Citizens National Bank, Galion, OH (Charter 1984)
Citizens National Bank, Galion, OH (Chartered 1872 - Receivership 1930)
Town History
Galion is a city principally in Crawford County, but also in Morrow, and Richland Counties in the state of Ohio. Galion is the second-largest city in Crawford County after Bucyrus. The population was 10,453 at the 2020 census. In 1860 the population was 1,966, growing to 7,674 by 1930.
The region was first inhabited by Native American tribes up until the first settlers, Benjamin Leveridge and his two sons, arrived in 1817. In 1820, William Hosford and his two sons, Asa and Horace, settled on land outside of the area. It was not until Colonel James Kilbourne decided to "lay out a town half way between Columbus and the Lakes" that the crossroads of Portland and Main street were settled by the Hosford family. This crossing was known by various names including: Moccasin, Horseshoe, Hard Scrabble, Spang Town, Hosfords and Goshen. However, in 1824 the town petitioned for a post office using the name Goshen and later changed to Galion by the postmaster general, John McLean, due to a town already being named Goshen in Ohio. Galion was laid out in 1831. The etymology of the name Galion is uncertain. A post office called Galion has been in operation since 1825.
Asa Hosford is considered the "Father of Galion" due to his actions as a state legislator in which he worked to get a rail line through the area that was completed in 1851.
Galion had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized March 15, 1872
- Chartered May 15, 1872
- Receivership August 4, 1930
In January 1877, the stockholders elected the following board: J.H. Green, W.H. Marvin, I.H. Pennock, J.W. Geiger, and T.A. Philips. The officers were W.H. Marvin, president; T.A. Phillips, vice president; J.H. Green, cashier; and M. Burns, assistant cashier.
On Tuesday, January 9, 1917, stockholders re-elected all the old directors and officers as follows: D. Bachelder, president; H. Gottdiener, vice president; A.F. Lowe, cashier; R.L. Bogan, assistant cashier; Daniel Kreiter and G.L. Smith, tellers; D. Bachelder, H. Gottdiener, L.M. Liggett, Henry Kreiter, Dr. H.H. Harmann, and A.F. Lowe, directors. In July 1917, J.E. Casey, with the First National Bank of Galion as cashier for many years, was appointed cashier of the Citizens National to succeed the late A.F. Lowe.
In October 1921, the citizens National Bank of Galion started construction of a new building at the corner of Public Square and South Market Street on the same location as it had occupied for many years. It would be a one-story stone structure modern in every way. The plans were drawn by Althouse & Jones, Mansfield architects. The plumbing contract went to the Charles Hoffman Co. of Mansfield. During construction, the banking business would be conducted in a temporary building erected in the square.
On November 11, 1922, the Citizens National Bank, the largest financial institution of the city, formally opened its new banking house on the southeast corner of the Public Square. For months the bank was housed in a little bungalow immediately in front of its new home. Reaching the height of an ordinary three-story building, the bank buiding consisted of just one-story with gallery. The height of the ceiling of the main banking room, together with the beauty of the marble and woodwork, gave it unusual beauty and the most perfect lighting. The building was constructed of stone furnished by the Ohio Cut Stone Company, reinforced concrete and steel, making the building as nearly fireproof as possible. The interior was finished in marble and bronze under contract with the Basshead Engineering Co. of Cleveland. The vault, built by the Diebold Safe & Lock Co. of Canton, was of reinforced concrete and steel-lined with eight-inch doors weighing eight tons each. The character of the vault along with its electrical protection system entitled the bank to the lowest insurance rates. "The Citizens National Bank has been working with and for Galion people for fifty years," Cashier J.E. Casey remarked, "and the new building has been planned throughout with a view to increasing the effectiveness of our adherence to this policy."
On Tuesday, January 10, 1928, stockholders unanimously elected the following directors: L.M. Liggett, H.J. Bachelder, F. W. Faber, E.F. Klopp, H.F. Eichhorn, H.H. Hartmann, and J.E. Casey. Following the stockholders' meeting, the directors organized by re-elected the following officers: L.M. Liggett, president; H.J. Bachelder, vice president; J.E. Casey, cashier; Mary Volk and L.A. Casey, assistant cashiers; J.V. Motsch and Ralph Poth, tellers; Helen Rhinehart and Mary Sipes, clerks.
