It's A Wonderful Westerville Life - 2025
The Stock Market Crash of 1929 Changed Westerville Banking
Before the Great Depression, Westerville was a confident and growing town. Local businesses were doing well, families were moving in, and the new 3C Highway brought more opportunities. Looking back, it was a hopeful time, much like the start of It’s a Wonderful Life.
That optimism was shaken nationwide in the fall of 1929, when the stock market collapsed, sending shockwaves through the American economy. At first, Westerville appeared insulated from the worst of the crisis. Daily routines continued, storefronts stayed open, and many residents believed the town would escape the hardships gripping much of the country.
But that feeling of safety ended suddenly on November 25, 1931, just two days before Thanksgiving.
That morning, the State Superintendent of Banks took control of the Bank of Westerville. With almost no warning, the town’s only bank closed, leaving the community in an economic shock most people had never faced before.
The loss was sudden and felt by everyone. People couldn’t access their savings, get loans, or cash paychecks. All banking stopped, and no one knew what would happen next. Worry and hopelessness spread quickly, and the timing, right before the holiday, made it even harder for many.
Lions Club Creates the “Iron Bank”
After the bank closed, people were upset and angry, and many looked for someone to blame. During this difficult time, the Lions Club, which was still new in town, decided to help in a different way.
Instead of focusing on blame, the Lions Club looked for solutions. Leaders like W. B. Johnston and Wilson Cellars tried every possible way to reopen the Bank of Westerville. When that didn’t work, they kept trying. They called a community meeting at the high school, and from that meeting came a bold but simple idea: to create an ‘Iron Bank.’
The Iron Bank was a temporary fix, offering basic but essential financial services when there were none. It helped people meet their needs and brought some stability when things felt uncertain. Most of all, it showed the community that neighbors could still count on each other.
That spirit of working together soon led to a lasting solution. The Lions Club helped start Citizens Bank. People all over Westerville became shareholders, often buying just one or two shares. With small investments, hard work, and shared effort, the town built its banking system again from scratch.
Westerville’s story of going from good times to hard times and back again shows the power of sticking together. It proved that when people work together, they can overcome even the toughest challenges.
A Building That Keeps Telling the Story
The Citizens Bank building is still in Uptown Westerville, quietly reminding people of that critical time in the city’s history.
Recently, Middlefield Bank traded the historic Uptown property to the City of Westerville for land in the Westar development near Cleveland Avenue and Polaris Parkway. The bank built a new facility there and still serves the community from that spot.
The city now owns the old bank building and is expected to sell it to a developer, just like it did with another landmark across the street. The old post office, once a busy part of Uptown, is now High Bank Distillery, a restaurant and speakeasy that has brought new life to the building.
As Westerville grows, the old bank building still stands as a symbol of the town’s history. Almost a hundred years ago, it represented teamwork and determination during the Great Depression. Now, it waits for its next use, holding the memory of a community that united when it was needed most.
The Lions Club Today
The Lions Club remains an active presence in Westerville, especially during the Christmas season. While the club no longer sponsors the traditional Christmas parade, it continues to bring the community together through events such as the Rudolph 5K Run/Walk & Winterfest. These gatherings blend celebration with service, carrying forward a spirit that has long defined the organization.
Outside of the holidays, the Lions Club continues to support vision care and the community. Members give vision screening tools to local schools, offer free eye exams for kids, collect and share eyeglasses, and help pay for glaucoma tests and cataract surgeries for those who need them. The club also supports Pilot Dogs for the Blind, delivers Christmas food baskets to families, and gives scholarships to Westerville high school students.
Almost a hundred years after helping Westerville through one of its most challenging times, the Lions Club still upholds the same values that helped the town through the Great Depression: service, teamwork, and belief in the power of community.
The Westerville News is a reader-supported publication by Gary Gardiner, a lifelong journalist who believes hyper-local reporting is the future of news. This publication focuses exclusively on Westerville—its local news, influence on Central Ohio, and how surrounding areas shape the community.
Explore more hyper-local reporting by subscribing to The Hilliard Beacon, Civic Capacity, Marysville Matters, The Ohio Roundtable, Shelby News Reporter, This Week in Toledo, and Into the Morning by Krista Steele.
