First National Bank, Marshfield, WI (Charter 4573)

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Postcard of the First National Bank of Marshfield, Wisconsin. Located on the corner of Central Ave and Third Street, in this photo, the bank has a clock on the corner of the building.
Postcard of the First National Bank of Marshfield, Wisconsin. Located on the corner of Central Ave and Third Street, in this photo, the bank has a clock on the corner of the building. Courtesy of Tom Snyder

First National Bank, Marshfield, WI (Chartered 1891 - Receivership 1932)

Town History

Interior of the First National Bank of Marshfield, Wisconsin.
Interior of the First National Bank of Marshfield, Wisconsin. Courtesy of Tom Snyder

Marshfield is a city in northwest Wood and southwest Marathon counties in the U.S. state of Wisconsin. It is located at the intersection of U.S. Highway 10, Highway 13 and Highway 97. The largest city in Wood County, its population was 18,929 at the 2020 census.

In 1872 the Wisconsin Central Railway was building the leg of its line from Stevens Point through the forest to what would become Colby, heading north for Lake Superior. The railway needed a supply depot between those two towns, and Marshfield was about midway. At the railroad's request, Louis Rivers, his wife and child, and his brother Frank came to the area and started cutting an opening in the forest. They built a two-room log hotel at what is now the corner of Depot and Chestnut streets, with bunks in the west room and tables, benches, bar and store in the east room. That crude building between the stumps was the first permanent structure in Marshfield.

Marshfield's name is explained two ways. It might have been named for John J. Marsh, one of the original owners of land in the area. Marshfield might also have been named after Marshfield, Massachusetts, since the Wisconsin Central Railway was financed with money from Massachusetts and other stops along the WC's line were named after towns in Massachusetts, including Amherst, Medford and Chelsea.

The first industry was a stave and spoke factory located near the railroad. In 1878 William H. Upham, a "Yankee" migrant of English descent from Massachusetts and later president of The First National Bank of Marshfield and governor of Wisconsin, built a sawmill near the railway, with a millpond. By 1885 he had added a general store, a planing mill, a furniture factory and a flour and feed mill. Other businesses started, too: an alcohol factory, hotels, saloons, stores, newspapers, blacksmith, and a milliner. There were also churches and schools. The city was incorporated in 1883. By 1885 the population exceeded 2,000, ranging from the Uphams in their fine Italianate homes to laborers living in shacks along the railroad.

In 1887, a fire started and got out of control. On June 27, after a dry three weeks, fire broke out among the drying piles in the Upham mill's lumberyard, ignited by a spark from a train. The fire spread, consuming the sawmill and flour mill, and headed south into homes and the business district. Men tried to stop the inferno, even dynamiting stores to create a fire break, but the updraft lifted embers and dropped them onto more buildings. When it was over, 250 buildings were destroyed, but no lives were lost. The next day, Upham announced he would rebuild his businesses. Neighbors in Stevens Point, Spencer and Wisconsin Rapids sent trainloads of supplies. The city ruled that buildings on Central should henceforth be built from brick, even though Marshfield had been largely built on wealth generated by lumber.

Marshfield had three National Banks chartered during the Bank Note Era, The First National Bank (Charter 4573), The American National Bank (Charter 5437), and the Citizens National Bank (Charter 14125), and all three of those banks issued National Bank Notes.

Bank History

  • Organized May 18, 1891
  • Chartered May 23, 1891
  • Succeeded Marshfield Bank
  • Merged with Marshfield State Bank, April 1, 1922
  • Receivership December 22, 1932

First established in 1880 as a branch of The Clark County Bank of Neillsville and in February 1891, operating as the private bank of G.M. and L.A. Arnold known as the Arnold Bank, was sold by First Officer L.A. Arnold to stockholders of the recently formed First National Bank. It was reported that the Arnold brothers were paid $13,000 for their bank. Mr. Harshaw, cashier of the First National, would conduct the Arnold bank as a private bank in the name of Leander Choate until the opening of the new national bank. Edward Reis, formerly of the state treasury department at Madison, was appointed teller.

On Monday night, May 18, 1891, organization of the First National Bank with capital stock of $50,000 was effected with Thomas Daly, Leander Choate, ex-State Treasurer, and H.B. Harshaw of Oshkosh, as directors. The new institution planned to open on June 1, succeeding Leander Choate.

