Citizens National Bank, Covington, KY (Charter 4260)

Citizens National Bank of Covington, Kentucky, located on the southeast corner of Pike Street and Madison Avenue, ca2022. Courtesy of Google Maps

Citizens National Bank, Covington, KY (Chartered 1890 - Closed (Merger) 1995)

Town History

Citizens National Bank in 1962 prior to remodeling.

Covington is a city in Kenton County, Kentucky, located at the confluence of the Ohio and Licking Rivers. Cincinnati, Ohio, lies to its immediate north across the Ohio and Newport, to its east across the Licking and Ludlow to its west. Covington had a population of 40,640 at the time of the 2010 U.S. census, making it the largest city of Northern Kentucky and the fifth-most populous city in the state. It is one of its county's two seats, along with Independence.

When it was laid out in 1815, it was named in honor of Gen. Leonard Covington, who was killed at the Battle of Crysler's Farm during the War of 1812. In 1814, John Gano, Richard Gano, and Thomas Carneal purchased The Point, 150 acres of land on the west side of the Licking River at its confluence with the Ohio, from Thomas Kennedy for $50,000, and laid out the settlement of Covington the next year. The town was formally incorporated by the Kentucky General Assembly a year later and raised to city status in 1834.

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

Bank History

Organized February 24, 1890
Chartered March 14, 1890
Bank was Open past 1935
For Bank History after 1935 see FDIC Bank History website
Merged into PNC Bank, Ohio, NA in Cincinnati, OH, May 26, 1995

Citizens National Bank was organized in 1890 when Covington boasted a population of 37,371 persons. On March 18 of that year, it opened for business with capital of $200,000 on the southwest corner of Pike Street and Madison Avenue. In 1895, after surviving the Panic of 1893, Citizens purchased the building across Madison Avenue it would occupy for the next 100 years. It featured three stories, a steeple, and a rounded corner.

In 1903, the officers were H. Feltman, president; H. Linnemann, vice president; and J.H. Dorsel, cashier. Directors were Henry Feltman, Henry Linnemann, John Dorsel, Jas. T. Thomas, Henry Schmidt, Fred. Pieper, Henry Holtrup, E.C. Hopper, Mike Shine, Frank Wulftank, J.B. Heizer, Hon. Jos. L. Rhinock, Thos. J. Ellis, Henry Brinker and Jos. Feltman. The bank was located on the corner of Pike Street and Madison Avenue.

On March 29, 1905, it was announced that cashier John H. Dorsel would resign about June 1st to engage in the feed business in Newport. Paying teller B.J. Linnemann would succeed Dorsel.

Henry Feltman, Sr., 81, a pioneer resident of Covington and one of the best-known financiers in this city, died the morning of April 7, 1913, shortly after 3 o’clock at his home on the Madison Pike. Feltman was born in Germany and came to this country with his parents at the age of 9. His parents removed to Cincinnati when he was at the age of 11 and after several years' residence in that city the family moved to Covington and Feltman has made the city his home for the past 65 years. Feltman engaged in several branches of business and finally went into the banking business. He had the distinction of being the oldest bank President in Covington, having been actively engaged as President of several banks for the past 35 years. He was elected President of the German National Bank 35 years ago and held that office for 12 years, finally resigning to take the Presidency of the Citizens National Bank when that institution was organized, serving as President until his death. Feltman was survived by two sons and one daughter. His son Joseph was the Vice President of the Citizens National Bank and succeeded his father as the head of that institution. On April 22, at a special meeting of the directors, Joseph Feltman was elected president to succeed his father. Arthur E. Motch, one of the directors was elected vice president to succeed Joseph Feltman.

Photo of Benard J. Linnemann, president, Citizens National Bank of Covington, ca1929.

