First National Bank, Momence, IL (Charter 7079)
First National Bank, Momence, IL (Chartered 1903 - Receivership 1931)
Town History
Momence is a city in Kankakee County, Illinois. The population was 3,310 in 2010. In 1900 the population was 2,026, growing to 2,236 by 1930. It is located about 12 miles west of Lake Village, Indiana and 54 miles south of downtown Chicago.
First known as "Lower Crossing", Momence was named after a local Potawatomi, Isadore Moness. Momence was first platted by Dr. Hiram Todd in 1846. It is located on the Kankakee River.
Momence had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized December 14, 1903
- Chartered December 30, 1903
- Succeeded The Momence Banking Co.
- Opened for business January 4, 1904
- Receivership December 17, 1931
In 1896, Ed Chipman, W.P. Watson, W.W. Parish, Jr., and J.J. Kirby established the Momence Banking Company, a private financial institution, and in 1903 the First National Bank was organized by the same men. The first officers were as follows: Ed Chipman, president; W.P. Watson, vice president; and J.J. Kirby, cashier.
In 1925, the officers of the institution were: J.J. Kirby, president; E.G. Wickes, vice president; E.P. Cleary, cashier; and J.J. Kirby, Jr., assistant cashier. The men who had figured most prominently in the building and expansion of the business of the bank were Ed Chipman, W.P. Watson, W.W. Parish, V.T. Brassard, E.G. Wickes and J.J. Kirby. The First National Bank of Momence occupied a building which it erected in 1906. It had a paid-up capital of $50,000, while its deposits totaled approximately $700,000. The institution conducted a general banking business in an agricultural community, deriving its patronage from a city of 2,700 people and from the adjoining country.
Edward Chipman, retired farmer, banker and capitalist, died at his residence in Momence at 9 o’clock Tuesday morning, April 20, 1910, after a brief illness. His death was caused by heart exhaustion induced by diabetes and kidney trouble. Mr. Chipman was reported to be the wealthiest man in eastern end of the county. He was born in Brookville, Ontario, Canada, on July 14, 1824. On October 14, 1850, he was united in marriage to Miss Mary Delany, and to them four children were born.
On Sunday evening, October 2, 1932 at about 9:20 o'clock, James J. Kirby passed away suddenly at his home at 227 West Washington Street, Momence. Mr. Kirby had not been in the best of health for some time. He attended the Momence--Rensselaer football game Sunday afternoon, came home about 4:30, turned on the radio and was listening to the world Series game when stricken. Dr. N. Van Zant was summoned and hastened to the Kirby home who found Mr. Kirby in a serious condition, having suffered a stroke of paralysis from which he never regained consciousness.
James J. Kirby was a son of John J. and Margaret (Devine) Kirby, both of whom were born in Ireland. He was born in Momence, IL, and attended the public schools of Momence and later St. Victor's College in Bourbonnais. He was a grandson of James Kirby, Sr., and after the death of his father which occurred in 1869, he was reared in the home of his grandfather. When about nineteen years of age he started clerking in a drug store in Grant Park, Illinois, and about a year later he came back to Momence and worked in Culver's drug store. In 1884 he entered the grain and lumber business from which he retired in 1896. In 1896 the Momence Banking Co. was organized and Mr. Kirby became a cashier. A few years later the company was changed to a National Bank and he served as its president the last few years of his life, until December 1931. In 1898-1900 he served in the state legislature. He was the first mayor of Momence, which office he also held at the time of his death. Mr. Kirby was a good business man and his advice and counsel was much sought after by his many friends.
On September 25, 1889, Mr. Kirby was married to Flora M. Nichols, daughter of William and Margaret Nichols, pioneers of Kankakee county. He was survived by his widow, two children--Helen and James, Jr., and four grandchildren, also one sister--Mrs. Elizabeth Cleary and three nephews, including Edward P. Cleary who was the first cashier of the First National Bank.
Edward P. Cleary, 52, former businessman of Momence and former member of the county board of supervisors, who had been comptroller at Notre Dame University the past six years, died suddenly Thursday afternoon, February 9, 1939, in St. Joseph Hospital, South Bend, Indiana, following a stroke. Born in Momence, Illinois, October 12, 1886, he received his master of literature degree at Notre Dame in 1909 and his doctor of literature and law degree there in 1913. From 1909 until 1914 he was an instructor in the preparatory department of the university. Following 1914 he resided in Momence where he engaged in the banking business. In 1933 he returned to Notre Dame and worked in the controller's department.
Official Bank Title(s)
1: The First National Bank of Momence, IL
Bank Note Types Issued
A total of $355,790 in National Bank Notes was issued by this bank between 1903 and 1931. This consisted of a total of 28,588 notes (25,396 large size and 3,192 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 - 1233 1902 Date Back 3x10-20 1 - 1910 1902 Plain Back 3x10-20 1911 - 5116 1929 Type 1 6x10 1 - 425 1929 Type 1 6x20 1 - 107
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1931):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Illinois Bank Note History
- General information on Momence (Wikipedia)
- General information on Kankakee County (Wikipedia)
- General information on Illinois (Wikipedia)
Sources
- Momence, IL, Wikipedia, https://en.wikipedia.org/wiki/Momence,_Illinois
- 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).
- Francis Murray Huston, Financing an Empire: History of Banking in Illinois (4 volumes) (Chicago: The S. J. Clarke Publishing Company, 1926), Vol. 2, p. 450.
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- The Momence Progress, Momence, IL, Fri., October 2, 1932.
- The Dispatch, Moline, IL, Fri., Feb. 10, 1939.