First National Bank, Binghamton, NY (Charter 202)
First National Bank, Binghamton, NY (Chartered 1864 - Open past 1935)
Town History
Binghamton is a city in, and the county seat of, Broome County, New York. Surrounded by rolling hills, it lies in the state's Southern Tier region near the Pennsylvania border, in a bowl-shaped valley at the confluence of the Susquehanna and Chenango Rivers. The city's population, according to the 2020 census, was 47,969. In 1860 the population was 8,325, growing to 76,662 by 1930.
The city was named after William Bingham, a wealthy Philadelphian who bought the 10,000 acre patent for the land in 1786, then consisting of parts of the towns of Union and Chenango. Joshua Whitney, Jr., Bingham's land agent, chose land at the junction of the Chenango and Susquehanna Rivers to develop a settlement, then named Chenango Point, and helped build its roads and erect the first bridge. Significant agricultural growth led to the incorporation of the village of Binghamton in 1834.
The Chenango Canal, completed in 1837, connected Binghamton to the Erie Canal, and was the impetus for the initial industrial development of the area. This growth accelerated with the completion of the Erie Railroad between Binghamton and Jersey City, NJ in 1849. With the Delaware, Lackawanna and Western Railroad arriving soon afterward, the village became an important regional transportation center. Binghamton was a transportation crossroads and a manufacturing center, and has been known at different times for the production of cigars, shoes, and computers. IBM was founded nearby, and the flight simulator was invented in the city, leading to a notable concentration of electronics- and defense-oriented firms. This sustained economic prosperity earned Binghamton the moniker of the Valley of Opportunity. However, starting with job cuts made by defense firms towards the end of the Cold War, the region lost a large part of its manufacturing industry.
Today, while there is a continued concentration of high-tech firms, Binghamton is emerging as a healthcare- and education-focused city, with Binghamton University acting as much of the driving force behind this revitalization.
Binghamton had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes. Binghamton also had five Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Chartered January 16, 1864
- Absorbed Strong State Bank and Susquehanna Valley Bank March 15, 1901
- Bank was Open past 1935
- Merged with City National Bank of Binghamton, (Charter 1189) on October 3, 1955
The First National Bank was chartered December 19, 1863 at the height of the Civil War. Abel Bennett, who was to become Binghamton's first mayor in 1867, was one of the founders. The first location of the bank was in quarters rented for $550 a year in a building in Washington Street.
On September 19, 1889, the certificate of incorporation of the Binghampton Safe Deposit Company was filed with the State Banking Department. Trustees were F.T. Newell, C.S. Clapp, Harper Dusenbury, John Manier and George F. O'Neil.
On February 17, 1901, the state superintendent of banking gave consent to the proposed absorption of the Susquehanna Valley and Strong State Banks by the First National Bank of Binghamton. The combined capital of the resulting bank would be $400,000. William G. Phelps assumed the presidency of the First National upon the merger with the Susquehanna Valley and Strong State banks. James W. Manier, was president of the Susquehanna Valley Bank and he became a director of the First National. John J. Knox, a future Comptroller of the Currency, helped to organize the Susquehanna Valley Bank of Binghamton in 1855 and he was named its first cashier.
In September 1906, the directors were William G. Phelps, A.S. Bartlett, F.J. Bayless, T.B. Crary, M.J. Corbett, G.W. Dunn, C.F. Hotchkiss, S.J. Hirschmann, Geo. F. O'Neil, Robert H. Rose, F.W. Jenkins, Geo. A. Kent, Willis Sharpe Kilmer, James W. Manier, Walter J. Moon, Chas. M. Stone, Cas. M. Turner, Chas. A. Weed, and C.C. Pratt. The officers were W.G. Phelps, president; J.W. Sturtevant, vice president; and A.J. Parsons, cashier. The bank had capital and surplus of $700,000.
On Tuesday, January 10, 1922, the stockholders elected the following directors: F.J. Bayless, J.J. Corbett, H.D. Hinman, S.J. Hirschmann, C.F. Hotchkiss, John Hull, Jr., F.W. Jenkins, George A. Kent, Walter J. Moon, James H. Nelson, F.W. Ogden, W.G. Phelps, Jr., A.J. Parsons, Robt. H. Rose, R.Z. Spaulding, E.S.T. Truesdell, Charles A. Weed, and Harry Rubin. Mr. Rubin was a new directors to fill a vacancy caused by death. The officers re-elected were W.G. Phelps, president; S.J. Hirschmann and A.J. Parsons, vice presidents; Ray M. Gaffney, cashier; and J.D. Brunner, Jr., assistant cashier.
