Citizens National Bank, Tipton, IN (Charter 7496)
Citizens National Bank, Tipton, IN (Chartered 1904 - Closed (Merger) 1993)
Town History
Tipton is a city in and the county seat of Tipton County, Indiana. The population was recorder for the 2020 census was 5,275. In 1900 the population was 3,764, growing to 4,861 by 1930. The first white person to settle in the area now known as Tipton was Samuel King, who purchased land between 1835 and 1836. The land was still a part of Hamilton County. He resided in Rush County but visited the area frequently. Strawtown, Indiana, was the closest trading post. King decided to found a town on the land he purchased and he platted the town on April 16, 1839. The town was named Kingston. Despite efforts, King failed to sell any of the plots that he platted. A few Miami Indians resided in the area still.
In January, 1844, Tipton County was founded and a county seat needed to be created. The county seat was originally going to be located in the middle area of the county, however, Miami Indians resided on the land and they were unable to create a town there. The county commissioners put out a call for landowners to propose that the county seat be placed on their land. King offered to donate 100 acres of Kingston. On October 16, 1844, the commissioners accepted his offer.
The commissioners were in charge of also naming the new town. Commissioner John D. Smith, who used to reside in Ohio, proposed to name the town Canton, after Canton, Ohio. The commission accepted the name. After October, it was decided to plat Canton. The area had to be cleared of trees and plants, and John Criswell did the surveying for $2 a day. Sales of the plots began in November. As of March 1845, 34 lots had been sold.
In 1845, a post office was going to be established in Canton. However, this did not proceed because it was discovered that there was a town already named Canton in the state, which was founded in 1838. The town was renamed Tipton, after John Tipton, a veteran of the Battle of Tippecanoe and the War of 1812. He was also the leader of the Indiana Rangers. Tipton served as United States Senator for Indiana from 1831 until shortly before his death in 1839.
Tipton had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized November 17, 1904
- Chartered November 30, 1904
- Succeeded State Bank of Tipton
- Absorbed 6251 May 5, 1927 (First National Bank, Tipton, IN)
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into National City Bank, Indiana in Indianapolis, IN, May 1, 1993
The State Bank of Tipton was organized on Thursday, October 20, 1898. The officers elected were William Miner, president; Dr. M.V.B. Newcomer, vice president; F.E. Davis, cashier; Louis Seright, assistant vice president; William Miner, Dr. Newcomer, F.E. Davis, M. Bath, and J.P. Kemp, directors. The capital stock was $25,000. This bank took the place of the Picken & Kemp Bank which went out of business a few weeks earlier.[2] The bank opened on December 1, 1898. Dr. Newcomer was a heavy stockholder and was also a director in the Citizens National Bank of Delphi, Indiana.[3]
The Post Office Drug Store with its well-appointed pharmacy and large general stock did the most business of any of a number of high class drug stores found in Tipton. Its prominent location next door to the post office made it one of the leading drug stores in the vicinity. In January 1904, the firm recently added another room, back of the Tipton State Bank, thus giving it an entrance on Court as well as Jefferson Street. The new room was stocked with a varied line of wall paper, paints, etc. A complete assortment of Birge & Sons wall papers, the leading wall paper designers of the county, was stocked with pries ranged from six cents to $1.50 a double roll.[4]
F.E. Davis, the cashier and active manager of the affairs of the bank, had fifteen years experience in the banking business. He came to Tipton in 1898 from Sullivan, Indiana, where he was vice president and active head of the Sullivan State bank. Mr. Seright, the assistant cashier, had been a resident of Tipton for 15 years and for eight years was assistant cashier in the Tipton County Bank, later the First National Bank.[5]
