First National Bank, Ashland, AL (Charter 9580)

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The old First National Bank of Ashland, Alabama, ca2024. The bank is to the right of the building on the corner of AL-77 and 1st Street. Courtesy of Google Maps

First National Bank, Ashland, AL (Chartered 1909 - Closed (Merger) 2005)

Town History

A 1915 advertisement for the Clay County Bank of Ashland, Alabama.[1]

Ashland is a city in and the county seat of Clay County, Alabama. The population was 2,037 at the 2010 census. In 1900 the population was 422, growing to 1655 by 1920.

Clay County was formed by an act of the Alabama General Assembly on December 7, 1866. Less than a year later, Ashland was established as the county seat on land donated by Hollingsworth Watts for the construction of a courthouse. In 1871 Ashland was incorporated and named for 19th century statesman Henry Clay's Kentucky estate home. During the early years, the town grew very rapidly. The town continued to grow with the opening of Alabama's first graphite mine in 1899. When World War I ended, the market for graphite dropped drastically, thus ending the town's growth phase.

The 1930s brought the Great Depression and boll weevil to Ashland that destroyed the cotton industry. Farmers were forced to abandon what had been the community's major industry. Timber, poultry, and cabinet making became the dominant industries by the beginning of the 21st century.

Ashland had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

Bank History

  • Organized October 12, 1909
  • Chartered November 12, 1909
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged into First American Bank, Birmingham, AL, May 21, 2005

On September 27, 1909, the application of Bennet W. Pruet, C.B. Allen, F.M. Willis, E.A. Philips, and W.R. Pruet to organize the First National Bank of Ashland with $25,000 capital was approved by the comptroller of the currency.[2] E.H. Hawkins returned to Ashland having resigned a position with the Montgomery Bank and Trust Company on October 1st to become cashier of the First National Bank of Ashland which planned to open on November 1st.[3] On November 13th, the First National Bank of Ashland was authorized to begin business with $25,000 capital. Bennett W. Pruett was president; Edgar L. Whatley and Cleveland W. Allen, vice presidents; E.H. Hawkins, cashier.[4] The directors were Edgar L. Whatley, Dr. Thos. Northen, Cleveland W. Allen, E.A. Phillips, J.B. Miller, Dr. M.J. Slaughter, F.M. Willis, Bennett W. Pruet, and E.H. Hawkins. The bank opened for business on November 22nd.[5] The records showed that on the opening day the paid in capital was $12,500 and deposits were $5,522.41. The first note discounted was for A.J. Glenn and was for $300.[6]

On Tuesday, January 10, 1911, stockholder elected the following board of directors for the ensuing year: Judge F.J. Ingram, E.A. Phillips, Dr. Thos. J. Northern, Dr. M.J. Slaughter, C.W. Allen, F.M. Willis, E.L. Whatley, E.H. Hawkins and B.W. Pruet.[7]

On Tuesday, January 13, 1914, the stockholders elected the following directors: Bennett W. Pruet, Dr. M.J. Slaughter, Dr. Thos. Northen, Judge F.J. Ingram, E.H. Hawkins, F.M. Willis, and W.R. Pruet. At the directors' meeting the same officers were elected for the year: Bennett W. Pruet, president; M.J. Slaughter, vice president; E.H. Hawkins, cashier; and J.P. Willis, assistant cashier.[8]

In February 1915, a business change of more than usual interest in Ashland was the proposed consolidation of the First National Bank and Clay County Bank. Plans in the works were expected to effect the consolidation before the end of the month. The new institution would have a combined capital and surplus of $100,000. C.B. Allen, the president of the Clay County Bank for several years, was expected to become president while A.A. Northen, cashier of the Clay County Bank, would be vice president and assume active management. Bennett W. Pruet who had so successfully managed the First National as president would voluntarily retire, having sold most of his stock. M.W. Morgan, the long serving assistant cashier of the Clay County Bank, also would retire by mutual consent.[9] The Clay County Bank was organized in 1905.[10]

In January 1916, A.A. Northen resumed his former position as managing vice president of the First National Bank, H.L. Wynn who had occupied the position for several months resigned. After a few weeks rest, Mr. Wynn expected to enter other business.[11] On Monday afternoon, February 21, 1916, at a meeting of the directors, A.A. Northen was elected president as successor to C.B. Allen, and B.W. Pruet was elected vice president in Mr. Northen's place. Mr. Northen would continue in active management of the institution. Mr. Allen, having sold his stock, purchasing practically all the stock of the Standard Graphite Company, would retire from banking and turn his attention to the development of the graphite industry.[12]

On Friday, January 24, 1919, the regular annual meeting of stockholder was held, having been postponed from an earlier date on account of illness of bank officers. The following directors were elected: C.B. Allen, F.J. Ingram, E.J. Garrison, C.M. Pruet, W.L. Runyan, Dr. M.J. Slaughter, C.W. Allen, F.M. Willis, and H.L. Wynn. The directors met the same day and elected C.B. Allen, president; C.M. Pruet, vice president; and H.L. Wynn, vice president and cashier; H.W. Sims and G.W. Childs, assistant cashiers.[13]

