Citizens National Bank/Citizens NB & TC, Ridgewood, NJ (Charter 11759)

The old Citizens National Bank and Trust Company of Ridgway, New Jersey, located on the corner of Ridgewood Avenue and Broad Street, ca2023. Courtesy of Google Maps

Citizens National Bank/Citizens NB & TC, Ridgewood, NJ (Chartered 1920 - Closed (Merger) 1994)

Town History

The old First National Bank and Trust Company of Ridgway, New Jersey, located on the corner of E. Ridgewood Avenue and Prospect Street, ca2021. After the 1934 merger with the Citizens National Bank and Trust Company, the resulting institution, Citizens First National Bank and Trust Company occupied this building. Courtesy of Google Maps

Ridgewood is a village in Bergen County, New Jersey, and a suburban bedroom community of New York City, located approximately 20 miles northwest of Midtown Manhattan. As of the 2020 United States census, the village's population was 25,979, an increase of 1,021 (+4.1%) from the 2010 census count of 24,958. In 1900 the population was 2,685, growing to 12,188 by 1930.

In 1700, Johannes Van Emburgh built the first home in Ridgewood, having purchased a 250 acres property in 1698.

The Village of Ridgewood was created on November 20, 1894, with the same boundaries as Ridgewood Township, also in Bergen County. The name of the village derives from the characteristics of its terrain.

Ridgewood had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

• Organized May 3, 1920
• Chartered June 18, 1920
• 2: Absorbed 5205 June 23, 1934 with title change (First National Bank/First NB & TC, Ridgewood, NJ)
• Bank was Open past 1935
• For Bank History after 1935 see FDIC Bank History website
• Merged into National Westminster Bank NJ in Jersey City, NJ, October 1, 1994

On Monday night, May 3, 1920, the new Citizens National Bank of Ridgewood organized with the election of the following directors: W.J. Fullerton, G.U. White, F.Z. Board, F.S. Cowperthwait, Dr. W.C. Craig, J.H. Dunning, T.J. Foster, S.R. Glassford, F.J. Humphrey, Dr. J.B. Hopper, D.A. Garber, A.E. Ostrander, John Rugge, Jr., F.A. Tetor, F.V. Watson, Ridgewood; J.G. Blauvelt, J.S. Stout, Ho-Ho-Kus; I. Kemp, Glen Rock, F.G. Pittet, and Henry Wostbrock, Midland Park. The directors elected W.J. Fullerton as president, George U. White, vice president; F.Z. Board, vice president and cashier; Stanley S. Hazzard, assistant cashier; and Frederick W. Watson, counsel. The president had resided in Ridgewood 25 years and during 22 of those years had been president of the Ridgewood Building and Loan Association. In addition to his large business interests in New York, he was a director of the executive committee of the Fidelity Trust Company and trustee of the Irving Savings Institution of that city. George U. White was similarly a long-time resident of Ridgewood. He was one of the first Commissioners of the Village when the commission form of government was adopted and for 8 years was its director of finance. F.Z. Board resigned his office as secretary of the Ridgewood Trust Company of which he was also a director. He had been associated with the First National Bank and the Trust Company in positions of increasing responsibility for the past 20 years. Stanley S. Hazzard was assistant secretary of the Ridgewood Trust Co., resigning this office. F.V. Watson, counsel, resided in Ridgewood for a number of years and within the past few days had been appointed judge of the new district court. In August 1920, the Citizens National Bank hung a clock in the front window of its temporary quarters at No. 4 Broad Street. The clock was said to have no works, yet it kept time. The explanation could only be obtained from official representatives of the bank. On the face of the clock was a tip, "Time to start an account."

In January 1926, the directors were Fred Z. Board, James G. Blauvelt, George F. Brackett, William C. Craing, J.H. Dunning, T.J. Foster, William j. Fullerton, D.A. Garber, S.R. Glassford, Julian C. Harrison, John B. Hopper, George I. Kemble, John B. Kemp, H.S. McIntosh, John Rugge, Jr., Fred C. Smith, F.A. Tetor, Frederick V. Watson, Geurge U. White, and Henry J. Wostbrock. The officers were W.J. Fullerton, president; George U. White and J.H. Dunning, vice presidents; Fred Z. Board, vice president and cashier; Stanley S. Hazzard and William V.C. Westervelt, assistant cashiers. In February, the plan to change the name to the Citizens National Bank and Trust Company was announced with a bank meeting to be held on March 23rd in the bank building. Fred Z. Board said that shortly after the organization of the Citizens National Bank in 1920, it qualified under the Federal Reserve Act to administer trusts and perform other fiduciary banking services permitted under state laws. The trust business had reached such a substantial volume that if became necessary to enlarge its department. On Monday, April 5th, at a meeting of the directors, the first since that institution adopted its new name, the vacancy caused by the recent death of George U. White was filled by the election of Frederick A. Tetor as a vice president of the bank. Because of the enlargement of the trust department, George I. Kemble was elected to the position of trust officer.

