First National Bank, Elgin, IL (Charter 1365)

Postcard of Grove Avenue, Elgin, Illinois, postmarked 1909. The First National Bank is the first building on the right next to the Metropolitan Business College. Courtesy of Adam Stroup

First National Bank, Elgin, IL (Chartered 1865 - Closed (Merger) 1992)

Town History

A 1966 advertisement for the First National Bank of Elgin. The bank was located at 6 South Grove Avenue, Elgin.

Elgin (/ˈɛldʒɪn/ EL-jin) is a city in Cook and Kane counties in the northern part of the state of Illinois. Elgin is located 35 miles northwest of Chicago, along the Fox River. As of the 2020 Census, the city had a population of 114,797 making it the sixth-largest city in Illinois. In 1860 the population was 2,797, growing to 35,929 by 1930.

The Indian Removal Act of 1830 and the Black Hawk Indian War of 1832 led to the expulsion of the Native Americans who had settlements and burial mounds in the area and set the stage for the founding of Elgin. Thousands of militiamen and soldiers of Gen. Winfield Scott's army marched through the Fox River Valley during the war, and accounts of the area's fertile soils and flowing springs soon filtered east.

In New York, James T. Gifford and his brother Hezekiah Gifford heard tales that this area was ripe for settlement, and they travelled west. Looking for a site on the stagecoach route from Chicago to Galena, Illinois, they eventually settled on a spot where the Fox River could be bridged. In April 1835, they established the city, naming it after the Scottish tune "Elgin".

Early Elgin achieved fame for the butter and dairy goods it sold to the city of Chicago. Gail Borden established a condensed milk factory here in 1866, and the local library was named in his honor. The dairy industry became less important with the arrival of the Elgin Watch Company. The watch factory employed three generations of Elginites from the late 19th century to the mid 20th century, when it was the largest producer of fine watches in the United States and the operator of the largest watchmaking complex in the world (the factory ceased production in 1965 and was torn down in the summer of 1966). Today, the clocks at Chicago's Union Station still bear the Elgin name.

Elgin had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes.

Bank History

• Organized June 12, 1865
• Chartered June 29, 1865
• Assumed Bosworth, Carpenter & Co. by consolidation 1876
• Assumed Elgin City Banking Company by consolidation March 29, 1934
• Bank was Open past 1935
• For Bank History after 1935 see FDIC Bank History website
• Merged into NBD Bank in Wheaton, IL, December 1, 1992
• Notation on Organization Report: New bank
• Bankers Magazine Succession Info (1863-1909): Succeeded Lawrence, Pease & Tower

In September 1857, M.C. Town, cashier of the Bank of Elgin, was obliged to close its doors yielding to the pressures of the times. This bank had a circulation of about $60,000, based on Virginia and Missouri State Stocks and at the market price of the bonds the bills were worth dollar for dollar. The Fontinell Bank of Nebraska was connected with the Bank of Elgin and it was expected there would be a heavy shave on its bills. The Bank of Elgin was organized in 1853 under the state's Free Banking legislation and failed along with 89 other Free Banks, due to the financial turmoil associated with the lead up to the Civil War.

In June 1858, in an effort to dispel the excitement in New York over the 'swill milk war' which accused Elgin dairies of supplying milk from cows fed on the slops of distilleries, an inspection was made of a number of farms and the distillery of B.F. Lawrence.  Inspectors were assured by Mr. Lawrence that he furnished not one drop of slops to any dairymen that sent milk from Elgin. He was fattening cattle for beef and nothing else with the exception of his own cows to which he fed slops, confidently believing that it was the best feed they could have. [Distiller's slop is a byproduct of the fermentation and distillation process used to make alcohol and whiskey.]

In May 1864, the Elgin bank of Lawrence, Pease, and Town paid the check of A.J. Joslyn, U.S. Collector $47,438.83, the duty on 'Highwines' shipped from the two distilleries in that town from April 21st to 30th, inclusive.

In August 1865, the First National Bank of Elgin commenced operations under the management of B.F. Lawrence, W.L. Pease, M.C. Town, Allen C. Fuller, and J.S. Wilcox. On October 18th, the Elgin Gazette reported the First National Bank had received its new bills a few days earlier and they were being circulated already.

Morris C. Town was the son of Bester Town and Bessie Martin. He was born in New York in 1826, his family moving to Pennsylvania where he was raised. In 1846, he came to Chicago to begin a business. In 1847, came to Elgin and became a prominent businessman. He was involved in the founding of the Elgin First National Bank, the Elgin Academy and he served as a director of the Elgin Watch Company. He also had the first large commercial building facing the Square erected on the southeast corner. Town's block housed his Bank of Elgin, which was the first to be chartered in Kane County.