William H. Upham as a West Point Cadet and later life as a lumberman and banker and prior to becoming Governor of Wisconsin.
William H. Upham as a West Point Cadet and later life as a lumberman and banker and prior to becoming Governor of Wisconsin.
Officers and directors listed may be found in the Bank History section. The ad states Collections made and remitted promptly. We pay interest on time deposits. Will be pleased to meet or correspond with those who contemplate making changes or opening new accounts.
An 1897 advertisement for The First National Bank of Marshfield, Wisconsin.

In August 1894, Major William H. Upham, recent nominee for governor of Wisconsin by the Republicans, had led a most romantic career. He was born in Racine, Wisconsin, May 3, 1841, and when only 20 years of age enlisted in the Belle City Rifles, which organization was mustered in as Company F of the Second Wisconsin Infantry. In his first skirmish at Bull Run, Upham was shot through the left shoulder and lung and was left for dead on the field. Confederates who were burying the slain saw that he was still alive and sent him to Libby prison where he was confined eight months and where he gained important information, which was afterward personally communicated to President Lincoln. Upham had long been mourned as dead, and when he returned home had the pleasure of reading his own obituary notices in the papers. President Lincoln appointed him as cadet at West Point, where he was graduated in 1866 and appointed second lieutenant in the Fifth artillery at Fortress Monroe. During his service there he was guard officer over Jefferson Davis. In 1869 he resigned to devote himself to the lumber business. The following year he located in Marshfield when the place was only a name, and in a few years made it a thriving lumber town. In 1887, when fire annihilated the entire town and the citizens were in despair, Upham procured the flag he had fought, bled and officially died under, planted it among the still hot embers of his factory and announced that he proposed to rebuild on a much larger scale. His example inspired his fellow townsmen, and Marshfield rose out of its ashes larger and more prosperous than ever. Mr. Upham was president of the First National Bank of Marshfield, founder of the local GAR post, a prominent member of the Loyal legion and was state commander of the GAR in 1891, and Governor of Wisconsin from January 7, 1895 – January 4, 1897.

In March 1897, the bank had Capital and Surplus of $60,000. The officers were: ADAM HAFER, President. WM. UTHMEIER, Vice President, EDW. L. REESE, Cashier. ERNST SCHMIDT, Assistant Cashier. The Directors were: THOMAS DALY, Cashier, Commercial Bank, Oshkosh. Wis.; LEANDER CHOATE, Bray & Choate, Oshkosh; J.W. CAMERON, Milwaukee, Wis.; ADAM HAFER, of Hafer & Kalsched, Marshfield; WM. UTHMEIER, of Rupilinger & Uthmeier; REV. L. TH. THOM. of Marshfield, Wis.; EDW. L. REESE, of Marshfield, Wis.

In October 1904, the bank had Capital of $65,000, Surplus of $13,000 and Undivided profits of $12,000. The officers were:  Adam Hafer, president; Wm. Uthmeier, vice president; Edw. L. Reese, cashier; and John Seubert, assistant cashier.  The directors were Adam Hafer, L.Th. Thom, W.A. Sexton, C.E. Blodgett, Wm. Uthmeier, Thos. Daly, and Leander Choate.

A 1917 advertisement for The First National Bank of Marshfield, Wisconsin featuring a Burroughs Bookkeeping Machine. The ad states "Using the machine method, your account is kept in balance all the time. If, as sometimes happens, you want a statement of your balance in a hurry, we can give it to you, including today's checks and deposits, in less than five minutes. A neatly printed statement made out on the Burroughs goes to each depositor every month."
A 1917 advertisement for The First National Bank of Marshfield, Wisconsin featuring a Burroughs Bookkeeping Machine. The ad states "Using the machine method, your account is kept in balance all the time. If, as sometimes happens, you want a statement of your balance in a hurry, we can give it to you, including today's checks and deposits, in less than five minutes. A neatly printed statement made out on the Burroughs goes to each depositor every month."

In July 1906, the bank had Capital, Surplus and Profits of $90,000. The officers were: Adam Hafer, president; Wm. Uthmeier, vice president; H.G. Hambright, cashier; and John Seubert, assistant cashier. The directors were Adam Hafer, L.Th. Thom, B.F. McMillan, Fred Vollmar, Wm. Uthmeier, Thomas Daly, and Leander Choate. H.G. Hambright was cashier of the First National Bank of Antigo and succeeded Edward L. Reese who resigned in May due to ill health.

