from The History of Hendricks County (Indianapolis: B.F. Bowen & Co., 1914)--pages 511-512
The history of banking in Indiana goes back to the year 1814, when the Territorial Legislature of Indiana passed an act providing for a central bank, with fourteen branches. The Constitution of 1816 provided for a bank, part of whose stock should be held by the state of Indiana, and this continued in effect until the adoption of the new Constitution of 1851, since which time the state has had no interest in any bank. The banks of Indiana have passed through many crises and during the internal improvement era of Indiana, many of them were forced to surrender their charters. Since 1851 the Legislature of the state has passed many laws providing for the organization of banks and at the present time the banking system of Indiana is founded upon as good a statutory basis as can be found in any of the states of the Union.
The Brownsburg State Bank was organized April 1, 1908, with the following officers: Joseph A. Tharp, president, and John L. Marsh, cashier. The bank has had a very prosperous career since its organization and at the close of the fiscal year, October 21, 1913, it issued the following statement of its financial statement of its financial condition: Resources—Loans and discounts, $102,945.90; overdrafts, $138.52; bonds and securities, $4,592.00; banking house, $4,000.00; furniture and fixtures, $3,000.00; other real estate, $1,466.92; due from banks and trust companies, $26,847.52; cash on hand, $7,094.90; cash items, $5,518.60; current expenses, $710.01; total resources, $156,314.37. Liabilities—Capital stock paid in, $25,000.00; surplus, $3,000.00; exchange, discounts and interest, $3,280.62; demand deposits, $85,018.69; time deposits, $39,967.96; due to banks and trust companies, $47.10; total liabilities, $156,314.37.
The bank does an ever-increasing business and justly merits the success which has come to it. Its officials enjoy the confidence of Brownsburg and vicinity, and this fact alone is one of the most valuable assets of the bank. A good bank is an important factor in the material advancement of any community and the Brownsburg State Bank is performing a useful service for all the varied interests of this locality.