Citizens NB/Citizens National Trust and Savings Bank, Riverside, CA (Charter 8907)

From Bank Note History
Jump to navigation Jump to search
Postcard, ca1910s, of the First National Bank of Riverside, later used by the Citizens National Bank and its affiliated Security Savings Bank. The bank was located at the corner of Eighth and Main Streets.
Postcard, ca1910s, of the First National Bank of Riverside, later used by the Citizens National Bank and its affiliated Security Savings Bank. The bank was located at the corner of Eighth and Main Streets. Courtesy of Adam Stroup

Citizens NB/Citizens National Trust and Savings Bank, Riverside, CA (Chartered 1907 - Open past 1935)

Town History

Two postcards, ca1910s, with views of the interior of the Citizens National Bank of Riverside.  Note the vault at center back, closed in the top picture and open in the bottom picture.
Two postcards, ca1910s, with views of the interior of the Citizens National Bank of Riverside.  Note the vault at center back, closed in the top picture and open in the bottom picture. Courtesy of Heritage Auctions, www.ha.com

Riverside is a city in and the county seat of Riverside County, California, in the Inland Empire metropolitan area. It is named for its location beside the Santa Ana River. It is the most populous city in the Inland Empire and in Riverside County, and is about 50 miles southeast of downtown Los Angeles. It is also part of the Greater Los Angeles area. Riverside is the 59th-most-populous city in the United States and the 12th-most-populous city in California. As of the 2020 census, it had a population of 314,998. Along with San Bernardino, Riverside is a principal city in the nation's 13th-largest Metropolitan Statistical Area (MSA); the Riverside-San Bernardino-Ontario MSA (pop. 4,599,839) ranks in population just below San Francisco (4,749,008) and above Detroit (4,392,041).

Riverside was founded in the early 1870s. It is the birthplace of the California citrus industry and home of the Mission Inn, the nation's largest Mission Revival Style building. It is also home to the Riverside National Cemetery and the Eastern Division of the Federal District Court for the Central District of California. The first orange trees were planted in 1871, with the citrus industry Riverside is famous for beginning three years later (1874) when Eliza Tibbets received three Brazilian navel orange trees sent to her by a personal friend, William Saunders, a horticulturist at the United States Department of Agriculture in Washington, D.C. The trees came from Bahia, Brazil. The Bahia orange did not thrive in Florida, but its success in southern California was phenomenal. The three trees were planted on the Tibbets' property. One of them died after it was trampled by a cow during the first year it was planted. After the trampling, the two remaining trees were transplanted to property belonging to Sam McCoy to receive better care than L.C. Tibbets, Eliza's husband, could provide. Later, the trees were again transplanted, one at the Mission Inn property in 1903 by President Theodore Roosevelt (this tree died in 1922), and the other at the intersection of Magnolia and Arlington avenues. Eliza Tibbets was honored with a stone marker placed with the last tree. That tree still stands to this day inside a protective fence abutting what is now a major intersection.

Riverside had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.

Bank History

A 1925 advertisement for the Citizens National Bank of Riverside, California. A sketch of the bank is shown. Officers are shown and may be found in the bank history section of this page
A 1925 advertisement for the Citizens National Bank of Riverside, California.
A 1958 advertisement for the Citizens Division of Security-First National Bank showing locations in San Bernardino, Riverside and Imperial Counties.
A 1958 advertisement for the Citizens Division of Security-First National Bank showing locations in San Bernardino, Riverside and Imperial Counties.
  • Organized August 12, 1907
  • Chartered October 5, 1907
  • Opened for business October 7, 1907
  • 1: Succeeded Citizens Bank
  • 1: Absorbed 3348 May 6, 1916 (First National Bank, Riverside, CA)
  • 2: Absorbed 10764 July 19, 1934 (First National Bank, Hemet, CA)
  • 2: Absorbed 9459 July 5, 1935 (First National Bank, Banning, CA)
  • Bank was Open past 1935
  • Merges with Security Trust of San Diego, and Security-First National of Los Angeles forming the Citizens Division of Security-First National Bank November 1, 1957

