Federal NB/Federal-American NB, Washington, DC (Charter 10316)

The Federal-American National Bank of Washington, DC, located at the Southeast Corner of 14th Street NW and G Street, ca2022. Courtesy of Google Maps

Federal NB/Federal-American NB/Federal-American NB & TC, Washington, DC (Chartered 1913 - Receivership 1933)

Town History

A ~1923 drawing of the Federal-American National Bank of Washington, DC.

Washington, D.C., formally the District of Columbia, also known as just Washington or simply D.C., is the capital city and federal district of the United States. It is located on the east bank of the Potomac River, which forms its southwestern and southern border with Virginia, and it shares a land border with Maryland on its other sides. The city was named for George Washington, a Founding Father and the first president of the United States, and the federal district is named after Columbia, a female personification of the nation. As the seat of the U.S. federal government and several international organizations, the city is an important world political capital. It is one of the most visited cities in the U.S. with over 20 million annual visitors as of 2016.

Washington, DC had 29 National Banks chartered during the Bank Note Era, and 25 of those banks issued National Bank Notes.

Bank History

Interior of the Federal-American Bank Bldg. Courtesy of the Library of Congress

A 1924 photo of John Poole as he drives the first spike in the new Federal-American Bank Bldg. (later the National Bank of Washington). Courtesy of the Library of Congress

Building under construction: future home of Federal-American National Bank, Washington, DC. Courtesy of the Library of Congress

Organized January 15, 1913
Chartered January 18, 1913
2: Assumed 6716 by consolidation Oct 31, 1922 (American National Bank, Washington, DC)
2: Assumed circulation of 6716 Oct 31, 1922
3: Conservatorship March 14, 1933
3: Receivership October 31, 1933

The report of condition of the Federal National Bank at the close of business, June 4, 1913, showed total assets of $2,187,426.86. The bank had capital stock paid in $500,000, surplus $125,000, undivided profits $1,827.02, circulation $85,000, and individual deposits $1,056,594.29. John Poole was president; N.H. Shea, vice president; C.B. Lyddane, assistant cashier; and J.J. Darlington, general counsel. The directors were Ralph W. Lee, Arthur D. Marks, William J. Eynon, Myer Cohen, Frank B. Noyes, Byron S. Adams, John L. Newbold, Joseph J. Darlington, Walter A. Brown, N.H. Shea, Wilton J. Lambert, Leon Tobriner, John H. Clapp, and James Brown Scott.

In January 1914, the bank had grown from opening day deposits of $491,982.98 to $1,421,357.61. The directors were Byron S. Adams, printer and publisher; Walter A. Brown, real estate and insurance; John H. Clapp, capitalist; Meyer Cohen, attorney at law; Wm. Knowles Cooper, General Secretary, YMCA; J.J. Darlington, attorney at law, Wm. John Eynon, printer and publisher; Frank J. Hogan, attorney at law, Wilton J. Lamber, attorney at law, Ralph W. Lee, insurance; Arthur D. Marks, business manager, Washington Post; James Dudley Morgan, physician; John L. Newbold, president, Merchants' transfer and storage company; Frank B. Noyes, president, Associated Press and Evening Star; John Poole, president, Federal National Bank; James Brown Scott, secretary, Carnegie Endowment for International Peace; N.H. Shea, wholesale grocer; and Leon Tobriner, attorney at law.

In January 1922, the officers of the Federal National Bank were John Poole, president; Wm. John Eynon, vice president; Chas. B. Lyddane, cashier; Frank J. Stryker, assistant cashier; Chas. D. Boyer, assistant cashier; Wm. C. Johnson, assistant to the president; Leon Tobriner, general counsel. The directors were Byron S. Adams, Albert E. Berry, Thomas Bones, Alexander Britton, Walter A. Brown, Joshua W. Carr, John H. Clapp, Myer Cohen, Wm. Knowles Cooper, John Dolph, Wm. John Eynon, W.F. Ham, H.R. Howenstein, Ralph Jenkins, Harry King, Ralph W. Lee, Louis Mackall, Arthur D. Marks, John L. Newbold, Frank B. Noyes, John Poole, E.D. Rheem, James Brown Scott, and Leon Tobriner.

Also in January 1922, the directors of the American National Bank re-elected the following officers:  W.T. Galliher, president; C.H. Livingstone, vice president; W.J. Waller, cashier; S.L. Mitchell, H.H. Shackleford, and H.C. McCeney, assistant cashiers; and Arthur T. Linn, auditor.

Late on the afternoon of September 29, 1922, the largest financial transaction in District annals was consummated when directors of the Federal National Bank, meeting separately, but simultaneously as directors of the American National Bank, unanimously voted to consolidate the two institutions. The amalgamated institution, known as the Federal-American National Bank, would have the largest capital of any bank in the city. The capital would be divided into 12,000 shares of equal $100 par value and stockholders of the Federal would receive 1 and 1/5 shares for each share held while stockholders of the American would received share for share.

