First National Bank, Montgomery, AL (Charter 1814)
First National Bank, Montgomery, AL (Chartered 1871 - Closed (Merger) 1985)
Town History
Montgomery is the capital city of the U.S. state of Alabama and the county seat of Montgomery County. The name Montgomery came from Richard Montgomery, a Revolutionary War general. It stands beside the Alabama River, on the coastal Plain of the Gulf of Mexico. In the 2020 census, Montgomery's population was 200,603. It is the second most populous city in Alabama, after Huntsville, and is the 119th most populous in the United States. In 1870 the population was 10,588 growing to 66,079 by 1930.
The city was incorporated in 1819 as a merger of two towns, New Philadelphia and East Alabama Town, situated along the Alabama River. In 1822, the city was designated as the county seat. A new courthouse was built at the present location of Court Square, at the foot of Market Street (now Dexter Avenue). Court Square had one of the largest slave markets in the South. The state capital was moved from Tuscaloosa to Montgomery, on January 28, 1846, representing the shift of power to the south-central area of Alabama with the growth of cotton as a commodity crop of the Black Belt and the rise of Mobile as a mercantile port on the Gulf Coast. In February 1861, Montgomery was chosen the first capital of the Confederate States of America, which it remained until the Confederate seat of government moved to Richmond, Virginia, in May of that year. In the middle of the 20th century, Montgomery was a major center of events and protests in the Civil Rights Movement, including the Montgomery bus boycott and the Selma to Montgomery marches.
In addition to housing many Alabama government agencies, Montgomery has a large military presence, due to Maxwell Air Force Base; public universities Alabama State University, Troy University (Montgomery campus), and Auburn University at Montgomery; two private post-secondary institutions, Faulkner University and Huntingdon College; high-tech manufacturing, including Hyundai Motor Manufacturing Alabama; and many cultural attractions, such as the Alabama Shakespeare Festival and the Montgomery Museum of Fine Arts.
Montgomery had eight National Banks chartered during the Bank Note Era, and all eight of those banks issued National Bank Notes.
Bank History
- Organized April 18, 1871
- Chartered April 28, 1871
- Absorbed 4180 by consolidation July 16, 1906 (Farley/Merchants and Planters-Farley NB, Montgomery, AL)
- Absorbed 8284 April 24, 1926 (Exchange National Bank, Montgomery, AL)
- Absorbed 5877 February 11, 1930 (Fourth National Bank, Montgomery, AL)
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into First Alabama Bank in Montgomery, AL, March 22, 1985
On May 30, 1886, Dr. William O. Baldwin was dead. He was born in Montgomery County on August 9, 1818, within three miles of the spot where he died. He received his earlier education near his home and after a course of medical reading, he graduated from Transylvania University of Lexington, Kentucky, in 1837, and commenced the practice of medicine in Montgomery. Medical literature was enriched by his many able contributions. His first article to attract universal attention of the medical fraternity was his "Observations on the Poisonous Properties of the Sulphate of Quinine." Dr. Baldwin was a born leader with the ability to express his thoughts in a masterly way. He was aggressive, but not in a manner to excite ill-will. He was courteous and genial and especially ready to aid young physicians by his advice and assistance. Dr. Baldwin lost much property during the war, but above all the sorrows was the death of his oldest son, Wm. O. Baldwin, killed on the battlefield of Franklin, Tennessee in 1864 while leading his company in one of the bloody charges of that day. After the war he urged his Southern brethren to accept the invitation of the American Medical Association to re-unite with them. At the meeting in Washington in May 1868, he was elected president of this association. His financial ability was very great and no man in the community had a better knowledge of affairs. He was the moving spirit in organizing the First National Bank and was its president from the day it commenced business until his death. He was married in 1843 to Miss Mary Jane Martin, daughter of Judge Abram Martin.
On Saturday, June 2, 1906, the merger of the First National Bank with the Merchants and Planters-Farley National Bank was completed, and Montgomery now had a bank with $1,000,000 capital, joining just one other bank in the whole state of like calibre. Monday, being a bank holiday in honor of the birthday of President Jefferson Davis, the new consolidated bank would open on Tuesday, June 5th. The stockholders elected the following directors: W.A. Gayle, J.S. Wilcox, C.G. Abercrombie, Francis G. Caffey, A.M. Baldwin, H.M. Hobbie, Sigmund Roman, Arthur Pelzer, J.L. Hall, M.P. LeGrand, and Robert F. Ligon. Messsrs Gayle, Wilcox, Abercrombie, Caffey, and Baldwin composed the board of the old First National. Messrs. Hobbie, Roman Pelzer, Hall, LeGrand and Ligon were on the board of the Merchants and Planters-Farley National. A.M. Baldwin, president of the First National since 1898, continued at the head of the enlarged banking establishment. M.P. LeGrand, formerly vice president of the Merchants and Planters-Farley National was elected to a similar office. A.S. Woolfolk, several years cashier of the First National was reelected, and Henry T. Bartlett and R. Emmett Seibels were elected assistant cashiers. Charles G. Norton, formerly exchange and collection manager of the First National, was elected auditor and G.W. Craik was continued as trust officer of the bank.
