First National Bank, Waterville, ME (Charter 13769)
First National Bank (No Issue), Waterville, ME (Chartered 1933 - Open past 1935)
Town History
Waterville is a city in Kennebec County, Maine, on the west bank of the Kennebec River. The city is home to Colby College and Thomas College. As of the 2020 census the population was 15,828. Along with Augusta, Waterville is one of the principal cities of the Augusta-Waterville, ME Micropolitan Statistical Area.
The area now known as Waterville was once inhabited by the Canibas tribe of the Abenaki people. Called "Taconnet" after Chief Taconnet, the main village was located on the east bank of the Kennebec River at its confluence with the Sebasticook River at what is now Winslow. Known as "Ticonic" by English settlers, it was burned in 1692 during King William's War, after which the Canibas tribe abandoned the area. Fort Halifax was built by General John Winslow in 1754, and the last skirmish with indigenous peoples occurred on May 18, 1757.
The township would be organized as Kingfield Plantation, then incorporated as Winslow in 1771. When residents on the west side of the Kennebec found themselves unable to cross the river to attend town meetings, Waterville was founded from the western parts of Winslow and incorporated on June 23, 1802. In 1824 a bridge was built joining the communities. Early industries included fishing, lumbering, agriculture and ship building, with larger boats launched in spring during freshets. By the early 1900s, there were five shipyards in the community.
Ticonic Falls blocked navigation farther upriver, so Waterville developed as the terminus for trade and shipping. The Kennebec River and Messalonskee Stream provided water power for mills, including several sawmills, a gristmill, a sash and blind factory, a furniture factory, and a shovel handle factory. There was also a carriage and sleigh factory, boot shop, brickyard, and tannery. On September 27, 1849, the Androscoggin and Kennebec Railroad opened to Waterville. It would become part of the Maine Central Railroad, which in 1870 established locomotive and car repair shops in the thriving mill town. West Waterville (renamed Oakland) was set off as a town in 1873. Waterville was incorporated as a city on January 12, 1888.
Waterville had five National Banks chartered during the Bank Note Era, and four of those banks issued National Bank Notes. The subject of this bank history page, First National Bank of Waterville, was the one bank that did not issue Bank Notes.
Bank History
- Organized August 10, 1933 (Non-issuing)
- Chartered September 6, 1933
- Succeeded 880 Peoples-Ticonic National Bank of Waterville, Waterville, ME
- Bank was Open past 1935
On September 6, 1933, a charter was granted to the First National Bank of Waterville, organized to replace the Peoples-Ticonic National which failed to open following the national bank holiday. Dr. George G. Averill, president-designate of the new bank said it was hoped the bank could open Friday. Upon opening, at least 45% of the deposits of the closed bank would be available for distribution.[1] The directors were Dr. George G. Averill, Dr. Paul H. Baird, Nat H. Barrows, James L. Boyle, Everett B. Harris, Harry L. Holmes, Franklin W. Johnson, Cornelius B. Kelleher, William J. Lanigan, William Levine, J.B. Palmer, Dr. Harry L. Parizo, Frank M. Rollins, Dr. Harold J. Toward, Dr. John G. Towne, Charles W. Vigue, John Ware, Lewis G. Whipple and Seldon E. Whitcomb.[2]
On Tuesday, January 8, 1935, the following directors were chosen: Dr. George G. Averill, Dr. Paul R. Baird, Nat H. Barrows, James L. Boyle, E.B. Harris, H.L. Homes, Dr. Franklin W. Johnson, C.B. Kelleher, William Levine, J.B. Palmer, F.M. Rollins, Dr. H.J. Toward, Dr. J.G. Towne, C.W. Vigue, Lewis G. Whipple, and S.E. Whitcomb. Dr. Averill was elected president; C.W. Vigue, vice president; and Galen F. Sweet, cashier.[3]
In April 1941, steps toward the purchase of the First National Bank of Waterville by the Depositors Trust Company of Augusta were reported completed, subject to ratification by stockholders and by state and federal banking authorities. Richard Dana Hall, vice president of the Waterville institution, made the announcement. Stockholders would meet on May 19th to vote on liquidation of the bank and to ratify the agreement of sale which already had approval of over two-thirds of the shareholders. The transfer would make Depositors Trust Co. the largest bank in Central Maine from the point of view of deposits ($14 million) and resources ($16 million). The First National Bank of Waterville was organized in 1933 by Dr. George G. Averill and associates. The Depositors Trust Co. which was organized at about the same time under the leadership of William R. Pattangall, then Chief Justice of the Maine Supreme Court, now chairman of the board of directors of that bank, was a much larger bank with offices in Augusta and ten other cities and towns in the Kennebec Valley. Russell B. Spear, president of the Depositors Trust Co. said, "Included in the purchase of assets is the building now occupied by the Waterville bank and application is being made for permission to operate an office of the Depositors Trust Company therein. If granted, this office will maintain all of the characteristics of the First National Bank with the added departments now found in other offices of the Depositors Trust Company." Charles W. Vigue and Richard Dana Hall would be vice presidents of the Depositors Trust Co. and Galan F. Sweet would co-manage the Waterville office along with Melvin A. Mower, Jr., formerly of the Augusta office and more recently manager of the Fairfield office.[4] On May 1st, Depositors Trust Co. opened its office at Waterville, bringing its total number of offices to 12. The bank building was built by the Peoples National Bank in 1923 and was located in the heart of the city in close proximity to city hall, the post office, theaters and the commercial district.[5]
Official Bank Title(s)
1: First National Bank of Waterville, ME
Bank Note Types Issued
No National Bank Notes were issued by this bank.
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1933 - 1935):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- First National Bank (No Issue), Waterville, ME History (NB Lookup)
- Maine Bank Note History (BNH Wiki)
Sources
- Waterville, ME, 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