First National Bank, Athens, AL (Charter 6146)

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

First National Bank, Athens, AL (Chartered 1902 - Liquidated 1927)

Town History

Athens is a city in and the county seat of Limestone County, in the U.S. state of Alabama. It is included in the Huntsville-Decatur-Albertville, AL Combined Statistical Area. As of the 2010 census, the population of the city is 21,897. In 1890 the population was 940, growing to 3,323 by 1920.

Founded in 1818 by John Coffee, Robert Beaty, John D. Carroll, and John Read, Athens is one of the oldest incorporated cities in the state, having been incorporated one year prior to the state's admittance to the Union in 1819. Limestone County was also created by an act of the Alabama Territorial Legislature in 1818. The town was first called Athenson, but was incorporated as Athens after the ancient city in Greece.

Athens is midway between Nashville and Birmingham on Interstate 65.

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

Bank History

  • Organized February 6, 1902
  • Chartered March 6, 1902
  • Succeeded Bank of Athens
  • Liquidated January 11, 1927
  • Absorbed by The Farmers & Merchants Bank of Athens

In March 1887, Col. Geo. A. Percival, of Ord, Nebraska, Cashier of the First National Bank of that place, was in Athens for a week, trying to get up a National Bank. The editors of the Alabama Courier wrote that there was a move on foot to establish a bank which hoped it would be done. "No place, of its size offers greater inducements for a bank than Athens and Limestone county. Let the good work go on and let's have a bank."

In April 1889, Messrs. W.A. Frost and John Hutton, two of Shelbyville, Tennessee's most prominent citizens were in Athens and organized the Bank of Athens. Mr. Hutton was from one of the oldest and best families in the state and was a practical banker, having been in the leading bank in his town for a number of years. Mr. Frost was known as a businessman for a number of years. The bank of Athens opened on July 4, 1889. Mr. Clarence Frost, cashier was there meeting and mingling with the people of town.

In December 1892, the officers of the Bank of Athens were John H. Davis, president; W.A. Frost, vice president; and C.E. Frost cashier.

On March 6, 1902, Athens now had a National Bank, capitalized at $25,000. The charter was granted to the Bank of Athens, and the following officers were elected: President, W.A. Frost of Shelbyville; Tenn.; Vice President, John Wright Frost; Cashier, Clarence, E. Frost. These men had for years been at the head of the Bank of Athens and were great factors in the upbuilding of the that town.

In April 1920, a special meeting of the directors was held due to the death of Vice President J.W. Frost. C.E. Frost, cashier, was elected active vice president to succeed his brother; Lifford Cole was advanced from assistant cashier to position of cashier; and Nelson Cartwright, who was bookkeeper was elected assistant cashier.

In February 1925, announcement of the appointment of Lieutenant Robert Cartwright of Athens to fill an existing vacancy on the commissioned officers' staff of Company B, 133rd Engineers, headquartered at Athens. Lieut. Cartwright was cashier of the First National Bank of Athens and served during the World War in the engineering branch, U.S. Army.

In July 1926, depositors of the old First National Bank of Athens continued to be paid off by the Farmers and Merchants Bank which took over the assets of the insolvent bank. The First National closed early in April and at one time it looked as though a receiver would have to be appointed and the depositors as well as stockholders stood a good chance to lose, but after much negotiating, arrangements were finally made whereby the Farmers and Merchants took over the good assets of the old bank together with certain additional security from the stockholders and agreed to pay off depositors in full. Payout began and long lines haunted the paying tellers' cages. Practically everything withdrawn was put back immediately into either the Farmers and Merchants or the Citizens Bank and Trust Company, the other local bank.

Official Bank Title(s)

1: The First National Bank of Athens, AL

Bank Note Types Issued

1902 Red Seal $5 proof approved April 10, 1902.
1902 Red Seal $5 proof approved April 10, 1902. Courtesy of the Smithsonian Archives
1902 Plain Back $10 bank note with stamped signatures of R.N. Cartwright, Jr., Cashier and R.N. Cartwright, Sr., President.
1902 Plain Back $10 bank note with stamped signatures of R.N. Cartwright, Jr., Cashier and R.N. Cartwright, Sr., President. Courtesy of Heritage Auctions, www.ha.com

A total of $683,400 in National Bank Notes was issued by this bank between 1902 and 1927. This consisted of a total of 84,168 notes (84,168 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 4x5 1 - 1225
1902 Red Seal 3x10-20 1 - 1180
1902 Date Back 4x5 1 - 4125
1902 Date Back 3x10-20 1 - 3170
1902 Plain Back 4x5 4126 - 7735 Plate dated 1902
1902 Plain Back 3x10-20 3171 - 5238 Plate dated 1902
1902 Plain Back 4x5 1 - 3330 Plate dated 1922
1902 Plain Back 3x10-20 1 - 2334 Plate dated 1922

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1902 - 1927):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  • Athens, AL, Wikipedia, https://en.wikipedia.org/wiki/Athens,_Alabama
  • 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 Alabama Courier, Athens, AL, Thu., Mar. 24, 1887.
  • The Alabama Courier, Athens, AL, Thu., May 2, 1889.
  • The Alabama Courier, Athens, AL, Thu., July 4, 1889.
  • The Alabama Courier, Athens, AL, Thu., Dec. 29, 1892.
  • The Montgomery Advertiser, Montgomery, AL, Sat., Mar. 15, 1902.
  • The Birmingham News, Birmingham, AL, Wed., Apr. 28, 1920.
  • The Montgomery Advertiser, Montgomery, AL, Fri., Feb. 13, 1925.
  • The Albany-Decatur Daily, Albany, AL, Fri., July 2, 1926.
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