The Federal National Bank and the American National Bank consolidated at the close of business, October 31, 1922. The combined institution had capital of $1,200,000, Surplus of $400,000, undivided profits of $253,110.12 and deposits of $10,926,546.83. All officers, tellers and employees of both banks were retained. The officers were W.T. Galliher, chairman of the board; John Poole, president; Wm. John Eynon, W.J. Waller, Charles B. Lyddane, vice presidents; Chas. D. Boyer, cashier; Wm. C. Johnson, assistant to president; Leon Tobriner, general counsel; and S. Louise Mitchell, Wm. M. Seay, and H.H. Shackelford, assistant cashiers. The bank's headquarters was located at 1315 F Street, NW.

The new president, Mr. Poole, organized the Federal National in 1913. He served for two years as president of the American Institute of Banking, as president of the District Bankers’ Association and as vice president of the American Bankers’ Association. He also had extensive holdings in various corporations, including a seat on the board of the Chesapeake and Potomac Telephone Company.

W.T. Galliher, the new chairman, was president of the W.T. Galliher and Bros., Inc., Lumber Company and was also president of the Home Building Association and of the Washington Lumber Exchange. He was a past president of the District Bankers’ Association and an ex-vice president of the American Bankers’ Association. He too had large holdings in local corporations, principally in the Washington and District Title Company.

On October 20, 1930, stockholders of the Federal-American National Bank and the Merchants Bank and Trust Co. voted on the consolidation of the two banks. President John Poole of the Federal-American and Rolfe E. Bolling, president of the Merchants, both stated that sufficient proxies had already been received that the consolidation was assured. The agreement was reached by the directors of the two banks a month earlier. The name adopted in the consolidation was the Federal-American National Bank and Trust Company. The consolidated bank had capital of $2,000,000 and resources of about $25,000,000. The main office was the Federal-American building at Fourteenth and G Streets, NW plus four branches. John Poole would be president and Rolfe E. Bolling would become manager of the branch in the Southern Building at Fifteenth and H Streets. Luther E. Schreiner remained in charge of the Dupont Circle Branch, J.L. Sherwood would manage the Brookland office, and Ernest Gerstenber remained manager of the Pennsylvania Avenue and Twentieth Street Branch. The merger was one of the most important in the city, continuing the trend so suddenly interrupted by the break in the New York Stock Market in the Fall.

In January 1933, these officers were elected by the directors of the Federal-American National Bank: John Poole, president; William John Eynon, vice president; Wilmer J. Waller, vice president and cashier; Charles B. Lyddane, William C. Johnson, and John A. Reilly, vice presidents; Joseph D. Yerkes and H.H. Shackleford, assistant cashiers; Erskine Gordon, trust officer; Aubrey O. Dooley and T.T. Keller, assistant trust officers; Arthur J. Linn, controller. Fifteenth and H Street Branch—F.P. Harman, Jr., vice president; H.J. Donoghue, assistant cashier. Dupont Circle Branch—L.E. Schreiner, vice president; W.G. Baden, assistant cashier. Pennsylvania Avenue and Twentieth Street Branch—E. Gerstenberg, vice president; Brookland Branch—J.L. Sherwood, vice president; William H. Martin, assistant cashier; Leon Tobriner, general counsel.

On January 16, 1933, Charles D. Boyer, former cashier of the Federal-American National Bank & Trust Company was charged with embezzlement as a result of his confession to peculation of $130,233 in his accounts for stock market operations. The bank was fully covered by Boyer's bond of $300,000.  In March he would plead not guilty when arraigned in District Supreme Court on an indictment charging him with embezzling approximately $25,000 of the bank's funds.  In May, after pleading guilty to six counts of an indictment, he was sentenced by Justice Daniel W. O'Donoghue to serve from 3 to 3 1/2 years for the embezzlement of approximately $25,000. The Government contended that Boyer embezzled a total of $141,000 during the period from November 1931 to December 1932.  Boyer's attorney, Lucian Van Doren, asked the court for leniency, pointing out that the defendant had pleaded guilty to the charges.

On March 14, 1933 the Federal-American National Bank & Trust Company was placed in the hands of a conservator.

In May 1933, Warren R. Forster, a credit expert, was assigned by the Treasury Department to help set up the organization of the new, proposed Hamilton National Bank, comprising six financial institutions. Edwin C. Graham, president of the Hamilton National would have his office in the headquarters of the new bank at the Federal-American National Bank & Trust Co. building at Fourteenth and G streets. He was the son of Rudolph Forster, executive clerk of the White House, and had achieved a national and international reputation as a financial expert. Mr. Forster came to the new bank on a loan from the Treasury Department, who in turn borrowed him from the Reconstruction Finance Corporation. In his new capacity he was on the pay roll of the Treasury Department and carried the full authority of the Government into the organization and direction of the new Hamilton National Bank. Announcing his appointment today, Mr. Graham said that Forster would help set up the organization of the new Hamilton National Bank, appraise assets and work out details of the merger. He would act in the capacity of an official Government adviser to the new president, Mr. Graham. His term of office in this capacity, it was understood, would be indefinite, remaining so long as he was needed. Forster was thoroughly conversant with the local banking situation and as an examiner for the Reconstruction Finance Corporation, he already had carefully gone through all of the local banks in the merger. Meantime the campaign to sell stock in the new Hamilton National Bank went forward at the member banks, who put the proposition of buying stock directly up to their stockholders and depositors. The banks planned to sell 50,000 shares of stock at $25 a share with a par value of $20 each, the extra $5 going to surplus. This would create a capital stock of $1,000,000 and a surplus of $250,000. The new bank would be a national bank and member of the Federal Reserve System. The stock would carry double liability the same as any other bank stock.

