First National Bank, Corsicana, TX (Charter 3506)
First National Bank, Corsicana, TX (Chartered 1886 - Failed (Merger) 1988)
Town History
Corsicana is a city in Navarro County, Texas, United States. It is located on Interstate 45, 56 miles northeast of Waco, Texas. It is the county seat of Navarro County, and an important agribusiness center. Corsicana's population was 25,109 at the 2020 census. In 1900 the population was 9,749, growing to 15,202 by 1930.
Founded in 1848, Corsicana was named by José Antonio Navarro after the Mediterranean island of Corsica, the birthplace of his father. Oil was accidentally discovered in June 1894, by the American Well and Prospecting Company. In October 1895, the first commercial oil well was drilled by the Corsicana Oil Development Company, founded by Ralph Beaton, H.G. Damon, and John Davidson. It was the first commercially significant oilfield find in Texas. A refinery was in operation by January 1899, through the efforts of Joseph S. Cullinan. The Powell oil field was discovered in 1900, a few miles east of Corsicana.
During World War II, an airman flying school called Corsicana Air Field trained thousands of pilots.
Corsicana had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes.
Bank History
- Organized April 17, 1886
- Chartered May 19, 1886
- Succeeded Garitty & Huey
- Assumed 3645 by consolidation June 2, 1931 (Corsicana National Bank, Corsicana, TX)
- Absorbed 12759 December 1, 1931 (First National Bank (No Issue), Emhouse, TX)
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Failed. Merged with government financial assistance into NCNB Texas National Bank in Dallas, TX, July 29, 1988
The bank's early history can be traced back to the private bank of Garrity & Huey. Organized in 1871, Joseph Huey and his friend, Captain James Garitty, started the firm known as Garitty, Huey and Company, located south of the courthouse. James Garitty formed a strong banking house and would serve as its president for 53 years. In July of 1886, the Garitty and Huey bank opened as the First National Bank. In 1915 the bank moved into its own new building at 6th and Beaton Streets. This was home to the bank until 1956 when it moved into its modern, new banking house at Main and Collin Streets.
In 1900, the officers were James Garitty, president; Joseph Huey, vice president; E.H. Church, cashier; and Isaac Levy, assistant cashier.
In 1902, incorporators of Whiteselle Brick and Lumber Co. of Corsicana, were J.E. Whiteselle, J. Huey, T.J. Wood, J.L. Whiteselle, and W.C. Oldham.
In April 1904, the recent death of Joseph Huey necessitated the election of a new vice president and also the election of a new director. A second vice president was added to the list of the bank's officers. The following were chosen: J.E. Whiteselle, first vice president; C.H. Allyn, second vice president; Hon. Roger Q. Mills, director.
In January 1905, the officers were James Garrity, president; J.E. Whiteselle, vice president; Chas. H. Allyn, vice president; E.H. Church, cashier; and Isaac Levy, assistant cashier. The bank had capital stock $300,000, surplus and undivided profits $105,272, circulation $50,000 and deposits of $654,856.
On Tuesday, January 8, 1918, the following officers were elected: James Garitty, president; Chas. H. Allyn, Chas. H. Mills, and I.N. Cerf, vice presidents; Isaac Levy, J.N. Garitty, and W.C. Hilliard, assistant cashiers. The directors were James Garitty, Chas. H. Mills, A.M. Milligan, L.H. Lee, Mrs. Kate H. Whiteselle, Chas. H. Allyn, I.N. Cerf, W.M. Tatum, G.J. Heflin, J.L. Whiteselle. Mrs. Whitesell was added to the board of directors and Mr. E.H. Church retired as cashier. In appreciation, the bank presented Mr. Church with a check for six months service as cashier.
On Tuesday afternoon, January 10, 1928, stockholders unanimously re-elected the board of directors. The board was composed of Charles H. Mills, J.N. Edens, Mrs. Kate H. Whiteselle, J.L. Whiteselle, J.D. Cunningham, A.M. Milligan, R.L. Hamilton, C.S. Stroud, J.N. Garitty, and C.A. Tatum. At a meeting of the board of directors, the following officers were elected: J.N. Edens, president; Charles H. Mills, Mrs. Kate H. Whiteselle, A.M. Milligan, vice presidents; R.L. Hamilton, cashier; J.N. Garitty, F.T. Lindsey, Charles W. Croft, and J.H. Roberts, assistant cashiers.
