Clark, Robert Carlton, Ph.D. "History of the Willamette Valley Oregon." Vol. 2. Chicago: Chapman Publishing Company, 1927. p. 25. M. GILBERT GUNDERSON For nearly twenty years M. Gilbert Gunderson has been closely identified with banking operations in Silverton and his progress has been commensurate with his industry and ability. He also fills an important civic office and is likewise a successful agriculturist. He was born in August, 1877, in Racine county, Wisconsin, and was a child of five when his parents, Paul and Martha Gunderson, migrated to Minnesota. His father followed agricultural pursuits and was also a dealer in farm implements. He died in Minnesota in February, 1919. and his widow now resides in Silverton. M. Gilbert Gunderson supplemented his public school education by attendance at Highland Park College in Des Moines. Iowa, and for live years devoted his attention to the occupation of fanning. In 1907 he came to Silverton and for two years was connected with mercantile affairs, filling the position of clerk. He then entered the Coolidge & McClaine Bank and diligently applied himself to his tasks, gradually mastering the intricate details of modern finance. His efforts were rewarded by promotion and since 1920 he has been cashier of the bank, to which he has given eighteen years of faithful, efficient service. The other officers are: M. M. Keene, president; Alfred Coolidge. vice president; and C. A. Reynolds and J. A. Campbell, assistant cashiers. The bank has a capital stock of fifty thousand dollars and resources of approximately one million three hundred and fifty thousand dollars. Its statement of December 31, 1926, showed deposits of one million two hundred and sixty-five thousand five hundred and fifty-six dollars and surplus and undivided profits amounting to thirty-three thousand eight hundred and eighty-two dollars On Monday, November 20, 1922, the hank took possession of its new home, which was designed by Strong & McNaughton, Portland architects, and erected hy Anderson & Range, a local firm of contractors. The furniture and fixtures were supplied by Aige & Company of Portland and the plumbing and heating systems were installed by the Silverton Plumbing Company. The building is modern in every detail and an ornament to the community. The firm of Coolidge & McClaine is almost as old as Silverton and antedates the statehood of Oregon. It was about 1859 that Ai Coolidge and Fielding McClaine combined their capital for the purpose of buying stock and land and this association was continued for more than forty years. It was terminated by the death of one of the partners and some of the land which they acquired at an early date is still in possession of their heirs, notably a portion of the Barger claim. Silverton was the scene of their operations during practically their entire lives. They owned a sawmill, a flour mill at Milford and also the Silverton plant, which is now operated under the style of the Fischer Flouring Mills. They entered the live-stock industry and also engaged in merchandising. The bank was opened in 1880 by Alfred Coolidge and A. F. McClaine and its first location was in the Winkler Brothers building near J. Wolford & Company's corner on the east side of Main street. In 1882 the company erected a building which they occupied for eight years and the structure was afterward moved to the ground on which the post office now stands. About 1890 a second hank building was erected on the present site and in this the business was transacted until 1922. when the old structure was replaced by the one in which the bank is now housed. In February, 1882, Alfred Coolidge went to Coif ax, Washington, and for a few years the business was managed by A. F. McClaine, who removed to Tacoma, Washington, in 1887, and M. J. Adams succeeded him as cashier and manager of the business. Soon afterward the banking interests of Coolidge & McClaine were incorporated under the laws of the state of Oregon and at that time the entire capital of twenty-five thousand dollars was held by Ai and Alfred Coolidge, Fielding and A. F. McClaine, and M. J. Adams. For a considerable period no dividends were paid and at one time the institution occupied third place on the honor roll of state banks, having a large surplus in proportion to its capitalization—a rating exceeded only by a bank in Vermont and the San Francisco bank of Wells Fargo & Company. Some years later the bank was reincorporated and the capital stock was increased to fifty thousand dollars. About the time that the bank of Coolidge & McClaine was incorporated the various land interests which represented the accumulations in real estate since 1859 of Ai Coolidge and F. McClaine as partners were incorporated under the name of Ai Coolidge & Company with an interlocking directorate with the above mentioned bank and this arrangement still continues. For forty-seven years the bank has been a strong force for financial progress in this community and the extent of its business today is an eloquent testimonial to the quality of service rendered by the institution. In 1901 Mr. Gunderson was united in marriage to Miss Helen Paulson, who was born in Minnesota, and both are active in social affairs of Silverton. Mr. Gunderson finds diversion in farming and owns a fine ranch near the town. He has made a study of stock raising and is a breeder of registered Jersey cattle and Poland China hogs. He is one of the directors of the firm of Eastman Brothers and also of the Oregon Linen Mills, a Salem industry. The Silverton Chamber of Commerce numbers him among its progressive members and his religious views are in accord with the teachings of the Lutheran church, of which he is treasurer. Mr. Gunderson is a broad-gauged man of proven ability and integrity, and the respect accorded him is well deserved. ******************* Submitted to the Oregon Bios. Project in June 2016 by Diana Smith. Submitter has no additional information about the person(s) or family mentioned above.