On Tuesday, January 8, 1924, the stockholders elected the following directors: F.J. Bayless, M.J. Corbett, Harvey D. Hinman, C.F. Hotchkiss, John Hull, Jr., George A. Kent, George Fowler, William J. Moon, George H. Nelson, Fred W. Ogden, William G. Phelps, Jr., A.J. Parsons, Ray G. Pratt, Robert H. Rose, Harry Rubin, R.Z. Spaulding, and E.S. Truesdell. The officers elected were William G. Phelps, president; A.J. Parsons, vice president; Ray M. Gaffney, cashier; and John D. Brunner, Jr., assistant cashier.
On Tuesday, January 10, 1928, the stockholders elected the following directors: Harvey D. Hinman, C.F. Hotchkiss, George A. Kent, Wm. M. McLean, P.J. McTighe, Walter J. Moon, James H. Nelson, E.S. Truesdell, Fred W. Ogden, William G. Phelps, A.J. Parsons, William G. Phelps, Jr., Ray G. Pratt, Robert H. Rose, Harry Rubin, R.Z. Spaulding. The officers elected were William G. Phelps, chairman; Chester B. Lord, president; A.J. Parsons, vice president; Ray M. Gaffney, cashier; and John D. Brunner, Jr., assistant cashier.
In January 1933, William G. Phelps, for 32 years an executive of the First National Bank was re-elected chairman of the board of directors. Addison J. Parsons, associated with the bank for the last 44 years was re-elected to the board and re-elected vice president. The stockholders returned other directors for another year as follows: President, Chester B. Lord; cashier, Ray M. Gaffney; assistant cashiers, John D. Brunner, Jr., J.B. Curran, and I.E. Siver; trust officer, James A. Rumsey; assistant trust officer, W.S. Stapleton. Directors were T.W. Behan, R.W. Bierer, R.M. Gaffney, Harvey D. Hinman, Chester B. Lord, William M. McLean, Sr., P.J. McTighe, Walter J. Moon, James H. Nelson, Addison J. Parsons, William G. Phelps, Ray G. Pratt, Robert H. Rose, Harry Rubin, R.Z. Spaulding, and E.S. Truesdell.
On June 1, 1955, a joint announcement was made of the plan to merge the First National and City National banks by Raymond D. Dewey and Edgar W. Couper. The combined banks would have assets of more than $72 million. The First National's two branches and the City National's one would be kept open. On August 9th, names of three proposed officers of the new bank were announced. The target date for closing operations of the two institutions as individual banks was set as September 30th. The proposed officers were Edgar W. Couper, president of the First National as president of the merged bank; Raymond D. Dewey, president of City National as chairman of the board; and Chester B. Lord, chairman of the board of First National as honorary chairman of the board. The stockholders' meetings were set for September 15th. It they approve, the stockholders would elect a 25-man board of directors for the new bank, the maximum number allowed under the Federal Banking Act. The proposed name was First-City National Bank of Binghamton. The proposed merger was given preliminary approval by Ray Gidney, Comptroller of the Currency.
Effective Monday, October 3, 1955, City National Bank, chartered in 1852, and First National Bank, chartered in 1863, combined resources and facilities as the First-City National Bank.
At the close of business December 31, 1966, First-City National had total assets of $138,714,207.71. The officers were Edgar W. Couper, chairman of the board and chief executive officer; Bertram J. Miner, president; Donald E. Hunt and Stuart McCarty, executive vice president; Miller S. Gaffney, senior vice president; Jack E. Haulton, cashier; James L. Leindecker, Leonard P. Lyon and Robert L. Swearengin, assistant vice president; Frank Kudcey, comptroller; Richard A. McKane, auditor; Perle S. Crawford, Josephine A. Kraus, Harry T. Sayer, Jr., assistant cashiers. Nine offices were operated including City, First Ward, East Side, Westover, Vestal Parkway, Binghamton Plaza, Kirkwood, Owego, and Whitney Point.