On Tuesday, January 8, 1929, stockholders held the annual election. Bernard J. Linnemann, vice president of the Citizens National Bank was elected to the presidency to succeed Joseph Feltman who retired from active head of the Institution to accept the chairmanship of the Board of Directors. Linnemann’s other interests included treasurer of the Kentucky Perpetual Building & Loan Association, director of the Covington Mutual Fire Insurance Co., and partner in the undertaking business with his brother George Linnemann. Two additional directors were chosen to fill vacancies caused by the death of C.A.J. Walker and Charles J. Davis during the year. They were Matt Harbeson, former Kenton Circuit Judge, and Leo G. Kuhlman, treasurer of the Wadsworth Electric Manufacturing Co., Covington. Linnemann took his first job March 10, 1890 as messenger boy for the Citizens Bank. At that time he was the only messenger boy the bank ever had. His willingness to serve and capableness soon attracted the attention of his employers and he won promotion after promotion. With his elevation to the presidency he had held every office in the bank during his 39 years of service. The bank had resources of nearly $4 million, deposits over $3 million. Other officers of bank were: A.E. Motch, Jeweler, vice president; Joseph Feltman, chairman of the Board of Directors; J.A. Schramm, cashier; W.M. Zeidler, and Frank Huelefeld, assistant cashiers; Ben Schmidt, A.E. Motch, J.B. Heiser, Joseph Feltman, John Allison, Fred A. Hilker, Charles Haehnle, Daniel Fries, William H. Hoppenjans, C.H. Geisen, John Joseph Seiler, B.J. Linnemann, Matt Harbeson and Leo J Kuhman, directors.

In January 1942, the directors elected were: Joseph Feltman, chairman of the board, J.A. Schramm, president, William H. Hoppenjans, vice president, W.M. Zeidler, cashier, Frank J. Huelefeld, assistant cashier, and Mr. Feltman, Vincent Feltman, Mr. Schramm, Mr. Hoppenjans, Daniel Fries, J.G. Dilger, M.L. Harbeson, F.A. Hilker, R.T. Heizer, L.G. Kuhlman, and B.J. Linnemann, directors.

In 1962, the bank was undergoing a remodeling by the Bank Builders' Corp. of St. Louis, Missouri. The officers were J.A. Schramm, president; W.M. Zeidler, vice president; B.H. Klare, cashier; and W.H. Graue and A.B. Meyer, assistant cashiers. The directors included: Espy Bailey, Vincent Feltman, J. Robert Geisen, Joseph L. Kuhlman, Arthur E. Motch, Mr. Schramm, Paul R. Seltman, John J. Summe, C. Gordan Walker, and Mr. Zeidler.

Bernard Herman "Bud" Klare, 77, Crescent Springs, Kentucky, died Sunday, July 7, 1985. He retired in 1971 as president of Citizens National Bank of Covington. Mr. Klare began his 48-year banking career with Citizens National as a messenger. He moved to discount clerk, general bookkeeper, assistant cashier, cashier, executive vice-president and, finally, president. During the difficult days following the stock market crash of 1929, Citizens National was one of the few banks which could pay its depositors, according to a brother, Ralph Klare, of Cincinnati, who served the bank as cashier and vice-president prior to retirement. "I believe Citizens National was the only bank in Northern Kentucky that was able to go to the Federal Reserve Bank and pay all its depositors," Ralph Klare said. "People called it the 'Little Brown Jug'. Of course, the bank was much smaller than it is now."

In January 1986, Central Bancorp announced it was buying Citizen's National Bank of Kenton County for an undisclosed amount, becoming the third Cincinnati bank holding company to acquire a foothold across the Ohio River. Citizen's had $73 million in assets, $68 million in deposits and $5 million of capital. It had offices in Covington, Fort Wright, Crescent Springs and Crestview Hills. "They are going gangbusters over in northern Kentucky," said Oliver Birckhead, chairman of Central Bancorp with $3.5 billion in assets. "Northern Kentucky is growing more rapidly than Cincinnati right now. This won't be our last (expansion into northern Kentucky). We plan to expand again as soon as we can," Birckhead said. The purchase of Citizens National Bank was the fifth out-of-state acquisition of a northern Kentucky bank since interstate banking was approved for Kentucky in July 1985. The acquisition of Citizens National involved a stock swap in which outstanding shares of Citizens National were exchanged for Central Bancorp, shares. Citizen's name was changed to include Central Trust Co. Citizen's President Ronald Cooney said that deposits gathered in Kenton County would continue to be loaned in northern Kentucky. Citizen's would be able to make much larger loans, Cooney said. Bank regulations limited the maximum loan from Citizen's to $850,000. Central could make loans as large as $40 million.