In December 1902, the new Citizens Bank of Riverside soon to be organized would choose directors from the following list of stockholders: Dr. C.J. Gill, Dr. C. Van Zwalenburg, S.H. herrick, C.H. Low, H.W. Leighton, D.P. Chapman, John Allen, Perry Cover, D.W. McLeod, Homer Stephenson, W.B. Chancy, M.C. Paxton, James Brown, and W.W. Carr. The bank would be located at the southeast corner of Main and Ninth Streets in the Reynolds Hotel Block, occupying the corner room and the room adjoining fitted up with necessary furnishings.[1]

On January 4, 1903, articles of incorporation of the Citizens Bank of Riverside were filed. The capital stock was $50,000, all subscribed by residents of the city. The directors were S. Herrick, H.W. Leighton, J.A. Allen, Charles H. Low, D.P. Chapman, George H. Dole, T.J. Humphreys, Homer Stevenson, P.D. Cover, D.W. McLeod, and C. Van Zwalenburg.[2]

On October 5, 1907, the comptroller of the currency issued a certificate authorizing the Citizens National Bank of Riverside to begin business with a capital stock of $150,000.[3]

In January 1908, the officers were S.H. Herrick, president; C.H. Low, vice president; W.B. Clancy, cashier; C.W. Derby and M.J. Twogood, assistant cashiers. The directors were S.H. Herrick, C.H. Low, W.B. Clancy, D.P. Chapman, G. Rouse, W.G. Fraser, S.C. Evans, J.A. Allen, C.Van Zwalenburg, J.S. Humphreys, and J.G. North.[4] In July 1908, Lester S. Moore planned a two-story, ten-room residence for W.B. Clancy on Rubidoux Heights, Riverside.[5]

In January 1912, the directors were John A. Allen, D.P. Chapman, W.B. Clancy, F.A. Tetley, W.G. Fraser, S.H. Herrick, J.F. Humphreys, Chas. H. Low, G. Rouse, E.H. Wood, and Dr. Cornelius Van Zwalenburg. The officers were S.H. Herrick, president; Chas. H. Low, vice president; W.B. Clancy, cashier; C.W. Derby and M.J. Twogood, assistant cashiers. The bank had capital $150,000, and Surplus and undivided profits $85,021.95.[6] Carleton W. Derby was born on July 28, 1870 in Elmira, Chemung County, New York.[7] He came to Riverside with his family on a Wells Fargo stagecoach in 1885. His first job was with the Riverside Water Co., later employed by the Citizens National Bank for 30 years as its secretary and assistant cashier. Derby was a bicycle, photographic and garden enthusiast until his death on April 19, 1950. He was a pioneer member of the Riverside Wheelman, an organization of local cyclists and was credited for making the first bicycle ride between Riverside and San Diego.[8]

In January 1916, the officers were S.H. Herrick, president; Chas. H. Low and W.B. Clancy, vice presidents; and C.E. Brouse, cashier.[9] On April 2, 1916, an announcement was made of plans to consolidate the Citizens National Bank and First National Bank of Riverside, effective May 6. The combined surplus and undivided profits of the two institutions would be $655,000 with combined deposits of $4,250,000. The four-story building erected and owned by the First National Bank would become the home of the enlarged institution and would be known as the Citizens National Bank of Riverside. The allied savings banks were included in the merger and would occupy the banking rooms then used by the Citizens National. Former Mayor S.C. Evans was elected vice president by the directors of the First National Bank.[10]

In December 1917, the directors were John Allen, D.P. Chapman, W.B. Clancy, W.G. Fraser, Geo. frost, S.H. Herrick, Chas. H. Low, G. Rouse, F.A. Tetley, E.H. Wood, and C. Van Zwalenburg. The officers were W.B. Clancy, president; C.O. Evans, C. Van Zwalenburg, and S.H. Herrick, vice presidents; and C.E. Brouse, cashier. The bank had total assets of $2,932,871.45 with capital, surplus and profits $364,412.17, circulation $146,000, and deposits $2,421,859.28.[11] The Citizens National and its companion, Security Savings Bank, occupied the whole ground floor of the most magnificent building in the county of Riverside.[12]

In June 1925, the officers were W.B. Clancy, president; C.E. Brouse, C. Van Zwalenburg, C.O. Evans, and W.G. Fraser, vice presidents; and R.B. Hampson, cashier.[13]

