Lockley, Fred. "History of the Columbia River Valley, From The Dalles to the Sea." Vol. 2. S. J. Clarke Publishing Co., 1928. p. 370.
A sagacious, farsighted financier, Philip Streib has made the First State Bank of Milwaukie one of the strongest moneyed institutions in Clackamas county and, moreover, his is the record of a man whose talents have constituted effective forces in the development of this section of the state. He was born in Baden, Germany, in 1864, and his parents, Ludwig and Louisa (Steiner) Streib, were married in that country. They sailed for the United States in 1881 and located in Toledo, Ohio, where they spent a year. In May, 1882, their son Philip arrived in Portland, Oregon, and liked the country so well that he sent for his parents, who joined him in the fall of that year. His father followed the occupation of farming and was also a butcher. He resides in Milwaukie and is eighty-nine years of age, but the mother died in 1919.
In his native land Philip Streib received a good education and there was thoroughly trained in the brewing industry. For about ten years he was brewmaster of the old Gambrinus brewery in Portland and was also employed by other firms of a similar nature. The work proved uncongenial and he abandoned that line of activity in 1893, purchasing the Hotel Metropolis, situated at the corner of Main and First streets in Portland. For eleven years he successfully conducted the business and in 1904 moved to Milwaukie, where he had previously purchased a small farm for the purpose of raising produce for the hotel. He specialized in the growing of grapes and apples and devoted all of his attention to agricultural pursuits until 1909. His tract of land originally comprised thirty-four acres, which he subdivided, developing Streib's first addition to Milwaukie, and this now constitutes one of the finest residential sections of the town. Reserving a portion of the land, he continued his farming operations until 1915 and since that time all of his energies have been reserved for financial affairs.
In 1909 Andrew Bohlstedt was the leading spirit in the organization of the First State Bank of Milwaukie and associated with him in the venture were Philip Streib and other prominent men of the community. The first officers were Philip Streib, president; N. B. Harvey, vice president; F. Birkemeier, secretary; W. F. Lehman, treasurer, and A. Bohlstedt, cashier. On the death of Mr. Bohlstedt in 1915, A. H. Zanders was elected cashier and has since served in that capacity. From the time of its founding Mr. Streib has been president of the bank, of which Philip T. Oatfield, of Concord, is vice president, and the other members of the directorate are John F. Risley, who lives on the river road; John R. Oatfield, of Concord; A. H. Zanders, of Milwaukie; and Oscar T. Olsen and J. H. Kuks, residents of Portland.
The bank was opened in February, 1909, with a capital of fifteen thousand dollars and no surplus. Its first home was the Evangelical church edifice at the corner of Main and Washington streets, and there the business was conducted until 1910, when the present building was erected. About 1912 the capitalization was increased to twenty-five thousand dollars and this sum has remained unchanged. The bank has a surplus of seventy-five thousand dollars, all of which has been earned, and the present resources are approximately nine hundred thousand dollars. From 1915 until 1924 the stockholders of the institution received an annual profit of ten per cent on their investment and since the latter year the bank has paid a dividend of fifteen per cent. Savings and commercial departments are maintained by the institution, which is a member of the Clackamas County, Oregon State and American Bankers Associations. The bank was started as a convenience to the citizens of this community, with no thought of personal gain, and has been a helpful ally of the business organizations of the locality. Under the wise management of Mr. Streib it has constantly grown in usefulness and power, contributing materially not only to the upbuilding of Milwaukie but also to the development of the north end of the valley,
In 1887 Mr. Streib was married in Portland to Miss Carolina Muench, also a native of Germany. Her father, Gottlieb Muench, was a passenger on the same boat in which the Streib family crossed the ocean and in 1849 he went to California, spending about fifteen years in the Golden state. On his return to Germany he was married and subsequently brought his family to the Pacific northwest, settling in Oregon. Mr. and Mrs. Streib have two children. The son, Philip, Jr., was formerly engaged in farming in Washington county, Oregon, and now resides in Portland. He is married and has a family of four children: Hazel, Betty, Fred and Evelyn, all of whom were born in the Rose city. The daughter, Elizabeth, completed a business course, becoming an expert accountant, and for some time was assistant cashier of the First State Bank of Milwaukie. She is now the wife of Joseph Franz, a prominent business man of Portland, and they have two children, Elsie and Robert W.
Mr. Streib belongs to the Turnverein and the German General Aid Society, both of Portland. In Portland he joined the Benevolent Protective Order of Elks and is identified with the Milwaukie Lodge of the Independent Order of Odd Fellows. He is a member of the Milwaukie Community Club and a leader in all movements for the upbuilding and betterment of this locality. In 1903 he was active in the project for the incorporation of Milwaukie and became one of its first councilmen. The prestige which he won in that connection led to his selection for the office of mayor, which he filled for two terms, and during his administration much constructive work was accomplished. Most of the streets were paved, roadways were built and the water system was improved by making Bull run the source of the town's water supply. Later he was elected town treasurer on the republican ticket and served for twelve years, making an equally creditable record. In 1886 he was made a citizen of the United States and in the same year joined the Portland Light Battery. At the time of his arrival Portland had only one ferry, operated from the foot of Stark street, and the street railway service consisted of a horse car line on First street. Enterprising, determined and energetic, Mr. Streib has progressed with the country and combines in his character all of the qualities of a useful and desirable citizen.
Submitted to the Oregon Bios. Project in August 2010 by Diana Smith. Submitter has no additional information about the person(s) or family mentioned above.