Charter Oak National Bank, Hartford, CT (Charter 486)

Postcard of Lower Asylum Street, Hartford, Connecticut, ca1900s. The Charter Oak National Bank is the building on the right, on the corner of Asylum and Trumbull Streets, with two men walking in front of it while across the street, right of center, is the Allyn House. Courtesy of Adam Stroup

Charter Oak National Bank/Charter Oak NB of Hartford, CT (Chartered 1864 - Liquidated 1915)

Town History

Vignette from a check, ca1910s, showing the Charter Oak Tree where the charter was deposited in 1687. The tree was destroyed in 1856. Courtesy of John Barron

Hartford is the capital city of the U.S. state of Connecticut. It was the seat of Hartford County until Connecticut disbanded county government in 1960. It is the core city in the Greater Hartford metropolitan area. Census estimates since the 2010 United States census have indicated that Hartford is the fourth-largest city in Connecticut with a 2020 population of 121,054, behind the coastal cities of Bridgeport, New Haven, and Stamford.

Hartford was founded in 1635 and is among the oldest cities in the United States. It is home to the country's oldest public art museum (Wadsworth Atheneum), the oldest publicly funded park (Bushnell Park), the oldest continuously published newspaper (the Hartford Courant), and the second-oldest secondary school (Hartford Public High School). It is also home to the Mark Twain House, where the author wrote his most famous works and raised his family, among other historically significant sites. Mark Twain wrote in 1868, "Of all the beautiful towns it has been my fortune to see this is the chief."

Nicknamed the "Insurance Capital of the World", Hartford is home to the headquarters of many insurance companies, the region's major industry.

Hartford had 12 National Banks chartered during the Bank Note Era, and all 12 of those banks issued National Bank Notes. Hartford also had 14 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

A $3 bank note from the Charter Oak Bank of Hartford, Connecticut, dated 1862. It was signed by J.F. Morris, Cashier and C.T. Hillyer, President. Courtesy of Heritage Auctions, www.ha.com

Organized June 24, 1864
Chartered July 22, 1864
1: Succeeded Charter Oak Bank
2: Liquidated February 15, 1915
2: Consolidated with 670 (Phoenix National Bank, Hartford, CT)
2: Circulation assumed by 670 (Phoenix National Bank, Hartford, CT)

The Charter Oak Bank was organized as a state bank in 1853. It became a national bank on June 24, 1864. The statement of its condition on December 31, 1914 showed total resources of $4,406,747.49, surplus fund of $250,000 and undivided profits of $250,605.89. The individual deposits subject to check were $2,037,755.35.

On January 13, 1914, the following were elected as directors: Lucius A. Barbour, James Nichols, Edward C. Frisbie, Silas Chapman, Jr., Charles C. Cook, James H. Bidwell, Charles S. Hills, Morgan G. Bulkeley, Jr., and James L. Howard. The directors met the next day and re-elected the following officers: Lucius A. Barbour, president; James Nichols, vice president; M.A. Andrews, cashier; and Elbert L. Weaver and Frank S. Flagg, assistant cashiers.

Stockholders voted in January 1915 and re-elected the same board of directors and the same officers were also retained. Later in January an announcement was made confirming a plan to amalgamate the Hartford National and the Aetna National banks. A joint committee representing the directors of the two banks was appointed to consider the future of the banks and make recommendations as to the advisability of the merger. The Aetna Life Insurance Company had interests in both banks. It was rumored that the scope of the merger could take on larger proportions and that the Charter Oak National Bank in which the Aetna Life had large stock interests would also be included in the merger. The merger rumors had Hartford National stock selling as high as $200 a share; Aetna National in the neighborhood of $330 a share and Charter Oak National from $170 to $180 a share.

On Tuesday, February 2, 1915, Hon. Morgan G. Bulkeley, President of the Aetna Life Insurance Company, made a proposition to the directors of the Phoenix Bank that an offer of $200 a share be made to the Charter Oak stockholders. The recommendation was adopted and Mr. Bulkeley went in person the next day to the Charter Oak National Bank to submit the proposition to President L.A. Barbour.

