Citizens National Bank, Evansville, IN (Charter 2188)
Citizens National Bank, Evansville, IN (Chartered 1874 - Closed (Merger) 1998)
Town History
Evansville is a city in Vanderburgh County, Indiana, and its county seat. With a population of 118,414 at the 2020 census, it is Indiana's 3rd-most populous city after Indianapolis and Fort Wayne, the most populous city in Southern Indiana, and the 249th-most populous city in the United States. It is the central city of the Evansville metropolitan area, a hub of commercial, medical, and cultural activity of southwestern Indiana and the Illinois–Indiana–Kentucky tri-state area, which is home to over 911,000 people. The 38th parallel north crosses the north side of the city and is marked on Interstate 69 immediately north of its junction with Indiana 62 within the city's east side.
Situated on an oxbow in the Ohio River, the city is often referred to as the "Crescent Valley" or "River City". Early French explorers named it La Belle Rivière ("The Beautiful River"). The area has been inhabited by various indigenous cultures for millennia, dating back at least 10,000 years. Angel Mounds was a permanent settlement of the Mississippian culture from AD 1000 to around 1400. The city of Evansville was founded in 1812.
Evansville had 13 National Banks chartered during the Bank Note Era, and all 13 of those banks issued National Bank Notes.
Bank History
- Organized September 12, 1874
- Chartered September 23, 1874
- Succeeded W.J. Lowry & Co.
- 2: Assumed 8832 by consolidation August 15, 1914 and its circulation (Bankers National Bank, Evansville, IN)
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into Citizens Bank of MidAmerica in Saint Joseph, MI, December 31, 1998
The Citizens Bank dates back to the W.J. Lowry & Company bank and it was this business that was taken over and bought by the new bank. The Lowry bank had a capital of $25,000. The new bank began business on First Street in a building later occupied by the Dun Mercantile Agency. Later it was moved to the corner of Second and Main Streets.
In July 1874, notice was given of the purchase of the interest of Samuel Bayard and Philip C. Decker in the firm of W.J. Lowry & Co. by the heirs of W.J. Lowry. The business of the bank would continue in the same banking house without other changes by the heirs of the estate and under the same management as for the past two years.[3] On Thursday, October 1, 1874, the absorption of the banking house of W.J. Lowry & Co. by the newly organized Citizens National Bank took effect. Mr. S.P. Gillett, manager of the former, was cashier of the later. The new institution commenced business under very favorable auspices. The stock of the Citizens National Bank was distributed among a large number of active businessmen which would serve to popularize it.[4]
On September 23, 1874, the bank was given charter No. 2188 after application had been made by James H. McNeely, publisher of The Journal-News. McNeely received a letter back on July 18th from John Jay Knox, comptroller of the currency, which read "I have received an application made by yourself, H.O. Babcock and others for the organization of a National Bank with the capital of $100,000, to be located at Evansville, Ind., bearing the endorsement of Hon. O.P. Morton. Your application is granted and I send you as printed matter by today's mail a copy of the law and full set of blank forms for the organization of a National Bank. As the amount of circulation apportioned to Indiana is limited, the currency assigned to your bank will be granted to other parties who are ready to deposit the necessary bonds, after the first day of October next, if you shall not then have availed yourself of the privilege." In the office of Mr. McNeely in Washington Block, the first meeting of the stockholders was held July 31, 1874. R.C. Slaughter was elected president of the bank and the following were named as directors: John J. Roach, Fred W. Cook, Samuel Vickery, Leroy Swormstedt, James H. McNeely, F. Lunkenheimer, George P. Hudspeth, and S.P. Gillett.[5]
In February 1883, a change in the Citizens National Bank occurred when Mr. M. Henning retired from the position of president. Mr. S.P. Gillette was elected to succeed Mr. Henning, Dr. C.P. Bacon becoming vice president; and Mr. W.L. Swormstedt, assistant cashier. Mr. Henning retired to devote himself to other business.[6]
In June 1914, directors of two Evansville banks were seeking to consolidate with the Bankers National Bank and officials of the banks admitted deals were pending that might terminate in either the Old State National Bank or the Citizens National Bank taking over the location and business of the Bankers National Bank at Fourth and Main Streets. The Old State and the Citizens bank had been considering for several years the advisability of moving farther uptown as the retail district was moving away from the river and it was a question of which bank would make the best offer. The site of the Citizens Bank was regarded as a choice location for a banking institution and a much larger building would likely be put up there should either of the down street banks succeed in getting the site.