On Tuesday, January 8, 1929, stockholders elected to following directors: David S. Beasley, James G. Blauvelt, Fred Z. Board, George F. Brackett, William C. Craig, J.H. Dunning, T.J. Foster, Wm. B. Fullerton, Wm. J. Fullerton, S.R. Glassford, Julian C. Harrison, John B. Hopper, George I. Kemble, John B. Kemp, John Rugge, Jr., F.A. Tetor, Frederick V. watson, and Henry J. Wostbrock. Mr. Beasley was elected in place of former Mayor Daniel A. Barber who moved to Washington. The directors on Wednesday re-elected officers as follows: W.J. Fullerton, president; J.H. Dunning and F.A. Tetor, vice presidents; Fred Z. Board, vice president and cashier; Stanley S. Hazzard, Wm. V.C. Westervelt, and George H. Rateau, assistant cashiers; and George I. Kemble, trust officer.

On Tuesday, January 9, 1934, stockholders met and re-elected all directors except for Henry J. Wostbrock of Midland Park who resigned from the board. The directors elected were as follows: David Beasley, James G. Blauvelt, Fred Z. Board, George F. Brackett, Dr. William C. Craig, J.H. Dunning, Thomas J. Foster, William B. Fullerton, S.R. Glassford, Julian C. Harrison, John B. Hopper, George I. Kemble, John B. Kemp, John Rugge, Jr., Frederick A. Tetor, and Frederick V. Watson. the directors elected offices as follows: Fred Z. Board, president; J.H. Dunning, vice president; George I. Kemble, vice president and trust officer; S.R. Glassford, vice president; Stanley S. Hazzard, cashier; William V.C. Westervelt and George H. Rateau, assistant cashiers.

In May 1934, the boards of directors of the Citizens National Bank and Trust Company and the First National Bank and Trust Company announced plans for combining the two banks in order to substantially increase the financial strength of the combined institutions through assistance of the Reconstruction Finance Corporation (RFC). The new institution would be Citizens First National Bank and Trust Company with preferred stock of $400,000 owned by the RFC, convertible preferred stock of $100,000, and common stock of $200,000. Deposits would be approximately $7 million with about $2.5 million of trust funds and the institution would occupy the ample facilities of the First National Bank and Trust Company building.

On Sunday, June 24th, people who visited the business center on Sunday saw a formidable army of policemen and other armed guards gathered to protect the transfer of bank funds and securities from the Citizens National to the Citizens First National a block away. A big armored van of the United States Treasury was used in making the transfers. Most conspicuous of the force were half a dozen or so guards from the Federal Reserve Bank armed with sub-machine guns capable of mowing down a small army of bandits if there had been any around. The safe deposit boxes were taken out in sections and loaded on an open truck. Upon arrival, the were carried in and fitted in the new places in the great deposit vault. The Mosler Safe Company was in charge of this part of the transfer. The local police had a car of their own loaded with repeating shot guns and a plentiful supply of tear gas bombs.

The merger of the Citizens National Bank and Trust Company and the First National Bank and Trust Company was consummated on June 25th, 1934. The new institution had deposits of over $7 million, capital, surplus and undivided profits over $700,000, and was located at East Ridgewood Avenue at Prospect Street. The officers were Harry S. Willard, chairman of the board; Fred Z. Board, president; John V. Knowlton, vice president and trust officer; J.H. Dunning, George I. Kemble, S.R. Glassford, Walter J. Flynn, and Harry S. Marx, vice presidents; Stanley S. Hazzard, cashier; George H. Rateau, Henry E. Schmultz, and W.V.C. Westervelt, assistant cashiers. The directors were David S. Beasley, James G. Blauvelt, Fred Z. Board, Geo F. Brackett, Harold W. Cheel, Kenneth Chisholm, Dr. Wm. C. Craig, J.H. Dunning, T.J. Foster, W.J. Flynn, W.B. Fullerton, S.R. Glassford, J.C. Harrison, John B. Hopper, Geo. I. Kemble, John B. Kemp, John V. Knowlton, Harry S. Marx, H.H. Pettit, John Rugge, Jr., C.C. Van Emburgh, Wm. L. Vroom, F.V. Watson, and H.S. Willard.