The Charter Oak National Bank had recently come under the control of the Aetna Life Insurance Company and allied interests. The stockholders were called upon to vote on an offer of $200 a share made on February 3 by the Phoenix National Bank. The directors unanimously voted to recommend to the stockholders that the bank liquidate in favor of the Phoenix National's offer. There was no question as to the action of the stockholders as the interests which initiated the movement were in control of more than two-thirds of the Charter Oak stock.

Myron A. Andrews, cashier of the Charter Oak Bank was chosen vice president of the bank to succeed Judge James Nichols. Mr. Andrews retained his old office for as long as the bank required a cashier until the end of the Charter Oak chapter.

On February 16, the Phoenix National bank became the largest bank in New England outside of Boston doing a strictly commercial business. With the payment of a check of $1,000,000 (representing $200 a share) to M.A. Andrews, appointed liquidating agent for the Charter Oak National Bank, the assets and liabilities of that bank passed to the Phoenix making it approximately a $12 million bank. The work of the removal of the assets of the Charter Oak bank to the Phoenix bank was started at 4 o’clock in the afternoon and was continued through the night. Approximately $4 million of currency, gold, and other securities of the Charter Oak bank were first carried to the Phoenix, the route being directly up Asylum Street to Main and to the bank. In addition to this, the safety deposit boxes containing millions upon millions of dollars’ worth of securities were also taken through the streets during the night.

The officials and employees of both banks were on hand and worked throughout the night getting everything ready for the opening of the bank for business. At the beginning of the banking hours, the depositors of the Charter Oak bank found Cashier Andrews of the Charter Oak occupying a desk in the front of the Phoenix banking room and the clerks of the Charter Oak occupying the same relative places in the new bank that they did in the old. All of the employees were guaranteed at least six months’ employment by the Phoenix National Bank at the same salaries they were receiving from the Charter Oak bank.

Official Bank Title(s)

1: The Charter Oak National Bank, Hartford, CT

2: The Charter Oak National Bank of [6/25/1884], Hartford, CT

Bank Note Types Issued

1882 Brown Back $10 bank note with pen signatures of M.A. Andrews, Cashier and J.P. Taylor, President. Courtesy of Heritage Auctions, www.ha.com

1902 Date Back $20 bank note with pen signatures of M.A. Andrews, Cashier and L.A. Barbour, President. Courtesy of Heritage Auctions, www.ha.com

A total of $4,064,350 in National Bank Notes was issued by this bank between 1864 and 1915. This consisted of a total of 444,182 notes (444,182 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1: Original Series	3x1-2	1 - 5000
1: Original Series	4x5	1 - 9500
1: Original Series	3x10-20	1 - 9500
1: Original Series	50-100	1 - 1100
1: Series 1875	3x1-2	1 - 1860
1: Series 1875	4x5	1 - 3055
1: Series 1875	3x10-20	1 - 5291
1: Series 1875	50-100	1 - 491
2: 1882 Brown Back	4x5	1 - 4450
2: 1882 Brown Back	3x10-20	1 - 5498
2: 1882 Brown Back	50-100	1 - 200
2: 1902 Red Seal	4x5	1 - 4000
2: 1902 Red Seal	3x10-20	1 - 3400
2: 1902 Red Seal	50-100	1 - 400
2: 1902 Date Back	4x5	1 - 34315
2: 1902 Date Back	3x10-20	1 - 23211
2: 1902 Date Back	50-100	1 - 1300
2: 1902 Date Back	3x50-100	1 - 220

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1915):

Presidents:

Cashiers:

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Hartford, CT, Wikipedia, https://en.wikipedia.org/wiki/Hartford,_Connecticut
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
Hartford Courant, Hartford, CT, Wed., Jan. 14, 1914.
Hartford Courant, Hartford, CT, Thu., Jan. 15, 1914.
Hartford Courant, Hartford, CT, Thu., Jan. 14, 1915.
Hartford Courant, Hartford, CT, Sun., Jan. 24, 1915.
Hartford Courant, Hartford, CT, Sun., Jan. 31, 1915.
Hartford Courant, Hartford, CT, Thu., Feb. 4, 1915.
Hartford Courant, Hartford, CT, Sun., Feb. 7, 1915.
The Journal, Meriden, CT, Tue., Feb. 16, 1915.