President Henry Reis of the Old State National said his bank would be further up Main Street but was unable to make any statement as to the probable outcome of the offer that would be made to the Bankers Bank. Sam T. Heston, president of the Bankers Bank, said he had heard nothing of the proposed Old State Bankers National merger but admitted that offers of consolidation had been made to his bank by officers of the Citizens National Bank. W.O. McGinness, vice president and attorney for the Bankers National Bank vigorously denied any knowledge of the proposed changes. Dr. C.P. Bacon, F.W. Lauenstein and other directors of the Citizens National Bank were unwilling to make any statements. They did not know whether such a deal could be made in the absence of President Allen Gray who was in Paris.[7]
On Monday, August 17, 1914, in commemoration of the formal ratification and the complete merger of the Citizens National Bank and the Bankers National Bank, an open house was held at the Citizens Bank and the public invited to visit the place of business of the merged institutions. Practically all business was conducted from the Citizens bank, but a clerk and one official remained at the Bankers National Bank at Fourth and Main Streets until that building was razed. One plan for the new building submitted by a local architect was on exhibition at the Citizens National Bank and the plans were reviewed by stockholders. A large crowd took advantage of the reception and roses were given to the women visitors and the men were presented cigars.[8] On Wednesday night, December 23, 1914, the comptroller of the currency stated that the Bankers National Bank of Evansville had filed notice of voluntary liquidation. This was the last formal action to complete the merger of the Bankers National Bank with the Citizens National Bank. In order to merge it was necessary for one of the banks to give up its charter and lose its identity as an institution. The directors met and declared a semi-annual dividend of 5% and also placed $340,000 to the surplus funds out of the undivided profits.[9]
Mr. Sam T. Heston, president of the Bankers National Bank became a vice president of the Citizens National. Mr. Orville W. McGinnis, general counsel for the Bankers National became general counsel for the Citizens National. The following directors of the Bankers National were added to the board of the Citizens National Bank: Claude Maley, J.W. Lunkenheimer, J.L. Knauss, and W.F. Huthsteiner.[10]
On Thursday, March 4, 1915, open house was observed by the Citizens Trust & Savings Bank at its home, 221 Upper Second Street, and the new trust company would make its initial bow to the public. The rooms in the rear of the Citizens National Bank building were fitted up in style and the fixtures of the old Bankers National Bank had been used in equipping the new office. The office equipment was new and modern. A door was cut through to the Citizens National Bank Building and the new company would use the vaults of the bank. When the new home of the Citizens National Bank was completed, the trust company would be housed in it.
"Our idea will be to give service," said Harry W. North, treasurer of the company. "We are content to grow but we believe we will grow fast and we are in a better position here to care for our friends than we have ever been. We want our friends to come in and see us Thursday and souvenirs will be distributed to all callers." The officers of the new company, which had a paid in capital of $100,000, were H.W. North, treasurer; Adolph Froelich, Secretary, Eugene Stevens, real estate manager; and F.W. Alexander, manager insurance department.[11]
For 1915, a dividend of $100,000 was declared out of undivided profits and was applied as capital stock for the Citizens Trust & Savings Bank which was apportioned out to the stockholders of the Citizens National Bank as a stock bonus. In addition the stockholders of the Citizens National received 10% cash dividends during the year on their holdings.[12]
Music, flowers and souvenirs were a notable feature of the publics reception at the ew bank building on Tuesday, February 22, 1916. In keeping with the patriotic character of the occasion, a large American flag was raised at 9 o'clock in the morning. Up to this time no flag had been run to the top of the flagpole which reached almost 00 feet from the ground. The ceremony had been reserved for the opening day which happily fell on Washington's birthday. Visitors entering the bank Tuesday for inspection were greeted with the sweet strains of patriotic music by Prof. Arnulf Cintura's large orchestra hidden behind a bank of palms on the mezzanine floor. At the door members of the reception committee took visitors in charge and showed them through the banking quarters on the ground floor and in the marble basement where the trust company and huge vaults were located. Cut flowers and potted plants artistically arranged adorned the desks of officials. In keeping with the patriotic sentiment of the day, American Beauty roses were found in profusion among the floral embellishments. Vanity boxes dear to the heart of all women were given away as souvenirs to all lady visitors. For the men a very neat Morocco covered pocket memo and cigars were handed out. Visitors taking the fast passenger elevators to the top floors were treated to a magnificent view of the city and surrounding country. On a clear day when the smoke from the city allowed, buildings in Henderson were visible.[13]
In January 1933, the officers of the Citizens National Bank and the affiliated Citizens Trust and Savings Bank were W. W. Gray, president; J.B. Graham, C.P. Bacon, H.E. Bacon, Sam T. Heston, W.W. Bicking and F.J. Bernhardt, vice presidents; A.C. Froelich, vice president and trust officer; O.W. McGinnis, general counsel; G.W. Schnute, cashier; C.J. Fuchs and E.W. Halwes, assistant cashiers; V.H. Goeke, assistant cashier and auditor; Charles E. Taylor, secretary and treasurer; and J. Roy Dill, manager, insurance department. At the close of business for 1932, the bank reported total resources of $12,416,016.58 with capital stock $600,000, Surplus $475,000, undivided profits $227,082.30, trust funds $1,300,556.25, circulation $500,000 and deposits $9,298,258.03.[14]
On February 18, 1936, the directors met and unanimously adopted a resolution upon the death of Hilary E. Bacon, a member of the board since 1902 and a vice president of the bank for many years. His death occurred on Sunday February 16, 1936. The directors were W.W. Gray, J.L. Knauss, W.F. Huthsteiner, F.J. Bernhardt, Dr. T.D. Scales, Clinton F. Rose, G.W. Schnute, and Dr. C.P. Bacon.[15]
At the close of business on Thursday, September 30, 1976, the merger of the Lamasco Bank at 201 N. Fulton with the Citizens National Bank was officially completed. Total assets at Citizens National jumped more than 20 million to $254 million as a result of the merger. Despite the increase, Citizens remained the city's second largest bank but moved closer to Evansville's largest, Old National Bank, which had assets of about $300 million.[16] Lamasco is a former town, and current district, in Evansville.
