First National Bank, Saint Albans, VT (Charter 269)
First National Bank, Saint Albans, VT (Chartered 1864 - Receivership 1884)
Town History
St. Albans is the county seat of Franklin County, Vermont. At the 2020 census, the city population was 6,877. St. Albans City is surrounded by the town of Saint Albans which is incorporated separately from the city of St. Albans. The city is located in Northwestern Vermont, 29 miles north of Burlington, the state's most populous city which is located in Chittenden County.
One of the New Hampshire grants, St. Albans was chartered by Colonial Governor Benning Wentworth on August 17, 1763, to Stephen Pomeroy and 63 others. Named after St Albans, Hertfordshire, England, it was first settled during the Revolution by Jesse Welden. The war delayed further settlement until 1785, when many others began to arrive. Farmers found the rich, dark loam suitable for cultivation, as well as for the raising of cattle, horses and sheep. Butter and cheese were produced in great quantities. St. Albans also became known as "Railroad City," home to a major depot, operations center and repair shop of the Vermont and Canada Railroad. When the village was incorporated in 1859, it had an iron foundry, a manufacturer of freight cars, and a large number of mechanic shops.
The northernmost engagement of the Civil War, known as the St. Albans Raid, occurred here on October 19, 1864. In 1902, the City of St. Albans was incorporated, comprising two square miles within the town of St. Albans.
Saint Albans had four National Banks chartered during the Bank Note Era, and all four issued National Bank Notes. Saint Albans also had two Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Chartered February 20, 1864
- Receivership April 22, 1884
- FNB was robbed of at least $58,000 on October 19, 1864 by a band of 22 Confederate raiders coming from Canada
- The St. Albans Raid which targeted the St. Albans Bank, Franklin County Bank, and First National Bank, was the northern most land action of the Civil War
- Bank History Links:
- St. Albans Has Been Surprised (SPMC PM#96)
- St. Albans History Museum video of the St. Albans Raid
In 1864 the First National Bank of St. Albans commenced business under the direction of Hiram Bellows, president; and Albert Sowles, cashier. On October 19, 1864, a band of rebel raiders from Canada, armed and equipped to rob banks and burn the town, made their presence known in the village, robbed the St. Albans Bank, the Franklin County Bank and the First National Bank to the amount of about $250,000. They attempted to burn the village, killed the lamented Mr. E.J. Morrison, forcibly seized a number of horses and made their escape back to Canada. The authorities in Canada refused to surrender the offenders to the United States, but the Canadian government subsequently paid to the banks $50,000 in gold which was supposed to be equivalent to the amount that had been recovered from the raiders. The Franklin County Bank succumbed under its loss and since declined to pay its notes. It was chartered in 1849 and located at St. Albans Bay with capital of $100,000. A few years into operations it moved to the village of St. Albans under authority of an act of the legislature, occupying a large, commodious banking house on Main Street next to the Phoenix Hotel (later the American Hotel). The St. Albans Bank with its principle stockholders largely interested in the Vermont National Bank wound up its affairs at the Vermont National, redeeming its notes until 1868.
The First National Bank was located on the corner of Main and Fairfield Streets, near Taylor Park. The party that robbed this bank had a scrimmage before they went in with a young man named William Blaisdell, clerk in an adjoining clothing store. He saw these armed men going towards the bank and tried to notify the cashier. Before he entered the bank, however, he was stopped by the raiders, who, presenting a pistol, and after a brief scuffle marched him and other prisoners to the Green where a guard watched over them. Upon entering the bank, Mr. Sowles, the Cashier, was invited to hand over what money he had and the keys to the safe. The request was complied with, the funds abstracted, and Mr. Sowles marched off to the Green. The losses of this bank amounted to $52,000, as follows: $29,620 in 7 3-10 Treasury Bonds, in denominations of $50, $100 and $1000; $10,000 in 5% Legal Tender coupon notes; $5000 Legal Tender interest bearing notes; $3,000 in currency on New England banks and greenbacks. A reward of $1,000 was posted for the necessary information leading to the conviction of any of the robbers, and all persons were cautioned against purchasing any of the above lost bonds, as payment had been stopped.
