First National Bank, Jellico, TN (Charter 7665)
First National Bank, Jellico, TN (Chartered 1905 - Open past 1935)
Town History
Jellico is a city in Campbell County, Tennessee, on the state border with Kentucky, 58 miles by road north of Knoxville. Its population was 2,355 at the 2010 census. In 1900 the population was 1,283 growing to 1,530 by 1930.
The name "Jellico" is a local alteration of "angelica", the name of an herb that grows in abundance in the surrounding mountains. The name was first applied to the mountains to the west and to the mountains' main drainage, Jellico Creek, which passes 5 miles west of the city of Jellico and empties into the Cumberland River near Williamsburg, Kentucky.
In the early 1880s, a high-quality bituminous coal vein was discovered in the Jellico Mountains, and with the completion of railroad tracks to the area in 1883, coal mines quickly sprang up throughout the area. The city of Jellico was initially founded as "Smithburg" in 1878, but changed its name to "Jellico" in 1883 to capitalize on the growing popularity of Jellico coal. The city was incorporated on March 7, 1883.
Throughout the 1890s and early 1900s, Jellico was one of the most productive coal fields in Kentucky and Tennessee. In 1906, a railroad car packed with dynamite exploded in Jellico, killing eight and destroying part of the town. The town quickly recovered, however, and many of the buildings in the Main Street area date from this period.
Jellico had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized March 7, 1905
- Chartered March 28, 1905
- Conversion of the State Bank and Trust Company of the city of Jellico
- Opened for business March 30, 1905
- Bank was Open past 1935
- ~1971 renamed City and County Bank of Campbell County
- City and County Bank of Campbell County failed on June 28, 1980
In November 1900, H.K. Tramell was erecting a large brick building rumored to be for a new bank and a new drug company.[4]
On March 24, 1902, Secretary of State John W. Morton granted a charter to the State Bank & Trust Company of Campbell County with $25,000 capital stock. The incorporators were L.M. Scott, John T. Moore, Josiah Smith, U.S. Jones, H.K. Tramell and J.B. Douglass.[5] The new bank would open in Jellico on April 1st, 1902, with H.K. Tramell, president and W.S. Hopper, cashier.[6] Hon. Trammel was elected Mayor of Jellico in 1894 and was president of the Citizens Bank of that city.[7] On April 22nd, W.S. Hopper, cashier of the State Bank & Trust Company, suffered a third stroke of paralysis. He came to Jellico several months ago from Burgin, Kentucky, where he was in business.[8]
In January 1907, A.B. Mahan was elected first vice president of the City National Bank of Knoxville. The was necessary due to the very large business being done by the Knoxville bank. Mr. Mahan was president of the First National Bank of Jellico, Tennessee. Although a young man of about 32 years of age, he possessed a rich business experience, particularly in financial matters.[9] In May 1907, Mr. A.B. Mahan resigned as vice president of the City National Bank and would return to Jellico and the First National Bank.[10]
In September 1910, the officers were Albert B. Mahan, president; Jeremiah Smith, vice president; and Sam C. Baird, cashier. The bank had capital $25,000, surplus $18,000; deposits $265,000, loans $225,000, and total resources of $335,000.[11]
On July 25, 1912, the doors of the new First National Bank of Jellico, corner of Main and Third Streets, would be thrown open to the people of Jellico and surrounding territory to inspect the new building and its equipment. Souvenirs would be given to all in attendance. The building, owned by the bank, was of white Bedford stone and pressed brick construction, three stories in height. The interior of the bank had fixtures of solid marble, genuine bronzed grill and mahogany. There were three tellers' windows to facilitate handling of business. An exclusive, well-appointed ladies' room was provided for the comfort and convenience of lady patrons while transacting their banking business. A new, large, fire-proof vault equipped with safety deposit boxes would be available to patrons at a slight annual rental. The funds of the bank would be protected by a fine Mosler screw door money safe located in the fire-proof vault. The directors' room, located on the first floor, back, was in keeping with the furnishing of the bank proper. The second floor contained nine modern office rooms, while the third floor was devoted to lodges and other organizations. The entire building was equipped with hot and cold running water and electric lights throughout. Albert B. Mahan was president; Sam C. Baird, cashier; and R.A. Russell, assistant cashier.[12]
On Tuesday morning, January 13, 1931, stockholders met and re-elected the following officers: Sam C. Baird, president; Charles E. Smith, M.O. Stephenson, Mrs. Ella King, assistant cashiers; H.B. McComb, vice president; R.H. McKee, U.S. Jones, William Ellison, G.R. Deuel, and Dr. S.S. Brown, directors.[13]
In 1971, Charles E. Smith, 84-year-old president of the First National Bank of Jellico, wished to step down and the Butchers bought the bank. Lionel B. Wilde, Morristown banker and oil executive and brother-in-law of Jake Butcher, became chairman in January 1972. L.B. Wilde's sister was actress Sonya Wilde.
