First-Second National Bank, Akron, OH (Charter 9953)
First-Second National Bank, Akron, OH (Chartered 1911 - Liquidated 1923)
Town History
Akron is the fifth-largest city in Ohio and is the county seat of Summit County. It is located on the western edge of the Glaciated Allegheny Plateau, about 40 miles south of downtown Cleveland. As of the 2020 Census, the city proper had a total population of 190,469, making it the 125th largest city in the United States. The Greater Akron area, covering Summit and Portage counties, had an estimated population of 703,505.
The city was founded in 1825 by Simon Perkins and Paul Williams, along the Little Cuyahoga River at the summit of the developing Ohio and Erie Canal.
The name is derived from the Ancient Greek word ἄκρον : ákron signifying a summit or high point. It was briefly renamed South Akron after Eliakim Crosby founded nearby North Akron in 1833, until both merged into an incorporated village in 1836. In the 1910s, Akron doubled in population, making it the nation's fastest-growing city.
A long history of rubber and tire manufacturing, carried on today by The Goodyear Tire & Rubber Company, gave Akron the nickname "Rubber Capital of the World". It was once known as a center of airship development. Today, its economy includes manufacturing, education, healthcare, and biomedical research; leading corporations include Gojo Industries, FirstEnergy, Huntington Bank, and Charter Spectrum.
Notable historic events in Akron include the passage of the Akron School Law of 1847, which created the K–12 system; the popularization of the church architectural Akron Plan, the foundation of Alcoholics Anonymous, the Akron Experiment into preventing goiters with iodized salt, the 1983 Supreme Court case City of Akron v. Akron Center for Reproductive Health; and portions of the 2014 Gay Games. Notable individuals from the city include the basketball players LeBron James and Stephen Curry.
Akron had eight National Banks chartered during the Bank Note Era, and all eight of those banks issued National Bank Notes. Akron also had one Obsolete Bank that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized February 14, 1911
- Chartered March 18, 1911
- Succeeded 2698 and 2716 (First National Bank of Akron and Second National Bank of Akron)
- Liquidated April 30, 1923
- Absorbed by Peoples Savings & Trust Company of Akron
On December 8, 1910, announcement of the consolidation of the First National Bank with the Second National was made by officers of each institution. The merger created a mammoth bank known as The First-Second National Bank of Akron which occupied the building at Main and Quarry Streets. C.I. Bruner, president of the Second National, stated that two-thirds of the stockholders had authorized the merger, but ratification would be at the January 10th meeting after the new year. O.C. Barber, president of the First National, said the consolidation of the two institutions would result in a bank with $650,000 in capital and a $650,000 surplus and deposits of over $5,000,000. Also that the objective was to save expense and to benefit from the combined board of directors, consisting of men with experience and capital.
The First National was organized in 1862 and the Second National in 1863, each having $100,000 in capital. The First had since increased its capital to $200,000 with surplus and undivided profits of $2,200,000. The bank for several years had paid annual dividends of 16%. Officers in 1863 were Thomas W. Cornell, president; Milton W. Henry, vice president; and William H. Huntington, cashier. Officers and directors in 1910 were O.C. Barber, president; F.B. Theiss, vice president; H.A. Valentine, cashier; L.R. Reifsnider, assistant cashier; and M. O'Neil, O.C. Barber, F.B. Theiss, Frank Fieberger, and C.H. Palmer, directors.
Since 1863, the Second National had increased its capital to $350,000 and the surplus and undivided profits were $175,000 with deposits of $3,200,000. The bank was formed from the old Bank of Akron and the private bank of George D. Bates & Co. George D. Bates & Co. had organized in 1855 when Akron was a city of 3,400 people. The original officers of the Second National were George D. Bates Sr., president; J.H. Pendleton, vice president; Edward D. Childs, cashier. It started on Howard Street about 200 yards from Market. In 1888 the Second consolidated with the Bank of Akron which occupied quarters in the Everett Building which the consolidated bank also occupied. It merged with the Citizens National Bank in 1904. The officers in 1910 were C.I. Bruner, president; G.D. Bates Jr., vice president; H.B. Manton, vice president; L.D. Brown, cashier; G.A. Didge, assistant cashier; and H.B. Manton, A.K. Brewster, C.B. Raymond, F.H. Adams, W.E. Slabaugh, A.B. Rinehart, H.A. Galt, C.I. Bruner, George D. Bates, L.D. Brown and F.H. Mason, directors.
