First National Bank, Hagerstown, MD (Charter 1431)
First National Bank, Hagerstown, MD (Chartered 1865 - Receivership 1931)
Town History
Hagerstown is a city in Washington County, Maryland and the county seat of Washington County. The population of Hagerstown city proper at the 2020 census was 43,527, and the population of the Hagerstown metropolitan area (extending into West Virginia) was 269,140. Hagerstown ranks as Maryland's sixth-largest incorporated city and is the largest city in the Panhandle.
Despite its semi-rural Western Maryland setting, Hagerstown is a center of transit and commerce. Interstates 81 and 70, CSX, Norfolk Southern, and the Winchester and Western railroads, as well as Hagerstown Regional Airport form an extensive transportation network for the city. Hagerstown is also the chief commercial and industrial hub for a greater Tri-State Area that includes much of Western Maryland as well as significant portions of South Central Pennsylvania and the Eastern Panhandle of West Virginia. Hagerstown was the center of the Western Maryland Railway and an important city on the Pennsylvania, Norfolk and Western, Baltimore and Ohio, and Hagerstown and Frederick Railroads. Hagerstown has often been referred to as, and is nicknamed, the Hub City.
In 1739, Jonathan Hager, a German immigrant from Pennsylvania and a volunteer Captain of Scouts, purchased 200 acres of land in the Great Appalachian Valley between the Blue Ridge and Allegheny Mountains in Maryland and called it Hager's Fancy. In 1762, Hager officially founded the town of Elizabethtown which he named after his wife, Elizabeth Kershner. Fourteen years later, Jonathan Hager became known as the "Father of Washington County" after his efforts helped Hagerstown become the county seat of newly created Washington County, which Hager also helped create from neighboring Frederick County. The City Council changed the community's name to Hager's-Town in 1813 because the name had gained popular usage, and in the following year, the Maryland State Legislature officially endorsed the changing of the town's name.
Hagerstown had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.
Bank History
- Organized May 2, 1865
- Chartered July 13, 1865
- Succeeded Hagerstown Savings Bank
- Receivership October 5, 1931
On August 8, 1865, Mrs. Negley, wife of Col. Peter Negley, cashier of the Hagerstown Savings Bank, was wounded by a railroad accident near Norwich, Connecticut. Mrs. N. had one of her arms broken and was badly cut about her face and person. The daughter of Mr. Negley who was with her mother at the time was also slightly cut in her face.[1]
At the end of August 1865, the Hagerstown Savings Bank was changed into the First National Bank of Hagerstown and commenced operations. The old issues were all being called in and destroyed.[2]
The Report of Condition at the close of business on June 12, 1869, showed loans and discounts $109,235.11, US Bonds to secure circulation $100,000, capital stock paid-in $100,000, surplus $25,000, and total resources of $293,383.90. Peter Negley was cashier and Chas. G. Lane, John B. Sneary, and A.R. Appleman were the directors attesting to the correctness of the report.[3]
In September 1910, the First National Bank had recently moved into its new marble-front six-story bank building on Washington Street. It was the tallest business building in Hagerstown valued at $125,000. The banking rooms were located on the first floor being reached through a hallway with large columns on each side, the vestibule lined with Brandon Italian marble. The banking room was wainscoted with Italian marble. The ceiling was supported by 14 marble pilasters with heavy bases and ornamental caps. The counter was of marble with mahogany frames supporting bronzed grill work. The vault, constructed on a concrete base, had two-foot concrete walls within which were layers of steel rails. The interior was lined with chilled steel. The foot-thick door was held in place by 24 heavy bolts that fastened simultaneously. The coupon room to the rear of the vault was finished in mahogany with private booths. The president's room was finished in mahogany, the ceiling being handsomely paneled. The directors' room, also finished in mahogany, had a mahogany mantle trimmed with carved onyx. The electric fixtures were of antique brass. The building had 60 offices served by an electric elevator. Mr. Frank W. Mish, ex-mayor of Hagerstown, was president of the bank.[4]
