Prior to the development of the modern financial institutions, many enterprises and ventures were funded through the sale of subscriptions or shares (e.g. railroad, newspapers). Bank startups also followed this pattern and, by 1870, Madison had at least two local banks — both on Main Street.
The 1890s signaled growth in terms of state-chartered banking institutions: Bank of Madison (1888), Jefferson Street Bank in (1891-1908), and Bank of Morgan County (1899-1922). By 1895, banking had moved to Washington Street, where two institutions occupied existing commercial buildings and extensively remodeled to create new downtown landmarks.
Banks of this era were not typical red brick storefronts, instead they used architecture to imply their institutions were prosperous, stable, and enduring (i.e., high grade materials and classical elements). Bank of Morgan County (c. 1908) used Classical Revival (ceramic brick, columns, and portico); whereas, Bank of Madison (c. 1919) used Renaissance Revival (yellow brick, terra cotta tiles, brackets) to define itself.
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