First National Bank, Dwight, IL (Charter 8044)

The First National Bank Building in Dwight, the building at center with the clock, was designed by Frank Lloyd Wright in 1905. The buildings on the right were Dr. Leslie Keeley's Institute, the first facility to treat alcoholism as a disease.

First National Bank, Dwight, IL (Chartered 1906 - Closed (Merger) 2018)

Town History

Frank L. Smith, Representative and Senator-elect from Illinois, photo ca1908.

Dwight is a village located mainly in Livingston County, Illinois, with a small portion in Grundy County. The population was 4,032 at the 2020 census. Dwight contains an original stretch of U.S. Route 66, and from 1892 until 2016 continuously used a railroad station designed in 1891 by Henry Ives Cobb. Interstate 55 bypasses the village to the north and west.

Dwight was laid out on January 30, 1854, by Richard Price Morgan Jr. (1828-1910), James C. Spencer (1828 – after 1890), and John Lathrop (1809 – 1870). Each of these three men took a quarter of the land. All were working as engineers for the Chicago and Mississippi Railroad. The final quarter was jointly owned by two Bloomington brothers, Jesse W. Fell (1808 – 1878) and Kersey H. Fell (1815 – 1893). All five men had links to the railroad which was to open from Bloomington to Joliet in 1854. The plan of the founders was to purchase a block of land along the route of the railroad, and to divide it into four equal parts. Morgan would then take charge of the operation. He would draw up a plan of the new town, sell the lots, and divide the proceeds among the others. The station was to be placed at the point where the four quarters met. Any unsold lots would be divided among the partners. The other men seemed to believe that Morgan was acting in the interest of the railroad. The town was named for Henry Dwight, who had funded most of the construction of this part of the railroad. The Chicago and Mississippi soon became the Chicago and Alton Railroad.

Dwight is home to the First National Bank of Dwight, one of only three banks, including the City National Bank in Mason City, Iowa, designed by Frank Lloyd Wright. Dwight also preserved Jack Shore's historic U.S. Route 66 Texaco gas station, Ambler's Texaco Gas Station, and a 1891 railway station, both listed on the National Register of Historic Places.

Dwight had only the First National Bank of Dwight chartered during the Bank Note Era and it issued National Bank Notes.

Bank History

Organized December 20, 1905
Chartered January 12, 1906
Opened for business February 1, 1906
Succeeded Bank of Frank L. Smith
Conservatorship March 21, 1933
Licensed June 5, 1933
Bank was Open past 1935
For Bank History after 1935 see FDIC Bank History website
Merged into Peoples National Bank of Kewanee, IL, April 2, 2018

On January 12, 1906, a certificate was issued authorizing the First National Bank of Dwight, Illinois, capital $50,000, to begin business. Frank L. Smith had decided that his real estate clients needed a simple and convenient way to obtain financing, so he founded the bank and hired Frank Lloyd Wright as the architect to design the bank that opened for business in February 1906. The design included a partition which divided the building into bank and real estate offices. The original directors were Frank L. Smith, Curtis J. Judd, Charles Romberger, Joseph Miller, and R.S. Ludington.

In his bid for Governor of Illinois in 1916, Frank L. Smith was described as a native son of Illinois and a business man of proven ability. He was a poor boy. His father, Jacob Smith, born in Germany, was the village blacksmith of Dwight. Frank L. Smith began as a day laborer; he worked several years as a railroad man and then in 1892 he entered real estate with a business extending to many states. In 1896 he was appointed a colonel by Governor John R. Tanner on his military staff. Through Col. Smith's efforts, the First National Bank of Dwight was organized in 1906 and he was unanimously elected president. The campaign advertisement for Smith further stated he was not allied with any Party Faction or Political Boss. His bid for governor would be unsuccess as were previous attempts to become lieutenant governor.

In January 1924, at the annual stockholders' meeting, the following directors were elected: Messrs. J.H. Houghton, Roger H. Mills, E.B. Lewis, C.J. Ahern, Joseph Miller, John J. Doherty, and Frank L. Smith. The officers elected were Frank L. Smith, president; Curtis J. Judd, J.R. Oughton, and John J. Doherty, vice presidents; Edward Hoffman, cashier; and Jens J. Spandet and Frank A. Haise, assistant cashier.

In January 1931, the directors were Dr. James H. Oughton, Joseph Miller, Roger H. Mills, Clinton J. Ahearn, Edward M. Hoffman, John J. Doherty, and Col. Frank L. Smith. The officers were Col. Frank L. Smith, president; Dr. James H. Oughton, first vice president; John J. Doherty, second vice president; Edward M. Hoffman, cashier; Jens J. Spandet and Frank A. Haise, assistant cashiers.

On August 1, 1935, Dr. James H. Oughton, 50, was slain by four bandits in a hold-up attempt at the Keeley Institute which he headed. The physician was shot in the temple when he was slow in raising his hands during the holdup. The gunmen obtained no money but took a box of valuable papers belonging to another physician. Dr. Oughton was born January 28, 1882 in Dwight, a son of Mr. and Mrs. J. R. Oughton. In 1906 he graduated from the University of Illinois medical school, returning to Dwight to become affiliated with the Keeley Institute as was his father. Dr. Oughton was a director of the First National Bank of Dwight at the time of his death.

On Tuesday afternoon, January 11, 1938, the stockholders met and elected the following directors: Frank L. Smith, Edward M. Hoffman, Chester D. Pierce, John J. Doherty and Martin N. Nelson. The officers were Edward M. Hoffman, president; John J. Doherty, executive vice president; Frank A. Haise, cashier; Ralph Sodini, assistant cashier.

Official Bank Title(s)

1: The First National Bank of Dwight, IL

Bank Note Types Issued

1902 Plain Back $20 bank note with printed signatures of John J. Doherty, Cashier and Frank L. Smith, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 1 $20 bank note with printed signatures of E.M. Hoffman, Cashier and Frank L. Smith, President. This is a replacement note. Courtesy of Heritage Auctions, www.ha.com

1929 Type 2 $10 bank note with printed signatures of Jens J. Spandet, Cashier and E.M. Hoffman, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 2 $20 bank note with printed signatures of F.A. Haise, Cashier and E.M. Hoffman, President. Courtesy of NBNCensus.com

A total of $657,930 in National Bank Notes was issued by this bank between 1906 and 2018. This consisted of a total of 52,767 notes (43,868 large size and 8,899 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	3x10-20	1 - 920
1902 Date Back	3x10-20	1 - 3460
1902 Plain Back	3x10-20	3461 - 10047
1929 Type 1	6x10	1 - 950
1929 Type 1	6x20	1 - 298
1929 Type 2	10	1 - 1140
1929 Type 2	20	1 - 271

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1906 - 2018):

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

Dwight, IL, Wikipedia, https://en.wikipedia.org/wiki/Dwight,_Illinois
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
Sonderman, Joe, and Jett, Cheryl Eichar, Images of America, Route 66 in Illinois, (Charleston, SC: Arcadia Publishing, 2005).
Woodford County Journal, Eureka, IL, Thu., July 16, 1908.
Sterling Standard, Sterling, IL, Tue., Sep. 12, 1916.
The Times, Streator, IL, Mon., Jan. 21, 1924.
The Times, Streator, IL, Fri., Jan. 30, 1931.
The Rock Island Argus, Rock Island, IL, Thu., Aug. 1, 1935.
The Times, Streator, IL, Thu., Jan. 13, 1938.