In February 1928, it was announced that alterations to the interior of the banking house would be made costing $20,000. An up-to-the-minute trust department would be combined with the regular routine of the bank.[14] On Saturday, June 30th, the Citizens National Trust and Savings Bank celebrated its 25th anniversary. The bank observed open hours Saturday afternoon and evening with thousands of visitors calling to offer congratulations. Mrs. Ula Kitchen Wolfe and her Spanish musicians furnished music.[15] Mr. J.G. Reed was named Trust officer to manage the newly opened trust department. He was a graduate of the University of Chicago and held a Doctorate in Jurisprudence from the Los Angeles College of Law. For several years he was connected with one of the largest trust companies in Los Angeles.[16]

On Tuesday, January 13, 1931, no changes were made in the personnel of three institutions, Citizens, Security and the Citizens of Arlington. The board of directors of the Citizens group comprised C.E. Brouse, F.O. Dolson, W.G. Fraser, R.B. Hampson, S.H. Herrick, William A. Johnson, Charles L. Reynolds, Frank A. Tetley, J.W. Wells, Dr. E.H. Wood, and Dr. C. Van Zwalenburg. The officers were C.E. Brouse, president; W.G. Fraser, C. Van Zwalenburg, and S.H. Herrick, vice presidents; R.B. Hampson, vice president and cashier; Myron Milice, H.B. Wells, R.L. Haglund, P.E. Mihlfred, assistant cashiers; and J.G. Reed, trust officer. President Brouse visited Hemet and San Jacinto and reported the First National banks of the two cities had very prosperous years. The Riverside banker was elected director and chairman of the board of the First National Bank of San Jacinto and director and vice president of the First National Bank of Hemet. Officers of the Security Savings Bank were S.H. Herrick, chairman of the board, W.G. Fraser, president; C.E. Brouse and F.A. Tetley, vice presidents; C.O. Evans, cashier; C.W. Derby assistant cashier and secretary; H.L. Hicks, Mrs. M.E. Bonham and W.G. Mathers, assistant cashiers. Officers of the Citizens Bank of Arlington were C.E. Brouse, president; W.G. Fraser and S.H. Herrick, vice presidents; J.W. Wells, cashier and E.C. Bennett, assistant cashier.[17]

On Monday, December 10, 1934, two well-dressed bandits threatened employees of the Rialto branch of the Riverside Citizens National Trust and Savings Bank with a sawed-off shotgun and a revolver and escaped with $1,500. The robbery was one of the first in the Citrus Belt in several years.[18]

On July 23, 1935, Dr. Cornelius Van Zwalenburg, Riverside physician who discovered the saline treatment for heat prostration that saved hundreds of lives in the previous three years died from a heart attack. His discovery of the saline treatment has been used successfully on Boulder Dam workers at Boulder City, Nevada, where intensive heat had stricken scores of employees. It also was in use on the Colorado River Aqueduct project.[19] He was associated with various financial institutions of the city and for many years had been a director of the Citizens National Bank.[20]

On Tuesday, January 14, 1947, at the annual meeting the directors declared a 50% dividend, increasing capital from $1,000,000 to $1,500,000. The officers were R.B. Hampson, president; H.B. Wells and J.C. Ralphs, vice presidents; R.L. Haglund, vice president and cashier; P.E. Mihlfred, H.D. Hall, V.C. Fletcher, A.M. Woodruff, assistant cashiers; E.L. Bridges, auditor; and R.A. Steves, vice president and trust officer. The directors were R.B. Hampson, Dr. Bon O. Adams, H.W. Hammond, L.P. Alabaster, A.S. Holden, D.S. Bell, C.E. Johnson, F.O. Dolson, W.A. Johnson, T.E. Gore, and J.W. Wells.[21]

In October 1957, stock holders of three Southern California banks approved the merger of the Citizens National Bank of Riverside, Security Trust of San Diego, and Security-First National of Los Angeles. With the consolidation, Citizens National Bank of Riverside became the Citizens Division of Security-First National Bank when it opened its doors on November 4th. Security-First national served areas from Fresno and San Luis Obispo to the Mexican border on the south, and from the coast inland to the Colorado River. The total number of branch offices were 200 and of this number, 27 comprised the Citizens Division, 18 became part of the San Diego Division and the balance were branches of Security-First of Los Angeles. Total resources were about $3 billion.[22] Lloyd Austin was president of the new Security-First National Bank and Eden Smith, chairman of the Security-First National Executive committee. Smith was president until Nov. 1st of the former Citizens National Bank of Riverside.[23] At the end of 1957, Security-First National had Capital $73,500,000 million, Surplus $73,500,000, undivided profits $64,014,059.83 and total resources of $3,023,808,694.34.[24]

