First National Bank, Monrovia, MD (Charter 9238)

The old First National Bank of Monrovia, Maryland, ca1980. Courtesy of Fred Maples

First National Bank, Monrovia, MD (Chartered 1908 - Liquidated 1916)

Town History

Postcard of Monrovia, Maryland. Bank is under construction at lower right, ca1908. Courtesy of Fred Maples

Monrovia is an unincorporated community and census-designated place (CDP) in Frederick County, Maryland. In 1831, Monrovia became a water station on the Baltimore and Ohio Railroad. The railroad provided service to the mills and access for travelers to New Market, Maryland. Monrovia was impacted by the Civil War with the Monrovia General Store, used as a dry goods store from the mid-nineteenth century until the early twentieth century, being sacked by Confederate troops after the Battle of Monocacy. During the Civil War, Monrovia also made the front page of the September 16, 1862 issue of The New York Herald:

"We pushed on to Monrovia Station, on the line of the Baltimore and Ohio Railroad, on the way to New Market, and while passing through an incident occurred well worth relating. I was riding in the rear when I was attracted by the most deafening shouts some distance ahead. I instantly went forward, and saw something that made me feel like shouting too. On a slight eminence on the side of the road stood two ladies and a little girl. In the child's hand was a small but very pretty American flag, which she was waving with all the ardor and enthusiasm of a youthful patriot. The men cheered until they were husky, and the most of the officers, as they passed, took off their caps and saluted the national emblem. Upon conversing with the ladies I was informed that this was the only American flag that the rebels had left, and the reason for that was they could not find it. All the rest had been destroyed or carried away as trophies. The rebel cavalry destroyed here the post office and other government property. They left the place on Thursday afternoon, and fell back to New Market."

Monrovia was the largest community in the New Market election district in 1880. The Monrovia Central Trust Bank closed in 1929. Monrovia's largest employer, a cannery, closed in the 1930s. Another large employer, the Nicodemus Mill, also closed in the 1930s.

Monrovia had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

Bank History

Organized June 27, 1908
Chartered September 17, 1908
Opened for business October 8, 1908
Liquidated December 30, 1916
Absorbed by Central Trust Co. of Maryland at Fredrick

On Saturday, June 20, 1908, the First National Bank of Monrovia was organized with capital stock of $25,000. The following directors were elected: Melvin P. Wood, John C. Walker, Wm. H. Hogarth, J.W. Molesworth, Jacob M. Shawbaker, Charles G. Davis, John S. Umberger, Addison S. Day, Oliver Barnes, Wm. Murphy, Nicholas H. Albaugh, V.W. Nicodemus, R.B. Murdock, Geo. W. Duvall, and John Lawson. The board by organized by electing Melvin P. Wood, president; John C. Walker, first vice president; William H. Hogarth, second vice president, and Clarence A. McBride, cashier. The bank opened with $3,000 in deposits on Thursday, October 8, in an attractive brick building fitted with a complete banker's outfit on the corner where the road to the B&O Railroad station joins the Monrovia Pike. The building was divided into three rooms, the banking room, the private room and the directors' room. These were separated in the main by glass partitions while the ceilings and sides were of a beautiful design in metal. A fire-proof vault with combination door from the Mosler Safe Co. which also manufactured the safe offered protection for the stationery in case of a fire.

In January 1910, at the annual meeting of the stockholders the following directors were re-elected: J.W. Molesworth, J.S. Umberger, R.B. Murdock, J.C. Walker, G.W. Duvall, J.M. Shawbaker, L.W. Day, N.H. Albaugh, M.P. Wood, V.W. Nicodemus, W.H. Hogarth, J. Windsor Williams, J.O. Barnes, W.R. Murphy and John Lawson. While the election was in progress J. Windsor Williams gave a luncheon consisting of oysters, pickles, celery, coffee and cigars to about fifty of the stockholders and friends of the bank. Immediately after the election the directors elected M.P. Wood, president; J.C. Walker and J. Windsor Williams, vice presidents; and C.A. McBride, cashier.

In October 1912, Mr. C.A. McBride resigned his position as cashier to become teacher of the High School at New Market in place of Prof. Smoot who resigned due to his health.

On Tuesday, January 11, 1916, the following directors were elected: J.W. Tabler, R.B. Murdock, George W. Duvall, Jacob M. Shawbaker, Latimer W. Day, N.H. Albaugh, Z.C. Magruder, W.H. Purdum, V.W. Nicodumus, W.H. Hogarth, J.O. Barnes, W.R. Murphy, John Lawson, J.W. Williams, and W.E. Burrall.

In November 1916, The Central Trust Company, Frederick, through a deal just consummated, arranged to take over the business of the First National Bank of Monrovia. While the terms of the transfer were not made known, it was understood that the price paid for about 70 per cent of the stock of the Monrovia Bank was around $130 a share, the par value being $100. The trust company would accord to the holders of the remaining 30% of stock the privilege to liquidate at the same price. In September the bank reported resources of $213,811.53, with $25,000 capital stock and $19,000 in bonds deposited to secure a circulation of $18,400.

On December 5, 1916, Charles A. Ogle was appointed assistant cashier of the Commercial State Bank at the Mt. Airy branch. Mr. Ogle resigned his position at the First National Bank of Monrovia to accept the one with the Commercial bank. A.R. Molesworth who was cashier of the Mt. Airy Savings Bank which was made a branch of the Commercial State continued with that institution.

Official Bank Title(s)

1: The First National Bank of Monrovia, MD

Bank Note Types Issued

1902 Date Back Proof $10 with pen signatures of C.A. McBride, Cashier and M.P. Wood, President. Courtesy of Fred Maples

Needed: a Large size bank note1902 Date Back Proof $20 for Monrovia, Maryland approved Oct. 8, 1908.

1902 Date Back Proof $20 for Monrovia, Maryland approved Oct. 8, 1908. Courtesy of the Smithsonian Institution Archives

A total of $146,300 in National Bank Notes was issued by this bank between 1908 and 1916. This consisted of a total of 11,704 notes (11,704 large size and No small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1902 Date Back	3x10-20	1 - 2710	Oct. 23, 1908 130 sheets issued
1902 Plain Back	3x10-20	2711 - 2926

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1908 - 1916):

Presidents:

Cashiers:

Clarence Alvery McBride, 1908-1912
Henry Hall Boyer, 1912-1912
Charles Abraham Ogle, 1912-1916

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Monrovia, MD, Wikipedia, https://en.wikipedia.org/wiki/Monrovia,_Maryland
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 News, Frederick, MD, Mon., June 22, 1908.
The Daily News, Frederick, MD, Fri., Oct. 9, 1908.
The Citizen, Frederick, MD, Fri., Jan. 21, 1910.
The Citizen, Frederick, MD, Fri., Oct. 11, 1912.
The Daily News, Frederick, MD., Tue., Jan. 11, 1916.
The Daily News, Frederick, MD., Tue., Sep. 19, 1916.
The Democratic Advocate, Westminster, MD, Fri., Nov. 24, 1916.
The Daily News, Frederick, MD., Tue., Dec. 5, 1916.