Abington National Bank, Abington, MA (Charter 1386)
Abington National Bank, Abington, MA (Chartered 1865 - Closed (Merger) 1988)
Town History
Abington is a town in Plymouth County, Massachusetts, 20 miles southeast of Boston. The population was 17,062 at the 2020 census.
Abington was first settled by European settlers in 1668. The lands included the current towns of Bridgewater, Rockland, Whitman, and parts of Hanover. The town was officially incorporated in 1712, having been named six years earlier by Governor Joseph Dudley as a tribute to Anne Venables-Bertie, Countess of Abingdon, wife of the second Earl of Abingdon, who helped him secure the governorship of the colony from Queen Anne. The Earl of Abingdon is named from Abingdon-on-Thames in Oxfordshire (then Berkshire), UK. The original petition from Governor Dudley ordered that "the Town be named Abingdon". A marginal note on the document gave the spelling as "Abington" as it has been known ever since.
In 1769, an iron foundry was established within the town. In 1815, Jesse Reed invented a machine that mass-produced tacks, which in turn led to the shoe industry becoming established in the town. During the nineteenth and early twentieth century, the manufacture of boots and shoes was its primary industry, with nearly half of the footwear provided for the Union Army during the Civil War being manufactured by Abington factories. Abington had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized June 17, 1865
- Chartered July 1, 1865
- Succeeded Abington Bank
- Receivership August 2, 1886
- Restored to solvency February 17, 1887
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into Granite Co-operative Bank, Quincy, MA, September 1, 1988
In March 1853, the House passed a bill to incorporate the Abington Savings Bank.
In August 1859, counterfeit fives on the Abington Bank made their appearance in large quantities. They were described as two females with shield on the left, figure 5 on the right upper corner, medallion head on the lower corner and figure 5 across the face. They were distinguishable from the circumstance that the genuine reads "Abington Bank," and the spurious "The Abington Bank." Wm. Blood and James O'Hara, hailing from Boston, were arrested at Salem for passing some of these bills in that city.
In January 1869, at the annual meeting of shareholders of the Abington National Bank, the following gentlemen were unanimously re-elected directors for the ensuing year: Baxter Cobb, Jesse H. Giles, Jenkins Lane, M.S. Stetson, Sumner Shaw, Bela Thaxter, and Joshua Whitmarsh. At a subsequent meeting of the directors, Baxter Cobb was re-elected president.
In January 1884, the following were elected directors of the Abington National Bank: Richmond J. Lane, (president), Martin S. Stetson, Joseph Vaughn, James F. Cox, and Z.N. Whitmarsh.
On June 21, 1885, Hon. James F. Cox, a well known and respected citizen of Abington, member of the Legislature from the eleventh Plymouth district, died of apoplexy, aged 53 years. Besides his political position, Mr. Cox was a messenger and director of the Abington National Bank, a director of the Abington Mutual Fire Insurance Company, a trustee of the Abington Savings Bank, notary public and a prominent member of all the Masonic lodges in town, being past master of John Cutler Lodge. He was formerly a member of the shoe firm of Joseph Vaughan & Co. He leaves a widow, daughter of J.N. Farrar, Esq., cashier of the Abington National Bank, and two daughters.
On the night of June 21, 1885, Richmond J. Lane, of Lane & Pratt, 131 Sumner Street, also president of the Abington National Bank and Rockland Savings Bank, was arrested by a Pinkerton detective at Portland, and brought up before Commissioner Hallett in the post office building the next morning. Mr. Lane was a portly man, weighing some 200 pounds, and was about 53 years of age. His manner was nervous and constrained and though he tried hard not to let the fact appear, he seemed to be laboring under considerable excitement. He had nothing to say, however, as the proceedings were entirely formal. Bank Examiner Gatchell was present as was also the detective who arrested Lane. District Attorney Stearns appeared for the government, Hon. Asa A. French for the Abington National Bank. Mr. Lane was represented by B.F. Brooks of the firm of Brooks & Nichols. The immediate charge was the embezzlement of $50,000 from the Abington National Bank and on the information of Bank Examiner Gatchell, the defendant was held in Charles Street jail unable to produce $50,000. The charge was made by Bank Examiner Gatchell who stated that so far as the examination of the affairs of the bank had been made, he thought the bank would lose about $135,000 by Mr. Lane's transactions; that although this amount was fully represented by notes of Lane and others, that they were of a doubtful value. Hon. Asa P. French, who appeared for the bank, said that Mr. Lane's financial transactions would not in any way impair the standing of the Rockland and Abington savings banks, and that they were entirely sound. Mr. Brooks stated that the ability of Mr. Lane to meet his obligations to the bank depended upon the condition of the leather works at Saccarappa, Maine, in which Lane was interested. Lane secured bail on July 1st, his bondsmen being his two brothers, Alonzo and Everett Lane.