In January 1929, John P. Garitty, formerly of Dallas, was added to the board. J.H. Roberts was named as cashier and trust officer while R.L. Hamilton, formerly the cashier, and J.N. Garitty were named as new vice presidents. W.J. Rochelle was named as an assistant cashier. Mr. Roberts was formerly a national bank examiner for this district and his brother was chief national bank examiner for the Kansas City division.
On Tuesday, May 19, 1931, consolidation of the First National Bank and the Corsicana National Bank was formally approved by shareholders of the two institutions, and in effect the Corsicana National Bank passed out of existence. The stockholders unanimously approved the agreement signed by the directors. The charter of the Corsicana National Bank would remain in existence for several months until formally revoked and cancelled by the Secretary of the Treasury. The combination was placed into effect on April 10 and since that time both banks operated in the quarters of the First National Bank. All bank funds, supplies, books and other equipment had been moved from the Corsicana National quarters to those of the First National and only safety deposit boxes remained in the Corsicana National Bank. The boxes would continue to be used until enlarged vaults were prepared at the First National Bank. Union of the two institutions formed one of the strongest financial organizations in this section of Texas with a capital, surplus, and undivided profit totaling $1,225,000. The directors of both institutions would combine with J.N. Edens as president. From First National, the directors were J.N. Edens, Charles H. Mills, A.M. Milligan, R.L. Hamilton, Mrs. Kate Whiteselle, C.S. Stroud, J.N. Garitty, J.L. Whiteselle, J.D. Cunningham, C.A. Tatum, John P. Garitty, R.D. Fleming, and J.N. Edens Jr. From Corsicana National, the directors were J.B. Fortson, Mrs. H.G. Johnston, F.N. Drane, C.R. Terry, R.L. Wheelock, A.H. Kerr, B. Tinkle, A.G. Elliott, John T. Fortson, H.R. Stroube, J.S. Murchison, Wade Smith, and C.C. Roberts.
On Tuesday, December 1, 1931, the First National Bank of Emhouse was taken over by the First National Bank of Corsicana. The Emhouse bank had a capital of $30,000; surplus of $11,000; and deposits of $43,000. G.G. Owen was the president of the Emhouse bank and W.E. Harrington, cashier. Mr. Jack Roberts, cashier of the Corsicana bank stated the Emhouse bank would be liquidated and a hearty welcome extended to the depositors of the Emhouse bank to use the Corsicana bank for deposits and in anyway the institution could be of service to them.
In January 1935, the following directors were re-elected: J.N. Edens, Mrs. Kate H. Whiteselle, J.L. Whiteselle, J.D. Cunningham, John P. Garitty, R.D. Fleming, J.B. Fortson, R.L. Wheelock, Wade Smith, A.M. Milligan, J.L. Collins, J.N. Garitty, C.A. Tatum, J.N. Edens, Jr., W.C. Stroube, Mrs. H.G. Johnston, A.G. Elliott, John T. Fortson, and H.R. Stroube. The officers re-elected were J.N. Edens, president; J.N. Garitty and A.G. Elliott, active vice presidents; A.M. Milligan, Mrs. Kate H. Whiteselle, R.L. Wheelock, H.R. Stroube, and J.L. Whiteselle, vice presidents; J.H. Roberts, cashier and trust officer; Sam H. Slay, F.T. Lindsey, Chas. W. Croft, and J.H. Brown, assistant cashiers.
In May 1942, J.N. Edens was relieved as president and made chairman of the board. A week later he was elected president of the Corsicana Cotton Mills the was operating around the clock with the Government taking its entire output of cotton duck. Edens was also president of the Corsicana Livestock and Agricultural Show and past president of the East Texas Chamber of Commerce. He was a director of the Lone Star Steel Company of Daingerfield and a member of the board of the Texas Big Bend Park Association.
In January 1943, the officers re-elected were J.N. Edens, chairman of the board, B.L. Sanders, president; A.G. Elliott, active vice president and trust officer; J.N. Garitty, active vice president and assistant trust officer; Mrs. Kate H. Whiteselle and H.R. Stroube, vice presidents; F.T. Lindsey, Chas. W. Croft, J.H. Brown, and S.W. Allen, assistant cashiers. The directors were B.L. Sanders, O.L. Albritton, J.L. Collins, J.N. Edens, A.G. Elliott, J.B. Fortson, R.D. Fleming, J.N. Garitty, Mrs. H.G. Johnston, Alvin H. Lane, Dallas; H.R. Stroube, W.C. Stroube, C.A. Tatum, Mrs. Kate H. Whiteselle, and R.L. Wheelock.