On January 21, 1912, John D. Newcomer, one of the oldest bankers in Maryland, died on his 81st birthday at his home on Prospect Street where he had lived with his only son, Jacob L. Newcome. For more than 40 years he was cashier of the Hagerstown First National Bank and at the time of his death was vice president and a director. Under President Buchanan's administration he was postmaster of Benevola, Washington County. He was employed under Peter Negley in the United States Sub-treasury in Baltimore a short time and returned to Hagerstown to become cashier of the First National Bank. Mr. Newcomer was born and reared on a farm in the Boonsboro district. He was a son of Jonathan and Barbara Newcome and was of Swiss descent. Wolfgang Newcomer, the grandfather of the deceased emigrated from Switzerland in 1720 and settled in Lancaster County, Pennsylvania. His first place in the bank was as bookkeeper. After his return from Baltimore he was made cashier. In 1852, he married Miss Elizabeth Landis. She died in 1890. Jacob L. Newcomer, bookkeeper of the Maryland Surety and Trust Company of Baltimore was his son.[5]
On October 1, 1931, the First National Bank of Hagerstown did not open, a notice on the door saying it had been placed under the direction of the comptroller of the currency. The statement from June showed capital of $150,000, surplus $300,000 and total resources of $3,723,110. Officials blamed heavy withdrawals.[6] Dr. W.D. Campbell was president and E.J. Smead, cashier.[7]
On Thursday, December 22, 1932, a second liquidating dividend of 18% to creditors would be ready for delivery at the office of the receiver, Claude Gilbert.[8] A 20% dividend was paid several months earlier. The payment would total $380,000, made possible by an advance on securities by the Reconstruction Finance Corporation.[9]
In March 1934, a third dividend of 10% was paid to depositors at the Second National Bank of Hagerstown in groups starting March 6th for those with last names beginning with letters A to K, inclusive and March 8th for those with last names starting with the letters L to Z. Claude Gilbert was receiver for the First National Bank of Hagerstown.[10]
Official Bank Title(s)
1: The First National Bank of Hagerstown, MD
Bank Note Types Issued
A total of $2,574,610 in National Bank Notes was issued by this bank between 1865 and 1931. This consisted of a total of 215,744 notes (193,604 large size and 22,140 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 - 1100 Original Series 4x5 1 - 2250 Original Series 3x10-20 1 - 2700 Series 1875 3x10-20 1 - 2450 1882 Brown Back 3x10-20 1 - 7346 1902 Red Seal 3x10-20 1 - 3200 1902 Date Back 3x10-20 1 - 7600 1902 Plain Back 3x10-20 7601 - 29355 1929 Type 1 6x10 1 - 2854 1929 Type 1 6x20 1 - 836
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1931):
Presidents:
- Peter B. Small, 1865-1869
- Charles G. Lane, 1870-1872
- COL George Schley, 1873-1890
- Samuel Martin Bloom, 1891-1906
- Frank Winders Mish Sr., 1907-1917
- Henry Firey Wingert, 1918-1921
- Alexander Armstrong III, 1921-1931
- Dr. William Dick Campbell, 1931-1931
Cashiers:
- Peter Negley, 1865-1869
- Peter B. Small, 1870-1880
- John D. Newcomer, 1881-1908
- Harvey Hughes Heyser, 1909-1910
- John D. Newcomer, 1911-1911
- Nervin James Brandt, 1912-1916
- John William Ernst Sr., 1917-1917
- Miller Wingert, 1918-1919
- John Edgar Young Sr., 1920-1921
- Robert Henry McCauley, 1921-1921
- Benjamin William Saxten, 1921-1923
- Edwin Julius Smead, Jr., 1924-1931
Other Known Bank Note Signers
Bank Note History Links
Sources
- Hagerstown, MD, 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 Franklin Repository, Chambersburg, PA, Wed., Aug. 23, 1865.
- ↑ The Valley Spirit, Chambersburg, PA, Wed., Aug. 30, 1865.
- ↑ The Herald and Torch Light, Hagerstown, MD, Wed., June 30, 1869.
- ↑ The Baltimore Sun., Baltimore, MD, Fri., Sep. 30, 1910.
- ↑ The Baltimore Sun, Baltimore, MD, Mon., Jan. 22, 1912.
- ↑ The Evening News, Harrisburg, PA, Thu., Oct. 1, 1931.
- ↑ Baltimore Sun, Baltimore, MD, Thu., Oct. 1, 1931.
- ↑ The Daily Mail, Hagerstown, MD, Thu., Dec. 22, 1932.
- ↑ Harrisburg Telegraph, Harrisburg, PA, Mon., Dec. 19, 1932.
- ↑ The Daily Mail, Hagerstown, MD, Thu., Mar. 8, 1934.