City National Bank, Tuscaloosa, AL (Charter 6173)
City National Bank, Tuscaloosa, AL (Chartered 1902 - Closed (Merger) 1986)
Town History
Tuscaloosa is a city in and the seat of Tuscaloosa County in west-central Alabama on the Black Warrior River where the Gulf Coastal and Piedmont plains meet. Alabama's fifth-largest city, it had an estimated population of 99,800 in the 2020 census compared to 5,094 recorded in the 1900 census. It was spelled Tuskaloosa until the early 20th century. It is also known as the Druid City because of the numerous water oaks planted in its downtown streets since the 1840s.
Incorporated on December 13, 1819, it was named after Tuskaloosa, the chief of a band of Muskogean-speaking people defeated by the forces of Spanish explorer Hernando de Soto in 1540 in the Battle of Mabila, in what is now central Alabama. It served as Alabama's capital city from 1826 to 1846.
Tuscaloosa is the regional center of industry, commerce, healthcare and education for the area of west-central Alabama and the principal city of the Tuscaloosa Metropolitan Statistical Area, which includes Tuscaloosa, Hale and Pickens counties.
It is the home of the University of Alabama, Stillman College and Shelton State Community College. While it attracted international attention when Mercedes-Benz announced on September 30, 1993 that it would build its first North American automotive assembly plant in Tuscaloosa County, the University of Alabama remains the city's dominant economic and cultural engine, making it a college town. City leaders adopted the moniker "The City of Champions" after the Alabama Crimson Tide football team won the BCS National Championship in their 2009, 2011, 2012, 2015, 2017 and 2020 seasons.
The City National Bank is an historic building listed on the National Register of Historic Places in 1985 and located on University Boulevard (formerly Broad Street).
Tuscaloosa had three National Banks chartered during the Bank Note Era, First National Bank, Tuskaloosa, AL (Charter 1853), the Merchants National Bank (Charter 3678), and the City National Bank (Charter 6173). All three of those banks issued National Bank Notes. Interestingly, the First National kept the old spelling of Tuskaloosa throughout the Bank Note Era.
Bank History
- Organized March 18, 1902
- Chartered March 25, 1902
- Succeeded J.H. Fitts & Co.
- Opened for business April 1, 1902
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into First Alabama Bank in Montgomery, AL, May 17, 1986
The banking house of J.H. Fitts & Co. was established early in 1865, the exact date remains unknown, but it was very early in the year and had probably begun business before that time. Previous to the organization of his banking business, Mr. J.H. Fitts was employed as attorney to assist the liquidation of the affairs of the old State Bank of Alabama at Tuscaloosa, and while practicing law also bought and sold exchange as agent for Walsh, Smith & Co., of Mobile. In 1863-1865, he was Confederate States depositary and soon thereafter he organized the banking institution of J.H. Fitts & Co. The firm first began business in a little building on Broad Street later occupied by the Singer Sewing Machine Co., and continued there for eight to ten years. Among the clerks employed during this time were W.S. Wyman, Col. J.J. Pegues, and Dr. George Little. When the business out grew its quarters, Mr. Fitts moved to a brick building later demolished to make room for the Shepherd Motor Co. The bank building was later used by the Southern Express Co. and it was while in this building that W.P.G. Harding started his banking career.
W.P.G. Harding, the Governor of the Federal Reserve Board from August 1914 to August 1922, started his banking career with the Fitts Bank. When Mr. Harding left the bank in 1886, he balanced his cash book and the wrote the following: "Here ends my bank career. In Boligee, I'll dwell, and brushing back a tear. I bid you all farewell." Mr. Harding then went to Boligee and was a bookkeeper for Bouchelle Bros. for a year or two before going to Birmingham to take a place later in the Berney National Bank of Birmingham.
Prior to 1887, the firm was a partnership composed of J.H. Fitts and W.F. Fitts. In 1887, the boom in Tuscaloosa saw deposits increase from $50,000 to $200,000. A new partnership was formed, J.H. Fitts & Co., composed of J.H. Fitts, his four sons and two sons-in-law with capital of $50,000. The sons-in-law, Mr. Walton Hill and S.F. Alston, were not actively connected with the bank at that time. In February 1887, the bank was moved to its present location on Broad Street.
On April 1, 1902, the bank was nationalized as the City National Bank with J.H. Fitts as president, W.F. Fitts as cashier, and R.H. Cochrane as assistant cashier. The original board of directors was composed of J.H. Fitts, W.F. Fitts, Alston Fitts, William McGiffort, S.F. Alston, and E.M. Elliott. The national bank began with capital $75,000 and deposits of $125,000. In 1913 the capital was increased to $100,000 and in 1921 to $150,000.
In January 1904, Mr. W.F. Fitts retired from the bank to devote his entire time to his private business. He was succeeded by R.H. Cochrane.
The officers in 1912 were J.H. Fitts, president; S.F. Alston, vice president; R.H. Cochrane, cashier and J.H. Fitts, Jr., assistant cashier.
