First National Bank, East Liverpool, OH (Charter 2146)

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Postcard image of the First National Bank, East Liverpool.

The First National Bank East Liverpool, OH (1874 - 1984) was the oldest and at times the largest national bank in the city of East Liverpool, OH. It survived the national era by almost 50 years.


Early History

According to a speech given by Thomas H. Fisher in 1924, who at the time was vice president and had been with the bank for 36 years, the First National Bank was formed in 1874 which had been preceded by the East Liverpool Banking Company formed in 1873. This proto-bank had the cashier as its only employee and operated out of the City Hotel. In April 1874, a national bank charter was granted and a proper bank with $50,000 in capital was setup between 35 stockholders. A building was at the corner of Broadway and Second streets was purchased from Huff and Co. for $6,000 and provided furniture and fixtures for an additional $125. In 1876, the bank refused to join the American Bankers' Association. It also purchased a "first-rate revolver" for the bank's use.[1]

Bank History

The building formerly occupied by the First National Bank of East Liverpool as it appeared on March 29, 2019.

First National Bank grew in employee headcounter as needed. An assistant cashier was hired in 1878 at a salary of $100 per year and requiring a bond of $10,000. The bank later hired Patsy Kernan as its first watchman and janitor in 1888. During this time, the bank was open from 7:45am to 4pm with a lunch closure from noon-1pm. At the time of the bank's 50th anniversary, the bank headcount had increased to 19 employees. By 1929, the bank would have 26 employees.[2]

In 1889, the bank bought a new building on Washington street. This building was remodeled 5 times to account for expansion. In August 1923 the bank moved to its final location (pictured) on 5th street. [3] The cost of this building was approximately $260,000.

Deposits at the bank grew slowly at first but rapidly as the bank approached the 50-year mark. Cashier F. D. Kitchel oversaw the bank for the first 5 years and $49,000 or deposits. He was followed by N. G. Macrum who grew deposits to $538,000 over his 28 year tenure. When T. H. Fisher was cashier for 16 years deposits grew to $1,890,000 and in his first years and a half as cashier W. E. Dunlap increased deposits to $2,550,000.

In 1926, First National Bank of East Liverpool merged with the Citizens National Bank of East Liverpool. Stockholders of the two institutions voted on the merger on December 28, 1925 with the merger becoming effective January 5, 1926. The combined institution continued to operate under the First National Bank charter and at its headquarters on 5th street. After the merger, the First National Bank had $4,500,000 in resources compared to $3,500,000 prior to the merger.[4]

After the merger, the First National Bank board of directors increased in size from 11 to 15 members. The four added members were previously on the board of directors of the Citizens National Bank and included C. C. Ashbaugh, J. H. Brookes, Hugh L. McNichol, and John W. Vodrey. [5]

On April 1, 1984, the First National Bank of East Liverpool was absorbed by Bank One, which later was absorbed by Chase Bank.[6] In 1998, Bank One donated the old First National Bank building to Coach Lou Holtz to become the Upper Ohio Valley Football Hall of Fame.[7]

Bank Notes Issued

1929-T1 $10 note signed by W. E. Dunlap, Cashier and John J. Purinton, President.

A total of $4,849,980 in National Bank Notes was issued by this bank between 1874 and 1935. This consisted of a total of 427,222 notes (346,472 large size and 80,750 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 - 1500
Original Series 4x5 1 - 2875
Series 1875 4x5 1 - 10525
1882 Brown Back 3x10-20 1 - 14250
1882 Date Back 3x10-20 1 - 12084
1902 Date Back 3x10-20 1 - 4000
1902 Plain Back 3x10-20 4001 - 45384
1929 Type 1 6x10 1 - 8950
1929 Type 1 6x20 1 - 2496
1929 Type 2 10 1 - 8942
1929 Type 2 20 1 - 3132

During a speech given at the bank's 50th anniversary celebration, Thomas H. Fisher claimed to be in possession the serial No. 1 bill for the $1 bill issued from the original series.[8] This note is known in the National Bank Note Census.[9]

Official Bank Title(s)

  • The First National Bank of

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1889 - 1935):

Presidents:

Cashiers:

Other Bank Note Signers

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

Wiki Links

References

  1. ↑ East Liverpool Evening Review May 3, 1924
  2. ↑ East Liverpool Evening Review October 28, 1929
  3. ↑ East Liverpool Evening Review October 28, 1929
  4. ↑ East Liverpool Evening Review November 28, 1925
  5. ↑ East Liverpool Evening Review January 13, 1926
  6. ↑ Federal Reserve History
  7. ↑ Lou Holtz website
  8. ↑ East Liverpool Evening Review May 3, 1924
  9. ↑ National Banknote Census for Charter 2146
  • 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://bbdata.banknotehistory.com
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