Farmers National Bank, Mayfield, KY (Charter 6834)
Farmers National Bank, Mayfield, KY (Chartered 1903 - Closed 1919)
Town History
Mayfield is located in Graves County. Mayfield is in the center of the Jackson Purchase, an eight-county region purchased by Isaac Shelby and Andrew Jackson from the Chickasaw people in 1818. Mayfield was established as the county seat of Graves County in 1821, and the county was formally organized in 1823. John Anderson is believed to have been the first white settler, arriving in 1819 and building a log home on Mayfield Creek. In December 1821, Anderson was appointed county court clerk and moved about two and a half miles to the site that became Mayfield. According to Trabue Davis, the town's name originates indirectly from a gambler named Mayfield, who was kidnapped about 1817 at a racetrack near what is now Hickman. He was carried to the site of today's Mayfield, where he carved his name into a tree in hopes that someone would see it. He tried to escape but drowned trying to cross what is now called Mayfield Creek. The town took its name from the creek.
The completion of the Memphis, New Orleans, and Northern Railroad in 1858 connected Mayfield with the outside world. Beginning with the founding of the Mayfield Woolen Mills in 1860, manufacturing clothing became the main industry in Mayfield for the next hundred years. The town was also a major market for loose-leaf tobacco, and was part of the Black Patch, where Dark Fired Tobacco was processed.
Mayfield had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized May 16, 1903
- Chartered June 13, 1903
- Closed May 13, 1919
- Consolidated with 2245 May 13, 1919 (First National Bank, Mayfield, KY)
- Circulation assumed by 2245 (First National Bank, Mayfield, KY)
On the morning of July 10, 1906, James M. Gillum, one of Mayfield's most prominent citizens and president of the Farmers National Bank died at his home. He was born in Graves county near Mayfield 57 years ago. Fifteen years ago he started a planing mill and gradually increased the plant and added to his fortune. When the Farmers National Bank was organized in 1903, Mr. Gillum was elected president, a position he held ever since. Thirty years ago he married Miss Key, the daughter of Capt. J.B. Key, who, along with three children, survived him. Burial was in Trinity cemetery.
In September 1916, the entire assets of the Graves County Banking & Trust Co. were purchased by Ed Garder of Mayfield for over $125,000. The stockholders received $125 per share and depositors were paid through the Farmers National Bank.
On May 16, 1919, consolidation of two Kentucky banking institutions was announced. They were the First National Bank of Mayfield and the Farmers National Bank of Mayfield. The consolidated bank would operate under the charter of the First. The combined capital of the banks prior to consolidation was $200,000. The capital of the consolidated bank would be $150,000.
On September 21, 1933, L. Wallace Key, 73, died at his home after a week's illness. Mr. Key was born in Graves county and was the son of the late Mr. and Mrs. John B. Key. He was a member of the firm of Canaday, Gillum and Key, founders of the Mayfield Planing Mills. He was appointed postmaster in Mayfield on July 15, 1907 and served 3 years. He was president of the old Mayfield Water and Light Co. and was one of the founders of the Farmers National Bank. He was organizer and treasurer of the Citizen's Life Insurance Co. of Louisville and at the time of his death was in the lumber business with his son-in-law, Mr. Holleman.
Official Bank Title(s)
1: The Farmers National Bank of Mayfield, KY
Bank Note Types Issued
A total of $232,450 in National Bank Notes was issued by this bank between 1903 and 1919. This consisted of a total of 18,596 notes (18,596 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 Red Seal 3x10-20 1 - 1420 1902 Date Back 3x10-20 1 - 2400 1902 Plain Back 3x10-20 2401 - 3229
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1919):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Mayfield, KY, 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
- News-Democrat, Paducah, KY, Tue., July 10, 1906.
- The Paducah Sun-Democrat, Paducah, KY, Sat., Sep. 9, 1916.
- The Courier-Journal, Louisville, KY, Sat., May 17, 1919.
- The Paducah Sun-Democrat, Paducah, KY, Thu., Sep. 21, 1933.