First National Bank, Paulsboro, NJ (Charter 5981)
First National Bank/First NB & TC, Paulsboro, NJ (Chartered 1901 - Closed (Merger) 1970)
Town History
Paulsboro is a borough in Gloucester County, in the U.S. state of New Jersey. As of the 2020 United States census, the borough's population was 6,196. Paulsboro was formed as a borough by an act of the New Jersey Legislature on March 2, 1904, from portions of Greenwich Township. It was named for Samuel Phillip Paul, son of a settler.
Paulsboro is the home of Fort Billingsport, the first land purchase made by the United States, acquired the day after the signing of the Declaration of Independence. Paulsboro borders the Gloucester County municipalities of East Greenwich Township, Greenwich Township, and West Deptford Township. It also borders the Delaware River and is opposite the Philadelphia International Airport.
Paulsboro had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized July 24, 1901
- Chartered October 1, 1901
- Opened for business October 21, 1901
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Closed July 17, 1970 and merged into the National Bank and Trust Company of Gloucester County
- Currently part of Wells Fargo Bank, N.A., Sioux Falls, SD (Jan 2023)
In April 1901, the Comptroller of the Currency approved the application to organize the First National Bank of Paulsboro, New Jersey, capital $50,000. In August directors unanimously voted to use the Cox brick store as a temporary banking house. It would be fitted up at once for a September opening. In September 1901, Clarence Stackhouse resigned his position as paying teller at the Medford National Bank, having been elected cashier of the First National Bank of Paulsboro. On October 1, 1901, the Comptroller of the Currency authorized the bank to begin business with a capital of $30,000. B.G. Paul was president and C.B. Stackhouse cashier.
On Tuesday, January 20, 1903, the following were elected at the annual meeting: Benj. G. Paul, Richard, Richards, I.T. Haines, Christian Wolferth, James DeVault, Wm. J. Heims, Dr. George C. Laws, John Wartman, B.S. Cox, and James Cox. At the organization of the Board, B.G. Paul was re-elected president; Dr. G.C. Laws, vice president; C.W. Stackhouse, cashier; and Jos. Paul, teller.
In October 1903, Benjamin G. Paul was nominee for Surrogate. He was a son of the late Joseph M. Paul, whose ancestors were among the first settlers of that section of Gloucester County known as Paulsboro. He was born 49 years ago, and for 35 years had been in the commission business at Dock Street Wharf, Philadelphia. He was President of the First National Bank of Paulsboro, Treasurer of the Paulsboro Water Company, and Secretary of the proposed trolley line from Woodbury to Swedesboro. Mr. Paul was a self-made man; he applied good judgment to all his undertakings, hence the success which he attained in business. His friends were legion, everybody trusting and confiding in him.
On Tuesday, January 12, 1909, stockholders elected the following directors: B.G. Paul, Richard Richards, J.L. Cox, B.F. Cox, E.P. Henry, Christian Wolferth, I.T. Haines, W.J. Helms, and James Devault. The officers elected were B.G. Paul, president; Richard Richards, vice president; J.M. Paul, teller; and W. H. Campbell, clerk.
In January 1924, all the officers and directors were re-elected: Benjamin Paul, Edward P. Henry, Bowman S. Cox, Richard Richards, Harry G. Huber, William G. Thompson, James L. Cox, John C. Wolforth, and William H. Flowers, Jr. The board organized by electing Benjamin G. Paul, president; Edward P. Henry, vice president; and William H. Flowers, Jr., cashier.
In January 1966, at the reorganization meeting of the First National Bank and Trust Company of Paulsboro, Frank S. Flowers was elected chairman of the board and James Patchell, president and trust officer. William I. Hall was elected vice president and comptroller. Patchell also was elected to the board of directors to serve with Flowers, Robert A. Budd, J. Graham Chesney, William A. Gravino, Carl W. Grotzinger, George Ross, and Thoburn Sickler.
Starting Monday, July 20, 1970, three banks, First County National Bank & Trust Company, Woodbury; First National Bank & Trust Company, Paulsboro; and Pitman National Bank & Trust Company, Pitman; consolidated to become National Bank and Trust Company of Gloucester County. The new bank would have 11 offices at Broad & Cooper Streets, Woodbury; Court House, Woodbury; Southwood; National Park; Deptford; Paulsboro; East Broad St., Paulsboro; Mickleton; Gibstown; West Deptford; and Pitman.
Official Bank Title(s)
1: The First National Bank of Paulsboro, NJ
2: The First National Bank and Trust Company of (11/1/1924), Paulsboro, NJ
Bank Note Types Issued
A total of $820,250 in National Bank Notes was issued by this bank between 1901 and 1970. This consisted of a total of 102,550 notes (78,592 large size and 23,958 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1: 1882 Brown Back 4x5 1 - 1700 1: 1882 Brown Back 3x10-20 1 - 1260 1: 1882 Date Back 4x5 1 - 3200 1: 1882 Date Back 3x10-20 1 - 2240 1: 1882 Value Back 4x5 3201 - 5735 1: 1882 Value Back 3x10-20 2241 - 3708 1: 1902 Plain Back 4x5 1 - 1850 1: 1902 Plain Back 3x10-20 1 - 1260 2: 1902 Plain Back 4x5 1 - 2549 2: 1902 Plain Back 3x10-20 1 - 1586 2: 1929 Type 1 6x5 1 - 1104 2: 1929 Type 1 6x10 1 - 654 2: 1929 Type 1 6x20 1 - 200 2: 1929 Type 2 5 1 - 7070 2: 1929 Type 2 10 1 - 4164 2: 1929 Type 2 20 1 - 976
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1901 - 1970):
Presidents:
- Benjamin G. Paul, 1902-1930
- Edward P. Henry, 1931-1934
Cashiers:
- Clarence Braddock Stackhouse, 1902-1916
- Joseph M. Paul, 1917-1919
- Grant McCoy Doolittle, 1920-1921
- William H. Flowers, Jr., 1922-1935
Other Bank Note Signers
- Dr. George Cleaden Laws, Vice President 1903
- Richard Richards, Vice President 1908...1916
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- New Jersey Bank Note History
- General information on Paulsboro (Wikipedia)
- General information on Gloucester County (Wikipedia)
- General information on New Jersey (Wikipedia)
Sources
- Paulsboro, NJ, 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 Brooklyn Daily Eagle, Brooklyn, NY, Thu., Apr. 25, 1901.
- The Mount Holly News, Mount Holly, NJ, Tue., Oct. 1, 1901.
- Gloucester County Democrat, Woodbury, NJ, Thu., Jan. 22, 1903.
- Asbury Park Press, Asbury Park, NJ, Thu., Oct. 3, 1901.
- Gloucester County Democrat, Woodbury, NJ, Thu., Oct. 1, 1903.
- Gloucester County Democrat, Woodbury, NJ, Thu., Jan. 14, 1909.
- Courier-Post, Camden, NJ, Mon., Jan. 14, 1924.
- Courier-Post, Camden, NJ, Mon., Jan. 17, 1966.
- Courier-Post, Camden, NJ, Fri., July 10, 1970.