Official Bank Title(s)

1: The Citizens National Bank of Riverside, CA

2: The Citizens National Trust and Savings Bank of Riverside, CA (1/21/1928)

Bank Note Types Issued

1902 Plain Back $10 bank note with printed signatures of C.E. Brouse, Cashier and W.B. Clancy, President
1902 Plain Back $10 bank note with printed signatures of C.E. Brouse, Cashier and W.B. Clancy, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of R.B. Hampson, Cashier and C.E. Brouse, President
1929 Type 1 $20 bank note with printed signatures of R.B. Hampson, Cashier and C.E. Brouse, President. Courtesy of Heritage Auctions, www.ha.com

A total of $4,226,370 in National Bank Notes was issued by this bank between 1907 and 1935. This consisted of a total of 600,394 notes (349,572 large size and 250,822 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: 1902 Red Seal 4x5 1 - 1850
1: 1902 Red Seal 4x10 1 - 1850
1: 1902 Date Back 4x5 1 - 12500
1: 1902 Date Back 4x10 1 - 11250
1: 1902 Plain Back 4x5 12501 - 39515
1: 1902 Plain Back 4x10 11251 - 32460
2: 1902 Plain Back 4x5 1 - 11718
2: 1929 Type 1 6x5 1 - 24526
2: 1929 Type 1 6x10 1 - 7744
2: 1929 Type 1 6x20 1 - 1918
2: 1929 Type 2 5 1 - 26674
2: 1929 Type 2 10 1 - 15204
2: 1929 Type 2 20 1 - 3816

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1907 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Riverside, CA, 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
  1. ↑ The Los Angeles Times, Los Angeles, CA, Sun., Dec. 28, 1902.
  2. ↑ The Los Angeles Times, Los Angeles, CA, Sun., Jan. 4, 1903.
  3. ↑ Oakland Enquirer, Oakland, CA, Tue., Oct. 8, 1907.
  4. ↑ The Los Angeles Times, Los Angeles, CA, Fri., Jan. 17, 1908.
  5. ↑ The Los Angeles Times, Los Angeles, CA, Sun., July 26, 1908.
  6. ↑ The Perris Progress, Perris, CA, Thu., Jan. 4, 1912.
  7. ↑ Star-Gazette, Elmira, NY Tue., Mar. 29, 1910.
  8. ↑ Riverside Daily Press, Riverside, CA, Fri., Apr. 21, 1950.
  9. ↑ The Perris Progress, Perris, CA, Thu., Jan. 27, 1916.
  10. ↑ The Los Angeles Times, Los Angeles, CA, Sun., Apr. 2, 1916.
  11. ↑ The Tidings, Los Angeles, CA, Fri., Dec. 14, 1917.
  12. ↑ The Perris Progress, Perris, CA, Thu., Mar. 15, 1917.
  13. ↑ Riverside Daily Press, Riverside, CA, Thu., June 18, 1925.
  14. ↑ Riverside Daily Press, Riverside, CA, Fri., Feb. 10, 1928.
  15. ↑ Riverside Daily Press, Riverside, CA, Tue., July 3, 1928.
  16. ↑ Riverside Daily Press, Riverside, CA, Mon., July 23, 1928.
  17. ↑ Riverside Daily Press, Riverside, CA, Wed., Jan. 14, 1931.
  18. ↑ Riverside Daily Press, Riverside, CA, Mon., Dec. 10, 1934.
  19. ↑ The Spokesman-Review, Spokane, WA, Thu., July 25, 1935.
  20. ↑ Riverside Daily Press, Riverside, CA, Wed., July 24, 1935.
  21. ↑ Riverside Daily Press, Riverside, CA, Wed., Jan. 15, 1947.
  22. ↑ Yucaipa News-Mirror, Yucaipa, CA, Thu., Oct. 31, 1957.
  23. ↑ Daily Record, Banning, CA, Thu., Nov. 14, 1957.
  24. ↑ The Colton Courier, Colton, CA, Mon., Jan. 6, 1958.
Retrieved from "https://banknotehistory.mywikis.wiki/w/index.php?title=Citizens_NB/Citizens_National_Trust_and_Savings_Bank,_Riverside,_CA_(Charter_8907)&oldid=47080"