Citizens National Bank, New Bedford, MA (Charter 2262)
Citizens National Bank, New Bedford, MA (Chartered 1875 - Liquidated 1899)
Town History
New Bedford is a city in Bristol County, Massachusetts,. It is located on the Acushnet River in what is known as the South Coast region. Up through the 17th century, the area was the territory of the Wampanoag Native American people. English colonists bought the land on which New Bedford would later be built from the Wampanoag in 1652, and the original colonial settlement that would later become the city was founded by English Quakers in the late 17th century. The town of New Bedford itself was officially incorporated in 1787.
The New Bedford Iron Foundry, located at the corner of Water and Coffin Streets, was founded by F.&I.C. Taber & Co., who were then located at the corner of Fourth and Bedford Streets. The firm of Taber & Grinnell succeeded to the business in 1847 and in 1859, Joseph G. Grinnell became the sole proprietor. Edmund Grinnell assumed control from his father in 1873. In 1889, the capacity of the works was 20 tons of castings per day with 90 men employed. The specialy of the works was light and heavy machinery and building castings.
During the first half of the 19th century, New Bedford was one of the world's most important whaling ports. At its economic height during this period, New Bedford was the wealthiest city in North America per capita. New Bedford was also a center of abolitionism at this time. The city attracted many freed or escaped African-American slaves, including Frederick Douglass, who lived there from 1838 until 1841. The city also served as a setting in Herman Melville's 1851 novel Moby-Dick. From 1876 to 1900, New Bedford served as the initial home port for the Revenue Cutter School of Instruction, the precursor of the United States Coast Guard Academy.
The city is also home to the New Bedford Whaling Museum and New Bedford Whaling National Historical Park.
New Bedford had six National Banks chartered during the Bank Note Era, and all six of those banks issued National Bank Notes.
Bank History
- Organized April 5, 1875
- Chartered May 17, 1875
- Liquidated February 21, 1899
The Citizens National, 36 North Water Street, was chartered May 17, 1875, with the following board of directors: J. Arthur Beauvais, John P. Knowles, William J. Kilburn, Joseph H. Cornell, Lewis S. Judd, and John F. Tucker. Mr. Beauvais was at the time engaged in a successful private banking enterprise and transferred his business to the new bank and was elected president. The bank was organized with a capital of $250,000. Thomas B. Fuller was the first cashier and upon his death in 1886, Edward S. Brown was elected to the position. George M. Kingman was teller.[1]
On Tuesday, January 12, 1886, the following were elected directors: J.A. Beauvais, John P. Knowles, William J. Kilham, Charles Tucker, John F. Tucker, Frederick S. Potter, Wendell H. Cobb, Oliver P. Brightman, and Thomas B. Fuller.[2]
In 1888 the officers were J. Arthur Beauvais, president; Edward S. Brown, cashier. The directors were J. Arthur Beauvais, John P. Knowles, William J. Kilburn, Charles Tucker, Fred S. Potter, Oliver P. Brightman, David B. Kempton, Cyrenius W. Haskins, Hosea M. Knowlton, and Benjamin Wilcox.