On Tuesday, January 12, 1926, officers elected for the Exchange National Bank were J.L. Gaston, president; Hugh Foster, vice president; Jas. J. Campbell, cashier and Jno. W. Lamar, assistant cashier. Mr. Lamar had been with the Exchange National for nearly 20 years and had been the receiving teller. Directors re-elected for the Exchange were Fred S. ball, E.G. Branch, Jas. J. Campbell, Hugh Foster, J.L. Gaston, Simon Gassenheimer, Walton H. Hill, Frank McPherson, R.D. Quisenberry and W.H. Samford. Deposits as of December 31st were $2,176,745.82, an increase of $1,102,299.72 over the past four years.
On Sunday, April 18, 1926, the joining of the forces of the First National and the Exchange National occurred coincidentally when the First National was 55 years old. At that time the physical linking of the two banks had just been completed, providing a spacious working area for the forces of both institutions and a new source of convenience for patrons. The new, expanded directorate consisted of Arthur Pelzer, J.L. Gaston, A.S. Woolfolk, Frank MacPherson, R.F. Ligon, Algernon Blair, W.A. Bellingrath, Henry Abraham, W.C. Bowman, A.M. Baldwin, and R.M. Hobbie. The officers were A.M. Baldwin, president; A.S. Woolfolk, J.L. Gaston, vice presidents; W.C. Bowman, vice president and trust officer; Hugh Foster and William O. Baldwin, second vice presidents; J.A. Ledbetter, cashier; E.L. Cullom, Felix Robinson, Felix P. Clay, and Jno. W. Lamar, assistant cashiers. The unified finances showed capital stock $1,000,000; surplus and profits, $610,081.96, circulation $241,900, and deposits $9,387,699.89. The total resources amounted to $11,239,681.85. The First National was affiliated with the First Finance Corporation and the First Joint Stock Land Bank of Montgomery.
In August 1926, work on demolishing the old Exchange National Bank Building was underway to make room for the new First National Annex. The new structure planned for the First National Bank was estimated to cost $307,068, according to the building permit issued by city engineers. Frank Lockwood was the architect and Algernon Blair the contractor. The new structure would be a continuation of the First National Bank building, matching the existing bank and so constructed that nine additional stories could be placed above the three under contract. The ground floor of the extension would be occupied entirely by the banking quarters. All vaults would be below street level while bookkeeping and other working units would occupy the second floor. Back in 1888, the corner occupied by the First National saw the construction of the tallest edifice in the city, a then modern six-story structure. Nineteen years later after four successive enlarged locations and three enlarged homes, the site was chosen as the permanent place of business. After the demolition of the old and obsolete building, the present First National Bank building graced the spot.
Established in 1824, the old Bank of the State of Alabama, including its branches, went down in the collapse that followed flush times in Alabama. In 1854, the state went out of the banking business. At the time, the Montgomery Branch stood the storm better than those at Decatur, Tuskaloosa [sic], and Mobile. It is interesting to note that three of the directors were ancestors and kinsmen of President Martin Baldwin of the First National Bank of Montgomery of 1926. The directors in 1841 were John Martin, president; R.T. Ashurst, W.C. Baldwin, Jr., R.E. Coxe, T.J. Vickers, W.O. Baldwin, Sr., and John A. Whetstone.
In January 1930, the directors were Arthur Pelzer, A.S. Woolfolk, Gen. R.F. Ligon, Frank MacPherson, Algernon Blair, A.M. Baldwin, R.M. Hobbie, W.A. Bellingrath, Robert E. Steiner, Jr., and W.C. Bowman. Sun., Jan. 19, 1930. Mr. J.A. Ledbetter was promoted from cashier to vice president and a new vice presidency created at the meeting was filled by the election of Frank McPherson. Felix Robinson was promoted from assistant cashier to cashier. The officers elected were A.M. Baldwin, chairman of the board; A.S. Woolfolk, vice chairman; W.C. Bowman, president; W.O. Baldwin, vice president; J.W. Andrews, vice president and trust officer; J.A. Ledbetter, Frank MacPherson, vice presidents; Henry C. Meader, trust officer; Felix Robinson, cashier; Eugene L. Cullom and Felix P. Clay, assistant cashiers; and Harwell F. Smith, auditor.