Ohio Columbus Barber was an American businessman, industrialist and philanthropist. He was called "America's Match King" because of his controlling interest in the Diamond Match Company, which had 85 percent of the market in 1881. He founded the city of Barberton, Ohio in 1891 and moved his manufacturing plant there in 1894. It produced 250 million matches per day. He also founded the Akron City Hospital. Barber was long a leader in his own home town, Akron. He was, for many years, president of the First National Bank of Akron, and when it was consolidated with the Second National Bank under the name of the First-Second National Bank he was unanimously elected to the presidency of the combined institutions.
In January 1911, George D. Bates Jr., vice president of the Second National, stated that Comptroller Murray had given special dispensation to the consolidated First and Second National banks, permitting them to operate under one head, though occupying separate banking rooms. This was permitted based on the understanding that the new building would be occupied as soon as possible. National Bank law prohibited a national bank from operating from more than one banking room. The new bank was expected to open by April 1st. On Monday, March 20, the newly consolidated First-Second National bank began to do business under that name. Thomas P. Kane, deputy and acting comptroller of the currency had authorized the bank to begin business on the 18th. Deposits of the two institutions in aggregate exceeded $5,450,000.
On Saturday, July 1, 1911, the Akron Chamber of Commerce occupied the seventh floor of the new First-Second National Bank building at Main and Quarry Streets. The First-Second National bank moved on November 11th. As customers entered the bank from Main Street, they found three receiving tellers, three paying tellers, two savings tellers, a loan teller and a collection teller. The ladies' alcove was located off the lobby, finished in Circassian walnut with matching furniture. The walls had tapestry of a harmonizing color. The officers' quarters were immediately to the left of the main entrance and were enclosed with a low rail of Pavanozzi marble with a bronze gate leading into the quarters. A directors' room had walls covered with heavy tapestry and the furniture was of oak matching the wainscoting. The interior of the main banking room had wainscoting of Italian Pavanozzi marble, the cage work, desks and counters were of metal throughout effecting a fireproof construction. The round door to the safe deposit vault was 8 feet in diameter, weighing about 16 tons. The door was balanced such that only the strength of a finger was needed to open or shut the vault. A separate fire- and burglar-proof vault provided each teller with their own safe to keep the money for which they were responsible.
In May 1919, Clarence I. Bruner announced that the bank would add four more stories to its seven story building over the summer. The addition added 125 office rooms bring the total to about 325. Planes were developed by George B. Post & Son of New York and bids were being taken for the construction work. However, the contract wasn't let until July. It went to the Carmichael Construction Company for approximately $500,000. The building when erected originally made provisions for increasing the height of the structure.
The deposits of the First-Second National Bank reached $20.5 million, having grown with progress of the city. The Peoples Savings and Trust Company was an affiliate, both institutions operating under the same polices. Their combined resources exceeded $30 million.
On January 9, 1923, stockholders of the First-Second National Bank and the People's Savings and Trust Company ratified plans to consolidate the institutions. The new bank's title was the First Trust and Saving Company and combined resources were $26,666,000. On April 30, 1923, the merger was effected forming The First Trust and Savings Bank, the second largest financial institution in Ohio outside of Cleveland and Cincinnati. The headquarters was located at 157 South Main Street and there were three branch offices in Akron.
Official Bank Title(s)
1: The First-Second National Bank of Akron, OH
Bank Note Types Issued
A total of $3,524,100 in National Bank Notes was issued by this bank between 1911 and 1923. This consisted of a total of 281,928 notes (281,928 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 Date Back 3x10-20 1 - 36000 1902 Plain Back 3x10-20 36001 - 70482
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1911 - 1923):
Presidents:
- Ohio Columbus Barber, 1911-1915
- Clarence I. Bruner, 1916-1922
Cashiers:
Other Bank Note Signers
- C.I. Bruner signed notes as Vice President.
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- Ohio Bank Note History
- General information on Akron (Wikipedia)
- General information on Summit County (Wikipedia)
- General information on Ohio (Wikipedia)
Sources
- Akron, OH, Wikipedia, https://en.wikipedia.org/wiki/Akron,_Ohio
- 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 Akron Beacon Journal, Akron, OH, Thu., Dec. 8, 1910.
- The Akron Beacon Journal, Akron, OH, Sat., Jan. 7, 1911.
- The Akron Beacon Journal, Akron, OH, Tue., Mar. 21, 1911.
- The Akron Beacon Journal, Akron, OH, Wed., Nov. 8, 1911.
- Akron Evening Times, Akron, OH, Fri., May 9, 1919.
- The Akron Beacon Journal, Akron, OH, Thu., July 17, 1919.
- The Cincinnati Enquirer, Cincinnati, OH, Wed., Jan. 10, 1923.
- The Akron Beacon Journal, Akron, OH, Tue., May 1, 1923.