First National Bank, Pensacola, FL (Charter 2490)

The old First National Bank of Pensacola at 213 South Palafox Street, also known as the Citizens and Peoples National Bank Building, ca2023. Courtesy of Google Maps

First National Bank, Pensacola, FL (Chartered 1880 - Receivership 1914)

Town History

The First National Bank of Pensacola, Florida, ca1910s. Courtesy of the Library of Congress

Pensacola (/ˌpɛnsəˈkoʊlə/) is the westernmost city in the Florida Panhandle, and the county seat and only incorporated city of Escambia County, Florida. At the 2020 United States census, the population was 54,312. Pensacola is the principal city of the Pensacola Metropolitan Area, which had an estimated 502,629 residents in 2019.

Pensacola is the site of the first Spanish settlement within the borders of the continental United States in 1559, predating the establishment of St. Augustine by 6 years, although the settlement was abandoned due to a hurricane and not re-established until 1698. Pensacola is a seaport on Pensacola Bay, which is protected by the barrier island of Santa Rosa and connects to the Gulf of Mexico. A large United States Naval Air Station, the first in the United States, is located southwest of Pensacola near Warrington; it is the base of the Blue Angels flight demonstration team and the National Naval Aviation Museum. The main campus of the University of West Florida is situated north of the city center.

It is nicknamed "The City of Five Flags", due to the five governments that have ruled it during its history: the flags of Spain (Castile), France, Great Britain, the United States of America, and the Confederate States of America. Other nicknames include "World's Whitest Beaches" (due to the white sand of Florida panhandle beaches), "Cradle of Naval Aviation", "Western Gate to the Sunshine State", "America's First Settlement", "Emerald Coast", "Red Snapper Capital of the World", and "P-Cola".

Pensacola had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.

Bank History

Main banking room, First National Bank of Pensacola, ca1909.

Working space, First National Bank of Pensacola, ca1909.

President's Room, First National Bank of Pensacola, ca1909.

• Organized July 10, 1880
• Chartered August 10, 1880
• Assumed F.C. Brent & Co. 1892
• Receivership January 22, 1914

The First National Bank of Pensacola dates back to July 10, 1880 when the organization was completed. In August 1880, it was announced that The First National Bank of Pensacola would open on September 15th in the office under the Santa Rosa Hotel with D.F. Sullivan, Esq., president; Major L.P. Knowles, vice president; and Mr. W.A.S. Wheeler of New Orleans, cashier.

In March 1882, the officers were D.F. Sullivan, president; L.P. Knowles, vice president; and W.A.S. Wheeler, cashier.

In January 1883, the officers were D.F. Sullivan, president; M.H. Sullivan, vice president; and W.A.S. Wheeler, cashier.

In January 1889, the officers were M.H. Sullivan, president; W.A.S. Wheeler, cashier; and J.H. Ticknor, assistant cashier.

On Monday, January 25, 1892, F.C. Brent & Co. and the First National Bank consolidated with F.C. Brent as president; Wm. H. Knowles, vice president, J.S. Leonard, cashier and WM. N. Hyler, Jr., assistant cashier. The directorate remained the same. In 1892, Pensacola seemed to have an abundant supply of money. The British-American Trust Company had a branch there with $1,000,000 paid up capital stock. This corporation was under the management of Mr. W.A.S. Wheeler, a native of New Orleans. The First National Bank had for its president Mr. F.C. Brent, a gentleman of long and large experience in financial circles. Mr. Brent was a native of Pensacola and had spent a lifetime in the banking business. He had for his cashier, Mr. J.S. Leonard, a former partner in the late banking house of F.C. Brent & Co. which was recently consolidated with the First National and owing to the eminent fitness and success of the old firm these gentlemen were unanimously elected to their respective positions in the consolidated concern.

The Sullivan Timber Company was one of the prominent firms owning the vast forests surrounding Pensacola of which Mr. W.A.S. Wheeler was president and Mr. M.H. Sullivan, principal director. The company owned about 400,000 acres of valuable timber lands in Alabama and Florida and cut and shipped about 12,000,000 feet of timber per month year round. The company owned about 40 miles of railroad and numerous saw mills.

In November 1899, word of the death of Mr. J.S. Leonard in Philadelphia reached Pensacola late in the evening and was a shock to the entire community where he had spent his whole life. He was born in Pensacola August 26, 1854 and in 1878 he became an employee of Mr. F.C. Brent in his private banking business as a bookkeeper. He acquired an interest in the business of F.C. Brent & Co. around 1887 or 1888 and became cashier of the bank in 1892, retaining that position after the merger with the First National Bank. For nearly 20 years he was chairman of the county democratic executive committee. He was a loyal member of the Catholic church and a member of the Ancient Order of Hibernians and other social and fraternal organizations.