On February 11, 1930, The First National Bank of Montgomery took over the Fourth National Bank of Montgomery with co-operation of the Alabama National Bank and the Union Bank and Trust Company. The Alabama Bank and Trust Co., under mutual arrangement and agreement, took over the bank building and fixtures of the Fourth National in cooperation with the Union Bank and Trust Company. With the acquisition of the resources of the Fourth National Bank, the First National Bank would have resources of approximately $20,000,000. Through this consolidation, Montgomery became one of the greatest banking centers of the South with one of the largest banks. The Fourth National had determined it was to the best interest of its depositors and shareholders that it be liquidated. Mr. Eugene R. Black, Governor of the Federal Reserve Bank of Atlanta, upon the invitation of the the Montgomery Clearing House, traveled by automobile from Atlanta accompanied by Mr. Creed Taylor, Deputy Governor, and Mr. E.C. Robb, Chief National Bank Examiner for the Sixth Federal Reserve District. The three went at once into conference with the executive officers of the local banks, the conference lasting practically throughout the night. Mr. Henry Hobbie, president of the Fourth National Bank, stated, "After due deliberation by our board of directors, the trade was consummated with the First National Bank of Montgomery by which they assumed the liabilities and our deposits are to be paid in full. Our whole idea was to protect the business interests and those who have confidence in us."
In January 1931, the same directorate was re-elected. The officers were A.M. Baldwin, chairman of the board; A.S. Woolfolk, vice chairman of the board; W.C. Bowman, president; W.O. Baldwin, J.A. Ledbetter, Frank MacPherson, and J.W. Andrews, vice presidents; Felix Robinson, cashier; E.L. Cullom and Felix Clay, assistant cashiers; and H.F. Smith auditor. The statement at the end of 1930 showed deposits of $13,702,957.91 and capital stock of $1,000,000.
Official Bank Title(s)
1: The First National Bank of Montgomery, AL
Bank Note Types Issued
A total of $10,138,520 in National Bank Notes was issued by this bank between 1871 and 1935. This consisted of a total of 832,215 notes (673,956 large size and 158,259 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 4x5 1 - 1250 Original Series 3x10-20 1 - 1000 Original Series 50-100 1 - 1000 Series 1875 4x5 1 - 112 Series 1875 3x10-20 1 - 154 Series 1875 50-100 1 - 1306 1882 Brown Back 3x10-20 1 - 31600 1882 Date Back 3x10-20 1 - 18854 1902 Date Back 3x10-20 1 - 45500 1902 Plain Back 3x10-20 45501 - 114366 1929 Type 2 5 1 - 78280 1929 Type 2 10 1 - 52430 1929 Type 2 20 1 - 27549
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1871 - 1935):
Presidents:
- William Owen Baldwin, (Sr.), 1871-1885
- Judge William Lea Chambers, 1886-1887
- Joseph Wesley Dimmick, 1888-1892
- COL Henry Clay Tompkins, 1893-1897
- Abram Martin Baldwin, 1898-1928
- William Chapman Bowman, 1929-1935
Cashiers:
- Edmond R. Mitchell, 1871-1872
- Charles John Campbell, 1873-1881
- Solomon Moses Levin, 1882-1882
- Judge William Lea Chambers, 1882-1885
- Abram Martin Baldwin, 1886-1897
- Albert Sidney Woolfolk, 1903-1917
- Henry Thomas Bartlett, 1918-1921
- Joseph Andrew Ledbetter, (Jr.), 1922-1929
- Felix Robinson, 1930-1935
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Alabama Bank Note History
- General information on Montgomery (Wikipedia)
- General information on Montgomery County (Wikipedia)
- General information on Alabama (Wikipedia)
Sources
- Montgomery, AL, 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 Montgomery Advertiser, Montgomery, AL, Tue., June 1, 1886.
- The Montgomery Times, Montgomery, AL, Mon., June 4, 1906.
- The Montgomery Advertiser, Montgomery, AL, Wed., Oct. 22, 1919.
- The Montgomery Advertiser, Montgomery, AL, Wed., Jan. 13, 1926.
- The Montgomery Advertiser, Montgomery, AL, Sun., Apr. 25, 1926.
- The Montgomery Advertiser, Montgomery, AL, Sun., May 2, 1926.
- The Montgomery Advertiser, Montgomery, AL, Sun., Aug. 22, 1926.
- The Montgomery Advertiser, Montgomery, AL, Tue., Aug. 26, 1926.
- The Montgomery Advertiser, Montgomery, AL, Wed., Jan. 15, 1930.
- The Montgomery Advertiser, Montgomery, AL, Wed., Jan. 14, 1931.
- The Montgomery Advertiser, Montgomery, AL, Tue., Feb. 11, 1930.