Commercial National Bank of Sherman, TX (Charter 10607)

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The old Commercial National Bank building on the corner of Travis and Houston Streets, Sherman, Texas. Courtesy of Google Maps ca2023

Commercial National Bank of Sherman, TX (Chartered 1914 - Liquidated 1929)

Town History

Sherman is a city in and the county seat of Grayson County, Texas. The city's population in 2020 was 43,645. It is one of the two principal cities in the Sherman–Denison metropolitan statistical area, and is the largest city in the Texoma region of North Texas and southern Oklahoma. In 1880 the population was 6,093, growing to 15,713 by 1930.

Sherman was named after General Sidney Sherman (July 23, 1805 – August 1, 1873), a hero of the Texas Revolution. The community was designated as the county seat by the act of the Texas Legislature, which created Grayson County on March 17, 1846. In 1847, a post office began operation. Sherman was originally located at the center of the county, but in 1848, it was moved about 3 miles east to its current location.

Sherman had four National Banks chartered during the Bank Note Era, The Merchants and Planters National Bank (Charter 3159), The Grayson County National Bank (Charter 5192), The Commercial National Bank (Charter 5864), and The Commercial National Bank (Charter 10607), and all four of those banks issued National Bank Notes. Two of the banks had the exact same title and essentially the same officers.

Bank History

On Tuesday, December 13, 1910, election of officers for the Continental Bank & Trust Company of Fort Worth took place. C.A. Sanford was elected as a vice president and a director; he was the cashier of the Continental State Bank, Sherman.[1]  Almost two years earlier on February 8, 1909, The Continental State Bank, a branch of the Fort Worth Continental Bank, took over the business of the Sherman branch Continental Bank and Trust Company, becoming a separate institution.[2]

On February 6, 1911, J.K. Wood, one of the state bank examiners, reported that the new Commercial State Bank of Sherman had been opened under his supervision and was ready for business. This bank was recently consolidated with the old Continental State Bank and Commercial National Bank of Sherman, Charter 5864. The new state bank had a capital stock of $200,000.[3] The Commercial National Bank organized on May 18, 1901, and began business with capital of $100,000.[4] In early July 1911, S.W. Hoel of Dallas, construction superintendent for the Standard Construction Co. of Dallas, arrived in Sherman to take charge of the work of building the new three-story bank and office building for the Commercial State Bank, corner Travis and Houston Streets. The work of excavating the foundation was almost complete.[5]

In September 1914, B.B. Wilbanks was greeting friends in McKinney. He was assistant cashier of the Continental State Bank of Sherman. For a long while Mr. Wilbanks was connected with the Continental State Bank of McKinney.[6]

National Currency and Bond Ledger showing bonds deposited in 1914 for the Commercial National Bank of Sherman, Texas. The first entry for October 21, 1914 of $78,000 of m.S. Sec. 1 is for emergency currency authorized by the Aldrich-Vreeland Act and those securities were likely for cotton receipts.[7]

On September 5, 1914, the Commercial State Bank of Sherman was changed to a national bank known as the Commercial National Bank of Sherman, Charter 10607. The change was made in order to take advantage of the emergency currency act of the United States and assist in moving the crops of this section. The bank had capital stock of $200,000 and surplus and undivided profits of $207,000.[8] On October 21, 1914, $78,000 in "other securities," likely cotton receipts, was deposited with the Treasury to secure a circulation of a like amount. The next day, the Comptroller of the Currency issued 1,560 sheets of 3x$10-$20 Series of 1902 date backs to the bank.[9]

On May 12, 1919, B.H. Zauk, vice president and one of the organizers of the Commercial National Bank of Sherman and a pioneer businessman of this community, died in a local hospital following a short illness. He was a native of Saxony and was born September 11, 1857. He came to America at the age of 16 and at 19 located at Sherman. He entered the cigar manufacturing business and was a member of the firm of Zauk & Kruger, later buying his partner's interest. He was interested in several banks in Oklahoma. Mr. Zauk was a 32d degree Mason, a Knights Templar, and a Shriner.[10]

In February 1927, the Sherman Ice Cream Co. was incorporated with capital stock of $25,000 and W.R. Brents, Silas Hare, and C.F. Douglass, incorporators.[11]

On September 30, 1929, officers for the Merchants and Planters National Bank, merged with the Commercial National Bank, were announced as follows: C.B. Dorchester, president; W.R. Brents, chairman of the board; P.R. Markham, B.B. Wilbanks, F.C. Dillars, R.A. Chapman, Jr., and Judge Silas Hare, vice presidents; C.F. Douglas, and C.L. Rolison, assistant vice presidents; L.S. Omohundro, cashier; L.O. Gardner and F.Z. Edwards, Jr., assistant cashiers. The merged bank would be known as the Merchants and Planters National Bank.[12]

Official Bank Title

1: The Commercial National Bank of Sherman, TX

Bank Note Types Issued

1902 Date Back $10 bank note with pen signatures of B.B. Wilbanks, Assistant Cashier and Silas Hare, Vice President. Courtesy of Heritage Auctions, www.ha.com

A total of $2,245,150 in National Bank Notes was issued by this bank between 1914 and 1929. This consisted of a total of 249,392 notes (249,392 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 Date Back 3x10-20 1 - 5000
1902 Plain Back 4x5 1 - 29075
1902 Plain Back 3x10-20 5001 - 33273

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1914 - 1929):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Sherman, TX, 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
  1. ↑ The Fort Worth Record and Register. Fort Worth, TX, Thu., Dec. 15, 1910.
  2. ↑ Fort Worth Star-Telegram, Fort Worth, TX, Mon., Feb. 8, 1909.
  3. ↑ Austin American-Statesman, Austin, TX, Tue., Feb. 7, 1911.
  4. ↑ McKinney Weekly Democrat-Gazette, McKinney, TX, Thu., Apr. 18, 1901.
  5. ↑ The Fort Worth Record and Register, Fort Worth, TX , Thu., July 6, 1911.
  6. ↑ The Courier-gazette, McKinney, TX, Thu., Sep. 10, 1914.
  7. ↑ Huntoon, Loftus, Stroup, Paper Money, Vol. 63, No. 354, Nov/Dec 2024, pp 393-6.
  8. ↑ The Daily Ardmoreite, Ardmore, OK, Sun., Sep. 6, 1914.
  9. ↑ Comptroller of the Currency, 1863-1935, National Currency and Bond Ledgers: Record Group 101, U.S. National Archives, College Park, MD.
  10. ↑ Fort Worth Record-Telegram, Fort Worth, TX, Wed., May 14, 1919.
  11. ↑ Wichita Falls Times, Wichita, TX, Mon., Feb. 28, 1927.
  12. ↑ Fort Worth Star-Telegram, Fort Worth, TX, Tue., Oct. 1, 1929.
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