In April 1876, Messrs. I.C. Bosworth, J.A. Carpenter, Alfred Bosworth, and E.G. Ketchum, of the late private banking firm of Bosworth, Carpenter & Co., purchased about one-half of the stock of the First National Bank and consolidated the business of the two concerns. I.C. Bosworth was elected president vice W.L. Pease who resigned; General Fuller was elected vice president and M.C. Town remained as cashier.

Increase Child Bosworth was born at Greenfield, Saratoga County, New York, on April, 2, 1812, and was a young man of twenty-four years when on November, 12, 1836, he arrived in Chicago, Illinois, which had not then been incorporated as a city. It was a straggling town, having as yet but little industrial or commercial importance, and yet having the advantages for the building of a great city. Mr. Bosworth secured a clerkship in the store of Edwards & Bosworth, the former his brother-in-law and the latter his brother. Two years' experience as a clerk brought him a comprehensive knowledge of merchandising and equipped him to carry on a successful business on his own account. Mr. Edwards had purchased his partner's interest when during one season he went to the east, leaving the store in charge of Increase C. Bosworth, who after a little while learned that one of the debtors on Fox river was about shipping away his goods without paying his liabilities. Mr. Bosworth then mounted his horse, rode to this part of the country, and was in time to save a little of the debt. Following his return to Chicago he learned that another man in debt to the house, and then located near Aurora, was also smuggling his goods out of the country. Again he made the trip on horseback, reached the party, and after some difficulty, secured the whole of this debt to his employer. This occurred at the beginning of what was known as the great financial panic of 18 37. Mr. Bosworth had not only carefully looked after his employer's interests, but in so doing had taken a step which resulted most beneficially for Elgin and the Fox river valley. His visit to this district had convinced him that Dundee, where a large gristmill was just being completed, offered an eligible point for the sale of goods, and his employer then offered to furnish him all the goods he wanted and wait for his pay until the sales had been made. The offer was gladly accepted, and thus Mr. Bosworth became a factor in the business life of Kane County, where he figured so prominently for over a half century. In January 1838, he opened his store at Dundee, carrying a line of general merchandise. From the beginning the new enterprise prospered, the sales steadily increasing, and he extended his operations with the growth and demands of the rapidly advancing country about him. Soon after the close of the Civil War he disposed of his store in Dundee and in May, 1867, removed to Elgin, where he was engaged in merchandising in Elgin and again his establishment secured a liberal patronage, making his trade very profitable. A man of resourceful ability and wide outlook, he extended his efforts into other lines and in 1876, after about ten years' residence and prosperous business in Elgin, he organized the private banking house of Bosworth, Carpenter & Company, which was equally successful as his mercantile efforts. From the start this became one of the leading moneyed institutions of this part of the state. It secured almost immediately a large and growing patronage, for the members of the firm — Increase C. Bosworth, Angelo Carpenter and Alfred Bosworth — were men of well-known and tried business ability and integrity. They had conducted their bank for about eighteen months when they were asked to take a controlling interest in the First National Bank, and the purchase was made. A little later the private bank was discontinued and merged into the First National Bank. Mr. Bosworth was chosen to the presidency of the institution and filled the position up to the time of his demise, which occurred on the January 11, 1888. Increase C. Bosworth was among the founders of the Chicago & North Western, the Chicago & Pacific and the Fox River Valley Railroads, becoming one of the chief promoters and a stockholder in all of those lines. He was likewise identified with the manufacturing mill at Dundee and later with a similar factory in Elgin. For a number of years, he was one of the active trustees of the Illinois Northern Hospital for the Insane at Elgin. He also acted for some years as a trustee of the Chicago University, was a trustee of the Baptist Theological Seminary of Morgan Park and was also thus connected with the Elgin Academy.

In January 1925, Neil Bosworth, assistant cashier of the First National Bank of Elgin exposed 'bucket shop' operations and told how investors were fleeced. The operator calls an intended victim by telephone and never by mail because in so doing he would lay himself open to prosecution. The operators usually suggested certain stocks they knew were on a rapid decline and demanded the investor buy on a margin. The money was taken and of course the actual purchase of the stock would not be made. According to Mr. Bosworth, there were many gullible Elginites who had either been victimized or were considered likely prospects.

On Sunday, January 8, 1961, James M. Fletcher, 97, retired Elgin banker and importer and breeder of purebred horses, died at a nursing home in Elgin. Mr. Fletcher, whose home was in Wayne in Du Page County, was former president and chairman of the board of directors of the First National Bank of Elgin and was an organizer of the Elgin Community Chest. He was the third American to receive the French Legion of Honor, awarded for his efforts in improving the standards of French livestock after World War I. Mr. Fletcher also was a former member of the board of Sherman Hospital in Elgin and of the Elgin board of education.

A 1967 advertisement for the First National Bank of Elgin, on the southwest corner of Chicago and Grove.

