J. B. Wilgus & Company commenced business as a private bank on February 7, 1872 and was temporarily located in the Kastle & Hoeing store on Main Street. The private bank shortly relocated to the Wilgus Building on Main Street, between Mill and Broadway. The new firm was composed of John B. Wilgus, D. Frederick Wolf, John T. Miller and John Clark as Partners; with William Bright, Cashier and Frank Gilmore, Teller. These individuals were previously involved with Captain Wilgus in the management of the City National, leaving the prior month over management differences.
The new firm proposed "to transact its business upon the most liberal basis. Money will be received on deposit subject to check on site, collections made on the surrounding towns without charge, and bonds and stocks bought and sold on commission."
In 1874, Messrs. Miller and Wolf resigned from the firm. Four years later, after surviving a fifty thousand dollar loss on a single note, followed by an eight-day run, the firm was nationalized in 1878 as the National Exchange Bank of Lexington.