On July 1 the Abington Savings Bank had scarcely more than the ordinary demand for depositors. The depositors were evidently perfectly satisfied that the institution was able to meet all demands. The cashier of the National Bank signified his intention of stopping payment at one time which created quite a flurry among the waiting depositors. After the close of banking hours the bank had $140,000 on hand. Mr. Lane would resign as president and director of the Abington National Bank. On July 19, Albert Davis of Whitman was unanimously elected to act as president. Since 1862 he held the position of postmaster and has acted as treasurer for the old town of Abington before the division and for South Abington ever since. On August 2, the comptroller of the currency appointed John F. Simmons, Esq. receiver of the Abington National Bank.
On February 19, 1887, a settlement had been effected in the affairs of Richmond J. Lane and the Washington Reed estate. It was alleged that under Lane’s manipulation the property shrunk in value leaving the widow only a small amount. Reed’s life was insured for $30,000 and the income of this constituted her chief support. Lane had turned over notes and bonds to Mrs. Reed so that she realized more than was expected. He was expected now to enjoy his personal freedom as criminal proceedings it was thought would be discontinued.
On April 4, 1887, the Abington National Bank, which closed its doors on July 1, 1886, opened at 9 o'clock with $75,000 capital stock paid. Soon after opening, $10,000 was deposited by the stockholders.
Official Bank Title(s)
1: The Abington National Bank, Abington, MA
Bank Note Types Issued
A total of $1,202,920 in National Bank Notes was issued by this bank between 1865 and 1988. This consisted of a total of 140,068 notes (117,988 large size and 22,080 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 4x5 1 - 2100 Original Series 3x10-20 1 - 1300 Original Series 50-100 1 - 1480 Series 1875 4x5 1 - 9645 Series 1875 3x10-20 1 - 600 1882 Brown Back 4x5 1 - 1930 1882 Brown Back 4x5 2501 - 7736 1882 Brown Back 3x10-20 1 - 382 1882 Brown Back 3x10-20 601 - 1593 1902 Red Seal 3x10-20 1 - 940 1902 Date Back 3x10-20 1 - 2350 1902 DB/PB 3x10-20 2351 - 2590 Type uncertain 1902 Plain Back 3x10-20 2591 - 5631 1929 Type 1 6x5 1 - 2800 1929 Type 2 5 1 - 5280
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1988):
Presidents:
- Baxter Cobb, 1865-1877
- Richmond Jenkins Lane, 1878-1885
- Charles Nelson Cobb, 1887-1902
- Moses Noyes Arnold, 1903-1914
- William Smith O'Brien, 1915-1931
- Edmund Gilbert Crossley Sr., 1932-1935
Cashiers:
Other Bank Note Signers
- William S. O'Brien and Edmund G. Crossley signed notes as Vice President
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- Massachusetts Bank Note History
- General information on Abington (Wikipedia)
- General information on Plymouth County (Wikipedia)
- General information on Massachusetts (Wikipedia)
Sources
- Abington, MA, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- New England Farmer, Boston, MA, Sat.,Mar. 19, 1853.
- New England Farmer, Boston, MA, Sat., Aug. 20, 1859.
- Boston Evening Transcript, Boston, MA. Mon., Jan. 25, 1869.
- Boston Evening Transcript, Boston, MA, Thu., Jan. 10, 1884.
- Boston Evening Transcript, Boston, MA. Mon., June 22, 1885.
- The Boston Globe, Boston, MA, Thu., July 1, 1886.
- The Boston Globe, Boston, MA, Tue., July 20, 1886.
- The Boston Globe, Boston, MA, Tue., Aug. 3, 1886.
- Fall River Daily Evening News, Fall River, MA, Sat., Feb. 19, 1887.
- The Boston Globe, Boston, MA, Mon., Apr. 4, 1887.