First National Bank, Madison, IN (Charter 111)
First National Bank, Madison, IN (Chartered 1863 - Closed (Merger) 2005)
Town History
Madison is a city in and the county seat of Jefferson County, Indiana, along the Ohio River. As of the 2010 United States Census its population was 11,967. Over 55,000 people live within 15 miles of downtown Madison. Madison is the largest city along the Ohio River between Louisville and Cincinnati. In 2006, the majority of Madison's downtown area was designated a National Historic Landmark with 133 blocks of the downtown area known as the Madison Historic Landmark District. In 1860 the population was 8,130, growing to 10,709 by 1870, then declining to a low of 6,530 in 1930.
Madison was laid out and platted in 1810, and the first lots were sold in 1811 by John Paul. It had busy early years due to heavy river traffic and its position as an entry point into the Indiana Territory along the historic Old Michigan Road. Madison's location across the Ohio River from Kentucky, a slave state, made it an important location on the Underground Railroad, which worked to free fugitive slaves. George DeBaptiste's barbershop in town became a nerve center of the local group. By 1850, Madison was the third-largest city in Indiana (after New Albany and Indianapolis), and among the 100 largest cities in the U.S.
Madison is bordered to the west by Clifty Falls State Park, encompassing the canyon of Big Clifty Creek and its tributaries, with several waterfalls, as well as high ground rising 400 feet above the Ohio River Valley. Madison is located on the north side of the Ohio River. It is bordered to the south, across the river, by the city of Milton, Kentucky. U.S. Route 421 passes through the center of town, crossing the Ohio into Kentucky on the Milton–Madison Bridge. US-421 leads north 26 miles to Versailles, Indiana.
Madison had two National Banks chartered during the Bank Note Era, The First National Bank (Charter 111) and The National Branch Bank (Charter 1457) and both of those banks issued National Bank Notes.
Bank History
- Chartered October 24, 1863
- Succeeded Indiana Bank
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into MainSource Bank in Greensburg, IN, August 26, 2005
A convention of the specie paying Free Banks of Indiana held at Indianapolis, December 14 and 15, 1854, was organized by temporarily calling to the chair W.C. DePauw of the Bank of Salem and appointing C.H. Levings of the Bank of Rockville Secretary. Present for the Indiana Bank were E.G. Whitney, president; and Hager, director.[1]
In April 1863, new counterfeit three-dollar notes on the Indiana Bank at Madison were placed into circulation. The were printed on an inferior and paler paper and the engraving, although not executed well, had a close resemblance to that of the genuine. The eyes of the females of the vignette and the left had corner were defective. The signatures were badly executed being entirely dissimilar to those of the true notes. That of J.C. Burnett, Register was written differently on different copies of the counterfeit, and in most cases looked more like J.C. Buutt.[2]
In April 1883, Mr. L.K. Ong, teller of the First National Bank at Madison, resigned to accept the cashiership of the First National Bank at Columbus.[3]
On January 15, 1909, stockholders elected the following directors: Richard Johnson, Edward Kampe, Nicholas Horruff, Samuel M. Strader, and David Johnson. Richard Johnson was re-elected president. Edward Kempe, vice president, Louis P. Scheik, cashier; Joseph F. Niesse, teller; and Frederick Herbst, clerk.[4] In November 1909, the comptroller of the currency reported that Edward Kampe was the new president in place of Richard Johnson; and David Johnson was vice president in place of Edward Kampe.[5]
In August 1942, Mr. Louis P. Schiek retired as cashier after serving the First National Bank of Madison for a period of 53 years.[6]
On Friday, February 22, 1946, Richard Johnson, 63, for 28 years president of the First National Bank and long prominent in business and financial circles in Madison, died suddenly of a heart attack. He succumbed at his home at 623 East Second Street. Mr. Johnson had been associated with the First National Bank as a director since 1914, and as president since 1918, a position his grandfather had held for years. He was also associated with the R. Johnson Yarn and Cordage Mills and the Eagle Cotton Mills, Co., from 1900 to 1927. Active in local enterprises, Mr. Johnson was a director and treasurer of the Madison Chamber of Commerce, treasurer of the Jefferson County Red Cross Chapter, a member of Number One Fire Company and financial chairman of the local War finance committee for all war and victory bond drives. Mr. Johnson was born in Madison on January 11, 1883, the son of David and Caroline Schofield Johnson, and a grandson of Richard Johnson.[7][8]
On July 16, 1954, an announcement was made of the merger of the National Branch Bank with the Madison Safe Deposit & Trust Company. The merger would become effective on August 2d with the new joint institution to be known as the Madison Bank & Trust Company operating under a state charter. The consolidated firm would move in the fall to a new building under construction on East Main Street.[9]
In November 1988, Merchants National Corporation of Indianapolis announced its subsidiary, Madison Bank and Trust Company had agreed in principle to acquire Rising Sun State Bank with its total assets of approximately $25 million. Under the agreement Rising Sun State Bank would be merged into Madison Bank and Trust Company, a Merchants' affiliate bank. Merchants placed their own assets at $5 billion. Thomas Hambrink, chairman of the board and president of the Madison bank said the change would provide more services to Rising Sun customers such as trust services and discount brokerage services. Dale Siekman, CEO and president of the Rising Sun bank said the same personnel would continue to serve customer, but would be able to offer more products. There would be a change in the bank's name when all the transactions were completed. Competition was the reason for selling the local bank. In 1980 there were 414 banks in Indiana, but by 1987 that number had dropped to 350 banks, representing only 281 different entities according to a report by the Indiana Bankers' Association.[10]
- 04/14/1976 Changed Institution Name to First Bank of Madison.
