Exchange National Bank, Olean, NY (Charter 2376)
Exchange National Bank, Olean, NY (Chartered 1878 - Open past 1935)
Town History
Olean (/ˈoʊliæn/ OH-lee-ann) is a city in Cattaraugus County, New York. Olean is the largest city in Cattaraugus County and serves as its financial, business, transportation and entertainment center. It is one of the principal cities of the Southern Tier region of Upstate New York. St. Bonaventure University was founded just outside town in 1858. Olean was incorporated as a village in 1854, and as a city in 1893. Olean was a rival of the comparably-populated, but much newer, city of Salamanca, New York at the turn of the 20th century, but the decline of the timber industry in southwestern Cattaraugus County and complications with Salamanca being situated on borrowed Seneca Nation land allowed Olean to continue growing while Salamanca declined.
The population was 13,437 in 2020 according to the Census Bureau. In 1880 the population was 3,036 and it peaked in 1930 at 21,790.
Olean had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes. Olean also had two Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized December 6, 1877
- Chartered January 2, 1878
- Absorbed 7102 August 9, 1906 (Citizens National Bank, Olean, NY)
- Bank was Open past 1935
In November 1880, the bank reported capital stock paid in of $110,000 and Surplus of $25,000. Directors were C.V.B. Barse, H.S. Morris, R.O. Smith, C.S. Cary, and M.W. Barse. The officers were C.V.B. Barse, president; H.S. Morris, vice president; and M.W. Barse, cashier.
In May 1882, the Exchange National Bank of Olean occupied new quarters in the large brick block built for the Oil Exchange.
In December 1885, the directors elected M.W. Barse, president, and F. Bartlett, cashier to fill vacancies caused by the death of Hon. C.V.B. Barse. C.V.B. Barse died on November 12, 1885 after a short illness. He relocated to Olean in 1851 with nothing by a strong determination to succeed as capital from which he became the wealthiest citizen of the county. He was a Member of Assembly for two terms and held many other offices of trust.
In December 1888, the bank reported Capital Stock of $110,000, Surplus of $220,000. The Directors were Geo. V. Forman, F.L. Bartlett, R.O. Smith, C.S. Cary, and M.W. Barse. The officers were Mills W. Barse, president; Geo. V. Forman, vice president; and Frank L. Bartlett, cashier.
In March 1891, the directors were Geo. V. Forman, F.L. Bartlett, D.C. LeFevre, C.S. Cary, M.W. Barse, N.V.V. Franchot, and G.H. Strong. The officers remained the same.
On January 13, 1933, the directors elected were Fred R. Brothers, Albert E. Ewing, N.V.V. Franchot, E.C. Hornburg, Frederick W. Kruse, Stephen C. Phoe, F.H. Winkler, and Isaac E. Worden. The officers elected were N.V.V. Franchot, chairman of the board; Mark M. Holmes, president; Isaac E. Worden, vice president; E.H. Winkler, cashier and trust officer; E.G. Sisson, Hartley F. Pratt, Charles A. Miller, George M. Hannifan, assistant cashiers; and J. Monroe Hodges, assistant trust officer.
On May 12, 1906, Gov. Frank Wayland Higgins returned home to attend a meeting of the directors of the Exchange National Bank of which he was a large stockholder. The capital stock was increased from $125,000 to $500,000 and the surplus made an equal amount. The balance of the afternoon the Governor spent looking over improvements being made to the Olean Golf Club grounds. He, Mr. Bartlett and Mr. Franchot were fixing up the club grounds.
In January 1938, the directors elected were R.R. Brothers, A.E. Ewing, N.V.V. Franchot, M.M. Holmes, E.C. Hornberg, J.M. Karl, F.H. Winkler, I.E. Worden. Officers were N.V.V. Franchot, chairman of the Board; M.M. Holmes, President; I.E. Worden, vice president; F.H. Winkler, vice president and cashier; J.M. Hodges, Trust Officer; and H.F. Pratt, E.G. Sisson, G.M. Hannifan, and P.J. McEvelia, assistant cashiers.
In February 1984, four small upstate New York banks agreed to form a $350 million holding company to thwart possible takeover by larger banks. As part of the transaction, it was announced in Waterloo, Seneca County, yesterday that a new bank, Horizon Bank N.A., had been formed from the First National Bank of Ovid, with $26 million in assets, and four branches of the St. Lawrence National Bank in Seneca and Cayuga counties. The four offices were the former First National Bank of Waterloo, which St. Lawrence acquired two years ago. Edwin J. Lyons was president of the holding company, the Community Banking System Inc. of Canton, St. Lawrence County. He said the company, the first multi-bank system created upstate since 1971, would seek to acquire other small banks. The four-bank merger was approved by federal bank regulators in December and was pending approval by the State Banking Department. Lyons, also president and chief executive officer of St. Lawrence National Bank in Canton, said St. Lawrence, with 17 branches and $230 million in assets, took the lead in forming the new company. Besides the merger announced yesterday, a fourth bank the former Exchange National Bank of Olean with three branches and assets of $80 million would join the holding company in mid-May. The three branches were part of The Bank of New York until two weeks ago.
Official Bank Title(s)
1: The Exchange National Bank of Olean, NY
Bank Note Types Issued
A total of $9,449,970 in National Bank Notes was issued by this bank between 1878 and 1935. This consisted of a total of 816,347 notes (642,340 large size and 174,007 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Series 1875 4x5 1 - 22325 1882 Brown Back 3x10-20 1 - 19550 1882 Date Back 3x10-20 1 - 34500 1882 Value Back 3x10-20 34501 - 37844 1902 Plain Back 3x10-20 1 - 80866 1929 Type 1 6x10 1 - 23090 1929 Type 1 6x20 1 - 5790 1929 Type 2 10 1 - 427 1929 Type 2 20 1 - 300
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1878 - 1936):
Presidents:
- Claudius Victor Bouton Barse, 1878-1885
- Mills W. Barse, 1886-1894
- Frank LaVerne Bartlett, 1895-1922
- Mark Mills Holmes, 1923-1935
Cashiers:
- Mills W. Barse, 1878-1885
- Frank LaVerne Bartlett, 1886-1894
- Allan Irving Williams, 1895-1906
- Irving Eugene Worden, 1907-1918
- Mark Mills Holmes, 1919-1922
- Henry F. Klee, 1923-1929
- Ferdinand Herman Winkler, 1930-1935
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- New York Bank Note History
- General information on Olean (Wikipedia)
- General information on Cattaraugus County (Wikipedia)
- General information on New York (Wikipedia)
Sources
- Olean, 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 Olean Democrat, Olean, NY, Thu., Nov. 18, 1880.
- Buffalo Weekly Express, Buffalo, New York, Thu., May 18, 1882.
- Buffalo Weekly Express, Buffalo, NY, Thu., Nov. 19, 1885.
- Democrat and Chronicle, Rochester, New York, Thu., Dec. 3, 1885.
- The Olean Democrat, Olean, NY, Thu., Dec. 13, 1888.
- The Olean Democrat, Olean, NY, Thu., Mar. 19, 1891.
- The Buffalo Sunday Morning News, Buffalo, NY, Sun., May 13, 1906.
- Buffalo Evening News, Buffalo, NY, Fri., Jan. 13, 1933.
- Times Herald, Olean, NY, Wed., Jan. 12, 1938.
- Democrat and Chronicle, Rochester, NY, Fri., Feb. 3, 1984.