In December 1913, the bank had Capital and Surplus of $110,000. The officers were: B.F. McMillan, president; J.C. Marsh, vice president; H.G. Hambright, cashier; and J.C. Dorpat, assistant cashier.

In May 1919, the Hartmann Shoe store building and property was purchased by the First National Bank for $16,000. In January 1920, bids were solicited by P.J. Schaefer, chairman of the building committee, for the removal of buildings on the corner of S. Central Avenue and Third Street, Marshfield.

In November 1921, after almost two years of building, the new banking house was opened to the public for inspection. It was designed and construction superintended by A. Arthur Guilbert, Architect, Racine, Wisconsin. The fixtures in the banking room had Tavernelle marble, imported from quarries between Italy and France. The fixtures had a base of golden Travis marble and bronze work and hardware of antique silver finish. All the fixtures were lighted with the latest system of X-ray lighting. A commodious telephone booth was provided in the main lobby for the use of the public. The exterior, 52' X 105', was fire-proof reinforced concrete, brick, hollow tile and steel. Vitrified face brick, Bedford variegated stone and Vermont granite combined with bronze entrance doors made for a beautiful design. The officers were J.C. Marsh, president; P.J. Schaefer, vice president; H.G. Hambright, vice president and cashier; Adolph Kleinheinz and A.J. Rasmussen, assistant cashiers. 

On January 25, 1922, a fire practically gutted the Marshfield State Bank.  The flames, discovered at about 4 AM in the furnace room of the building, spread rapidly to the upper floors and left little but the outside walls and the walls of the vault.  The loss, estimated at $50,000, was believed to be almost fully covered by insurance.

On April 1, 1922, the Marshfield State Bank and the First National Bank of Marshfield were formally united under the name of the First National Bank of Marshfield. The business of the consolidated institution would be handled in the new building of the First National Bank. The consolidation was first proposed shortly after the destruction of the Marshfield State Bank building. The officers of the new institution were as follows: President, J.C. Marsh; vice-presidents, P.J. Schaefer and Amos Roll; cashier and vice president, H.G. Hambright; Assistant Cashiers, Adolph Kleinheinz, J.H. Cundy, Albert Rasmussen; Directors, J.C. Marsh, P.J. Schaefer, Amos Roll, F.A. Noll, W.G. Sexton, William Hipke, and H.C. Koenig.

R.P. Binzel was elected a director of the First National Bank of Marshfield at a directors meeting held November 5, 1931. At a previous recent election, Paul L. Blum was named vice-president of that institution. Mr. Binzel was president of the Marshfield Canning company since its organization in 1924. He was also president of the Stratford Canning company and had interests in the canning companies at Oconomowoc, Medford, Sun Prairie, and DeForest. Beaver Dam was his home until 1920, and he operated a brewery business there. In 1920 he organized the Oconomowoc company, in 1923 the Medford company, in 1924 the Marshfield company, and in 1929 the Stratford company. Since that time he obtained interests in the Sun Prairie and De Forest plants and was a director in all six plants. This was his first experience as a bank director, although he was a stockholder in a Beaver Dam bank while in that city. Mr. Blum became a resident of Marshfield in 1911, when he and his brother organized the Blum Brothers Box company there. This business had since been incorporated and he was now president and treasurer. In addition, he was president of the Colby Cheese Box company, president of the Greenwood Manufacturing company, a director of the Marshfield Building and Loan association, president of the vocational school board, and a member of the Marshfield Country Club. Mr. Blum had been a director of the First National bank for some time and presently held the vice-president position in addition to the directorship. Both Mr. Binzel and Mr. Blum have been active in civic community life during their residence in Marshfield. The other officers of the bank were Harry G. Hambright, president; Adolph Kleinheinz, cashier; A.J. Rasmussen, Walter G. Rasmussen, and Ed Thuss, assistant cashiers. Directors were Mr. Hambright, Mr. Blum, A.G. Felker, Dr. W.G. Sexton, Dr. William Hipke, H.C. Koenig, and Mr. Binzel.

Perry Peters resigned as conservator of the Oconto National Bank to become receiver of the First National Bank of Marshfield. L.J. Bosworth succeeded Mr. Peters and continued as receiver for the McCartney National Bank of Green Bay and the National Bank of Green Bay. The Marshfield bank closed its doors in early December and was placed into receivership on December 22, 1932.

In December 1936, H.W. Krueger, receiver of the Chilton National bank for the past three years was appointed by the comptroller of the currency as receiver for the American National Bank and the First National Bank of Marshfield.

