Colonial National Bank, Hartford, CT (Charter 10796)
Colonial National Bank, Hartford, CT (Chartered 1915 - Liquidated 1921)
Town History
Hartford is the capital city of the U.S. state of Connecticut. It was the seat of Hartford County until Connecticut disbanded county government in 1960. It is the core city in the Greater Hartford metropolitan area. Census estimates since the 2010 United States census have indicated that Hartford is the fourth-largest city in Connecticut with a 2020 population of 121,054, behind the coastal cities of Bridgeport, New Haven, and Stamford.
Hartford was founded in 1635 and is among the oldest cities in the United States. It is home to the country's oldest public art museum (Wadsworth Atheneum), the oldest publicly funded park (Bushnell Park), the oldest continuously published newspaper (the Hartford Courant), and the second-oldest secondary school (Hartford Public High School). It is also home to the Mark Twain House, where the author wrote his most famous works and raised his family, among other historically significant sites. Mark Twain wrote in 1868, "Of all the beautiful towns it has been my fortune to see this is the chief."
Nicknamed the "Insurance Capital of the World", Hartford is home to the headquarters of many insurance companies, the region's major industry.
Hartford had 12 National Banks chartered during the Bank Note Era, and all 12 of those banks issued National Bank Notes. Hartford also had 14 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized July 13, 1915
- Chartered October 28, 1915
- Liquidated February 11, 1921
- Absorbed by 670 (Phoenix National Bank, Hartford, CT)
On November 8, 1915, the Colonial National Bank of Hartford opened its doors for business at 9 o'clock. Although there remained a few finishing touches to make the work of interior construction complete, it was sufficiently advanced to permit the opening of the institution for business and the formal opening would come a few days later on the 24th after completion of construction. The bank had an authorized capital of $500,000 and a surplus of $100,000. The first business transaction was the deposit of Gemmill, Burnham & Co., and with that as a nest egg, so to speak, business continued until, at the close of the day, a very satisfactory showing resulted. Large baskets of yellow chrysanthemums and vases of roses appeared on the desks of President Lucius A. Barbour and Vice President and Cashier Myron A. Andrews. Officers and employees of the bank were: President Lucius A. Barbour; Vice President Edward C. Frisbie; Vice President and Cashier Myron A. Andrews; Assistant Cashier F.S. Flagg. Directors were Lucius A. Barbour, Edward C. Frisbie, Myron A. Andrews, Bishop White, James N.H. Campbell, Ariel Mitchelson, Edgar F. Burnham, William A. Sanborn, and Samuel P. Avery. The staff included Teller W.J. Reid, Bookkeeper Robert Bidwell, Discount Clerk George Brott, Stenographers Miss L.J. McCormack and Miss Emma M. Trebbe.
On January 12, 1921, with the exception of the dropping of Myron A. Andrews, the directorate was re-elected. Mr. Andrews retired and his place was not filled. Those re-elected were: Lucius A. Barbour, James N.H. Campbell, Ariel Mitchelson, Edgar F. Burnham, William A. Sanborn, Henry W. Gray, Jr., Bernard L. Ashmun, Richard K. Newman, Richard Cushman and Ernest H. Woodford.
On February 11, 1921, until midnight, workmen were busy with the safety vault of the Colonial National Bank, preparing boxes for transportation to the vault of the Phoenix National Bank. This was in connection with the taking over of the former institution by the Phoenix. The men acted under the eye of Cashier Arthur D. Johnson of the Phoenix, with Detective Sergeant Lewis G. Melberger in charge of the police guard and Major Fred R. Bill of Bill Brothers directing the transportation. At midnight the various parties stopped work, to resume the next morning. The Colonial would remain an entity long enough to pay to its shareholders the funds received from this liquidation. Sixteen employees would be added to the Phoenix as well as the portable assets of the liquidating bank.
Following action by the shareholders of the Colonial ratifying the sale, Major Hill mobilized a truck with a driver and eleven workmen. The latter were equipped with saws, axes and crowbars, and wore overalls. Some were put to work moving the rosewood and mahogany desks in the officers’ room and others went into the safety vault. Securities, cash, valuables and other bank property for transportation to the Phoenix amounted in all to between $2.5 to $2.6 million according to an estimate. This included collateral pledged as security for loans. It was believed that the amount exceeded even that transferred from the American Industrial Bank & Trust Company to the City Bank & Trust Company earlier in January. For days workmen were busy at the Phoenix arranging space in the old directors' room and cutting into the north wall so as to secure better accommodations.
General Lucius A. Barbour, president of the Colonial, and James N.H. Campbell, vice president and cashier, would not go with the Colonial employees to the Phoenix. General Barbour was ill. Mr. Campbell planned to resume active management of his brokerage business at Room 639, Connecticut Mutual building. Assistant Cashier Frank S. Flagg headed the sixteen employees of the Colonial who would move to the Phoenix. At the Colonial shareholders' special meeting, practically all the 5,000 shares of capital stock were represented. The vote was unanimous to accept and carry out the recommendation of the directors, made January 7th, that the bank be placed in voluntary liquidation and the assets, good will and name be sold and transferred to the Phoenix. On motion of Cashier Campbell, Edward M. Day was made liquidating agent.
By taking over the Colonial, the Phoenix had recently acquired three banks. In 1912 it absorbed the old American and in 1915, the Charter Oak. In statements to the Comptroller of the Currency on December 29th, the Phoenix had resources of $16,951,679.29 while the Colonial reported $3,411,613.75. The capital stock of the Phoenix was $1,000,000 and total assets after the consolidation were estimated at over $20 million. The directors of the Phoenix were Samuel G. Dunham, William C. Skinner, Henry Roberts, Frank Cheney, Jr., Charles D. Rice, Harry B. Strong, John M. Holcombe, Albert L. Pope, Leon P. Broadhurst, Morgan G. Bulkeley, Jr., James L. Howard, William B. Basset, Archibald G. Mellwaine, and Edgar J. Sloane. The officers were Leon P. Broadhurst, president; William B. Bassett, vice president; Arthur D. Johnson, cashier; and Harry H. Walkley and Frank R. Lawrence, assistant cashiers. The Phoenix National Bank was over 100 years old and under the authority of the Federal Reserve Act had established a trust department.
Official Bank Title
1: The Colonial National Bank of Hartford, CT
Bank Note Types Issued
A total of $2,101,800 in National Bank Notes was issued by this bank between 1915 and 1920. This consisted of a total of 267,036 notes (267,036 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 1902 Plain Back 4x5 1 - 41205 1902 Plain Back 3x10-20 1 - 25554
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1915 - 1920):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Connecticut Bank Note History
- General information on Hartford (Wikipedia)
- General information on Hartford County (Wikipedia)
- General information on Connecticut (Wikipedia)
Sources
- Hartford, CT, 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
- Hartford Courant, Hartford, CT, Tue., Nov. 9, 1915.
- Hartford Courant, Hartford, CT, Mon., Nov. 22, 1915.
- Hartford Courant, Hartford, CT, Wed., Jan. 12, 1921.
- Hartford Courant, Hartford, CT, Sat., Feb. 12, 1921.