Official Bank Titles
1: The Citizens National Bank of Evansville, IN
2: The Citizens' National Bank of Evansville, IN [1929]
Bank Note Types Issued
A total of $7,955,390 in National Bank Notes was issued by this bank between 1874 and 1935. This consisted of a total of 911,013 notes (701,248 large size and 209,765 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 4x5 1 - 2000 1: Original Series 3x10-20 1 - 2350 1: Series 1875 4x5 1 - 250 1: Series 1875 3x10-20 1 - 7566 1: 1882 Brown Back 3x10-20 1 - 15000 1: 1882 Date Back 3x10-20 1 - 15641 1: 1902 Date Back 4x5 1 - 10000 1: 1902 Date Back 3x10-20 1 - 10000 1: 1902 Plain Back 4x5 10001 - 76785 1: 1902 Plain Back 3x10-20 10001 - 55720 2: 1929 Type 1 6x5 1 - 20704 2: 1929 Type 1 6x10 1 - 8972 2: 1929 Type 1 6x20 1 - 2188 2: 1929 Type 2 5 1 - 11792 2: 1929 Type 2 10 1 - 5590 2: 1929 Type 2 20 1 - 1199
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1874 - 1935):
Presidents:
- Dr. Robert Coleman Slaughter, Jr., 1875-1877
- Matthew Henning, 1878-1882
- Simeon Palmer Gillett, 1883-1909
- Allen Gray, 1910-1919
- William Walden Gray, 1920-1926
- Samuel L. May, 1927-1927
- William Walden Gray, 1927-1935
Cashiers:
- Simeon Palmer Gillett, 1875-1882
- William L. Swormstedt, (Sr.), 1883-1909
- Frank P. Fuchs, 1910-1921
- Fred J. Bernhardt, 1922-1927
- Gerhard William Schnute, 1928-1935
Other Known Bank Note Signers
Bank Note History Links
Sources
- Evansville, IN, 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
- Historic Evansville: Citizens National Bank. See dozens of photos of the Citizens National Bank.
- Evansville Vanderburgh Public Library, Photo, Interior, Citizens National Bank
- An artist sketch of the new proposed Citizens National Bank at Third and Sycamore, Evansville Vanderburgh Public Library.
- ↑ The Evansville Journal, Evansville, IN, Sun., Feb. 14, 1915.
- ↑ The Evansville Journal, Evansville, IN, Sun., Feb. 20, 1916.
- ↑ The Evansville Journal, Evansville, IN, Mon., July 20, 1874.
- ↑ The Evansville Journal, Evansville, IN, Thu., Oct. 1, 1874.
- ↑ The Evansville Journal, Evansville, IN, Sun., Feb. 20, 1916.
- ↑ The Evansville Journal, Evansville, IN, Fri., Feb. 16, 1883.
- ↑ The Evansville Journal, Evansville, IN, Sat., June 27, 1914.
- ↑ The Evansville Journal, Evansville, IN, Mon., Aug. 17, 1914.
- ↑ The Evansville Journal, Evansville, IN, Thu., Dec. 24, 1914.
- ↑ Evansville Courier and Press, Evansville, IN, Sun., Feb. 20, 1916.
- ↑ The Evansville Journal, Evansville, IN, Wed., Mar. 3, 1915.
- ↑ The Evansville Journal, Evansville, IN, Sat., Jan. 1, 1916.
- ↑ Evansville Courier and Press, Evansville, IN, Sun., Feb. 20, 1916.
- ↑ Evansville Courier and Press, Evansville, IN, Sun., Jan. 1, 1933.
- ↑ Evansville Press, Evansville, IN, Thu., Feb. 20, 1936.
- ↑ Evansville Press, Evansville, IN, Fri., Oct. 1, 1976.