In August 1920, J.P. Willis, assistant cashier of the First National Bank of Ashland was elected cashier of the First National Bank of Guntersville. Mr. Willis would take up his new duties immediately.[14]

In January 1921, the following officers were elected: C.B. Allen, president; C.M. Pruet, vice president; H.L. Wynn, active vice president; H.W. Sims, cashier; A.B. Wynn, assistant cashier. The directors elected were C.B. Allen, C.M. Pruet, H.L. Wynn, E.J. Garrison, W.L. Runyan, M.J. Slaughter, and L.T. Campbell.[15]

In February 1925, the officers were H.L. Wynn, president; C.M. Pruet, vice president; H.W. Sims, cashier; and J.B. Runyan, assistant cashier.[16] The bank reported total assets of $450,002.76 as of the close of business on April 6, 1925.[17]

In January 1936, the stockholders re-elected the following directors: M.J. Slaughter, E.J. Garrison, C.M. Pruet, H.L. Wynn, H.W. Sims, L.T. Campbell, and W.L. Runyan. The officers re-elected were H.L. Wynn, president; E.J. Garrison, vice president; H.W. Sims, cashier; and E.L. Wynn, assistant cashier.[18]

In December 1997, Alabama National BanCorporation concluded its absorption of First American Bancorp of Decatur. First American Bank became the eighth subsidiary of the Birmingham company, the sixth largest bank based in Alabama. ANB's First National Bank of Ashland and Citizens' Bank of Talladega were merging into First Citizens Bank.[19]

  • 03/09/1970 Main Office moved to 214-218 East 1st Avenue, Ashland, AL 36251.
  • 12/12/1997 Changed Institution Name to First Citizens Bank, National Association.
  • 12/12/1997 Main Office moved to 409 East Battle Street, Talladega, AL 35160.
  • 12/12/1997 Acquired Citizens Bank of Talladega (FDIC #33623) in Talladega, AL.
  • 12/13/1999 Institution withdraws from membership in the Federal Reserve System.
  • 12/13/1999 Changed Institution Name to First Citizens Bank with a state charter (FDIC #2778).
  • 05/21/2005 Merged and became part of First American Bank (FDIC #23577) in Birmingham, AL.
  • 06/21/2008 Merged and became part of RBC Bank (USA) (FDIC #33184) in Raleigh, NC.
  • 03/02/2012 Merged and became part of PNC Bank, National Association (FDIC #6384) in Wilmington, DE.

Official Bank Title

1: The First National Bank of Ashland, AL

Bank Note Types Issued

1902 Plain Back $5 bank note with signatures of H.W. Sims, Cashier and H.L. Wynn, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note with printed signatures of H.W. Sims, Cashier and H.L. Wynn, President. Courtesy of Heritage Auctions, www.ha.com

A total of $988,360 in National Bank Notes was issued by this bank between 1909 and 1935. This consisted of a total of 98,836 notes (74,612 large size and 24,224 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 4x10 1 - 5250
1902 DB/PB 4x10 5251 - 5500 Type uncertain
1902 Plain Back 4x10 5501 - 18653
1929 Type 1 6x10 1 - 3004
1929 Type 2 10 1 - 6200

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1909 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Ashland, AL, 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
  1. ↑ The Ashland Progress, Ashland, AL, Fri., Jan. 29, 1915.
  2. ↑ The Lineville Headlight, Lineville, AL, Fri., Oct. 1, 1909.
  3. ↑ Crenshaw County News, Luverne, AL, Thu., Oct. 28, 1909.
  4. ↑ Birmingham Post-Herald, Birmingham, AL, Sun., Nov. 14, 1909.
  5. ↑ The Ashland Progress, Ashland, AL, Fri., Dec. 10, 1909.
  6. ↑ The Ashland Progress, Ashland, AL, Thu., Nov. 21, 1929.
  7. ↑ The Ashland Progress, Ashland, AL, Fri., Jan. 13, 1911.
  8. ↑ The Ashland Progress, Ashland, AL, Fri., Jan. 16, 1914.
  9. ↑ The Ashland Progress, Ashland, AL, Fri., Feb. 5, 1915.
  10. ↑ The Ashland Progress, Ashland, AL, Thu., Nov. 21, 1929.
  11. ↑ The Ashland Progress, Ashland, AL, Fri., Jan. 21, 1916.
  12. ↑ The Ashland Progress, Ashland, AL, Fri., Feb. 25, 1916.
  13. ↑ The Ashland Progress, Ashland, AL, Fri., Jan. 31, 1919.
  14. ↑ The Birmingham News, Birmingham, AL, Mon., Aug. 9, 1920.
  15. ↑ The Birmingham News, Birmingham, AL, Wed., Jan. 12, 1921.
  16. ↑ The Ashland Progress, Ashland, AL, Thu., Feb. 12, 1925.
  17. ↑ The Ashland Progress, Ashland, AL, Thu., Apr. 16, 1925.
  18. ↑ The Ashland Progress, Ashland, AL, Thu., Jan. 16, 1936.
  19. ↑ The Anniston Star, Anniston, AL, Mon., Dec. 8, 1997.
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