The six members of the merger, the District National Bank, Federal-American National Bank & Trust Co., the Potomac Savings Banks, the Washington Savings Banks, the Northeast Savings Bank, the Woodridge-Langdon Savings & Commercial Bank, were adopting various means of presenting the matter to their stockholders and depositors. All were sending general prospectus and stock subscription blanks. Stockholders and depositors of the Federal-American National Bank & Trust Co. received in their morning mail on May 22nd a letter from the Subscription Committee of that bank asking for subscriptions of stock in the new Hamilton National Bank. Stockholders were asked to subscribe for at least 25 per cent of their present holdings, and depositors were asked to subscribe 10% of their total deposits. Through the new bank whose prospectus also was sent with the letter, it was explained 50% of all balances in this bank would be made available when the new bank opened. "Capital funds must be raised before the new bank can open," said the letter signed by William John Eynon, chairman of the Subscription Committee. "This capital should come primarily from depositors and stockholders of the participating banks." Subscriptions from the general public would also be received.

The Hamilton National Bank opened for business on September 25, 1933, with a main office and seven branches.

In January 1935, at the organization meeting of the Hamilton National Bank, all the officers were re-elected as follows: E.C. Graham, president; Joshua Evans, Jr., vice president; W.J. Waller, vice president and cashier; W.R. Forster, vice president; F.P. Harman, Jr., assistant vice president; C.J. Gockeler, assistant vice president; Robert A. Sisson, assistant cashier: Η.H. Shackleford, assistant cashier; Erskine Gordon, trust officer; Aubrey O. Dooley, assistant trust officer; Arthur J. Linn, controller; Millard S. Yeatman, auditor, and Roger J. Whiteford, general counsel.

Official Bank Title(s)

1: Federal National Bank of Washington, DC

2: Federal-American National Bank of Washington, DC (10/31/1922)

3: Federal-American National Bank and Trust Company of Washington, DC (10/31/1930)

Bank Note Types Issued

1902 Date Back $10 bank note with pen signatures of C.B. Lyddane, Assistant Cashier and John Poole, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

1902 Plain Back $20 bank note with printed signatures of Charles B. Lyddane, Cashier and John Poole, President. Courtesy of Heritage Auctions, www.ha.com

1902 Plain Back $100 bank note with engraved signatures of Charles D. Boyer, Cashier and John Poole, President. Courtesy of Heritage Auctions, www.ha.com

Card-mounted Proof "Model" for the Series 1929 National Bank Note issue. The charter number 6350 is found on both the left and right sides, but this number, which was issued to the First NB of LeRaysville, Pennsylvania, appears to have been arbitrarily selected, as it does not correspond to the Federal-American NB of Washington, DC title, which used charter number 10316. A serial number with eight-zeros was used instead of the six digits found on issued examples. Printed signatures of John Henry Doe, Cashier and William J. Kauffman, President. From the family archives of Henry Herrick Bond, who served as Assistant Secretary of the Treasury from 1927 through 1929. Courtesy of Heritage Auctions, www.ha.com

A total of $2,111,790 in National Bank Notes was issued by this bank between 1913 and 1933. This consisted of a total of 115,778 notes (114,644 large size and 1,134 small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1: 1902 Date Back	3x10-20	1 - 12700
1: 1902 Plain Back	3x10-20	12701 - 25300
2: 1902 Plain Back	3x50-100	1 - 3361
3: 1929 Type 1	6x5	1 - 164
3: 1929 Type 1	6x10	1 - 23
3: 1929 Type 1	6x20	1 - 2

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1913 - 1933):

Presidents:

John Poole, 1913-1932

Cashiers:

Other Known Bank Note Signers

No other known bank note signers for this bank

Sources

Washington, DC, 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 Bankers' Magazine, Vol. 107, July 1923-Dec. 1923, p. 867.
The Washington Post, Washington, DC, Thu., June 12, 1913.
The Evening Star, Washington, DC, Tue., Jan. 20, 1914.
The Evening Star, Washington, DC, Fri., Jan. 13, 1922.
The Evening Star, Washington, DC, Sat., Jan. 21, 1922.
The Washington Herald, Washington, DC, Sat., Sep. 30, 1922.
The Washington Herald, Washington, DC, Tue., Nov. 7, 1922.
The Evening Star, Washington, DC, Mon., Oct. 20, 1930.
The Evening Star, Washington, DC, Thu., Jan. 5, 1933.
The Evening Star, Washington, DC, Mon., May 22, 1933.
The Evening Star, Washington, DC, Fri., May 26, 1933.
The Evening Star, Washington, DC, Sun., Dec. 31, 1933.
The Evening Star, Washington, DC, Mon., Jan. 14, 1935.