First National Bank, Ridgway, IL (Charter 9439)

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View of Main Street, Ridgway, Illinois, ca2023. Courtesy of Google Maps

First National Bank, Ridgway, IL (Chartered 1909 - Receivership 1933)

Town History

An advertisement from 1924 for the First National Bank of Ridgway, Illinois. Logo at top left states "Illinois Banks are the Farmers' Best Friends."[1]

Ridgway is a village in Gallatin County, Illinois. Located in southern Illinois, it is north of Shawnee National Forest 9 miles northwest of Shawneetown, the county seat. As of the 2020 census, the population was 851. In 1910 the population was 1,054, declining to 930 by 1930.

Ridgway was established in 1866 as a construction camp along what would become the Springfield and Illinois South Eastern Railway. It was named for the railroad's president, Thomas S. Ridgway.

The village, once home to a popcorn plant, is the former self-proclaimed "Popcorn Capital of the World". Popcorn Day continues as part of the Gallatin County Fair and is held the second Saturday in September.

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

Bank History

An advertisement from 1931 for the First National Bank of Ridgway, Illinois. Marion Drone was cashier and James Doherty, assistant cashier[2]
  • Organized May 7, 1909
  • Chartered June 10, 1909
  • Receivership February 4, 1933

In May 1909, the application to organize the First National Bank of Ridgway by Marion Drone, William McCormick, Alexander and Lewis Drone, H.I. Harrington, and others was approved by the comptroller of the currency.[3] Its first officers were H.I. Harrington, president; Frank Welver, vice president; and Marion Drone, cashier.[4]

At the close of business on December 29, 1920, the bank had capital stock $25,000, surplus and undivided profits 12,305.17, circulation $24,500, and deposits of over $119,000. Marion Drone was cashier and directors attesting to the correctness of the report were Arthur Maloney, H.I. Harrington, and James Doherty.[5]

In January 1921, the stockholders elected the following directors: E.A. Green, Frank Welver, Henry Harrington, Marion Drone, James Doherty, Ed. Drone, Louis Drone, Arthur Maloney, and Joseph Raben.[6]

In January 1925, the First National Bank of Ridgway installed the latest model Burroughs electric bookkeeping machine. Mr. Cole, a representative of the company who set up the machine, said it was precisely the same as that used in the large city banks and was fast taking the place of the old-style adding machine of the ledger type. The machine sold for $1,050.[7]

On February 3, 1933, the First National Bank of Ridgway passed into the hands of receivers. This proved to be a great calamity for the community since many of them were stockholders and many others had deposited their savings in this bank.[8]

In October 1935, Oliver Alden of Benton, receiver for the closed First National Bank of Ridgway, announced that checks were being prepared for the payment of a 40% dividend to depositors. Two dividends were previously paid in the amount of 35% and 20%, thus with this third payment, depositors received 95% of their funds.[9]

Official Bank Title

1: The First National Bank of Ridgway, IL

Bank Note Types Issued

1902 Plain Back $10 bank note with pen signatures of Marion Drone, Cashier and Edgar A. Green, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of Marion Drone, Cashier and Edgar A. Green, President. The Government Printing Office (GPO) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note with printed signatures of Marion Drone, Cashier and Edgar A. Green, President. Barnhart Brothers & Spindler prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com

A total of $355,880 in National Bank Notes was issued by this bank between 1909 and 1933. This consisted of a total of 28,630 notes (24,352 large size and 4,278 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 - 2110
1902 Plain Back 3x10-20 2111 - 6088
1929 Type 1 6x10 1 - 568
1929 Type 1 6x20 1 - 145

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1909 - 1933):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Ridgway, IL, 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
  1. The Ridgway News, Ridgway, IL, Thu., Mar. 20, 1924.
  2. The Messenger, Belleville, IL, Fri., May 8, 1931.
  3. The Dispatch, Moline, IL, Sat., May 1, 1909.
  4. Francis Murray Huston, Financing an Empire: History of Banking in Illinois (4 volumes) (Chicago: The S. J. Clarke Publishing Company, 1926), Vol. 4, p. 492.
  5. The Ridgway News, Ridgway, IL, Thu., Jan. 13, 1921.
  6. The Ridgway News, Ridgway, IL, Thu., Jan. 20, 1921.
  7. The Ridgway News, Ridgway, IL, Thu., Jan. 29, 1925.
  8. The Messenger, Belleville, IL, Mon., Jan. 1, 1934.
  9. Alton Evening Telegraph, Alton, IL, Thu., Oct. 17, 1935.