Farmers and Merchants NB, Cambridge, MD (Charter 5880)

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NEEDED: a contemporary postcard or photo of the bank.
NEEDED: a contemporary postcard or photo of the bank.

Farmers and Merchants NB, Cambridge, MD (Chartered 1901 - Closed (Merger) 1981)

Town History

Cambridge is a city in Dorchester County, Maryland. The population was 13,096 at the 2020 census. It is the county seat of Dorchester County and the county's largest municipality. Cambridge is the fourth most populous city in Maryland's Eastern Shore region, after Salisbury, Elkton and Easton.

Settled by English colonists in 1684, Cambridge is one of the oldest colonial cities in Maryland. It was incorporated officially in 1793, and occupies part of the former Choptank Indian Reservation. Cambridge was named after the city and county in England.

Cambridge developed food processing industries in the late 19th century, canning oysters, tomatoes and sweet potatoes. Industrial growth in Cambridge was led by the Phillips Packing Company, which eventually grew to become the area's largest employer. The company won contracts with the Department of Defense during the First and Second World wars that aided its growth. At its peak, it employed as many as 10,000 workers. Changing tastes brought about a decline in business, leading Phillips to downsize its operations. By the early 1960s, the company ceased operations altogether.

Cambridge had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.

Bank History

On May 29, 1901, the incorporators of the Farmers and Merchants National Bank of Cambridge elected the following officers and directors: president, Senator William Applegarth; vice president, Thomas W. Simmons; counsel, P.L. Goldsborough; directors, Thos. A. Willis, John R. Tubman, James C. Leonard, E.C. Harrington, Edward G. Hopkins, W. Lake Robinson, James W. Waddell, Zeroh Brinsfeld, Thomas J. Seward, and Samuel G. LeCompte. James M. Roberson was cashier, W.B. Johnson, bookkeeper, and Brent Waddell, runner.

Photo of L. Thurman Phillips upon election as Cashier of the Farmers and Merchants National Bank of Cambridge, Maryland in 1917.
Photo of L. Thurman Phillips upon election as Cashier of the Farmers and Merchants National Bank of Cambridge, Maryland in 1917.

On January 9, 1917, following the election of directors at the stockholders’ meeting, the directors met for the purpose of organizing. Former Senator William F. Applegarth was re-elected president; Mr. Milford Nathan was re-elected vice president; and Cashier James M. Robertson was elected a member of the Advisory Council of the Executive Committee, and an honorary member of the Board of Directors, and Mr. L. Thurman Phillips was elected cashier to succeed him. Mr. Phillips, the new cashier, would assume his new duties on February 1st. He was the son of Mr. and Mrs. Luther Phillips of Cambridge and was born in 1881 at Hooper’s Island, Dorchester County. While but a boy his parents moved to Cambridge, and he received his early education at the public schools there. He was also a graduate of Sadler’s, Bryant and Stratton Business College of Baltimore. After leaving that school he was first employed by J.W. McCready & Co., leaving that firm to enter the employ of Edwin Dashiell, Esq. He entered the Dorchester National Bank in August 1901 and remained with that institution until its merger with The Eastern Shore Trust Company, after which he continued in the employ of the Trust Company, holding the important position of teller. He was married to Miss Addie Hopkins, daughter of Mr. W.D. Hopkins of Cambridge in 1909, and lived on Locust street. Mr. Phillips was one of the most popular young men in the county, and had often been asked to run for public office, but always declined. The directors elected Mr. Ray J. Slacum, assistant cashier and bookkeeper; Mr. Scott Meekins, teller; and Miss Irma Spear, stenographer.

On January 10, 1933, stockholders elected the following directors: Milford Nathan, C.R. Jones, John A. Baker, T.M. Bramble, C.H. Seward, D.H. Wright, Dr. E.E. Wolff, Wm. J. Sherman, R.L. Simmons, C.L. Veach, L. Thurman Phillips. The officers elected were Milford Nathan, president; John A Baker, 1st vice president; and L. Thurman Phillips, 2nd vice president and cashier.

The Farmers and Merchants National Bank of Cambridge was listed as one of 24 national banks which were licensed to reopen by the Comptroller of the Currency during the ten days ended December 20. Under the reorganization, as approved by the comptroller, the bank had $54,000 of deposits unrestricted and $684,000 on a restricted or frozen basis.

In January 1955, the officers were Granville S. LeCompte, president; Joseph S. Fowler, vice president; and Philip B. Matthews, cashier. The directors were Mr. Fowler, Harry E.A. Keenan, Mr. LeCompte, Edward L. Meredith, Charles W. Mowbary, Jr., Leonard A. Simmons, C. Awdry Thompson, and Philip B. Matthews.

Official Bank Title(s)

1: The Farmers and Merchants National Bank of Cambridge, MD

Bank Note Types Issued

1882 Date Back $100 bank note with pen signatures of James M. Robertson, Cashier and W. Lake Robinson, Vice President.
1882 Date Back $100 bank note with pen signatures of James M. Robertson, Cashier and W. Lake Robinson, Vice President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $100 bank note with pen signatures of L. Thurman Phillips, Cashier and Milford Nathan, President. Gutter fold error above treasury SN.
1902 Plain Back $100 bank note with pen signatures of L. Thurman Phillips, Cashier and Milford Nathan, President. Gutter fold error above treasury SN. Courtesy of Fred Maples
1929 Type 1 $100 bank note with printed signatures of L. Thurman Phillips, Cashier and Milford Nathan, President. This is a Replacement note from the last sheet issued by the bank.
1929 Type 1 $100 bank note with printed signatures of L. Thurman Phillips, Cashier and Milford Nathan, President. This is a Replacement note from the last sheet issued by the bank. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $872,400 in National Bank Notes was issued by this bank between 1901 and 1981. This consisted of a total of 13,116 notes (11,492 large size and 1,624 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1882 Brown Back 50-100 1 - 1520
1882 Date Back 50-100 1 - 560
1882 Date Back 3x50-100 1 - 1046
1902 Plain Back 3x50-100 1 - 787
1929 Type 1 6x50 1 - 186
1929 Type 1 6x100 1 - 64
1929 Type 2 50 1 - 89
1929 Type 2 100 1 - 35

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1901 - 1981):

Presidents:

Cashiers:

Other Bank Note Signers

  • William Lake Robinson, Vice President 1911...1916
  • There are currently no known Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  • Cambridge, MD, Wikipedia, https://en.wikipedia.org/wiki/Cambridge,_Maryland
  • 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 Frostburg Forum, Frostburg, MD, Sat., June 8, 1901.
  • The Daily Banner, Cambridge, MD, Wed., Jan. 10, 1917.
  • The Daily Times, Salisbury, MD, Thu., Jan. 12, 1933.
  • The Evening Sun, Baltimore, MD, Fri., Dec. 22, 1933.
  • The Daily Times, Salisbury, MD, Mon., Jan. 17, 1955.
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