Official Bank Title(s)

1: The First National Bank of Marshfield, WI

Bank Note Types Issued

1882 Brown Back $5 bank note with pen signatures of Edward L. Reese, Cashier and William Uthmeier, Vice President
1882 Brown Back $5 bank note with pen signatures of Edward L. Reese, Cashier and William Uthmeier, Vice President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Date Back $10 bank note with blue penned signature of H.G. Hambright, Cashier and a purple stamped signature of B.F. McMillan, President.
1902 Date Back $10 bank note with blue penned signature of H.G. Hambright, Cashier and a purple stamped signature of B.F. McMillan, President. Courtesy of Adam Stroup
1902 Plain Back $10 bank note with pen signatures of Adolph A. Kleinheinz, Assistant Cashier and H.G. Hambright, Vice President.
1902 Plain Back $10 bank note with pen signatures of Adolph A. Kleinheinz, Assistant Cashier and H.G. Hambright, Vice President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1929 Type 1 $10 bank note with printed signatures of Adolph A. Kleinheinz, Cashier and H.G. Hambright, President. This note was produced with overprinting plates prepared by the Government Printing Office (GPO) and the right serial number has a non-curly C prefix.
1929 Type 1 $10 bank note with printed signatures of Adolph A. Kleinheinz, Cashier and H.G. Hambright, President. This note was produced with overprinting plates prepared by the Government Printing Office (GPO) and the right serial number has a non-curly C prefix. Courtesy of Marshall Mallory
1929 Type 1 $10 bank note with a repeater serial number and printed signatures of Adolph A. Kleinheinz, Cashier and H.G. Hambright, President. The hand-printed serial numbers are indicative of a replacement note.
1929 Type 1 $10 bank note with a repeater serial number and printed signatures of Adolph A. Kleinheinz, Cashier and H.G. Hambright, President. The hand-printed serial numbers are indicative of a replacement note. Courtesy of Marshall Mallory
Postcard of the First National Bank of Marshfield, Wisconsin. This banking house opened in November 1921 and was located on the corner of Central Ave and Third Street.
Postcard of the First National Bank of Marshfield, Wisconsin. This banking house opened in November 1921 and was located on the corner of Central Ave and Third Street. Courtesy of Tom Snyder

A total of $1,565,030 in National Bank Notes was issued by this bank between 1891 and 1932. This consisted of a total of 139,486 notes (118,120 large size and 21,366 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1882 Brown Back 4x5 1 - 3975
1882 Brown Back 3x10-20 1 - 2320
1882 Date Back 4x5 1 - 1690
1882 Date Back 3x10-20 1 - 856
1902 Date Back 3x10-20 1 - 3600
1902 Plain Back 3x10-20 3601 - 20689
1929 Type 1 6x10 1 - 2814
1929 Type 1 6x20 1 - 747

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1891 - 1932):

Presidents:

Cashiers:

Other Bank Note Signers

Wiki Links


Sources

  • Marshfield, WI, Wikipedia, https://en.wikipedia.org/wiki/Marshfield,_Wisconsin
  • 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 Oshkosh Northwestern, Oshkosh, WI, Mon., Feb. 16, 1891.
  • The Oshkosh Northwestern, Oshkosh, WI, Thu., May 21, 1891.
  • The Dunn County News, Menomonie, WI, Fri., Aug. 17, 1894.
  • The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Mar. 11, 1897.
  • The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Oct. 27, 1904.
  • The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., July 12, 1906.
  • The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Dec. 18, 1913.
  • The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., June 7, 1917.
  • The Daily Tribune, Wisconsin Rapids, WI, Thu., May 22, 1919.
  • The Marshfield News and Wisconsin Hub, Marshfield, WI, Thu., Jan. 8, 1920.
  • The Marshfield News and Wisconsin Hub, Marshfield, WI, Fri., Nov. 18, 1921.
  • The Daily Tribune, Wisconsin Rapids, WI, Wed., Jan. 25, 1922.
  • The Daily Tribune, Wisconsin Rapids, WI, Sat., Apr. 1, 1922.
  • Marshfield News-Herald, Marshfield, WI, Fri., Nov. 6, 1931.
  • The Journal Times, Racine, WI, Fri., Dec. 30, 1932.
  • Green Bay Press-Gazette, Green Bay, WI, Mon. Dec. 7, 1936.
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