Atlantic City National Bank, Atlantic City, NJ (Charter 2527)
Atlantic City National Bank, Atlantic City, NJ (Chartered 1881 - Receivership 1933)
Town History
Atlantic City, sometimes referred to by its initials A.C., is a coastal resort city in Atlantic County, New Jersey. The city is known for its casinos, boardwalk, and beaches. Atlantic City inspired the U.S. version of the board game Monopoly, which uses various Atlantic City street names and destinations in the game. Since 1921, Atlantic City has been the home of the Miss America pageant. In 1976, New Jersey voters legalized casino gambling in Atlantic City, and the first casino opened in 1978.
The city was incorporated on May 1, 1854, from portions of Egg Harbor Township and Galloway Township. It is located on Absecon Island and borders Absecon, Brigantine, Egg Harbor Township, Galloway Township, Pleasantville, Ventnor City, and the Atlantic Ocean. As of the 2020 census, the city had a population of 38,497. In 1880 the population was 5,477 peaking in 1930 at 66,198.
The first boardwalk was built in 1870 along a portion of the beach in an effort to help hotel owners keep sand out of their lobbies. Businesses were restricted and the boardwalk was removed each year at the end of the peak season. Because of its effectiveness and popularity, the boardwalk was expanded in length and width, and modified several times in subsequent years. The historic length of the boardwalk, before the destructive 1944 Great Atlantic Hurricane, was about 7 mi and it extended from Atlantic City to Longport, through Ventnor and Margate.
Atlantic City had six National Banks chartered during the Bank Note Era, and five of those banks issued National Bank Notes.
Bank History
- Organized Mar 24, 1881
- Chartered May 19, 1881
- Absorbed 4420 Dec 15, 1931 and assumed its circulation (Union National Bank, Atlantic City, NJ)
- Receivership Jan 30, 1933
The Atlantic City National Bank, with a capital of $50,000, organized on March 18th, 1881, opened for business on Monday, May 23rd. The directors were Joseph A. Barstow, Charles Evans, John B. Champion, Geo. F. Currie, Walter Garrett, Elisha Roberts and Richard H. Turner. Charles Evans was President and Robert D. Kent, Cashier. Before the Atlantic City National Bank came into existence, merchants and hotel men were compelled to go to Camden to deposit money or have checks cashed. It was not an uncommon matter for a person to pay a discount of 1 to 3 percent to cash a check. Getting money for commercial paper furnished a lucrative business for several wealthy residents and more than 6% was charged for the favor. Most businesses used the Safe Deposit Company of Camden and services were dependent upon a messenger who also required a fee. Businessmen daily felt the necessity of an Atlantic City institution, but not being in a financial position and with insufficient interest from the citizens to take up the stock, it looked like any project would fall through. Fortunately, the promoter of the Atlantic City National Bank, Robert D. Kent, was a man of unusual energy and an earnest and tenacious worker. He perceived the opportunity and was specially qualified from his knowledge of banking which he acquired as a teller in the Mechanics National Bank of Philadelphia. Mr. Kent was able to persuade three men to take the balance of stock. This trio was composed of Messrs. Charles Evans, Joseph Barstow, and J.B. Champion. The bank obtained a charter and opened for business in the Spring of 1881. It was located first in the store occupied by Fred. P. Currie, 1218 Atlantic Avenue. It continued there for a year until the Bartlett brick building completed construction and the move was made at the earliest opportunity. Since its occupancy of the building at the corner of Atlantic and North Carolina Avenues, the interior underwent several improvements including the addition of mammoth steel safes.
In March 1886, Robert D. Kent resigned as cashier. In June the directors were Chas. Evans, Jos. A. Barstow, John B. Champion, Geo. F. Currie, Walter Garrett, Elisha Roberts and Richard H. Turner. Chas. Evans was president and F.P. Quigley, cashier.
In 1894 the bank had capital of $50,000, a surplus of $100,000 and undivided profits of $10,000. The board was comprised of the following well known financiers: Charles Evans, Joseph A. Barstow, John B. Champion, Walter Garrett, Richard H. Turner, Elisha Roberts, Frederick Hemsley, Joseph H. Borton, and Dr. Thos. K. Reed.
In January 1898, the directors were Charles Evans, George Allen, Frederick Hemsley, Joseph A. Barstow, Joseph H. Borton, John B. Champion, Elisha Roberts, Dr. Thos. K. Reed and George W. Crosby, MD. The officers were Charles Evans, president; Jos. A. Barstow, vice president and F.P. Quigley, cashier.
In January 1915, the directors were Charles Evans, George Allen, J. haines Lippincott, Geo. T. Lippincott, C.B. Deacon, David Fitzsimons, Edward S. Lee, Wm. H. Bartlett, and John C. Slape. The officers were Charles Evans, J. Haines Lippincott, first vice president; David Fitzsimons, second vice president; and Elwood S. Bartlett, cashier.
