Continental NB/Continental and Commercial NB, Chicago, IL (Charter 2894)

The Continental and Commercial National Bank of Chicago, Illinois, ca1910s. Courtesy of Adam Stroup

Continental National Bank/Continental and Commercial NB, Chicago, IL (Chartered 1883 - Open past 1935)

Town History

The City National Bank and Trust Company building, formerly The Continental and Commercial National Bank, Chicago, Illinois, ca2021. Courtesy of Google Maps

Chicago is located in Cook County.

Chicago had 100 National Banks chartered during the Bank Note Era, and 80 of those banks issued National Bank Notes.

Bank History

Postcard of the Tellers' Windows of the Continental and Commercial National Bank, Chicago, Illinois. Courtesy of Adam Stroup

Postcard of the main banking room of the Continental and Commercial National Bank, Chicago, Illinois. Courtesy of Adam Stroup

Organized February 23, 1883
Chartered February 27, 1883
1: Absorbed 4489 December 6, 1898 (Globe National Bank, Chicago, IL)
1: Assumed 6290 by consolidation November 28, 1904 (NB of North America, Chicago, IL)
1: Assumed 713 by consolidation July 30, 1910 (Commercial National Bank, Chicago, IL)
2: Absorbed 3698 January 9, 1924 (Fort Dearborn National Bank, Chicago, IL)
2: Assumed Continental & Commercial Trust & Savings Bank of Chicago by consolidation November 30, 1927 with title change to Continental National Bank and Trust Company of Chicago
Bank was Open past 1935

On February 27, 1883, the Continental National Bank was chartered. John C. Black was the proponent along with his associates, chiefly P.D. Armour. The capital was $2 million and was not increased until 18 years later.

In the early 1890s, the following banks were among those doing business in Chicago: The International Bank, Globe National Bank, National Bank of North America, American Trust and Savings Bank, Lincoln National Bank, Bankers National Bank, Federal Trust and Savings Bank, and Mutual Bank. In time, all of these banks were consolidated or merged in various ways to make the Continental and Commercial National Bank of 1910.

The Commercial National had built deposits to $50 million without merger or consolidation when on September 1, 1909 it took over The Bankers National Bank. The Bankers National was a prominent institution and had deposits in excess of $20 million. As part of the consolidation plan, the capital stock of the Commercial National was increased to $7 million.

On April 1, 1910, the capital stock was increased to $8 million and at the same time the Commercial Trust and Savings Bank was organized with capital of $1 million. Early in 1910 negotiations were opened by the Continental Bank's officers with the directors of the Commercial National Bank with a view to unifying the two. A successful conclusion was reached on August 1, 1910 and the two banks merged under the name of the Continental and Commercial National Bank of Chicago. The new bank had capital of $20 million and a surplus of $10 million. As a part of the general merger, the American Trust and Savings Bank and the Commercial Trust and Savings Bank were consolidated under the name of Continental and Commercial Trust and Savings Bank operating under a state charter. The capital stock of the institution was owned by the stockholders of the national bank. Thus, the union of national and state bank with commercial, savings, trust and investment business was effected.

In November 1918, the Hibernian Banking Association was consolidated with the Continental and Commercial Trust and Savings Bank. Due to the volume of business transacted, the directors brought on as first vice president, Arthur Reynolds. In 1915, Mr. Reynolds left the Des Moines National Bank where he had been president for greater than 20 years and which he had built up as one of the largest banks in Iowa. He had held all the major offices in the American Bankers' Association, including the presidency. He naturally knew the history of The Continental and Commercial Banks ad was familiar with their methods and successful policies. In addition to his work in the National Bank, Mr. Reynolds gave a great deal of attention to the Trust and Savings Bank. In November 1918, he was elected president of the Continental and Commercial Trust and Savings Bank when George M. Reynolds was elected chairman of the board of directors.

In October 1919, the Continental and Commercial Securities Company was organized with capital of $1 million and surplus of $74,565 provided for by a stock dividend of 5% on the shares of the National Bank. The stockholding relationship between this company and stockholders of the National Bank was the same as that of the Trust and Savings Bank. Arthur Reynolds was the organizing force behind the Securities Company and became its president.

In January 1921, at the annual meeting, directors of the Continental and Commercial National Bank elected George M. Reynolds as chairman of the board of directors and Arthur Reynolds was made president. The last unit to be added to the Continental and Commercial group was made up of the Fort Dearborn National Bank and the Fort Dearborn Trust and Savings Bank. This action brought the deposits and resources of the Continental and Commercial Banks to amounts unprecedented in the west.

