First National Bank, Wilmington, DE (Charter 473)
First National Bank, Wilmington, DE (Chartered 1864 - Liquidated 1912)
Town History
Wilmington is the largest city in the U.S. state of Delaware. The city was built on the site of Fort Christina, the first Swedish settlement in North America. It lies at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. It is the county seat of New Castle County and one of the major cities in the Delaware Valley metropolitan area. Wilmington was named by Proprietor Thomas Penn after his friend Spencer Compton, Earl of Wilmington, who was prime minister during the reign of George II of Great Britain. As of the 2020 U.S. Census, the city's population was 70,898.
The greatest growth in the city occurred during the Civil War. Delaware, though officially remaining a member of the Union, was a border state and divided in its support of both the Confederate and the Union causes. The war created enormous demand for goods and materials supplied by Wilmington including ships, railroad cars, gunpowder, shoes, and other war-related goods. By 1868, Wilmington was producing more iron ships than the rest of the country combined and it rated first in the production of gunpowder and second in carriages and leather. Due to the prosperity Wilmington enjoyed during the war, city merchants and manufacturers expanded Wilmington's residential boundaries westward in the form of large homes along tree-lined streets. This movement was spurred by the first horsecar line, which was initiated in 1864 along Delaware Avenue.
Both World Wars stimulated the city's industries. Industries vital to the war effort included shipyards, steel foundries, machinery, and chemical producers which operated around the clock. Other industries produced such goods as automobiles, leather products, and clothing.
Wilmington had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.
Bank History
- Chartered July 1, 1864
- Succeeded Mechanics Bank of Wilmington
- Liquidated November 16, 1912
- Absorbed by Wilmington Trust Company
In February 1855, an act to incorporate the Mechanics' Bank of Wilmington was read the third time and passed by the senate. By August 1856, John McLear at the corner of Third and King Streets, Odd Fellows Hall, offered for sale Wilmington and Brandywine Bank Stock, Union Bank Stock, Farmers Bank Stock, Mechanics Bank Stock, etc. In January 1857, The Union Bank of Delaware declared a semi-annual dividend of 5%; The Mechanics' Bank of Wilmington declared a dividend rising 3% for the last six months; and The Bank of Wilmington and Brandywine declared a dividend of 7% for the last six months. The Mechanics Bank of Wilmington operated from 1856 until 1864 when it became the First National Bank of Wilmington, charter number 473.
Stockholders of the Mechanics Bank were requested to meet at the banking house on Wednesday, June 29, 1864, to consider the subject of closing the affairs of the bank under its present charter and of uniting the capital at par with that of the First National Bank of Wilmington. Samuel Biddle was the cashier of the Mechanics Bank.
Henry Bush entered the employment of the bank on December 28, 1868. The banking house was located at the southeast corner of Fourth and Market Streets in the Sharp Building. The bank moved in 1873 to its Fifth Street location.
In December 1870, the directors were Clement B. Smyth, Israel Pusey, Delaplaine McDaniel, Daniel James, George W. Bush, Eli Garrett, Joshua T. Heald, William Tatnall, and Edward Betts. The officers were Edward Betts, president and Geo. D. Armstrong, cashier. The bank had paid up capital of $400,000.
In January 1879, the directors were Clement B. Smyth, Israel Pusey, Henry S. McComb, Daniel James, George W. Bush, Eli Garrett, Samuel Bancroft, Jr., William Tatnall and Edward Betts. In July 1879, Mr. John H. Adams, president of the McCullough Iron Company was elected to fill the vacancy in the Board caused by the death of Israel Pusey.
In January 1885, the directors were Edward Betts, Clement B. Smyth, George W. Bush, Daniel James, James C. McComb, Eli Garrett, William Tatnall, John H. Adams, and Samuel Bancroft, Jr. Mr. Edward Betts was unanimously re-elected president. Geo. D. Armstrong was cashier.
On Tuesday, January 8, 1901, the directors elected were Clement B. Smyth, James C. McComb, Z. James Belt, James P. Winchester, Samuel N. Trump, George R. Hoffecker, W. Harold Smith, Peter J. Ford, Howard T. Wallace.
On Tuesday, January 9, 1912, the following were elected directors: James P. Winchester, Samuel N. Trump, W. Harold Smith, James C. McComb, George R. Hoffecker, Howard T. Wallace, Herbert H. Ward, Edward T. Betts, William F. Sellers, Rodney Thayer, and Tilghman Johnston.