On February 6, 1967, Harvard-trained Stuart McCarty, who came to Binghamton four years earlier, moved up to the president's chair of the First-City National. He was elected by the board of directors to succeed Bertram J. Miner who retired. Edgar W. Couper was re-elected chairman of the board. Mr. Couper was also chancellor of the New York State Board of Regents. The most significant event of the year was the formation of the Lincoln First Group in May 1967. As a part of the four-bank holding company, First City now had the capacity and potential to better meet the financial needs of the area.
On August 1, 1984, the $4.2 billion Lincoln First and $82 billion Chase Manhattan Corp. merged into Chase Lincoln First Bank, N.A. Under the merger, Chase Lincoln First kept its own board of directors, but would operate as a subsidiary of Chase Manhattan National Corp., a wholly-owned subsidiary of Chase Manhattan Corp. Chase Manhattan Corp. in all had 345 bank branches in New York state, more than any other corporation.
Official Bank Title(s)
1: The First National Bank of Binghamton, NY
Bank Note Types Issued
A total of $9,225,050 in National Bank Notes was issued by this bank between 1864 and 1935. This consisted of a total of 1,192,955 notes (955,100 large size and 237,855 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 2000 Original Series 4x5 1 - 3650 Original Series 4x10 1 - 2250 Original Series 3x20-50 1 - 1570 Series 1875 3x20-50 1 - 1730 1882 Brown Back 4x5 1 - 9420 1882 Brown Back 3x10-20 1 - 9023 1882 Brown Back 50-100 1 - 600 1902 Red Seal 4x5 1 - 14000 1902 Red Seal 4x10 1 - 3000 1902 Red Seal 3x10-20 1 - 20600 1902 Date Back 4x5 1 - 38500 1902 Date Back 4x10 1 - 27500 1902 Date Back 3x10-20 1 - 2600 1902 Plain Back 4x5 38501 - 98742 1902 Plain Back 4x10 27501 - 69890 1929 Type 1 6x5 1 - 13266 1929 Type 1 6x10 1 - 7762 1929 Type 2 5 1 - 70302 1929 Type 2 10 1 - 41385
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1936):
Presidents:
- Abel Bennett, 1864-1883
- Francis T. Newell, 1884-1897
- Waring Stephen Weed, 1899-1900
- William George Phelps, Sr., 1901-1927 NOTE: a featured biography is available
- Chester Bradfort Lord, 1928-1935
Cashiers:
- George Pratt, 1864-1883
- John Manier, 1884-1895
- Addison J. Parsons, 1896-1920
- Ray M. Gaffney, 1921-1935
Other Bank Note Signers
- Francis B. "Frank" Newell, Vice President 1897...1903
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- New York Bank Note History
- General information on Binghamton (Wikipedia)
- General information on Broome County (Wikipedia)
- General information on New York (Wikipedia)
Sources
- Binghamton, NY, 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
- Democrat and Chronicle, Rochester, NY, Fri., Sep. 20, 1889.
- Democrat and Chronicle, Rochester, NY, Mon., Feb. 18, 1901.
- Press and Sun-Bulletin, Binghamton, NY, Thu., June 9, 1904.
- Press and Sun-Bulletin, Binghamton, NY, Fri., Dec. 8, 1905.
- Press and Sun-Bulletin, Binghamton, NY, Thu., Sep. 6, 1906.
- Press and Sun-Bulletin, Binghamton, NY, Tue., Jan. 10, 1922.
- Press and Sun-Bulletin, Binghamton, NY, Tue., Jan. 8, 1924.
- Press and Sun-Bulletin, Binghamton, NY, Tue., Jan. 10, 1928.
- Press and Sun-Bulletin, Binghamton, NY, Tue., Jan. 10, 1933.
- Press and Sun Bulletin, Binghamton, NY, Tue., Jan. 11, 1955.
- Press and Sun Bulletin, Binghamton, NY, Wed., June 1, 1955.
- Press and Sun Bulletin, Binghamton, NY, Wed. Aug. 10, 1955.
- Press and Sun Bulletin, Binghamton, NY, Mon. Oct. 3, 1955.
- Press and Sun Bulletin, Binghamton, NY, Wed., Jan. 4, 1967.
- Press and Sun Bulletin, Binghamton, NY, Tue., Feb. 7, 1967.
- Democrat and Chronicle, Rochester, NY, Tue., July 3, 1984.