In March 1973, the boards of the Pascack Valley Bank & Trust Company with $37 million in deposits and the big Citizens First National Bank of Ridgewood with $169 million in deposits agreed to merge, subject to shareholders' and authorities' approvals. The merger would bring the power of Citizens First National into new marketing area, crossing the economic divide of the Garden State Parkway into the traditional domain of County Trust Company of Tenafly. The merger would also keep Citizens First from being overtaken in deposits, assets and Bergen County branches by a pending merger of County Trust and Hackensack's First National State Bank of North Jersey. The Pascack Valley shareholders were offered 1.8 shares of Citizens First for each share of Pascack Valley Bank's 125,000 shares recently bid at $33.50. The Hillsdale bank was also offered six posts on the board of directors including its president, Richard G. Kelley, and board member Mrs. Hazel T. Hoffman who would become the first woman director of Citizens First National. Pascack Valley was also the first Bergen bank to have a woman vice president, Mrs. Katherine Entress of Rochelle Park who held that position form January 1965 until her retirement in 1967. Mrs. Hoffman was the widow of William M. Hoffman who died shortly after his retirement as the bank's president in 1970. He was succeeded by Kelley, who came to the bank from Washington where he had served as president of Public National Bank and as a consultant in the Department of Commerce. However, the appointment caused a rift with the bank's executive vice president, Jack E. Jensen of Montvale who resigned to organize another Hillsdale bank. The future bank had been approved conditionally by Washington under the name American National Bank. Ironically, the first name proposed, Valley National Bank was rejected for its resemblance to that of Pascack Valley National Bank slated to disappear. Mr. Richard Beekman was president of Citizens First National, the fifth largest bank in the county and one of four dating to the 19th Century. In January 1962, the former Hillsdale National Bank changed its name to the Pascack Valley Bank and Trust Company.

On November 30, 1973, the name was changed to Citizens First National Bank of New Jersey.

In July 1980, the board of directors of Citizens First National Bank of New Jersey named Richard G. Kelley, 48, as chief executive officer in addition to his duties as president and chief administrative officer. The board indicated that out of respect to Richard Beekman who was chief executive officer until his death June 13th as a result of an automobile accident, the position of chairman would remain vacant. Citizens First had more than $800 million in assets with 32 branches in Bergen, Passaic and Morris Counties. Kelley was born in Hyannis, Mass. and started his banking career there as a teller in 1955. He moved to Connecticut and worked for the Home National Bank in Meriden from 1960-69, starting as an assistant cashier and branch manager and leaving as executive vice president to become president of Public National Bank in Washington, DC. He left Washington in 1970 to become president of the Pascack Valley Bank in Hillsdale. After the 1973 merger, Kelley became executive vice president and chief administrative officer. In April 1979, he was appointed president of the bank.

• 10/31/1974 Acquired Oakland State Bank (19996) in Oakland, NJ.
• 12/28/1976 Acquired The State Bank of North Jersey (536) in Pine Brook, NJ.
• 10/01/1983 Acquired Bergen State Bank (19568) in Bergenfield, NJ.
• 10/01/1994 Merged and became part of National Westminster Bank NJ (6357) in Jersey City, NJ.

Official Bank Title(s)

1: The Citizens National Bank of Ridgewood, NJ

2: Citizens National Bank and Trust Company of (3/27/1926), Ridgewood, NJ

3: 3rd title not used on notes: Citizens First National Bank and Trust Company of (6/23/1934) , Ridgewood, NJ

Bank Note Types Issued

1902 Plain Back $5 bank note with printed signatures of F.Z. Board, Cashier and William J. Fullerton, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

1929 Type 1 $5 bank note with printed signatures of F.Z. Board, Cashier and William J. Fullerton, President. The Government Printing Office (GPO) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com

1929 Type 2 $5 bank note with printed signatures of Stanley S. Hazzard, Cashier and F.Z. Board, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $723,580 in National Bank Notes was issued by this bank between 1920 and 1935. This consisted of a total of 88,665 notes (31,040 large size and 57,625 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1: 1902 Plain Back	4x5	1 - 2067
1: 1902 Plain Back	3x10-20	1 - 1665
2: 1902 Plain Back	4x5	1 - 2363
2: 1902 Plain Back	3x10-20	1 - 1665
2: 1929 Type 1	6x5	1 - 3880
2: 1929 Type 1	6x10	1 - 3206
2: 1929 Type 1	6x20	1 - 700
2: 1929 Type 2	5	1 - 7674
2: 1929 Type 2	10	1 - 2735
2: 1929 Type 2	20	1 - 500

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1920 - 1935):

Presidents:

• William J. Fullerton, 1920-1928
• Frederick Z. Board, 1930-1935

Cashiers:

• Frederick Z. Board, 1920-1929
• Stanley S. Hazzard, 1930-1935

Other Known Bank Note Signers

• No other known bank note signers for this bank

Bank Note History Links

• Citizens National Bank, Ridgewood, NJ History (NB Lookup)
• New Jersey Bank Note History (BNH Wiki)

Sources

• Ridgewood, NJ, 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