On Wednesday, January 18, 1899, circulars were sent to stockholders of the Citizens National Bank calling a special meeting to consider the voluntary liquidation of that institution pursuant to the consolidation with the Mechanics National Bank. There had been strong motivation of the management of both institutions in bringing about the consolidation. Arrangements were concluded by which Edward S. Brown, cashier of the Citizens National, would become cashier of the Mechanics National Bank. The management of the Citizens National had considered the location of the banking rooms as unfortunate and the question of moving to a location further up town was frequently discussed. Out of the discussion grew the negotiations which finally led to the consolidation of the two banks. The fact that the Mechanics Bank was called upon to select someone to assume the management of its affairs also had an influence. E. Williams Hervey was re-elected cashier after a retirement of several years soon after the suicide of Lemuel T. Terry. He was willing to accept the position with the understanding that he should be relieved from its responsibilities as soon as a permanent officer could be decided upon. With the choice of Mr. Brown, Mr. Hervey could retire once more. The capital stock of the Mechanics would remain at $600,000. J. Arthur Beauvais had been president of the institution from the first. Thomas B. Fuller was the first cashier and upon his death in 1886 was succeeded by E.S. Brown. George M. Kingman was the teller and along with William C. Hawes was expected to be employed by the new bank. The Mechanics Bank had been in existence for more than half a century, having been incorporated as a state bank in 1831 under the title of "the President, Directors and Company of the Mechanics Bank of New Bedford."[3]
On Sunday, July 30, 1899, J. Arthur Beauvais, son-in-law-of the late Ward M. Parker formerly of this Falmouth, and one of New Bedford's best known and ablest business men and financiers, died of pneumonia in that city, aged 75 years, He had been confined to his house six months as a result of a surgical operation, but was thought to be recovering. Mr. Beauvais was a leading New Bedford industrialist, businessman and inventor in the whaling period of New Bedford. A prominent businessman, Beauvais was founder and president of Citizens National Bank in New Bedford. He was also founder of the Weeden Manufacturing Company, famous for its working toy steam engines. His home at 404 County Street is a leading example of Queen Anne architecture. After graduating high school in 1842, he entered the counting-room of Barton Ricketson, his uncle, then extensively engaged as managing owner of whaling and merchant vessels, and also of the New Bedford Iron Foundry. In 1843 he became his uncle's bookkeeper and confidential clerk, where he remained until November, 1851, when he assumed a like position in the counting-room of J. B. Wood & Co., then largely engaged in the whaling business. He became interested with the firm and was at times managing owner of several merchant and coasting vessels, and he also did some business as a broker. In 1860 he was chosen treasurer of the New Bedford Tannery Company, which built the tanning works on Court Street. This enterprise not proving remunerative, after a few years the property changed hands and the corporation was dissolved. In 1867 he was chosen treasurer of the American Tack Company of Fairhaven, and subsequently its president. In February, 1872, he severed a most pleasant and harmonious connection of more than twenty-one years with J.B. Wood & Co., and formed the firm of Beauvais & Co. (T.B. Fuller, formerly bookkeeper of the American Tack Company, was a partner) and engaged in private banking. In 1874, assisted by H.A. Blood, of Fitchburg, Henry W. Phelps, of Springfield, and others, he organized the Fall River Railroad Company, of which corporation he was made president. This corporation contracted with Mr. Phelps to build the railroad from Fall River to New Bedford, and it was opened for travel in December 1875. Within two years after the completion of the road Mr. Beauvais resigned from the office of president of the company, but continued as a director. Previous to this time he had been chosen a director in the Merchants National Bank. In May, 1875, in connection with his partner and others, he organized the Citizens National Bank and was chosen president and Mr. Fuller cashier. To this institution the banking business of Beauvais & Co. was transferred. He was one of the original incorporators and for some time a trustee of the New Bedford Five Cents Savings Bank, which position he resigned after a few years, but was subsequently re-elected trustee. In 1878 he became interested in the organization of the New England Mutual Aid Society for life insurance on the assessment plan. Of this society he was president until the removal of the office to Boston rendered the discharge of the duties incompatible with his other engagements.[4]
Official Bank Title
1: The Citizens National Bank of New Bedford, MA
Bank Note Types Issued
A total of $1,488,720 in National Bank Notes was issued by this bank between 1875 and 1899. This consisted of a total of 226,740 notes (226,740 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 Original Series 4x5 1 - 1750 Original Series 3x10-20 1 - 2000 Series 1875 3x1-2 1 - 11460 Series 1875 4x5 1 - 17810 Series 1875 3x10-20 1 - 15564 1882 Brown Back 4x5 1 - 8101
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1875 - 1899):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- Citizens National Bank, New Bedford, MA History (NB Lookup)
- Massachusetts Bank Note History (BNH Wiki)
Sources
- New Bedford, MA, 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
- ↑ New Bedford, Massachusetts; Its History, Industries, Institutions and Attractions, Mercury Publishing Co., New Bedford (1889), p. 242.
- ↑ Boston Globe, Boston, MA, Tue., Jan. 12, 1886.
- ↑ Fall River Daily Evening News, Fall River, MA, Thu., Jan. 19, 1899.
- ↑ Falmouth Enterprise, Falmouth, MA, Sat., Aug. 5, 1899.