In March 1972, officers of the First National Bank were L.B. Wilde, chairman of the board; Charles E. Smith, president; and W.C. Baker, cashier. Other employees were William F. Begliutti, assistant cashier; Betty Vermillion, assistant cashier; Karen S. Rains, clerk; and Shelton Norton, Jr.[14]
The Butcher family’s acquaintance with banking began 25 years ago. It started in 1950 when the Union County Bank was founded in Maynardville with C.H. Butcher, Sr., father of Jake and C.H. Jr., active in the formation of the institution which had capital of only $37,500. Mr. Butcher Sr. also was a farmer and general merchant. By 1974, Union County Bank had assets of more than $15 million and the C&C Banking Group and a Butcher bank in Kentucky had more than a quarter of a billion dollars. The Butchers controlled eight banks in Tennessee, all in the eastern part of the state except Reelfoot Bank in Union City. These banks had 29 offices, employed 355 persons who were paid $2.7 million annually. C.H. Jr., 36, was chairman of the Group. He and 38-year-old Jake were about even in being chairman or president of the banks they controlled. Outlining and explaining this growth, the brothers said they had never gone into a community where they were not invited, in all cases but one because of the age of the management banks they acquired. Because of the owners' desire to sell, much of the money used by the Butchers to acquire control came from the selling bankers. Hamilton National Bank, Knoxville's largest and one which the Butcher brothers may soon attempt to buy control of, helped with Union Country Bank's initial financing, and Carl Ensor, Hamilton's executive vice, helped out when the Maynardville bank was shorthanded. C.H. Jr., who had been working at the bank "sweeping floors, doing anything that needed to be done" before graduating from Lincoln Memorial University, became a full-time employee. In the next year the older brother, who had been attending UT, also became a full-time banker. In 1963 Jake also started as a jobber for American Oil Co., the company becoming Bull Run Oil Co. in Oak Ridge and serving 12 counties from Gatlinburg to Cookeville. Here again a Hamilton National Bank loan helped start a Butcher business.
Expansion of what was to become the C& C Banking Group started in 1968. The brothers learned from a banking friend, Harry Vestal, that O.K. Leach, president of First National Bank in Lake City, would like to sell the $5 million bank because of his age. The Butchers bought it with a loan from American National Bank in Chattanooga, arranged by the late Laurance W. Frierson II, a temporarily transplanted Knoxvillian who was a senior vice president of the institution. The year 1969 was one of consolidation and coordination, with the Lake City bank opening a branch in Oak Ridge. C&C assets at the end of the year had grown to more than $14 million. Also late in that year Chairman Pat T. Love of First Bank in Athens was named trustee of McMinn County and wanted to divest himself of his bank. First National Bank in Memphis arranged a loan and sale of the nearly $12 million First Farmers to the Butchers and Mr. Vestal. At the end of 1970 the C& C Group had five locations and controlled assets of more than $32 million.
