First National Bank, Mt. Healthy, OH (Charter 7661)

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NEEDED: a contemporary postcard or photo of the bank.
NEEDED: a contemporary postcard or photo of the bank.

First National Bank, Mt. Healthy, OH (Chartered 1905 - Receivership 1934)

Town History

Mount Healthy is a city in Hamilton County, Ohio, in the Cincinnati/Northern Kentucky metropolitan area. The population was 6,098 at the 2010 census. In 1900 the population was 1,799, growing to 3,530 by 1930.

Mount Healthy was founded in 1817 as the village of Mount Pleasant. In 1850, the village renamed itself "Mount Healthy", following a cholera epidemic, in which many of its citizens survived while those in the surrounding territory did not. The village became a city in 1951.

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

Bank History

  • Organized February 24, 1905
  • Chartered March 25, 1905
  • Conservatorship March 20, 1933
  • Receivership June 25, 1934
  • Succeeded by The Mount Healthy National Bank, Charter 14192 (No Issue) on July 2, 1934

In January 1911, the directors organized on January 11, 1911 by electing Owen N. Kinney, president; Joseph Weber, vice president; and Alexis Brown, cashier.

In January 1914, the directors elected were Owen N. Kinney, Joseph Weber, Dr. L. Neufarth, Frank F. Noble, Henry Bux, Edward Seiter, and Alexis Brown. The officers were Owen Kinney, president; Joseph Weber, vice president; and Alexis Brown, cashier.

On January 26, 1934, J.F.T. O'Connor, Comptroller of the Currency, issued a report in Washington giving the status of all national banks in Ohio which failed to open after the banking holiday. His report was complete up to the close of business January 22. Fourteen national banks, with deposits of $14,940,000, had plans approved for reorganization in various stages of consummation. In this list was the First National Bank of Mount Healthy, with frozen deposits of $790,000. Under the reorganization plan a new banking institution, known as the Mount Healthy National Bank, would take over the assets of the present institution. The Reconstruction Finance Corporation purchased $20,000 of the bank's preferred stock, and 600 shares of common stock were sold at $70 a share; of this amount realized $50 a share would go to new capital and $20 to surplus. Thus the new bank would have a capital of $50,000 and surplus of $12,000. The new bank, which was expected to be in operation in a week, would release 50 per cent of the restricted deposits in the old institution, in addition to the remainder of the 5 per cent of withdrawals permitted soon after the banking holiday. All deposits made since that time will be unrestricted. More than $400,000 will be released when the new institution opened for business. Officers of the Mount Healthy National Bank would be Albert Huber, retired, President; George Schiering, Vice President, and Robert Strasser, Cashier. Mr. Schlering was in the electrical appliance business in the community, while Mr. Strasser was formerly with the Fifth Third and Western banks.

In May, upon the application of Walter R. Hartung, Mount Healthy, Conservator of the First National Bank of Mount Healthy, Mount Healthy, District Judge Robert R. Nevin entered an order authorizing the Conservator to sell the bank's liquid assets to the newly organized Mount Healthy National Bank as per the order of the Comptroller of the Currency. Upon completion of the sell, a dividend was paid to depositors and other creditors of the old bank. It was reported that the new bank would pay the Conservator $403,086.34 for the assets.

On June 30, 1934, upon application of Robert N. Gorman, receiver, as successor to Walter R. Hartung, Conservatory of the First National Bank of Mount Healthy, Ohio, District Judge Robert R. Nevin authorized him to complete the sale of the liquid assets of the bank to the Mount Healthy National Bank, its successor, as provided by a contract entered into with officials of the new bank by Conservator Hartung last May. The new bank opened for business on Monday, July 2nd. The Court's order was obtained by Mr. Gorman so that he could transfer the liquid assets of the old bank to the new bank and make possible the payment of a dividend of 50% to depositors of the old bank immediately. According to Mr. Gorman, the liquid assets included $102,000 in cash and approximately $500,000 in gilt-edged securities of various kinds. Receiver Gorman retained in his possession approximately $650,000 in frozen assets of the old bank which he was charged with liquidating within the next three years. Under the law he had five years within which to liquidate the assets and as the assets were liquidated additional dividends could be paid to the depositors. The old bank suspended operation and was taken over by the Comptroller of the Currency on March 6, 1933. Mr. Hartung, former Cashier of the bank, was named Conservator by the Comptroller on March 20, 1933. He continued In charge of the affairs of the bank until the Comptroller named Mr. Gorman, Receiver.

Official Bank Title(s)

1: The First National Bank of Mt. Healthy, OH

Bank Note Types Issued

1902 Plain Back $10 bank note with stamped signatures of Walter R. Hartung, Cashier and Edward A. Seiter, President.
1902 Plain Back $10 bank note with stamped signatures of Walter R. Hartung, Cashier and Edward A. Seiter, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note with printed signatures of Walter R. Hartung, Cashier and Joseph Weber, President.
1929 Type 1 $10 bank note with printed signatures of Walter R. Hartung, Cashier and Joseph Weber, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $746,610 in National Bank Notes was issued by this bank between 1905 and 1934. This consisted of a total of 60,190 notes (41,980 large size and 18,210 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 - 1500
1902 Date Back 3x10-20 1 - 1160
1902 Plain Back 3x10-20 1161 - 8995
1929 Type 1 6x10 1 - 2216
1929 Type 1 6x20 1 - 630
1929 Type 2 10 1 - 938
1929 Type 2 20 1 - 196

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1905 - 1934):

Presidents:

Cashiers:

Other Bank Note Signers

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

Wiki Links

Sources

  • Mt. Healthy, OH, 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 Cincinnati Enquirer, Cincinnati, OH, Thu., Jan. 12, 1911.
  • The Cincinnati Enquirer, Cincinnati, OH, Wed., Jan. 14, 1914.
  • The Cincinnati Enquirer, Cincinnati, OH, Thu., Jan. 15, 1914.
  • The Cincinnati Enquirer, Cincinnati, OH, Sat., Jan. 27, 1934.
  • The Cincinnati Enquirer, Cincinnati, OH, Sat., May 12, 1934.
  • The Cincinnati Enquirer, Cincinnati, OH, Sat., July 1, 1934.