On July 31, 1987, PNC Financial Corp., the Pittsburgh-based parent of Citizens Fidelity Corp., announced that it would buy one of Cincinnati's largest bank holding companies for about $700 million. The merger of PNC and Central Bancorporation Inc. was expected to take effect in the first quarter of 1988. Upon completion, PNC would have operations in Ohio, Pennsylvania, Kentucky, Indiana and Delaware. It would be the largest bank holding company, based on combined assets, in Kentucky, Ohio and Indiana, and the 16th largest in the nation. Central Bancorporation owned two banks in Northern Kentucky, Central Trust Co. of Boone County and Citizens National Bank in Kenton County. It also owned Central Trust Co. in Cincinnati, Central Trust Co. of Southeastern Ohio, Central Trust Co. of Central Ohio, Central Trust Co. of Northeastern Ohio and Central Trust Co. of Northern Ohio.

Official Bank Title(s)

1: The Citizens National Bank of Covington, KY

Bank Note Types Issued

1882 Brown Back $5 bank note with pen signatures of William G. Allen, Cashier and H. Feltman, President. Courtesy of Heritage Auctions, www.ha.com

1902 Plain Back $100 bank note with printed signatures of J.A. Schramm, Cashier and Joseph Feltman, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 1 $50 bank note with printed signatures of J.A. Schramm, Cashier and B.J. Linnemann, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

1929 Type 2 $100 bank note with printed signatures of J.A. Schramm, Cashier and B.J. Linnemann, President. Courtesy of Heritage Auctions, www.ha.com

A total of $2,308,090 in National Bank Notes was issued by this bank between 1890 and 1995. This consisted of a total of 115,190 notes (110,400 large size and 4,790 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 - 15450
1882 Brown Back	3x10-20	1 - 5500
1882 Date Back	4x5	1 - 767
1882 Date Back	3x10-20	1 - 548
1882 Date Back	50-100	1 - 280
1902 Date Back	50-100	1 - 1700
1902 Date Back	3x50-100	1 - 3375
1902 Plain Back	3x50-100	3376 - 4345
1929 Type 1	6x50	1 - 562
1929 Type 1	6x100	1 - 186
1929 Type 2	50	1 - 246
1929 Type 2	100	1 - 56

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1890 - 1995):

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

Covington, KY, Wikipedia, https://en.wikipedia.org/wiki/Covington,_Kentucky
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
The Kentucky Post and Times-Star, Covington, KY, Sat., Mar. 7, 1903.
The Kentucky Post and Times-Star, Covington, KY, Sat., Mar. 29, 1905.
The Kentucky Post and Times-Star, Covington, KY, Mon., Apr. 7, 1913.
The Kentucky Post and Times-Star, Covington, KY, Mon., Apr. 23, 1913.
The Kentucky Post and Times-Star, Covington, KY, Mon., Jan. 9, 1929.
The Kentucky Post and Times-Star, Covington, KY, Thu., Jan. 8, 1942.
The Kentucky Post and Times-Star, Covington, KY, Wed., Apr. 11, 1962.
The Cincinnati Enquirer, Cincinnati, OH, Mon., July 8, 1985.
Messenger-Inquirer, Owensboro, KY, Sat., Jan. 18, 1986.
The Courier-Journal, Louisville, KY, Sat., Aug. 1, 1987.