In 1971, Charles E. Smith, 84-year-old president of First National Bank in Jellico, wished to step down and the Butchers bought the bank. Lionel B. Wilde, Morristown banker and oil executive and brother-in-law of Jake, became chairman in January of 1972. Also 1971, the Butchers moved into Knox County. Two sets of brothers, the Butchers and O.B. and Charles Rutherford, Anderson County automobile dealers, organized the City and County Bank of Powell, the first to bear the name used on all future Group banks. Charles Armstrong, senior state bank examiner was hired as president of the bank which opened in a trailer on Clinton Highway. Early in 1973, Worth R. Stratton, president of the Citizens Bank & Trust Co. in Tellico Plains and father of UT football end Mike Stratton was ready to retire and he helped the Butchers buy control of his $5 million bank, which expanded into Madisonville and Sweetwater. Later that year brothers J.C. and Frank Parker helped the Butchers finance the purchase of the $16 million Kingston Bank & Trust Co. which became the C&C Bank of Roane County. Also in 1973, J.T. Wilson, 75-year-old principal stockholder of First & Farmers in Somerset wanted to sell and again the Butchers bought control, financing the purchase of the $58 million institution through banks in Louisville. By 1974 it was a $75 million operation with seven offices.
With an option to buy a 30% interest in the Hamilton National Bank from Fritz Ingram, the Brothers said there would be a conflict with the C&C Bank of Knox County, an organization they did not want to sell unless assured their 100-plus employees would be taken care of. Asked about a holding company for all C&C banks, linked only by name and the Butchers’ ownership, the response was that would only be done if it benefitted the stockholders and the customers.[15]
In 1975, Jake Butcher (see also Jake Butcher on wikipedia) purchased controlling interest in Hamilton National Bank of Knoxville and changed the name to United American Bank, N.A. With the help of several Knoxville business leaders including Pat Wood, United American Plaza was constructed and became Knoxville’s tallest building.
Charles E. Smith, 85, of Jellico, died on Thursday, October 26, 1978, at Jellico Community Hospital. He graduated from Jellico High School and Georgetown College, Georgetown, Kentucky. His career started by working in the Jellico Post Office, but after a few years joined the Jellico Grocery Co. as bookkeeper, who later sent him to West Palm Beach, Florida to their wholesale house there. Later he came to Chattanooga where he worked three years in a bank. It was then that he returned to his native town Jellico the First National Bank staff where he completed forty three years service, becoming president in 1954, which office he retained until retirement in June 1972.[16]
The Tramell Building was gutted by an arsonist's fire in February 1996 and was subsequently torn down. The building stood at the corner of Fifth and Main and had been a landmark to the city of Jellico. The building was the original home of the First National Bank and when the bank moved to its new location in 1915, the building became home to the Jellico Bank and Trust Company. Some of the other early businesses to occupy the building were the Fair Store Company, Smith Shoe and Clothing Co., and Southern Jellico Fuel Co. The Jellico Fuel Co. began business in the Tramell Building in 1906. They shipped approximately 1,000 tons of Jellico coal daily. H.K. Tramell, the building's original owner, and later his son, Herman K. Tramell, had their law offices in their building.[17]