In January 1931, directors of the Union National Bank of Atlantic City were: Enoch A. Higbee, Edward C. Ryon, Harry H. Haeberly, Alexander, H. Nelson, Andrew Jacoby, William Moore, William S. Cuthbert, Milton, E. Seaman, Arthur, J. Purinton, Samuel Somers, Enoch L. Johnson, John E. Iszard, Gustav A. Kessler, and George F. Wingate. The officers were Enoch Higbee, president; Edward C. Ryon, Alexander H. Nelson, and Harry H. Haeberly, vice presidents; George F. Wingate, cashier; Edward C. Jones, assistant cashier; and John E. Iszard, trust officer & solicitor.
On October 1, 1931, the Atlantic City National Bank announced it had acquired the Northside Trust Company of Atlantic City, located at Arkansas and Arctic Avenues, and that it would continue to operate in the banking quarters of the trust company as the Northside Branch of the Atlantic City National Bank. Also announced was the acquisition of the Union National Bank of Atlantic City and that office would be operated as a third branch, the Central Branch, at Atlantic and Kentucky Avenues. George F. Wingate, former cashier of the Union National would manage the Central Branch of the Atlantic City National Bank. Former Judge E.A. Higbee was president of the Union National at the time of his recent death. Alexander H. Nelson was the vice president. The main office of Atlantic City National remained on the corner of Pennsylvania and Atlantic Avenues.
Consolidation of the Northside Trust Company and the Union National was in line with the program to simplify and coordinate the local banking situation. The resort now had 14 financial institutions and the Atlantic City National Bank had assets of $15 million.
In January 1933, the officers were J.Haines Lippincott, chairman of the board; John C. Slape, president; William H. Bartlett, vice president; L.E. Conover, Jr., vice president & cashier; S. Craig Taylor, assistant cashier and assistant trust officer; Mortimer Ware and William S. Cochran, assistant cashiers; and John D. McMullin, trust officer. The directors were J. Haines Lippincott, John C. Slape, William H. Bartlett, Cliff B. Deacon, Lewis B. Glenn, Charles P. Tilton, John D. McMullin, and John H. Lippincott, Jr.
On Monday, January 30, 1933, the Atlantic City National Bank and its two branches, failed to open their doors for business. A notice on the door read: "Because of extraordinary and excessive withdrawals, and to avoid preferring our depositors, the Board of Directors have placed the Atlantic City National Bank in the hands of the Comptroller of the Currency." The notice was signed by John C. Slate, president. The last year-end statement of the bank, published January 5th, listed the liabilities and resources each totaling $14,200,740.36. On Friday the Chelsea-Second National Bank and Trust Co. and its two branches closed.
Official Bank Title(s)
1: The Atlantic City National Bank, Atlantic City, NJ
Bank Note Types Issued
A total of $1,662,210 in National Bank Notes was issued by this bank between 1881 and 1933. This consisted of a total of 234,898 notes (176,068 large size and 58,830 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Series 1875 4x5 1 - 10154 Series 1875 3x10-20 1 - 230 1882 Brown Back 4x5 1 - 2550 1882 Brown Back 3x10-20 1 - 2050 1882 Date Back 4x5 1 - 5500 1882 Date Back 3x10-20 1 - 3320 1882 Value Back 4x5 5501 - 9492 1882 Value Back 3x10-20 3321 - 5505 1902 Plain Back 4x5 1 - 7662 1902 Plain Back 4x10 1 - 6374 1929 Type 1 6x5 1 - 5582 1929 Type 1 6x10 1 - 4223
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1881 - 1933):
Presidents:
Cashiers:
- Robert Downey Kent, 1881-1886 NOTE: a featured biography is available
- Francis P. Quigley, 1887-1906
- Elwood S. Bartlett, 1907-1921
- Lemuel Eldridge Conover, Jr., 1922-1925
- James William "Bill" Alcorn Sr., 1926-1931
- Lemuel Eldridge Conover, Jr., 1932-1932
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- New Jersey Bank Note History
- General information on Atlantic City (Wikipedia)
- General information on Atlantic County (Wikipedia)
- General information on New Jersey (Wikipedia)
Sources
- Atlantic City, NJ, 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
- Camden County Courier, Camden, NJ, Sat., May 28, 1881.
- Courier-Post, Camden, NJ, Fri., Mar. 19, 1886.
- Atlantic Review, Atlantic City, NJ, Wed., June 23, 1886.
- The Sunday Gazette, Atlantic City, NJ, Sun., Feb. 25, 1894.
- The Sunday Gazette, Atlantic City, NJ, Sun., Jan. 23, 1898.
- Mainland Journal, Pleasantville, NJ, Sat., Jan. 9, 1915.
- Press of Atlantic City, Atlantic City, NJ, Sun., Jan. 4, 1931.
- Press of Atlantic City, Atlantic City, NJ, Sun., Oct. 11, 1931.
- The Daily Journal, Vineland, NJ, Mon., Jan. 30, 1933.
- Press of Atlantic City, Atlantic City, NJ, Thu., Jan. 5, 1933.