On Tuesday, January 13, 1914, stockholders re-elected the officers and directors for another year. The directors were Will Ryan, J.P. Kemp, M. Bath, J.D. Smith, M.V.B. Newcomer, M.T. Sheil, and F.E. Davis. F.E. Davis was re-elected president and L.G. Seright was elected cashier.[6]
On Friday, March 25, 1927, the First National Bank of Tipton suspended business and the assets were taken over by the Citizens National Bank. The transfer of accounts and funds was made Thursday night under the supervision of Alfred Leyburn, national bank examiner, who was in charge of the First National Bank for a while. The First National Bank had experienced some difficulty in the period of reconstruction following the world war and recently the stockholders considered the alternatives of an assessment against the stock to continue business or disposing of the business, the latter plan being adopted. Voluntary liquidation would follow and a small assessment against the stockholders was thought necessary. With this deal, the Citizens National Bank's deposits were increased by $425,000 and totaled approximately $1,500,000. Depositors were now protected by the Citizens National Bank, a bank amply fortified in resources with spacious new quarters and adequate personnel to care for an manage the added deposits.[7]
On Wednesday, September 12, 1934, at a meeting of the directors, Russell S. Martin was chosen as president, a position which had been vacant since the death of Fred E. Davis, June 23rd. L.M. Burdge was advance to cashier, the position held by Mr. Martin. W.A. Hill and H.S. Matthews were assistant cashiers. Frank C. Suite was chosen a director to fill the term of the late Mr. Davis. The other directors were Dr. S.W. Curtis, G.G. Davis, John P. Kemp, R.S. Martin, Will Ryan, and L.G. Seright.[8]
On Friday, December 9, 1949, services were held for William A. Hill, 75, who came to Knightstown 10 years ago when he retired after serving as cashier of the Citizens National Bank of Tipton. He was a Spanish-American War veteran.[9]
On Wednesday, April 16, 1986, Merchants National Corp. announced it had reached an agreement to purchase Citizens National Bank of Tipton. The move was consistent with the policy of Otto N. Frenzel III who stated the company's primary interest was in absorbing Central Indiana banks. Tipton's location was about 40 miles from downtown Indianapolis. Citizens was the ninth bank Merchants had acquired. In the past year Merchants had also taken steps toward acquiring banks in Shelbyville, Greencastle, Greenfield, Greenwood, Carmel, Anderson, Seymour, and Hendricks County.[10]
Official Bank Title
1: The Citizens National Bank of Tipton, IN
Bank Note Types Issued
A total of $1,634,990 in National Bank Notes was issued by this bank between 1904 and 1935. This consisted of a total of 204,830 notes (165,268 large size and 39,562 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 4x5 1 - 2050 1902 Red Seal 3x10-20 1 - 1550 1902 Date Back 4x5 1 - 6500 1902 Date Back 3x10-20 1 - 4700 1902 Plain Back 4x5 6501 - 22600 1902 Plain Back 3x10-20 4701 - 15117 1929 Type 1 6x5 1 - 3202 1929 Type 1 6x10 1 - 1866 1929 Type 1 6x20 1 - 444 1929 Type 2 5 1 - 4332 1929 Type 2 10 1 - 1748 1929 Type 2 20 1 - 410
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1935):
Presidents:
Cashiers:
- Frederick Elmore Davis, 1905-1913
- Louis G. Seright, 1914-1923
- Russell Stephen Martin, 1924-1933
- LeRoy M. Burdge, 1934-1935
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Tipton, 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
- ↑ The Tipton Daily Tribune, Tipton, IN, Tue., Jan. 4, 1927.
- ↑ The Indianapolis News, Indianapolis, IN, Fri., Oct 21, 1898.
- ↑ Tipton Weekly Times, Tipton, IN, Fri., Jan. 29, 1904.
- ↑ Tipton Weekly Times, Tipton, IN, Fri., Jan. 29, 1904.
- ↑ Tipton Weekly Times, Tipton, IN, Fri., Jan. 29, 1904.
- ↑ The Tipton Daily Tribune, Tipton, IN, Thu., Jan. 15, 1914.
- ↑ The Noblesville Ledger, Noblesville, IN, Sat., Mar. 26, 1927.
- ↑ The Tipton Daily Tribune, Tipton, IN, Thu., Sep. 13, 1934.
- ↑ The Indianapolis News, Indianapolis, IN, Fri., Dec. 9, 1949.
- ↑ The Indianapolis News, Indianapolis, IN, Wed., Apr. 16, 1986.