On January 5, 1971, announcement of the beginning of the First National Bank's Centennial Anniversary Celebration was made jointly by H.R. Stroube, board chairman, and W.D. Wyatt, president. The announcement was highlighted with the presentation by Stroube to the bank of a mounted 1871 silver dollar, commemorating the year in which the First National Bank was founded. The directors were J.N. Edens, honorary chairman of the board; H.R. Stroube, chairman of the board; C.L. Brown, Jr., Joe E. Butler, J.M. Dyer, J.B. Fortson, Jr., O.H. Moore, R.F. Rutherford, B.L. Sanders, Jr., Louis Shwarts, J.F. Smith, F.C. Steward, W.C. Stroube, J.N. Wheelock, Jr., R.L. Wheelock, Jr., and W.D. Wyatt. The officers were W.D. Wyatt, president; O.H. Moore, executive vice president; June P. Clark, senior vice president; Gerald York, vice president & Agriculturist; Mackey, Harral, vice president & cashier; Wm. H. Harrison, Jr., vice president; Don Mitcham, assistant vice president; J.N. Barron and Mrs. LaVera Hampel, assistant cashiers; Miss Mary Yielding, executive secretary; and John Burke Stroud, auditor. The Trust Department officers were O.L. Albritton, Jr., Senior vice president & trust officer, Glenn Landy, vice president & trust officer; Mrs. Floy Smith and Mrs. Emalily Stokes, assistant trust officers. At the end of 1970, the bank reported total assets of $45,760,740.77.
Official Bank Title(s)
1: The First National Bank of Corsicana, TX
Bank Note Types Issued
A total of $5,814,440 in National Bank Notes was issued by this bank between 1886 and 1935. This consisted of a total of 648,918 notes (406,114 large size and 242,804 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 50-100 1 - 1308 1902 Red Seal 50-100 1 - 367 1902 Date Back 4x5 1 - 6250 1902 Date Back 3x10-20 1 - 5000 1902 Date Back 50-100 1 - 1700 1902 Date Back 3x50-100 1 - 1200 1902 Plain Back 4x5 6251 - 60243 1902 Plain Back 3x10-20 5001 - 38398 1929 Type 1 6x5 1 - 16986 1929 Type 1 6x10 1 - 9226 1929 Type 1 6x20 1 - 2024 1929 Type 2 5 1 - 43390 1929 Type 2 10 1 - 23950 1929 Type 2 20 1 - 6048
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1886 - 1935):
Presidents:
Cashiers:
- Charles Henry Allyn, 1886-1886
- Edwin Harvey Church Sr., 1887-1917
- Robert Leroy Hamilton Sr., 1919-1928
- Joseph Houston "Jack" Roberts, 1929-1935
Other Bank Note Signers
- Joseph Huey Vice President 1900...1904
- Isaac Levy, Assistant Cashier 1900...1918
- James Nicholas Garitty, Assistant Cashier 1918...1928
Wiki Links
- Texas Bank Note History
- General information on Corsicana (Wikipedia)
- General information on Navarro County (Wikipedia)
- General information on Texas (Wikipedia)
Sources
- Corsicana, TX, 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 Houston Post, Houston, TX, Fri., Jan. 12, 1900.
- The Waco Times-Herald, Tue., Nov.25, 1902.
- Austin American-Statesman, Austin, TX, Thu., Apr. 7, 1904.
- The Galveston Daily News, Galveston, TX, Sun., Jan. 22, 1905.
- Corsicana Daily Sun, Corsicana, TX, Wed., Jan. 9, 1918.
- Corsicana Daily Sun, Corsicana, TX, Wed., Jan. 11, 1928.
- Corsicana Daily Sun, Corsicana, TX, Fri., Jan. 11, 1929.
- Corsicana Daily Sun, Corsicana, TX, Sat., Apr. 11, 1931.
- Corsicana Semi-Weekly Light, Corsicana, TX, Fri., May 22, 1931.
- Corsicana Daily Sun, Corsicana, TX, Tue., Dec. 1, 1931.
- Corsicana Semi-Weekly Light, Corsicana, TX, Fri., Jan. 11, 1935.
- Fort Worth Star-Telegram, Fort Worth, TX, Sun., Sep. 20, 1942.
- Corsicana Daily Sun, Corsicana, TX, Wed., Jan. 13, 1943.
- Corsicana Daily Sun, Corsicana, TX, Tue., Jan. 5, 1971.
- Corsicana Daily Sun, Corsicana, TX, Fri., Jan. 8, 1971.
- Corsicana Daily Sun, Corsicana, TX, Sun., Jan. 17, 1971
- Corsicana Daily Sun, Corsicana, TX, Sun., Oct. 31, 1971.