In December 1904, the directors were W.H. Knowles, W.A. Blount, F.C. Brent, W.K. Hyer, Jr., and D.G. Brent. The officers were F.C. Brent, president; Wm. H. Knowles, vice president; W.K. Hyer, Jr., cashier; T.W. Brent and W.N. Roberts, assistant cashiers.

On Saturday, May 23, 1908, the handsome new building of the First National Bank in process of receiving its finishing touches would be thrown open to the public for inspection. The invitation was for 11 am to 9 pm.

On January 12, 1909, W.K. Hyer, Jr., who had been connected with the bank for a number of years in several different offices, was elected president; W.S. Keyser, vice president; W.J. Forbes, cashier; and Thomas W. Brent and W.N. Roberts were re-elected assistant cashiers. The following directors were elected: F.C. Brent, W.H. Knowles, W.A. Blount, W.K. Hyer, Jr., W.J. Forbes, Knowles Hyer and W.S. Keyser. In March 1909 the stockholders approved an increase in the capital from $200,000 to $500,000.

On January 9, 1914, the First National Bank of Pensacola failed to open its doors as the result of the directors placing the bank in the hands of the Comptroller of the Currency. This action followed a slight flurry when several large depositors withdrew their accounts. The had a capital stock of $500,000, surplus $100,000, and deposits of over $1,000,000. Its reserve was said to be nearly 30% of total deposits or $400,000 in cash and as a result of the bank's good condition, depositors were not expected to lose to any extent. The crisis was said to have been brought about through the dull lumber market, especially abroad. The institution carried large accounts for exporters and it was the failure of some of the foreign representatives of local exporters to meet their obligations and drafts that precipitated the failure.

The bank had been in business for over a quarter of a century, being first known as Brent's Bank. The handsome and costly First National Bank Building was completed in 1908. Wm. H. Knowles retired in 1909 and was succeeded by W.K. Hyer, Jr. who had been identified with the bank as assistant cashier, cashier and vice president. The bank's capital stock was $500,000. Mr. Hyer's management of the bank did not meet with the approval of the comptroller of the currency and after a year during which some very large loans were made, the bank was re-organized and Mr. Hyer removed as president. Messrs. Brent and Knowles again assumed charge of the business of the bank, but Mr. Brent while president was not an active participant due to his health. While the two put a great deal of money into the bank, apparently placing it on its feet again; however, much outstanding paper could not be realized upon and it became necessary to divert its surplus in order to conform to the national banking laws. At the time of the suspension the officers were F.C. Brent, president; Wm. H. Knowles, vice president; Thos. W. Brent, vice president; W.J. Forbes, cashier; W.N. Roberts, assistant cashier. The directors were F.C. Brent, Wm. H. Knowles, W.A. Blount, Wm. S. Keyser, Thos. W. Brent, and W.J. Forbes.

Official Bank Title(s)

1: The First National Bank of Pensacola, FL

Bank Note Types Issued

Series of 1875 $5 bank note with pen signatures of W.A.S. Wheeler, Cashier and Louis P. Knowles, Vice President. Courtesy of the NBNCensus.com

1882 Brown Back $5 bank note with stamped signatures of William K. Hyer, Jr., Cashier and William H. Knowles, President. Courtesy of Heritage Auctions, www.ha.com

1882 Date Back $20 bank note with stamped signatures of W.J. Forbes, Cashier and F.C. Brent, President. Courtesy of Heritage Auctions, www.ha.com

A total of $2,667,330 in National Bank Notes was issued by this bank between 1880 and 1914. This consisted of a total of 318,960 notes (318,960 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
Series 1875	4x5	1 - 7399
1882 Brown Back	4x5	1 - 9665
1882 Brown Back	3x10-20	1 - 12034
1882 Date Back	4x5	1 - 26925
1882 Date Back	3x10-20	1 - 23717

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1880 - 1914):

Presidents:

• Daniel Francis Sullivan, 1880-1883
• Martin Hogan Sullivan, 1884-1889
• William Hyer Knowles, 1890-1891
• Francis Celestino Brent, 1892-1904
• William Hyer Knowles, 1905-1908
• William Kopman Hyer, Jr., 1909-1910
• Francis Celestino Brent, 1911-1913

Cashiers:

• William Anderson Scott Wheeler, 1880-1889
• William Kopman Hyer, Jr., 1890-1891
• James Sierra Leonard, 1892-1899
• William Kopman Hyer, Jr., 1900-1908
• William Johnson Forbes, 1909-1913

Other Known Bank Note Signers

• Louis P. Knowles (VP 1880...1882)

Bank Note History Links

• First National Bank, Pensacola, FL History (NB Lookup)
• Florida Bank Note History (BNH Wiki)

Sources

• Pensacola, FL, 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
• Detroit Publishing Co., Publisher. First National Bank, Pensacola, Florida [Between 1905 and 1915] Photograph. Retrieved from the Library of Congress.