City National Bank, Binghamton, NY (Charter 1189)
City National Bank, Binghamton, NY (Chartered 1865 - Open past 1935)
Town History
Binghamton is a city in, and the county seat of, Broome County, New York. Surrounded by rolling hills, it lies in the state's Southern Tier region near the Pennsylvania border, in a bowl-shaped valley at the confluence of the Susquehanna and Chenango Rivers. The city's population, according to the 2020 census, was 47,969. In 1860 the population was 8,325, growing to 76,662 by 1930.
The city was named after William Bingham, a wealthy Philadelphian who bought the 10,000 acre patent for the land in 1786, then consisting of parts of the towns of Union and Chenango. Joshua Whitney, Jr., Bingham's land agent, chose land at the junction of the Chenango and Susquehanna Rivers to develop a settlement, then named Chenango Point, and helped build its roads and erect the first bridge. Significant agricultural growth led to the incorporation of the village of Binghamton in 1834.
The Chenango Canal, completed in 1837, connected Binghamton to the Erie Canal, and was the impetus for the initial industrial development of the area. This growth accelerated with the completion of the Erie Railroad between Binghamton and Jersey City, NJ in 1849. With the Delaware, Lackawanna and Western Railroad arriving soon afterward, the village became an important regional transportation center. Binghamton was a transportation crossroads and a manufacturing center, and has been known at different times for the production of cigars, shoes, and computers. IBM was founded nearby, and the flight simulator was invented in the city, leading to a notable concentration of electronics- and defense-oriented firms. This sustained economic prosperity earned Binghamton the moniker of the Valley of Opportunity. However, starting with job cuts made by defense firms towards the end of the Cold War, the region lost a large part of its manufacturing industry.
Today, while there is a continued concentration of high-tech firms, Binghamton is emerging as a healthcare- and education-focused city, with Binghamton University acting as much of the driving force behind this revitalization.
Binghamton had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes. Binghamton also had five Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized May 2, 1865
- Chartered May 27, 1865
- Succeeded Bank of Binghamton
- Bank was Open past 1935
- Merged with First National Bank of Binghamton, Charter 202, on October 3, 1955
In August 1852, the Bank of Binghamton was organized with capital of $150,000 and A. Doubleday, Esq., at its head. In July 1865, shortly after Appomattox, the name of the institution was changed to City National Bank of Binghamton. Original directors were Dr. Ammi Doubleday, John A. Collier, Edward Tompkins, Charles McKinney, Charles W. Sanford, Judson Smith, Cyrenus H. Crosby, Benjamin F. Sisson, Joseph R. Abbott, Waring S. Weed, Hazard Lewis, John E. Sampson, and William R. Osborn.
In January 1910, the officers elected were John B. Van Name, president; Charles F. Sisson, vice president; Hartwell Morse, cashier, and Walter H. Morse, assistant cashier. The officers were directors together with William W. Sisson, E.P. McKinney and Frank H. Beach.
In January 1920, the directors elected were Hartwell Morse, Edward P. McKinney, John B. Van Name, William W. Sisson, Walter H. Morse, Charles M. Stone, Frank H. Beach, Frank L. Dennis and Walter L. Chittenden. The officers elected were as follows: Hartwell Morse, president; Charles M. Stone, vice president; Walter H. Morse, cashier; and Albert B. Brown and George H. Hale, assistant cashiers.
On Tuesday, January 11, 1955, all members of the board were re-elected. They were: Raymond D. Dewey, Stewart W. Morse, C. Mossman McLean, William H. Bloomer, Conrad C. Klee, Kenneth E. Johnson, Charles P. Deyo, Herbert J. Northrup, Vincent J. Smith and William S. Chittenden. All officers were re-elected to their posts including Raymond D. Dewey who became City National president in November. Officers re-elected besides Mr. Dewey were: Mr. Bloomer, Mr. Morse, vice presidents; and C. Fred Chadwick, vice president and cashier. Re-appointed were Richard J. Hall, Fred M. Leonard, and Floyd W. Roper, assistant cashiers. City National reported assets as of the close of business December 31, 1954 of $27,409,366.61. The bank's main office was on 49 Court Street and it operated the East Side Branch at 149 Robinson Street.
On June 1, 1955, a joint announcement was made of the plan to merge the First National and City National banks by Raymond D. Dewey and Edgar W. Couper. The combined banks would have assets of more than $72 million. The First National's two branches and the City National's one would be kept open. On August 9th, names of three proposed officers of the new bank were announced. The target date for closing operations of the two institutions as individual banks was set as September 30th. The proposed officers were Edgar W. Couper, president of the First National as president of the merged bank; Raymond D. Dewey, president of City National as chairman of the board; and Chester B. Lord, chairman of the board of First National as honorary chairman of the board. The stockholders' meetings were set for September 15th. It they approve, the stockholders would elect a 25-man board of directors for the new bank, the maximum number allowed under the Federal Banking Act. The proposed name was First-City National Bank of Binghamton. The proposed merger was given preliminary approval by Ray Gidney, Comptroller of the Currency.