The Continental National Bank had its home for many years in an old-fashioned brick building at the corner of LaSalle and Adams Streets. The corner became part of the site of the Continental and Commercial Bank building. Mr. Reynolds held on to that corner after the bank moved to the building erected by the American Trust and Savings Bank at the corner of Clark and Monroe Streets. When the Continental National Bank moved there, the space was none too large. Its residence in that building was of short duration. In 1907 the Commercial National Bank built a great bank and office building at the corner of Clark and Adams streets. In 1910 this building became the home of the Continental and Commercial Banks. However, it soon became apparent that larger quarters were required. The block bounded by LaSalle, Adams, Quincey, and Wells Streets was secured. The buildings on it were many and varied. The Continental and Commercial Bank building at the time of its completion was the largest office building in the world. The building was 325' X 166' and contained approximately 2,000 offices. It had a glorious main banking room occupied by the National Bank. In October 1914, the Continental and Commercial National Bank, the Continental and Commercial Trust and Savings Bank and the Hibernian Banking Association moved into the new building. Thus, the Continental and Commercial group of banks, the product of 40 years of growth, was within one building.

The Continental and Commercial banking group was composed of four corporations with the common title applied to National Bank, Trust and Savings Bank, Save Deposit Company, and Securities Company. The entire capital stock of two of the corporations was owned by the stockholders of the National Bank under a trust agreement, but the Safe Deposit company was owned by the National Bank. This banking group in its original form, conceived in Chicago, amply capitalized, thoroughly equipped, highly organized and competently directed to serve the city and the district resulted in tremendous growth and commercial development.

The Trust and Savings Bank was separate and organized under a state charter, and therefore, under another regulatory agency. At the beginning of 1926, the Continental and Commercial Trust and Savings Bank showed capital of $5 million, surplus and profits of $11,853,770 and deposits totaling $100,413,960 with George M. Reynolds, chairman; Arthur Reynolds, president; John Jay Abbott, Hugh H. Saxon, D.R. Lewis, and Henry C. Olcott, vice presidents; and John A Shannon, cashier. On November 30, 1927, the Trust and Savings Bank was consolidated with the National Bank with the new title of Continental National Bank and Trust Company of Chicago.

Official Bank Titles

1: The Continental National Bank of Chicago, IL

2: The Continental and Commercial National Bank of Chicago, IL (8/1/1910)

3: 3rd title not used on notes: Continental National Bank and Trust Company of Chicago, IL (11/30/1927)

Bank Note Types Issued

1882 Brown Back $10 bank note with pen signatures of G.M. Reynolds, Cashier and John C. Black, President. Courtesy of Heritage Auctions, www.ha.com

1902 Red Seal $100 bank note with printed signatures of Ira P. Bowen, Assistant Cashier and John C. Black, President. Courtesy of Heritage Auctions, www.ha.com

The Continental National Bank had its home for many years in an old-fashioned brick building at the corner of LaSalle and Adams Streets. Courtesy of Heritage Auctions, www.ha.com

A total of $48,459,150 in National Bank Notes was issued by this bank between 1883 and 1935. This consisted of a total of 4,571,214 notes (4,571,214 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
1: 1882 Brown Back	3x10-20	1 - 24939
1: 1882 Brown Back	50-100	1 - 6940
1: 1902 Red Seal	4x5	1 - 75000
1: 1902 Red Seal	3x10-20	1 - 15000
1: 1902 Red Seal	50-100	1 - 23300
1: 1902 Date Back	4x5	1 - 39980
1: 1902 Date Back	3x10-20	1 - 35710
1: 1902 Date Back	50-100	1 - 5607
2: 1902 Date Back	4x5	1 - 518815
2: 1902 Date Back	3x10-20	1 - 389968
2: 1902 Date Back	50-100	1 - 30334
2: 1902 Date Back	3x50-100	1 - 10301

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1883 - 1936):

Presidents:

Cashiers:

Other Bank Note Signers

Ira P. Bowen, Assistant Cashier 1906
There are currently no known Vice President bank note signers for this bank.

Wiki Links

Sources

Chicago, IL, 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
Francis Murray Huston, Financing an Empire: History of Banking in Illinois (4 volumes) (Chicago: The S. J. Clarke Publishing Company, 1926).Volume Two, pp. 7-13.