Bank of Stockton
| Company type | Private |
|---|---|
| Industry | Banking and finance |
| Founded | August 12, 1867 in Stockton, California, United States |
| Headquarters | Stockton , United States |
Area served | Northern California |
Key people | Douglass Eberhardt II (President) |
| Products | Banking services |
| Website | www |
Bank of Stockton is a community-focused financial institution established in 1867 and based in Stockton, California. With a history spanning more than 150 years, it ranks among the largest community banks in San Joaquin County. The bank maintains 20 branches distributed across 16 cities within 9 counties throughout Northern California. Notably, it holds the distinction of being California's longest-operating bank under its original charter.
Founders
The incorporation certificate for the Stockton Savings and Loan Society, the bank's initial name, was officially filed on August 12, 1867, with the San Joaquin County clerk. The founding assembly consisted of 29 individuals who convened at the Union Copper Mining Company office in Stockton. Among these original organizers were P. E. Connor, O. M. Clayes, R. B. Lane, H. H. Hewlett, James Littlehale, E. Conklin, Chas. Belding, J. McMullen, J. B. Webster, Wm. Fogarty, A. W. Simpson, L. U. Shippee, James Taylor, H. B. Underhill, R. B. Smith, L. Howard, J. M. Kelsey, John Sedgwick, Samuel Miller, H. Dohrman, W. P. Miller, E. S. Pillsbury, Andrew McShane, B. W. Bours, Chas G. Hubner, L. M. Hickman, L. L. Howland, Timothy Paige, and Thomas Volland.[1] These founders committed to raising $100,000 in U.S. gold coins as initial capital.
J. M. Kelsey was chosen as the inaugural president; at that time he served as San Joaquin County Treasurer and Tax Collector and held an executive position at the Union Copper Mining Company. The first cashier was James Littlehale, who had experience as city treasurer from 1866 to 1874 and worked as secretary-treasurer at Union Copper Mining Company while managing a produce brokerage firm. B. W. Bours hailed from a pioneering family prominent in local landholding and banking; L. U. Shippee later assumed the presidency as the second leader of the bank and was known as a significant landowner in the region.
Andrew W. Simpson was among the initial board members and held the vice president role for 54 years (1867–1921). Arriving in Stockton in 1851, he engaged in lumber trade and local politics and served as a delegate to the 1888 Republican National Convention; his son and grandson continued his involvement on the board through leadership changes into the mid-20th century.
Charles Haas joined the board in 1868 and remained until 1911; his family members also served as directors well into the mid-1900s.
These founders were self-made entrepreneurs and esteemed civic leaders who laid a solid groundwork for Bank of Stockton’s long-lasting role within California’s banking industry.[2]
Early years
The bank’s initial office space was shared with the Union Copper Mining Company at a monthly rent of $41. Upon opening on September 20, 1867, it demonstrated strong community trust by granting loans prior to receiving deposits—the first loan issued was $1,000 followed by a commercial deposit from Jones, Hewlett & Sons; H. H. Hewlett was both a founder and director with prominence in Pacific Coast banking circles. Within just 24 days of operation, business transactions reached $100,000 largely due to the reputable standing of its founders.
Operating under a commitment known as "An Agreement with Depositors," the bank pledged to prioritize depositor security above profit motives when issuing loans or making investments.
By 1875 expanding operations necessitated relocation to larger quarters; the bank leased space in the McKee Building at Hunter and Main streets for ten years. After President Kelsey passed away in 1877, L. U. Shippee took over as president for sixteen years and notably introduced California’s first State Fair to Stockton during his tenure. In 1893 Fred M. West succeeded Shippee; he deepened community engagement and supported bringing both Santa Fe and Western Pacific Railroads to Stockton while serving as the inaugural president of the Stockton Chamber of Commerce.
In 1903 the bank acquired the "Arcade Property" located at Main and San Joaquin streets for $75,000; three years later shareholders approved investing $250,000 to construct a new headquarters on this site—celebrated locally as "Stockton’s First Skyscraper"—which became an iconic landmark.
Leadership within the Wilhoit family shaped much of this era: R.E. Wilhoit joined the board in 1894 and assumed presidency in 1909; he was also active in numerous public service roles within the community. His son Eugene L. Wilhoit succeeded him in 1917 and led until 1949; under Eugene’s guidance the bank earned a reputation often referred to as "Wilhoit Bank," symbolizing reliability to depositors and investors alike.
Eugene Wilhoit played an instrumental part in relocating University of the Pacific to Stockton during the 1920s by collaborating with Tully C. Knoles to secure funding for moving the institution from San Jose and providing essential financial backing after its arrival—thus strengthening educational opportunities and community connections locally.
Growth and Change
In 1949, R. L. Eberhardt assumed the role of the sixth president at Bank of Stockton. A University of California alumnus and decorated World War I veteran, he brought a wealth of banking expertise, having served as a state bank examiner and assistant vice president within the institution. During his tenure, the bank's assets expanded from $9 million, leading to the completion of its contemporary Stockton headquarters in 1960. He remained president until 1963, when his son, Robert (Bob) Eberhardt, succeeded him.
Bob, a graduate of the University of the Pacific and an Air Force veteran, began his career at the bank in 1956 after experience as a state banking examiner. He was promoted to vice president in 1959 and took on the presidency in 1963. Bob also held leadership positions such as heading the Independent Bankers Association of Northern California and became one of the youngest presidents of the California Bankers Association by 1969, championing the legislative interests of community banks.
In 1968, under Bob's guidance, the bank purchased land for its inaugural branch office—Carson Oaks—which opened in 1970. The 1980s marked continued expansion with the acquisition of Mid-Cal National Bank, adding four branches throughout San Joaquin County. The bank further extended its footprint in 1990 by acquiring Royal Oaks Savings and Loan deposits, establishing a presence in Ripon.
Bank of Stockton was a pioneer in adopting new technology, launching the Image Check System in 1993—the first on the West Coast to digitally replace canceled checks with images. That same year, Bob Eberhardt secured the Leonard Covello photographic archive to safeguard local history, eventually growing the collection to over 40,000 photographs.
Following Bob’s death in 1994, Douglass M. Eberhardt became the eighth president, continuing the family’s leadership legacy. A College of the Pacific graduate with advanced banking credentials and military background, Doug prioritized community engagement and supported the university’s Eberhardt School of Business.
Doug broadened operations by opening a new office in Manteca in 1997 and acquiring three Bank of America branches that same year, entering markets such as Angels Camp, Rio Vista, and Ripon. By May 1999, Bank of Stockton distinguished itself as the first community bank in Central Valley to surpass $1 billion in assets.
Expansion persisted with an Oakdale branch opening in 2003 and acquisitions later that year of Modesto Commerce Bank and Turlock Commerce Bank, bringing over $330 million in assets and extending into Stanislaus County. Elk Grove Commerce Bank was established in 2006; Modesto Commerce Bank expanded further in 2008; and in 2009, the bank acquired Wachovia’s Sonora branch. The purchase of three First Bank branches located in Brentwood, Napa, and Fairfield during 2015 increased assets to $2.4 billion and expanded operations into Contra Costa and Napa counties.
In 2015, Douglass Eberhardt II was appointed as the ninth president, marking four generations of Eberhardts leading over a century and a half. Formerly executive vice president and a University of the Pacific business graduate, Douglass II continues to uphold family tradition.
By July 2016, Bank of Stockton unified its divisions—Modesto Commerce Bank, Turlock Commerce Bank, and Elk Grove Commerce Bank—under one consolidated Bank of Stockton brand.