On June 28, 1980, the City and County Bank of Campbell County (FDIC #4939) failed. It grew out of the First National Bank of Jellico which was established in 1905. Jack Butcher and his brother-in-law, Lionel Wilde, and associates bought the Jellico bank in 1972, opened a LaFollette office two years later and in 1979 opened a branch in the Woodson's Shopping Center in LaFollette.[18] The familiar C & C name would continue in Jellico and for the two offices in LaFollette which opened June 30th under ownership of City and County Bank of Anderson County. That bank was the successful bidder to pick up the pieces of the failed bank at a premium of $1,555,000 to assume approximately $35.1 million in deposits plus other liabilities. FDIC Chairman Irvine H. Sprague said the purchase and assumption transaction was made possible with assistance from the FDIC and avoided the necessity for a statutory payoff of the estimated 8,100 deposit accounts in the failed bank. It also prevented possibly financial loss and delay to the depositors that exceeded the insurance limit (generally $100,000). Stockholders would likely lose their investment. Harry Vestal, chairman of the board, reportedly owned about 40% of the shares. Donald M. Grogan, president of the City and County Bank of Anderson County said that all other employees were being retained. William S. Brown who was named president of the Campbell County Bank several months ago was elected executive vice president. New vice presidents were Quentin Sowder and William E. Newman. All Three were in the LaFollette branch. Elected assistant vice presidents in the LaFollette branch were Bobbie Harmon and Karen Raines. Assistant vice presidents in the Jellico branch were William F. Begluitti, manager, and Shelton Norton. Two assistant cashiers were elected--Betty Jo Vermillion at the Jellico branch and Barbara Wilson at the LaFollette branch. The transaction made City and County Bank of Anderson County the only bank in Tennessee that operated branches across a county line.[19]
Official Bank Title
1: The First National Bank of Jellico, TN
Bank Note Types Issued
A total of $452,090 in National Bank Notes was issued by this bank between 1905 and 1935. This consisted of a total of 36,318 notes (29,544 large size and 6,774 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 - 1100 1902 Date Back 3x10-20 1 - 1970 1902 Plain Back 3x10-20 1971 - 6286 1929 Type 1 6x10 1 - 758 1929 Type 1 6x20 1 - 216 1929 Type 2 10 1 - 721 1929 Type 2 20 1 - 209
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1905 - 1935):
Presidents:
- James Perry Mahan, 1905-1905
- Albert Barton Mahan, 1906-1915
- William M. Ellison, 1916-1924
- Samuel C. Baird, 1925-1931
- Martin Andrew Wheeler, 1932-1935
Cashiers:
- Albert Barton Mahan, 1905-1905
- Howard Augustus McCamy, 1906-1908
- Samuel C. Baird, 1909-1924
- Robert H. McKee, 1925-1927
- Samuel C. Baird, 1932-1935
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Jellico, TN, 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 First National Bank, Jellico, Tennessee (1907). Tennessee United States Jellico, 1907. Photograph Retrieved from the Library of Congress.
- ↑ The LaFollette Press, LaFollette, TN, Thu., Jan. 25, 1990.
- ↑ The LaFollette Press, LaFollette, TN, Thu., Mar. 5, 1998.
- ↑ The LaFollette Press, LaFollette, TN, Thu., Mar. 5, 1998.
- ↑ The Journal and Tribune, Knoxville, TN, Mon., Nov. 12, 1900.
- ↑ Nashville Banner, Nashville, TB, Mon., Mar. 24, 1902.
- ↑ The Journal and Tribune, Knoxville, TN, Sun., Mar. 9, 1902.
- ↑ The Journal and Tribune, Knoxville, TN, Sun., Jan. 7, 1894.
- ↑ Knoxville Sentinel, Knoxville, TN, Wed., Apr. 23, 1902.
- ↑ Knoxville Sentinel, Knoxville, TN, Wed. Dec. 26, 1906.
- ↑ The Journal and Tribune, Knoxville, TN, Thu., May 30, 1907.
- ↑ The Advance-Sentinel, Jellico, TN, Fri., Sep. 2, 1910.
- ↑ The Advance-Sentinel, Jellico, TN, Fri., July 19, 1912.
- ↑ The Knoxville Journal, Knoxville, TN, Fri., Jan. 16, 1931.
- ↑ The Whitley Republican, Williamsburg, KY, Thu., Mar. 30, 1972.
- ↑ The Knoxville News-Sentinel, Knoxville, TN, Sun., Nov. 10, 1974.
- ↑ The LaFollette Press, LaFollette, TN, Thu., Nov. 2, 1978.
- ↑ The LaFollette Press, LaFollette, TN, Thu., Mar. 5, 1998.
- ↑ The LaFollette Press, LaFollette TN, Thu., July 3, 1980.
- ↑ The LaFollette Press, LaFollette, TN, Thu., July 3, 1980.