Born in 1827, Hoyt Sherman was the youngest son of eleven children. His family included older brothers, John Sherman, the writer of Sherman Anti-Trust Act, and Civil War General William Tecumseh Sherman.
Hoyt Sherman arrived in Des Moines in 1848, and shortly thereafter, he was appointed Postmaster. He built the first post office and bank, he served on the town council, and he was very involved in local and state politics. In 1850, Hoyt purchased five acres of land for $105. President Abraham Lincoln appointed him the Army Paymaster at the start of the Civil War, with the rank of Major.
Upon his return, Hoyt teamed up with others and created Equitable of Iowa Insurance Company. During this time, he also gave his counsel, his time, and his money to ensure Des Moines had schools, including a college, a waterworks system, and many more facilities.