David Preston (banker)
David Preston | |
|---|---|
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| Born | Template:Birth date Harmony, New York, U.S. |
| Died | April 24, 1887 (aged 60) Detroit, Michigan, U.S. |
| Nationality | American |
| Political party | Prohibition |
| Other political affiliations | Republican |
| Spouse |
Jane B. Hawk (m. 1852) |
David Preston (September 20, 1826 – April 24, 1887) was an American financier, civic benefactor, and political figure. After relocating from New York to Detroit in 1848, he established his own banking firm in 1852. A committed supporter of Methodist causes throughout Michigan, Preston began his political career as a Republican before switching allegiance to the Prohibition Party, for which he ran as the gubernatorial candidate in 1884.
Early life
David Preston was born on September 20, 1826, in Harmony, New York, into a Methodist Episcopal household; his father was Reverend David Preston. He was the second youngest among ten children and received a basic education before spending four years teaching in Chautauqua County, New York. On November 4, 1848, he moved to Detroit to pursue new opportunities.
Banking
Shortly after arriving in Detroit, Preston gained experience working for four years at G. F. Lewis's banking establishment. In May 1852, he launched his own enterprise, David Preston & Company, which quickly prospered.
In 1860, following S. A. Kean’s establishment of a bank in Chicago and his partnership with J. F. Willard, Preston joined forces with them to create Preston, Willard & Kean; this entity evolved into Preston, Kean & Co. by 1872 and also achieved notable success.
When the Detroit Clearing House Association was formed on March 22, 1883, David Preston & Company counted among its original fourteen members. Preston was appointed to serve on the first standing committee. In June 1885, the business incorporated as the Preston Bank of Detroit with Preston assuming the presidency until his passing.
Politics and other endeavors
In December 1856, Preston launched Preston's United States Bank Note Reporter, initially published twice monthly; it shifted to a monthly schedule around 1861 and ceased publication by December 1865. During the Civil War period, he contributed to the United States Christian Commission and led Detroit’s Young Men's Christian Association as president from 1869 to 1870.
A lifelong member of the Republican Party initially, Preston served as alderman representing Detroit’s 5th ward from 1872 to 1873 and participated on the ways and means committee. Later in his career, he affiliated with the Prohibition Party and was their nominee for governor of Michigan in the 1884 election as well as for a seat on the University of Michigan board of regents in 1887.
Philanthropy
Preston played a significant role as a patron of Methodist organizations within Michigan. In 1864, he became part of the building committee for Detroit’s Central Methodist Episcopal Church and spearheaded fundraising initiatives that led to its completion in 1867. In 1870, he pledged $60,000 towards Albion College on condition that its trustees raise $50,000 themselves—a goal they met by 1873.
In 1881, he acquired property intended for the Cass Avenue Methodist Episcopal Church in Detroit; by 1883 sufficient funds had been raised to begin construction. Additionally, he supported the founding of Detroit’s Simpson Methodist Episcopal Church.
Personal life
On May 5, 1852, Preston wed Jane B. Hawk, who hailed from Conneaut, Ohio. Together, they raised several children, with seven surviving beyond infancy.
Death and legacy
In his later years, Preston's health deteriorated as a result of diabetes. He journeyed to Europe in 1886 in hopes of recuperation but passed away unexpectedly from heart disease on April 24, 1887.
The city of Detroit established the David Preston School in 1894, which commenced operations in 1895. Due to a drop in student numbers, the school ceased functioning sometime between the 1970s and 1980s and was ultimately torn down in October 1998.