Once upon a time in Ada

Things you didn’t know about your own hometown

By Lee Crouse
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July 27, 1893 the Bank of Ada changed its name to The Citizens Bank and went into assignment. This bank was owned by Peter Ahlefeld and Albert B. Charles the cashier. That there was no need for this bank to fail was demonstrated by the fact that during the liquidation period all depositors received payment in full and six percent interest. Mr. Ahlefeld was never accused of any sharp practices in the accumulation of his wealth.