On July 11, 1912, an announcement was made that more than two-thirds of the stockholders of the National Bank of Wilmington and Brandywine and of the First National Bank accepted the offer of the Wilmington Trust Company to buy their stock outright or exchange it for cash and Trust Company stock. The consolidation of the two national banks with the Wilmington Trust Company had become effective. Stockholders of the First National Bank and the National Bank of Wilmington and Brandywine who had not accepted the Wilmington Trust Company's offer had until Monday next to do so, as the proposition by the Trust Company expired that day. Those who did not accept the offer of the Trust Company would receive an amount for their stock that the liquidation of each of the national banks under the plan provided for by the National Banking Law, yielded them. The consolidated bank would be known as The Wilmington Trust Company, but the First National Bank and the National Bank of Wilmington and Brandywine would continue to do business at their current banking institutions and with the same personnel. Sometime in the future, a big banking house was planned for somewhere downtown to accommodate the additional patrons of the two banks.
On July 25, 1912, the stockholders of the Wilmington Trust Company, the First National Bank and the Bank of Wilmington and Brandywine elected George S. Capelle, of the National Bank of Wilmington and Brandywine as chairman of the board of directors, and elected James P. Winchester, of First National Bank, as president to succeed General T. Coleman duPont, who resigned. Caleb M. Sheward, of Wilmington and Brandywine, was elected a vice president, and Henry Bush of the First National, was chosen secretary to succeed Harlan G. Scott, resigned. The following were elected directors in addition to the directors existing: George S. Capelle, James P. Winchester, Caleb M. Sheward, Henry Bush, Frank H. Thomas, E.T. Betts, S.N. Trump, W. Harold Smith, Rodney Thayor, Tilghman Johnston, J.C. McComb, William F. Sellers, H.H. Ward, H.T. Wallace, Robert H. Richards, Edmund Mitchell, A.D. Poole, S.K. Smith, H.M. Taylor, A.D. Warner, C.W. Weldin, T.W. Miller, J.T. Eliason, Martin Lane, and W.T. Lynam. The members of the old Board who continued as directors in addition to those elected were: T.C. duPont, Henry P. Soott, Pierre S. duPont, William S. Hilles, Harlan G. Scott, Samuel Bancroft, Jr., Charles C. Kurtz, John Biggs, S.D. Townsend, Andrew C. Gray, Thomas F. Bayard. John J. Raskob, Charles S. Gawthrop, William Winder Laird, Joseph Bancroft, H.M. Barksdale, T. Allen Hilles and Wilmer Palmer. At the meeting announcement was made of an increase in the capital stock to $1,000,000. The increase in capital stock meant Wilmington would have a bank with capitalization sufficient to handle the biggest financial transactions. The First National was renamed the Wilmington Trust Co., Fifth Street office and the Wilmington and Brandywine became the Wilmington Trust Co., Second Street office.
Official Bank Title(s)
1: The First National Bank of Wilmington, DE
Bank Note Types Issued
A total of $2,477,150 in National Bank Notes was issued by this bank between 1864 and 1912. This consisted of a total of 118,754 notes (118,754 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 - 4500 Original Series 3x10-20 1 - 3300 Original Series 3x50-100 1 - 2260 Series 1875 3x10-20 1 - 1400 Series 1875 3x50-100 1 - 1588 1882 Brown Back 3x10-20 1 - 1017 1882 Brown Back 50-100 1 - 4545 1902 Red Seal 4x5 1 - 2750 1902 Red Seal 3x10-20 1 - 3300 1902 Date Back 4x5 1 - 4250 1902 Date Back 3x10-20 1 - 3051
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1912):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Wilmington, DE, Wikipedia, https://en.wikipedia.org/wiki/Wilmington,_Delaware
- 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 Smyrna Times, Smyrna, DE, Wed., Feb. 21, 1855.
- Delaware Weekly Republican, Thu., Aug. 21, 1956.
- The Smyrna Times, Smyrna, DE, Wed., Jan. 7, 1857.
- Delaware State Journal, Wilmington, DE, Fri., June 17, 1864.
- Delaware Tribune, Wilmington, DE, Thu., Dec. 29, 1870.
- The Daily Gazette, Wilmington, DE, Mon. June 30, 1879.
- Daily Republican, Wilmington, DE, Sat., July 5, 1879.
- The Morning News, Wilmington, DE, Fri., Jan. 16, 1885.
- The Evening Journal, Wilmington, DE, Wed., Jan. 9, 1901.
- The Evening Journal, Wilmington, DE, Tue., Jan. 9, 1912.
- The Evening Journal, Wilmington, DE, Thu., July 11, 1912.
- The Morning News, Wilmington, DE, Fri., July 26, 1912.
- The News Journal, Wilmington, DE, Thu., Aug. 15, 1912.
- The News Journal, Wilmington, DE, Sat., Nov. 16, 1912.