After the successful plundering of the banks, the raiders made a descent upon all the horses they could find in the streets, seized some 25, detaching them from wagons, and at the same time cleaned out the livery stables of P.S. Field and E.D. Fuller, the former losing 12, and the latter 5. A pair of valuable horses belonging to Z. Clark of this place were also taken, as well as the span of Wm. Eaton of St. Albans. While the stealing of the horses was progressing, Mr. Lorenzo Bingham, foreman at the St. Albans Foundry, in attempting to prevent the robbers from taking a horse which was hitched in front of McGowan's tin shop, was slightly wounded, a ball just grazing his abdomen. As Mr. C.H. Huntington, well known jeweler, was passing in front of the "American," he was ordered by one of the raiders to go into the Park. He refused to go, when the rascal deliberately fired and wounded him severely in the side. At last accounts Mr. Huntington, though suffering much was doing well and in a fair way of recovery. Mr. E.J. Morrison, when shot was standing near the Messenger office, quietly engaged in conversation with Mr. E.D. Fuller. The raiders rode along and when opposite Morrison one of them drew his revolver, fired at him wounding him in the bowels. The shot proved a fatal one, Morrison dying two days later. He would be the northern-most casualty of the Civil War. More details of the St. Albans raid may be found using the links above.
In January 1874, the directors were Hiram Bellows, O. Adams, L. Janes, Romeo H. Hoyt, and E.A. Sowles. The officers were Hiram Bellows, president; Albert Sowles, cashier and C.G. Lawrence, teller.
In May 1875, the directors of the Central Vermont Railroad Co. met at Young's Hotel in St. Albans and organized their board as follows: former governor John B. Page, Portland, president; Bradley Barlow, St. Albans, first vice president; James W. Hickok, Burlington, second vice president; A.G. Safford, St. Albans, clerk; Albert Sowles, St. Albans, treasurer; B. Barlow, president of finance committee; Romeo H. Hoyt, president of committee on accounts.
In January 1880, it was well-known in local financial circles for upward of a year, that the relations between the Hon. E.A. Sowles, president of the First National Bank, and some of the directors, especially his brother, Hon. Albert Sowles, cashier, were not pleasant, owing to a difference of views in regard to private property matters, and in regard to the management of the bank. These differences caused a storm previous to the election last year, but a truce was patched up, the old board was re-elected, and the Sowles brothers were chosen president and cashier, respectively. But the truce was not peace, and shortly after the notice of the present annual meeting was published by the cashier, the president caused another to be inserted in another paper. Information soon leaked out of his purpose to elect a new board this year and run things in his own way. In his own name and as executor of the will of the late Hon. Hiram Bellows, he held a majority of the stock and no doubt felt confident of his right and his ability to change the management. When the directors met this afternoon they chose Messrs. R.H. Hoyt, Orange Adams and H.H. Bowman judges of the election. When the stockholders' meeting opened, the presence of Messrs. O.A. Burton and Geo. W. Foster was noticed, and as it was not supposed they were stockholders, they were invited to leave, but they chose to stay, asserting their rights. It afterward appeared that E.A. Sowles, as executor, had transferred or endeavored to transfer to them a portion of the Bellows stock. The election proceeded and the following were chosen directors, being a re-election of the old board, except that Albert Sowles was substituted for Edward A. Sowles. The directors were Romeo H. Hoyt, Orange Adams, H.H. Bowman, H.P. Seymour, Albert Sowles. The certificate of their election was handed to the cashier, as required by law, and they qualified. The stock was divided into 1000 shares. They received 432 votes. A board consisting of O.A. Burton, E.A. Sowles, Orange Adams, Geo. W. Foster and Romeo H. Hoyt received 400 votes, cast by E. A. Sowles, executor of Hiram Bellows. The votes of E.A. Sowles, Geo. W. Foster and O.A. Burton were refused by the judges; those of Burton and Foster, (10 shares each) on the ground that they were not properly stockholders, having become such by transfer by E.A. Sowles, executor, without license from the probate court, and because of other informalities; the vote of E.A. Sowles (144 shares,) was disallowed, on account of his being indebted to the bank on overdue liabilities. There was intense excitement and hard words were exchanged without discount. In an effort to recover the transfer book from the possession of Mr. F.J. Houghton, Edward A. Sowles encountered resistance and he promptly met it with more force with blows. Albert Sowles rushed to Mr. Houghton's assistance and in the melee Edward was struck on the head and shoulders by a bank book that was conveniently near. By that time the contestants were separated, neither having been hurt, and it still being uncertain which is the "best man," Mr. Houghton or the ex-president, Albert Sowles immediately sent for Sheriff Halbert, who soon arrived and restored order. Ex-Gov. Hendee, the national bank examiner for Vermont, was in town and was sent for. He patiently heard the parties, acquainted himself with all the particulars and will report to the comptroller of the currency. It was claimed by Edward A. Sowles and his supporters that they have been deprived of their votes without right, and they will doubtless avail themselves of any legal remedies they may have, if any remained. It was claimed on the other hand that Edward A. Sowles, and both Messrs. Burton and Foster were much engaged in stock speculation on Wall Street and did not enjoy the confidence of the conservative men who were connected with the bank ever since its existence, and that in their endeavor to get control there was disregard for the prerequisites of law. Without saying that either board voted for would not have enjoyed public confidence, there is no question but that the old board had enjoyed it in a large degree and will doubtless continue to hold it. The directors afterwards organized by choosing Hon. R.H. Hoyt president, and Hon. Albert Sowles cashier.