Effective Monday, October 3, 1955, City National Bank, chartered in 1852, and First National Bank, chartered in 1863, combined resources and facilities as the First-City National Bank.
At the close of business December 31, 1966, First-City National had total assets of $138,714,207.71. The officers were Edgar W. Couper, chairman of the board and chief executive officer; Bertram J. Miner, president; Donald E. Hunt and Stuart McCarty, executive vice president; Miller S. Gaffney, senior vice president; Jack E. Haulton, cashier; James L. Leindecker, Leonard P. Lyon and Robert L. Swearengin, assistant vice president; Frank Kudcey, comptroller; Richard A. McKane, auditor; Perle S. Crawford, Josephine A. Kraus, Harry T. Sayer, Jr., assistant cashiers. Nine offices were operated including City, First Ward, East Side, Westover, Vestal Parkway, Binghamton Plaza, Kirkwood, Owego, and Whitney Point.
On February 6, 1967, Harvard-trained Stuart McCarty, who came to Binghamton four years earlier, moved up to the president's chair of the First-City National. He was elected by the board of directors to succeed Bertram J. Miner who retired. Edgar W. Couper was re-elected chairman of the board. Mr. Couper was also chancellor of the New York State Board of Regents. The most significant event of the year was the formation of the Lincoln First Group in May 1967. As a part of the four-bank holding company, First City now had the capacity and potential to better meet the financial needs of the area.
On August 1, 1984, the $4.2 billion Lincoln First and $82 billion Chase Manhattan Corp. merged into Chase Lincoln First Bank, N.A. Under the merger, Chase Lincoln First kept its own board of directors, but would operate as a subsidiary of Chase Manhattan National Corp., a wholly-owned subsidiary of Chase Manhattan Corp. Chase Manhattan Corp. in all had 345 bank branches in New York state, more than any other corporation.
Official Bank Title(s)
1: The City National Bank of Binghamton, NY
Bank Note Types Issued
A total of $2,005,020 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 263,004 notes (230,392 large size and 32,612 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 - 4400 Original Series 4x5 1 - 6500 Original Series 3x10-20 1 - 2500 Original Series 50-100 1 - 370 Series 1875 3x1-2 1 - 340 Series 1875 4x5 1 - 5290 Series 1875 3x10-20 1 - 3100 Series 1875 50-100 1 - 272 1882 Brown Back 4x5 1 - 14947 1882 Brown Back 3x10-20 1 - 1843 1902 Red Seal 4x5 1 - 1425 1902 Red Seal 3x10-20 1 - 1380 1902 Date Back 4x5 1 - 6750 1902 Date Back 3x10-20 1 - 5500 3444 Not issued 1902 Plain Back 4x5 6751 - 10053 1929 Type 1 6x10 1 - 2460 1929 Type 1 6x20 1 - 828 1929 Type 2 10 1 - 10002 1929 Type 2 20 1 - 2882
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1935):
Presidents:
- Ammi Doubleday, 1865-1867
- Charles W. Sanford, 1868-1877
- William R. Osborn, 1878-1892
- Harris G. Rodgers, 1893-1894
- John Barker Van Name, 1895-1913
- Hartwell Morse, 1914-1925
- Walter Hartwell Morse, 1926-1934
- George Hamilton Hale, 1935-1935
Cashiers:
- William R. Osborn, 1865-1877
- Hartwell Morse, 1878-1913
- Walter Hartwell Morse, 1914-1925
- George Hamilton Hale, 1926-1934
- Raymond D. Dewey, 1935-1935
Other Bank Note Signers
- Hartwell Morse and W.H. Morse signed notes as assistant cashier.
- Charles Franklin Sisson (VP 1909...1913)
Wiki Links
- New York Bank Note History
- General information on Binghamton (Wikipedia)
- General information on Broome County (Wikipedia)
- General information on New York (Wikipedia)
Sources
- Binghamton, NY, 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 Bankers' Magazine, Vol. 108, Jan. 1924-June 1924, p. 671.
- The New York Times, New York, NY, Mon. Aug. 2, 1852.
- Press and Sun Bulletin, Binghamton, NY, Wed., Jan. 12, 1910.
- Press and Sun Bulletin, Binghamton, NY, Tue., Jan., 13, 1920.
- Press and Sun Bulletin, Binghamton, NY, Wed., Oct. 28, 1936.
- Press and Sun Bulletin, Binghamton, NY, Tue., Jan. 11, 1955.
- Press and Sun Bulletin, Binghamton, NY, Wed., June 1, 1955.
- Press and Sun Bulletin, Binghamton, NY, Wed. Aug. 10, 1955.
- Press and Sun Bulletin, Binghamton, NY, Mon. Oct. 3, 1955.
- Press and Sun Bulletin, Binghamton, NY, Wed., Jan. 4, 1967.
- Press and Sun Bulletin, Binghamton, NY, Tue., Feb. 7, 1967.
- Democrat and Chronicle, Rochester, NY, Tue., July 3, 1984.