Finance and Insurance Sector Summary
The banking industry, generally considered a stable and conservative part of modern society, had an unstable start in Wayne County. The first bank in Wooster, Ohio was the German Bank of Wooster. It was established in 1815 by Joseph H. Larwill. It failed by 1818. Lawsuits continued to be filed for several years after its failure, and it was revived in 1838, only to fail again by 1841. The Federal Government took control of all banking operations during the Civil War.
The County Branch of the State Bank of Ohio opened for business in 1845. It received its national charter in 1865, the 8th charter granted in the nation. At one time it served as the oldest operating bank in Wayne County and remained as an independent financial institution until sold to National City Bank in 2004 and then to PNC Bank in 2008.
While most insurance agencies today are part of national companies, a handful of independent insurance agencies still serve the community, including McCoy Insurance (established in 1910) and Homer Yost Agency (1927).