First National Bank, Frankfort, IN (Charter 1854)
First National Bank, Frankfort, IN (Chartered 1871 - Liquidated 1931)
Town History
Frankfort is a city in Clinton County, Indiana. It had a population of 16,715 as of the 2020 census. The city is the county seat of Clinton County. Brothers John, William and Nicholas Pence, previously of Warren County, Ohio, settled on the land on which Frankfort now stands in 1829, having entered it from the government in 1827 and 1828. In 1830, the brothers donated 60 acres of the land to the county commissioners, a donation which led to the establishment of the county seat at that site rather than in Jefferson, a community which had also been vying for the honor. The new town was named Frankfort at the brothers' request and honors their German great-grandparents' home of Frankfurt am Main. In 1870 the population was 1,300, growing to 12,196 by 1930.
Frankfort had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized July 22, 1871
- Chartered July 28, 1871
- Succeeded Carter, Given & Co.
- Absorbed 6217 March 15, 1928 (American National Bank, Frankfort, IN)
- Liquidated January 13, 1931
- Succeeded by First State Bank
David P. Barner of Frankfort in January 1869 formed a partnership with Carter, Given & Co. in the banking business. In September 1871, the firm was succeeded by the First National Bank of Frankfort with Mr. Barner as cashier.[1]
In August 1871, the International Bank of Frankfort was soon to be converted into the First National Bank, capital $200,000, with W.R. Carter, president, and D.P. Barner, cashier.[2] In September, bills of the First National Bank of Frankfort were in circulation. W.R. Carter, President, and D.P. Barner, Cashier, dated August 15, 1871. The notes were "good as old wheat in the mill" and something new in this district.[3]
In October 1893, David P. Barner was dismissed from service as cashier of the First National Bank by unanimous vote of the directors. He had held the position for 22 years.[4]
On May 21, 1913, James W. Coulter, 75 years old, president of the First National Bank and one of the most prominent men of the county, died at his home in Frankfort at 4 o'clock p.m. from stomach trouble. He was born in Mifflintown, Pennsylvania, and early in life came to this city. More than 50 years ago he established the largest clothing store in the city which was later conducted by his sons. The deceased was a life-long member of the Presbyterian Church, G.A.R., and was affiliated with a number of secret orders.[5]
On January 29, 1928, the American National Bank of Frankfort, a million dollar corporation, closed due to a run on the institution. The decision to close the bank was reached at a meeting of stockholders and prominent businessmen of Frankfort, which was called at 2 a.m. by federal bank examiners after it was disclosed that $100,000 had been withdrawn by depositors. Officers of the bank attributed the beginning of the run to the fact that an assistant cashier, who had been employed at the American National for twenty-one years, recently left that institution to take a position with a rival bank, and took a large following with her. The three state banks and the First National Bank of Frankfort. are honoring the paper of the closed bank.[6] Reports had circulated about the city to the effect that the American National was insolvent and would close its doors. The bank according to state and national bank examiners was entirely solvent, but the heavy withdrawals together with the unfounded reports started the run. The institution was to have merged with the Citizens Loan and Trust Company of Frankfort and a charter had been granted.[7] The bank was capitalized at $100,000 and had assets of $1,218,000.[8]
Official Bank Title
1: The First National Bank of Frankfort, IN
Bank Note Types Issued
A total of $4,086,430 in National Bank Notes was issued by this bank between 1871 and 1931. This consisted of a total of 386,132 notes (367,928 large size and 18,204 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 - 6900 Original Series 4x5 1 - 7275 Original Series 3x10-20 1 - 1600 Series 1875 3x1-2 1 - 600 Series 1875 4x5 1 - 5950 Series 1875 3x10-20 1 - 7994 1882 Brown Back 3x10-20 1 - 20200 1882 Date Back 3x10-20 1 - 3604 1902 Date Back 3x10-20 1 - 9000 1902 Plain Back 3x10-20 9001 - 37859 1929 Type 1 6x10 1 - 2375 1929 Type 1 6x20 1 - 659
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1871 - 1931):
Presidents:
- William Richards Carter, 1871-1881
- Abraham Given, 1882-1884
- James H. Paris, 1885-1886
- Dr. Timothy B. Cox, 1887-1888
- James W. Coulter, 1889-1892
- MAJ David French Allen, 1893-1893
- James W. Coulter, 1894-1912
- John Calvin Shanklin, 1913-1915
- Henry H. Thomas, 1916-1928
- William Perry Sidwell, 1929-1929
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Frankfort, IN, 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 Indianapolis News, Indianapolis, IN, Tue., Jan. 8, 1889.
- ↑ The Indianapolis News, Indianapolis, IN, Tue., Aug. 29, 1871.
- ↑ Journal and Courier, Lafayette, IN, Mon., Sep. 25, 1871.
- ↑ The Daily Democrat, Huntington, IN Thu., Oct. 12, 1893.
- ↑ Journal and Courier, Lafayette, IN, Thu., May 22, 1913.
- ↑ The Gazette, Cedar Rapids, IA, Sun., Jan. 29, 1928.
- ↑ The Call-Leader, Elwood, IN, Thu., Jan. 26, 1928.
- ↑ The Indianapolis Star, Indianapolis, IN, Sun., Jan. 29, 1928.