May 16, 1922 marked the formal opening of the new banking house on Broad Street. The new building was in the Roman Doric style of architecture with massive columns and facades on two streets. The exterior was of white Georgia marble with grilled windows and doors. The main entrance on Broad Street was accented with large columns. At the south end of the building was a private entrance to the banking rooms. The marble for the interior was golden vein of a warm tone with floors of harmonizing marble. Bronze metal screens and etched plate glass separated the public space from the working space. The public lobby was 15 feet wide by 47 feet long and all departments doing business with the public opened into this space including entrances to the officers' space, private office, ladies' room, safe deposit department and vaults and twelve tellers windows.
The massive cash and safe deposit vault had a round steel door weighing 17 tons, 16-inches thick, built of alternate layers of drill proof and torch proof steel. The door had a double combination and a quadruple time lock. Inside the vault the safe deposit and cash sections were separated by steel grilles. Inside the cash vault, the bank's cash reserve and large securities were contained in a screw-door, burglar proof, manganese safe.
In 1922 the officers were R.H. Cochrane, president; S.F. Clabaugh, vice president and cashier; J.T. Horne, vice president; and Frank S. Daniel, assistant cashier. The directors were J.F. Alston, president Alston Lumber Co.; W.W. Brandon, probate judge; S.F. Clabaugh, vice president and cashier; R.H. Cochrane, president; J.J. Doster, director summer school, University of Alabama; H.N. Eddins, commission merchant; J.H. Fitts, president of Fitts-Turner Lumber Co., J.T. Horne, president J.T. Horne Veneer Co., Henry A. Jones, attorney at law; E.B. Nuzum, president, Tuscaloosa Cotton Seed Oil Co., and D.O. Parker, lumberman. At the close of business, December 31, 1921, the bank had loans and discounts of $1,278,285.15, capital $150,000, surplus and undivided profits $166,489.72, circulation of $147,100, deposits $1,294,519 and total assets of $1,802,608.81.
R.H. Cochrane was born in Tuscaloosa in 1873. He entered the employ of J.H. Fitts & Co. at the age of 14. He was one of the incorporators of the City National Bank in 1902 and was assistant cashier. He was appointed cashier in 1904 and vice president in 1922. S.F. Clabaugh was born in Birmingham, Alabama in 1890 and began working as a reporter on the Birmingham Age Herald at the age of 14. He graduated from the University of Alabama with degrees of A.B., A.M. and L.L.B. He established the Tuscaloosa News (Daily) in 1910. In 1914 he was appointed postmaster at Tuscaloosa. He was elected to the board of directors of the City National in 1917 and in 1919 resigned as postmaster to become assistant to the president of the bank. Mr. Clabaugh was vice president of the Alabama Bankers' Association 1921-1922 and vice president for Alabama of the American Bankers' Association 1922. He waived exemptions and enlisted in naval aviation and was in training when the armistice was signed. J.T. Horne was born in Putnam County, Indiana in 1860, and as a boy worked on his father's farm. He engaged in slack cooperage for a number of years. He moved to Tuscaloosa in 1909 and erected the rotary veneer plant and was president and principal stockholder of the J.T. Horne Veneer Company. He was elected a director in 1916 and vice president in 1918. Frank S. Daniel was born in Northport in 1889. He was graduated from the Tuscaloosa High School, Wheeler Business College, Birmingham, and attended the University of Alabama. He held responsible positions with the Big Sandy Lumber Co., Hull, Alabama; Bromberg Jewelry Co. of Birmingham; and Allen & Jemison Co. of Tuscaloosa. He entered employ of the City National Bank in 1914 and was elected assistant cashier in 1919.
Official Bank Title(s)
1: The City National Bank of Tuscaloosa, AL
Bank Note Types Issued
A total of $3,356,390 in National Bank Notes was issued by this bank between 1902 and 1935. This consisted of a total of 521,764 notes (398,248 large size and 123,516 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 - 2300 1902 Red Seal 3x10-20 1 - 3180 1902 Date Back 4x5 1 - 6950 1902 Date Back 3x10-20 1 - 5360 1902 Plain Back 4x5 6951 - 16100 Plate dated 1902 1902 Plain Back 3x10-20 5361 - 10461 Plate dated 1902 1902 Plain Back 4x5 1 - 67521 Plate dated 1922 1929 Type 1 6x5 1 - 9192 1929 Type 1 6x10 1 - 4668 1929 Type 1 6x20 1 - 1070 1929 Type 2 5 1 - 19800 1929 Type 2 10 1 - 11004 1929 Type 2 20 1 - 3132
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1902 - 1935):
Presidents:
Cashiers:
- William Faulcon Fitts, (Jr.), 1902-1903
- Robert Hunt Cochrane, 1904-1920
- Samuel Francis Clabaugh, 1921-1922
- Frank Strong Daniel, 1923-1935
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Alabama Bank Note History
- General information on Tuscaloosa (Wikipedia)
- General information on Tuscaloosa County (Wikipedia)
- General information on Alabama (Wikipedia)
Sources
- Tuscaloosa, AL, 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. 105, July 1922-Dec. 1922, pp 151-159.
- Tuscaloosa News, Tuscaloosa, AL, Thu., Feb. 8, 1912.
- The Tuscaloosa News, Tuscaloosa, AL, Sun., Jan. 8, 1922.
- The Birmingham News, Birmingham, AL, Sun., May 14, 1922.
- The Tuscaloosa News, Tuscaloosa, AL, Sun., May 14, 1922.