Citizens NB, Grand Rapids/Wisconsin Rapids, WI (Charter 10330)
Citizens National Bank, Grand Rapids/Wisconsin Rapids, WI (Chartered 1913 - Receivership 1931)
Town History
Wisconsin Rapids is a city in and the county seat of Wood County, Wisconsin. The population was 18,877 at the 2020 census. In 1880, the population was 1,350 growing to 8,726 by 1930.
The American Indians called the area "Ahdawagam", meaning "Two-sided Rapids". Although Europeans began to settle this area in the 1830s, Wisconsin Rapids has been known by this name only since 1920. Prior to that, the community was divided by the Wisconsin River, with the west side incorporated as Centralia and the east side as Grand Rapids. The two cities merged in 1900, with the entire community taking the name Grand Rapids. The name was changed in 1920 to avoid mail and other goods from being misdirected to the much better known Grand Rapids, Michigan.
Known for its papermaking history, Wisconsin Rapids is also an important location for the cranberry industry. Wisconsin Rapids is the corporate home of the international educational software company, Renaissance Learning.
From its founding in 1894, Wisconsin Rapids was home to the corporate headquarters of Consolidated Papers, Inc., which was acquired by the Finnish company Stora Enso in early-2000. In 2007, NewPage acquired the paper production facility. In 2015, Verso Corporation acquired the mill.
Grand Rapids/Wisconsin Rapids had three National Banks chartered during the Bank Note Era (1863-1935), and all three issued National Bank Notes.
Bank History
- Organized December 30, 1912
- Chartered February 15, 1913
- 2: Receivership December 22, 1931
On December 20, 1912, the comptroller of the currency approved the application for a charter for the Citizens' National Bank of Grand Rapids, Wisconsin with a capital of $100,000. The officers were J.A. Cohen, correspondent; Frank Pomainville, G.W. Paulus, Jacob Lutz, and George P. Hambrecht, incorporators.
On February 15, 1913, the Comptroller of the Currency approved the charter. J.A. Cohen was president; George W. Paulus, vice president; and D.B. Philleo, cashier. The bank opened for business on March 29, 1913 with $100,000 capital and $10,000 surplus.
On November 20, 1917, the bank reported Loans and Discounts of $155,829.91, U.S. and other Bonds and Securities $213,793.45, Banking House, Real Estate and Fixtures $47,140.64, Capital Stock of $100,000, Circulation of $100,000 and Deposits of $236,121. The Directors were J.A. Cohen, president; G.W. Paulus, vice president; D.B. Philleo, cashier, A.P. Hirzy, Nate Anderson, Chas. E. Briere, J.A. Staub, Wm. H. Peters, and Jacob Lutz.
In January 1930, stockholders elected the same personnel as the previous year. The directors were Chas. E. Briere, A.P. Hirzy, D.B. Philleo, Wm. H. Peters, J.A. Staub, O.N. Mortenson, D.W. McKercher, C.F. Bandelin, and R.S. Wiltrout. The officers elected were Chas. E. Briere, president; A.P. Hirzy, vice president; D.B. Philleo, cashier; and W.F. Herschleb, assistant cashier.
On August 15, 1931, one of the most important financial transactions in central Wisconsin was consummated at 2:30 o'clock when the First National Bank and the Wood County National Bank purchased the Citizens National Bank of Wisconsin Rapids, and announced that they had jointly appointed D.B. Philleo trustee, to liquidate the affairs of the Citizens bank. The purchase involved the assuming of all the assets of the bank and the assuming of all of the liabilities, which guaranteed payment in full in cash at either the First National or the Wood County National to depositors on commercial, savings or certificates of deposit. Depositors also had the option of placing their deposits from the Citizens bank into accounts at either of the other two banks. It was stated authoritatively that both the First National and the Wood County National were in position to pay. The officers of the Wood County National Bank were Frank J. Wood, president; L.M. Alexander, vice president; and Guy O. Babcock, vice president and cashier. The officers of the First National were Isaac P. Witter, president; George W. Mead, director; and W.J. Taylor, cashier.
On March 30, 1932, fifty stockholders in the defunct Citizens National Bank were made defendants in a suit started in federal court in Madison by Joseph A. Gamble, receiver for the closed bank. The suit to collect $34,999.99 in stock assessments alleged unpaid was brought under the double indemnity law which requires stockholders to pay a one hundred per cent assessment upon the stock they own in banks that become defunct. The Citizens bank had approximately 160 stockholders when it closed on August 15. Of that number it was assumed that one hundred and ten paid their assessments since the suit to recover the assessments was levied against only fifty of the stockholders. The bank was declared insolvent on December 22, 1931, although it was closed on August 15. At the time of the closing of the local bank, the depositors were guaranteed payment in full by the First National and Wood County National banks and there was no loss to any depositor; however, the stockholders lost the amount, of original investment and were assessed one hundred per cent additional under the federal laws governing national banks. An allowance of time was granted for four monthly installments to those unable to make the payments in full, the last installment date being May 15.
Official Bank Title(s)
1: The Citizens National Bank of Grand Rapids, WI
2: The Citizens National Bank of (11/11/1920), Wisconsin Rapids, WI
Bank Note Types Issued
A total of $1,117,610 in National Bank Notes was issued by this bank between 1913 and 1931. This consisted of a total of 141,346 notes (121,540 large size and 19,806 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1: 1902 Date Back 4x5 1 - 3165 1: 1902 Date Back 3x10-20 1 - 2534 1: 1902 Plain Back 4x5 3166 - 7665 1: 1902 Plain Back 3x10-20 2535 - 5174 2: 1902 Plain Back 4x5 1 - 10845 2: 1902 Plain Back 3x10-20 1 - 6701 2: 1929 Type 1 6x5 1 - 2006 2: 1929 Type 1 6x10 1 - 1032 2: 1929 Type 1 6x20 1 - 263
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1913 - 1931):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Wisconsin Bank Note History
- General information on Grand Rapids/Wisconsin Rapids (Wikipedia)
- General information on Wood County (Wikipedia)
- General information on Wisconsin (Wikipedia)
Sources
- Grand Rapids/Wisconsin Rapids, WI, Wikipedia, https://en.wikipedia.org/wiki/Grand_Rapids/Wisconsin_Rapids,_Wisconsin
- 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
- Wausau Daily Herald, Wausau, WI, Fri., Dec. 20, 1912.
- Green Bay Press-Gazette, Green Bay, WI, Tue., Feb. 18, 1913.
- The Daily Tribune, Wisconsin Rapids, Wed., Feb. 19, 1913.
- The Daily Tribune, Wisconsin Rapids, Thu., Nov. 29, 1917.
- The Daily Tribune, Wisconsin Rapids, Wed., Jan. 15, 1930.
- The Daily Tribune, Wisconsin Rapids, Sat., Aug. 15, 1931.
- The Daily Tribune, Wisconsin Rapids, Wed., Mar. 30, 1932.