On July 29, 1930, patrons of the Citizens National Bank found a sign posted on the door stating "The Citizens National Bank of Galion, Ohio, has been closed by order of the directors and the assets placed in the hands of the Comptroller of the Currency. George R. Gaskill, National Bank Examiner." Interested persons gather about the Public Square to discuss the situation, but there was no undue excitement and the other banks experienced no runs. Unfortunate investments were blamed for the financial crisis. Assistant United States District Attorney, John B. Osmum, was in charge of the legal side of the bank embezzlement investigation and stated "at present, it does not appear that the depositors will be jeopardized. Even though a complete check of the bank's records has not been more, nor the exact amount of the loss determined, it does not appear at the present time that the depositors will lose their money." The bank was capitalized at $100,000 and examiners have located approximately $75,000 surplus to cover the loss which resulted through the alleged misapplication of funds and the falsification of records by James E. Casey, recently resigned president of the institution. Casey, who resigned his position, was arrested on Monday, August 4, and brought to Cleveland. He entered a plea of not guilty to the charges when arraigned before U.S. Commissioner H.K. Cochrane and was free on $12,500 bond, pending action of the federal grand jury.
On August 30, 1930, A.E. Evenson, receiver of the Citizens National Bank, announced that claims against the bank held by depositors could be presented for verification and certification. The Federal Grand Jury would meet the following week to consider the case.
On January 5, 1931, James E. Casey pleaded guilty in federal court to a charge of falsifying the bank's records. Casey told federal officers the funds were lost in stock market speculations which he had attempted in hopes of retrieving losses the bank had suffered in real estate investments. He was sentenced to nine years in Atlanta penitentiary. Casey at one time said four other directors might be implicated in the loss. On March 18, 1931, A.E. Evenson, receiver, announced that the comptroller of the currency declared a first dividend of 30% to all creditors of the bank with claims filed prior to March 3rd.
In April 1937, the public auction of the real estate and equipment belonging to the Citizens National Bank was announced by Anson W. Gear, Receiver. The bank building proper and adjacent real estate known as the Poister Building would be offered. Merrit A. Curtiss, prominent Galion business leader, was the purchaser of the real estate on the Public Square.
Official Bank Title(s)
1: The Citizens National Bank of Galion, OH
Bank Note Types Issued
A total of $1,205,000 in National Bank Notes was issued by this bank between 1872 and 1930. This consisted of a total of 175,990 notes (168,796 large size and 7,194 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 2000 Original Series 4x5 1 - 2950 Series 1875 4x5 1 - 7400 1882 Brown Back 4x5 1 - 6300 1882 Brown Back 3x10-20 1 - 2700 1882 Date Back 4x5 1 - 1207 1882 Date Back 3x10-20 1 - 1114 1902 Date Back 4x5 1 - 2250 1902 Date Back 3x10-20 1 - 1600 1902 Plain Back 4x5 2251 - 11175 1902 Plain Back 3x10-20 1601 - 7353 1929 Type 1 6x5 1 - 719 1929 Type 1 6x10 1 - 386 1929 Type 1 6x20 1 - 94
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1872 - 1930):
Presidents:
- John W. Beatty, 1872-1872
- William Gurley Beatty, 1873-1873
- William Henry Marvin, 1874-1877
- Isaac H. Pennock, 1878-1881
- James Henry Green, 1882-1894
- David Bachelder, 1895-1916
- Henry Gottdiener, 1917-1923
- Luther Mayne Liggett, 1925-1928
- James Earl Casey, 1929-1930
Cashiers:
- James Henry Green, 1872-1881
- Austin Franklin Lowe, 1882-1916
- James Earl Casey, 1917-1928
- Mary O. Volk, 1929-1930
Other Bank Note Signers
- Karl J. Rick, Assistant Cashier 1907...1909
- There are currently no known Vice President bank note signers for this bank.
Wiki Links
- Ohio Bank Note History
- General information on Galion (Wikipedia)
- General information on Crawford County (Wikipedia)
- General information on Ohio (Wikipedia)
Sources
- Galion, OH, 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
- The Galion Inquirer, Galion, OH, Wed., Jan. 10, 1917.
- The Bucyrus Evening Telegraph, Bucyrus, OH, Sat., July 21, 1917.
- News-Journal, Mansfield, OH, Tue., Oct. 25, 1921.
- The Galion Inquirer, Galion, OH, Sat., Nov. 11, 1922.
- The Galion Inquirer, Galion, OH, Wed., Jan. 11, 1928.
- The Galion Inquirer, Galion, OH, Tue., July 29, 1930.
- The Galion Inquirer, Galion, OH, Mon., Aug 4, 1930.
- The Galion Inquirer, Galion, OH, Sat., Aug. 30, 1930.
- The Times Recorder, Zanesville, OH, Tue., Jan. 6, 1931.
- The Galion Inquirer, Galion, OH, Wed., Mar. 18, 1931.
- News-Journal, Mansfield, OH, Thu., Apr. 22, 1937.
- The Galion Inquirer, Galion, OH, Fri., Jan. 7, 1938.