In February 1880, the election quarrel was settled by Messrs. E.A. Sowles, Burton and Foster buying out the stock of Messrs. Hoyt, Seymour, Bowman and Adams of the opposing board, amounting to about $25,000 at $120/share, thus assuming control. Albert Sowles was retained as cashier.
In January 1881, the directors were E.A. Sowles, H.H. Bowman, O.A. Burton, G.W. Foster, Albert Sowles. E.A. Sowles was president and Albert Sowles, cashier.
On Tuesday, January 9, 1883, at the annual meeting the following directors were chosen: E.A. Sowles, O.A. Burton, Geo. W. Foster, Albert Sowles, B.C. Hall. At a subsequent meeting of the directors, the following officers were chosen: E.A. Sowles, president; Albert Sowles, cashier; Chas. H. Weeks, assistant cashier; and Joseph Weeks, teller.
In January 1884, unfavorable rumors against the First National Bank of St. Albans spread for the past few days, but seem to have no foundation. Bank Examiner Hendee said the bank was in good condition as far as be could discover from a recent examination. There was a small run some $10,000 being drawn out. President Sowles said that the bank was prepared for any emergency. The directors issued a notice that the bank was perfectly sound and that no alarm need be felt.
On Tuesday, April 8, 1884, the First National Bank which belonged principally to the Sowles family suspended payment. St. Albans was left without any bank, all three having failed. It was rumored that unfortunate operations on Wall Street were the cause of the downfall. In November 1884, Hon. Daniel Roberts, receiver of the First National Bank, began in United States Court a large number of suits against the stockholders of the bank.
St. Albans' banking void was soon filled. In March 1886, the Welden National Bank, with a capital stock of $100,000, was organized at St. Albans with heavy backing from the Central Vermont Railroad interests. Hon. J. Gregory Smith of St. Albans was president; E.C. Smith of St. Albans, vice president; Henry L. Millis of Boston, J.W. Hobart of St. Albans, F.O. Squire of Boston, and J.M. Foss of St. Albans, directors. The cashier was F. Stewart Stranahan of St. Albans.
Official Bank Title(s)
1: The First National Bank of St. Albans, VT
Bank Note Types Issued
A total of $302,160 in National Bank Notes was issued by this bank between 1864 and 1884. This consisted of a total of 33,612 notes (33,612 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 Original Series 4x5 1 - 2000 Original Series 4x10 1 - 4125 Series 1875 4x10 1 - 1674 1882 Brown Back 3x10-20 1 - 604
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1884):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- First National Bank, Saint Albans, VT History (NB Lookup)
- St. Albans Has Been Surprised (SPMC PM#96)
- Vermont Bank Note History (BNH Wiki)
Sources
- Saint Albans, VT, 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
- Orleans Independent Standard, Irasburgh, VT, Fri., Oct. 28, 1864.
- The Vermont Transcript, Saint Albans, VT, Fri., Jan. 11, 1867.
- The St. Albans Weekly Messenger, St. Albans, Fri., Jan. 16, 1874.
- Boston Post, Boston, MA, Tue., May 25, 1875.
- The Burlington Free Press, Burlington, VT, Thu., Jan. 15, 1880.
- Vermont Watchman and State Journal, Montpelier, VT, Wed., Feb. 18, 1880.
- The Burlington Free Press, Burlington, VT, Wed., Jan. 12, 1881.
- The St. Albans Weekly Messenger, St. Albans, Tue., Jan. 9, 1883.
- The Vermont Tribune, Ludlow, VT, Fri., Jan. 18, 1884.
- Vermont Watchman and State Journal, Montpelier, VT, Wed., Apr. 9, 1884.
- Vermont Watchman and State Journal, Montpelier, VT, Wed., Nov. 19, 1884.