First National Bank, Webster City, IA (Charter 1874)
First National Bank, Webster City, IA (Chartered 1871 - Receivership 1932)
Town History
Webster City is a city in Hamilton County, Iowa. It is the county seat of Hamilton County. Webster City is known as 'Boone River Country', as the Boone River meanders along the east side of the city. The population was 7,825 at the 2020 census. In 1870, the population was 1,339, growing to 7,024 by 1930.
Webster City was originally called Newcastle by settlers of European descent; the name was changed in 1854 by Wilson Brewer. In 1855, Walter C. Willson came to Newcastle. Willson was elected to the Iowa State House the next year and, with John F. Duncombe, crafted a bill to divide the very large Webster County in half. Newcastle would be renamed "Webster City," named after Daniel Webster of Massachusetts and would become the county seat of the new county. Willson suggested "Hamilton County" after William W. Hamilton, the president of the State Senate. He helped pass the legislation. The law took effect on January 1, 1857, renaming Webster City and designating it as the county seat of the newly organized Hamilton County. Willson was also instrumental in getting the Dubuque & Sioux City rail line to be constructed through Webster City on its way to Fort Dodge. He personally oversaw the laying of track.
Webster City had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized August 10, 1871
- Chartered September 8, 1871
- Succeeded Young, Estes & Co.
- Receivership November 30, 1932
On October 29, 1871, the First National Bank of Webster City made its first issue and Hunter of the Freeman had the first bill. Kendall Young was the president and L.L. Estes, vice president of the bank since its organization. The directors were: K. Young, L.L. Estes, D.D. Chase, E.S. Wheeler, and W.W. Boak. O.K. Eastman was the cashier. The bank had a capital of $50,000.
In July 1891, among the leading business buildings under construction were the new homes for the First National Bank and the Webster City Freeman. The cost of the bank was $15,000.
In 1910, the First National Bank of Webster City, Iowa, erected a modern two-story marble bank and office building. Great double doors of mahogany provided entrance to a small lobby which in turn opened into the banking room. To the right were located the bank's officers, then passing down a corridor was located the exchange, paying and receiving tellers' windows and the department of savings. In the rear of the long room was located the safety deposit department. Here there were a number of private coupon booths, and adjoining, the bank provided a specially equipped room for ladies and also furnished a room for the use of men. Solid mahogany was used throughout. The wainscoting was all white Italian marble and reached to a height of six feet. This was surmounted by a rail of mahogany. The base of the main counter and top was of Verde antique marble and each employee's ledge was fitted with a large panel of imported black Belgian marble to minimize the wear caused by passing silver back and forth. The second story of the building was devoted to offices. Where the stairway ended at the second floor, large asbestos fire doors were hung that shut automatically in an emergency. The First National Bank had capital of $100,000 and a surplus of $70,000, and deposits of $550,000. During its past 40 years, it had three presidents: K. Young, L.L. Estes, and W.J. Covil. The officers were W.J. Covil, president; E.F. King, vice president; Warren C. Pyle, cashier; Earl Mason and Harry O. Cutler, assistant cashiers.
On February 15, 1927, the First National Bank of Webster City which failed to open for business on December 2d, had reorganized and reopened for business. Wesley Martin of Webster City was the new president and E.G. Fardal of Stanhope, vice president. Mr. Fardal would be actively in charge of the bank. He was formerly with the Stanhope State Bank and his family had been bankers for two generations. The bank reopened with paid up capital of $100,000, a surplus of $10,000, and deposits of approximately $600,000.
In January 1928, Wesley Martin was re-elected president at the annual meeting. E.G. Fardal was vice president, E.E. Mason, cashier and W.L. Clifton, assistant cashier.
On November 29, 1932, the First National Bank of Webster City failed to open its doors. Its closing left the city with one bank, the Farmers National. In its September 30th report it showed deposits of $486,798.
Official Bank Title(s)
1: The First National Bank of Webster City, IA
Bank Note Types Issued
A total of $1,540,060 in National Bank Notes was issued by this bank between 1871 and 1932. This consisted of a total of 161,732 notes (147,920 large size and 13,812 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 1500 Original Series 4x5 1 - 3375 Series 1875 4x5 1 - 5876 1882 Brown Back 4x5 1 - 2400 1882 Brown Back 3x10-20 1 - 3630 1882 Date Back 4x5 1 - 1985 1882 Date Back 3x10-20 1 - 1657 1902 Date Back 3x10-20 1 - 5600 1902 Plain Back 3x10-20 5601 - 16557 1929 Type 1 6x10 1 - 1810 1929 Type 1 6x20 1 - 492
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1871 - 1932):
Presidents:
- Kendall Young, 1872-1895
- Lewis L. Estes, 1896-1908
- Watson J. Covil, 1909-1920
- Elston Fullerton King , 1921-1926
- Wesley Martin , 1927-1932
Cashiers:
- Oliver Kimball Eastman, 1872-1874
- Bradford Stillman Mason, 1875-1885
- Bridgeman Camden Mason, 1886-1896
- William Anderson, 1897-1899
- Harry William McDonald, 1900-1902
- August F. Hoffmann, 1903-1905
- Elston Fullerton King , 1906-1908
- Warren Clifford Pyle, 1909-1920
- Earl Eugene Mason, 1921-1932
Other Known Bank Note Signers
Bank Note History Links
Sources
- Webster City, IA, 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
- The Bankers' Magazine, Vol. 82, Jan. 1911-June 1911, pp 428-9.
- Sioux City Journal, Sioux, City, IA, Sun., Sep. 24, 1871.
- The Des Moines Register, Des Moines, IA, Sun., Oct. 29, 1871.
- The Des Moines Register, Des Moines, IA, Sun., July 12, 1891.
- Sioux City Journal, Sioux City, IA, Wed., July 15, 1891.
- The Algona Upper Des Moines, Algona, IA, Wed., Aug. 12, 1891.
- The Des Moines Register, Des Moines, IA, Tue., Feb. 15, 1927.
- Des Moines Tribune, Des Moines, IA, Mon., Jan. 16, 1928.
- Globe-Gazette, Mason City, IA, Tue., Nov. 29, 1932.