In February 1981, The First National Bank of Elgin was in the process of exchanging on a share-for-share basis its stock for that of Financial National Bancshares, Co. (FNBCo). Shareholders of the bank approved a plan of reorganization at a special meeting on December 1, 1980. The plan took effect on January 1st making First National Bank of Elgin a subsidiary of the one-bank holding company. Wilber G. Smith, president of both FNBCo and First National Bank of Elgin said the quarterly dividend of 35 cents/share would be paid to all owners of record whether or not they had received their FNBCo shares.

In January 1986, Financial National Bancshares Co., parent of First National Bank of Elgin and Larkin Bank, said it's 1985 net income rose 34% to $3.9 million or $3.24/share from 2.9 million, or $2.41/share in in84. The holding company's assets grew 17.1% to $343.5 million at year's end. The First National Bank was located at Six Fountain Square Plaza, Elgin, Illinois.

In December 1997, the Kane County Board approved spending more than $380,000 to buy and renovate a vacant bank building in downtown Elgin. The purchase of the former First Chicago NBD bank building at 6 Fountain Square Plaza would allow the county Health Department and Office of Court Services to move from rented space nearby. It would also give the county more space for other services in the fuge according to board member Jerry Jones, chairman of the public health committee. The county would pay $250,000 for the 48,000 square foot building and another $133,000 to get the building ready by May 1998 when leases expired on existing office space.

• 08/14/1975 Main Office moved to 6 Fountain Square Plaza, Elgin, IL 60120.
• 11/01/1991 Changed Institution Name to NBD Bank Elgin, National Association.
• 04/01/1992 Acquired The Larkin Bank (FDIC #20096) in Hoffman Estates, IL.
• 12/01/1992 Merged and became part of NBD Bank (FDIC #942) in Wheaton, IL.
• 07/20/1996 Merged and became part of The First National Bank of Chicago (FDIC #3618) in Chicago, IL.
• 09/13/1999 Changed Institution Name to Bank One, National Association.
• 11/13/2004 Merged and became part of JPMorgan Chase Bank, National Association (FDIC #628) in Columbus, OH.

Official Bank Title

1: The First National Bank of Elgin, IL

Bank Note Types Issued

1882 Brown Back $5 bank note with pen signatures of A.C. Hawkins, Assistant Cashier and M.C. Town, President. Courtesy of Heritage Auctions, www.ha.com

1882 Brown Back $50 bank note with pen signatures of Alfred Bosworth, Cashier and David F. Barclay, Vice President. Courtesy of Heritage Auctions, www.ha.com

1882 Brown Back $100 bank note with pen signatures of A.C. Hawkins, Cashier and David F. Barclay, President. Courtesy of Heritage Auctions, www.ha.com

1902 Date Back $100 bank note with stamped signatures of A.C. Hawkins, Cashier and Willis L. Black, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 1 $100 bank note with SN 1 and printed signatures of George W. Glos, Cashier and Alfred Bosworth, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,417,250 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 64,564 notes (63,520 large size and 1,044 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
Original Series	4x5	1 - 4675
Original Series	3x10-20	1 - 1250
Series 1875	4x5	1 - 1340
Series 1875	3x10-20	1 - 466
1882 Brown Back	4x5	1 - 4500
1882 Brown Back	50-100	1 - 2196
1902 Red Seal	50-100	1 - 1960
1902 Date Back	50-100	1 - 1800
1902 Date Back	3x50-100	1 - 640
1902 Plain Back	3x50-100	641 - 671
1929 Type 1	6x50	1 - 148
1929 Type 1	6x100	1 - 26

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1935):

Presidents:

• Benjamin Franklin Lawrence, 1865-1871
• Walter L. Pease, 1872-1875
• Increase Child Bosworth, 1876-1876
• T. Barrows, 1877-1877
• Increase Child Bosworth, 1878-1887
• Morris Clinton Town, 1888-1892
• George Peter Lord, 1893-1905
• David F. Barclay, 1906-1912
• Willis Lyman Black, 1913-1916
• Alfred Bosworth, 1917-1929
• James Moore Fletcher, 1931-1935

Cashiers:

• Morris Clinton Town, 1865-1876
• Elisa Dunbar Waldron, 1877-1877
• Morris Clinton Town, 1878-1881
• Alfred Bosworth, 1882-1904
• Andrew C. Hawkins, 1905-1920
• George Waldorf Glos, 1921-1935

Other Known Bank Note Signers

• Gen. Allen Curtis Fuller, (Vice President 1877)
• Elisa Dunbar Waldron (Asst Cashier 1877)

Bank Note History Links

• First National Bank, Elgin, IL History (NB Lookup)
• Illinois Bank Note History (BNH Wiki)

Sources

• Elgin, IL, 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