- 07/02/1984 Changed Institution Name to The Madison Bank and Trust Company.
- 07/02/1984 Main Office moved to 213-215 East Main Street, Madison, IN 47250.
- 07/02/1984 Acquired The Madison Bank and Trust Company (FDIC #13141) in Madison, IN.
- 10/01/1989 Acquired Rising Sun State Bank (FDIC #13119) in Rising Sun, IN.
- 08/26/2005 Merged and became part of MainSource Bank (FDIC #5766) in Greensburg, IN.
- 04/01/2018 Merged and became part of First Financial Bank (FDIC #6600) in Cincinnati, OH.
Official Bank Title
1: The First National Bank of Madison, IN
Bank Note Types Issued
A total of $2,547,300 in National Bank Notes was issued by this bank between 1863 and 1935. This consisted of a total of 252,134 notes (211,168 large size and 40,966 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 4x10 1 - 6000 Original Series 50-100 1 - 1900 Series 1875 4x10 1 - 2927 Series 1875 50-100 1 - 699 1882 Brown Back 3x10-20 1 - 1458 1882 Brown Back 50-100 1 - 661 1902 Red Seal 4x5 1 - 4450 1902 Red Seal 3x10-20 1 - 3120 1902 Date Back 4x5 1 - 5400 1902 Date Back 3x10-20 1 - 4360 1902 Plain Back 4x5 5401 - 19584 1902 Plain Back 3x10-20 4361 - 13623 1929 Type 1 6x5 1 - 3592 1929 Type 1 6x10 1 - 1684 1929 Type 1 6x20 1 - 432 1929 Type 2 5 1 - 4276 1929 Type 2 10 1 - 2037 1929 Type 2 20 1 - 405
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1935):
Presidents:
- Edwin Goldsmith Whitney, 1863-1874
- Alden Bradford Smith, 1875-1875
- Daniel E. Doherty, 1876-1878
- Robert McKim, 1879-1887
- Alden Bradford Smith, 1888-1893
- Richard Johnson, (1), 1894-1908
- Edward Kampe, 1909-1918
- Richard Johnson, (2), 1919-1935
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Madison, 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 Washington Democrat, Salem, IN, Fri., Dec. 22, 1854.
- ↑ The Aurora Journal, Aurora, IN, Thu., Apr. 9, 1863.
- ↑ The Indianapolis News, Indianapolis, IN, Mon., Apr. 30, 1883.
- ↑ The Indianapolis News, Indianapolis, IN, Fri., Jan. 15, 1909.
- ↑ The Star Press, Muncie, IN, Wed., Nov. 3, 1909.
- ↑ Charlestown Courier, Charlestown, IN, Thu., Aug. 20, 1942.
- ↑ The Indianapolis News, Indianapolis, IN, Mon., Feb. 25, 1946.
- ↑ Madison Courier, Madison, IN Sat. Feb 23, 1946.
- ↑ The Times, Hammond, IN, Sun., July 18, 1954.
- ↑ The Dearborn County Register, Lawrenceburg, IN, Thu., Nov 3, 1988.