milliken 1913 City Bank in Victor closed 1916 Leslie G. Carlton brought into banking business as a Director 1920 Citizens Bank in Victor closed 1922 Cripple Creek State Bank Closed 1922 L.G. Carlton became president of First National Bank, Cripple Creek 1926 Bank of Victor closed by consolidation with First National Bank of Cripple Creek 1932 Death of Albert E. Carlton