Citizens National Bank, Adams, NY (Charter 4103)
Citizens National Bank, Adams, NY (Chartered 1889 - Liquidated 1919)
Town History
Adams is a town in Jefferson County, New York. Named after President John Adams, the town contains a village also named Adams, and Adams Center, one of a number of hamlets, this one north of Adams village. The village and town are south of Watertown. The town had a population of 4,973 at the 2020 census. In 1860 the population was 3,496, declining to 3,081 by 1900.
Settlement began around 1800 at Adams village. David Smith built a sawmill at the present site of Adams in 1801. Renamed for John Adams in 1802 (the year after his presidency ended), the town of Adams was created from the survey townships of Aleppo and Orpheus. The eastern part of Adams was taken in 1804 to form the town of Rodman. A post office was established at Adams about 1806. During the War of 1812, the town of Adams formed a local militia for home defense.
Adams had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.
- First National Bank, Adams, NY (Charter 71)
- Hungerford National Bank, Adams, NY (Charter 1531)
- Adams National Bank, Adams, NY (Charter 2845)
- Farmers National Bank, Adams, NY (Charter 4061)
- Citizens National Bank, Adams, NY (Charter 4103)
Bank History
- Organized August 7, 1889
- Chartered August 29, 1889
- Liquidated July 2, 1919
- Succeeded by Citizens Trust Company of Adams, New York
On August 29, 1889, the Citizens National Bank of Adams was authorized to begin business with capital of $50,000.[1]
In 1912, Claude B. Woodworth began his banking career with the Citizens National. In 1917, he joined the First National Bank of Syracuse and later when that bank merged with the Trust & Deposit Co. of Onondaga to form First Trust and Deposit Co., Mr. Woodworth entered the new organization. In 1960 he was elected a senior vice president.[2]
H. Edmund Machold was born in Amsterdam, New York, on July 5, 1880. While teaching school he met Jennie Ward of Ellisburg, the daughter of a farmer. Her father was dead and she and her mother were superintending the running of a 275 acre farm. After marrying Miss Ward, he turned from teaching to farming, something he had known very little about. He made it pay and bought 80 more acres and blooded cattle. He swapped horses on sight having acquired a bit of "horse sense." In 1919, Edward Machold began nibbling at the banking game. He helped organize the Citizens Trust Company of Adams and became its vice president. The Citizens National Bank with resources of $300,000 was bought out. In 18 months, these resources were increased to $1,700,000. In 1920, Machold, at the age of 40, was called to Watertown a short distance from Adams and became vice president of the Northern New York Trust Company, the largest financial institution in that section of the state. Floyd Carlisle was president and was associated with his brother John, a lawyer in Albany. Floyd Carlisle established an investment banking business in New York and turned over the presidency of the Northern New York Trust Co. to Edward Machold. Almost overnight a farmer of 19 years experience became one of the prominent bankers of Northern New York.[3]
Official Bank Title(s)
1: The Citizens National Bank of Adams, NY
Bank Note Types Issued
A total of $448,200 in National Bank Notes was issued by this bank between 1889 and 1919. This consisted of a total of 42,008 notes (42,008 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 1882 Brown Back 4x5 1 - 3725 1882 Brown Back 50-100 1 - 280 1882 Date Back 4x5 1 - 730 1882 Date Back 50-100 1 - 174 1902 Date Back 3x10-20 1 - 4180 1902 Plain Back 3x10-20 4181 - 5820
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1889 - 1919):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Adams, NY, 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