Trust Company Formed
The story began when Asahel Bush and William S. Ladd organized Ladd and Bush Bank in 1869. Asahel Bush was the founder, editor and publisher of The Oregon Statesman which he sold in 1863. Asahel Bush died February 13, 1913.
This institution prospered and expanded and as the years passed it became evident that, in addition to the normal banking services of the day, there was a need for local trust services. Therefore, A.N. Bush, son of Asahel Bush, formed a separate trust institution which was incorporated May 13, 1924 under the name Ladd and Bush Trust Company.
In 1939 when A.N. Bush elected to sell Ladd and Bush Bank he named H.V. Compton to represent his interests and the bank was sold in 1940 to United States National Bank of Portland. However, Ladd and Bush Trust Company was not a part of the sale and Pioneer Trust Company was selected as the new name. At that time the company was moved from a small building adjacent to Ladd and Bush Bank to its present location at the northwest corner of State and Commercial Streets.
Leadership and Services Change
As years passed, a greater array of services was offered and leadership changed hands.
- In July 1968 Pioneer Trust became a full service bank.
- The Salem Medical Center Branch was opened at 12th and Oak Streets in 1975.
- In 1985 Pioneer Trust became a National Bank and a member of the Federal Reserve System.
- The founder A.N. Bush served as president until his death in 1953. He was succeeded by H.V. Compton. H.V. Compton in turn was followed by K.E. Wenger in 1961. He held the leadership role until 1972 when Stuart Compton was named President.
- In 1987 Stuart Compton became Chairman of the Board and Chief Executive Officer. William Meier became President. In 1991 Meier also assumed the Chief Executive Officer position.
- William Meier was named Chairman of the Board in 1998. At that time Michael Compton was elected President of Trust and Investment Services and Randy Compton was elected President of Banking Services. Randy and Michael Compton have also assumed Chief Executive Officer duties.
Volunteerism a Tradition
As has long been the case, officers and management of Pioneer Trust Bank are recognized for their involvement in community service and volunteer work with charitable organizations.
Over the years Pioneer Trust Bank officers have served on the boards and steering committees of a variety of public and community organizations.
The Salem Foundation & Pioneer Trust Bank Foundation
Further evidence of the bank's dedication to continuing community service is the work of its Salem Foundation and Pioneer Trust Bank, N.A. Foundation.
Founded in 1930 by the Board of Directors, the express purpose of the Salem Foundation is to accept and distribute gifts from individuals, families and businesses for the benefit of Salem and its citizens.
Classified by the IRS as a public charity, gifts to the Salem Foundation are tax deductible. Since its founding it has accepted many gifts and bequests and has in turn provided grants and gifts to numerous worthy individuals and organizations in the greater Salem area.
The bank also formed the Pioneer Trust Bank, N.A. Foundation to benefit local charitable organizations in the Salem area.