First National Bank/First-Taylor NB, Taylor, TX (Charter 3027)

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Photo of the old Taylor National Bank building
The old Taylor National Bank building at the corner of Main and Second Streets, ca2022. In 1931, the First Taylor National Bank opened for business here. Courtesy of Google Maps

First National Bank/First-Taylor NB, Taylor, TX (Chartered 1883 - Failed (Merger) 1990)

Town History

Stock certificate First National Bank of Taylor, Texas
Stock certificate dated August 20, 1883, for 5 shares to a Mr. Gentry, signed by C.H. Welch, Cashier and Jno. P. Sturgis, Vice President.

Taylor is a city in Williamson County, Texas, located approximately 35 miles northeast of the capital, Austin. The population at the 2020 Census was 16,267, up from 15,191 as of 2010. In 1890 the population was 2,584, growing to 7,463 by 1930.

In 1876, the Texas Land Company auctioned lots in anticipation of the arrival of the International-Great Northern Railroad when Taylor was founded that year. The city was named after Edward Moses Taylor, a railroad official, under the name Taylorsville, which officially became Taylor in 1892. Immigrants from Moravia and Bohemia (now the Czech Republic) and other Slavic states, as well as from Germany and Austria, helped establish the town. It soon became a busy shipping point for cattle, grain, and cotton.

By 1878, the town had 1,000 residents and 32 businesses, 29 of which were destroyed by fire in 1879. Recovery was rapid, however, and more substantial buildings were constructed. In 1882, the Taylor, Bastrop and Houston Railway (later part of the Missouri-Kansas-Texas Railroad) reached the community, and machine shops and a roundhouse served both rail lines. In 1882, the town was incorporated with a mayor-council form of city government, and in 1883, a public school system replaced a number of private schools.

Taylor had three National Banks chartered during the Bank Note Era, The First National Bank/First-Taylor National Bank (Charter 3027), The Taylor National Bank (Charter 3859), and The City National Bank of Taylor, and all three of those banks issued National Bank Notes.

Bank History

  • Organized August 10, 1883
  • Chartered August 15, 1883
  • 1: Absorbed 3859 by consolidation July 27, 1931 with title change (Taylor National Bank, Taylor, TX)
  • 1: Assumed its circulation
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Failed. Merged with government financial assistance into The Citizens State Bank in Giddings, TX, May 17, 1990

In April 1883, application was made by Messrs. Crawford, H. Booth, H. Dickson, John R. Hoxie, R.S. Hays, H.M. Hoxie and other to establish a national bank at Taylor, Texas. The capital stock was $50,000 with right to increase to $500,000. The other stockholders were John W. Kelly, C.H. Welch, E.N. McCauley, Wormack & Sturgis, J.L. Woodward, Robertson & Buchanan, H. Bland, M.R. Hoxie, A. Symes, C. Mendel, Wm. Kelhior, D. Moody, Buckett & Murphy, J.D. Cooper, and S.A. Easley. The applicants were highly endorsed by Hon. John Hancock, Governor Ireland and others.[1]

In January 1884, the stockholders elected the following directors: John R. Hoxie, J.P. Sturgis, C.H. Booth, M.R. Hoxie, H.Bland, W. Kehilhor, and C.H. Welch. The directors elected J.R. Hoxie, presient; J.P. Sturgis, vice president; and C.H. Welch, cashier.[2]

In March 1884, an ordinance was passed changing the charter for Taylor from a town to a city with a population of 1,800. John R. Hoxie and family from Chicago were visiting relatives and friends and looking after his interests in the vicinity. O.D. Wetherell, a capitalist of Chicago was visiting Mr. C.H. Welch, cashier of the First National Bank. Mr. R.B. Landon of Chicago had assumed charge of the dry goods department of Womack & Sturgis, the extensive mercantile firm of Central Texas. John Kelly and family, another wealthy capitalist of Chicago was coming with the remainder of Chicago expected down soon.[3]

In January 1895, the directors were John A. Hoxie, J.P. Sturgis, M.R. Hoxie, C.H. Welch, F.L. Welch, Thomas Emmerson, and John Threadgill. The directors elected the following officers: John R. Hoxie, president; J.P. Sturgis, first vice president; Dr. John Threadgill, second vice president; C.H. Welch, cashier; F.L. Welch, assistant cashier.Austin American-Statesman, Austin, TX, Thu., Jan. 24, 1895. 

On November 21, 1896, John R. Hoxie, an old and well-known citizen of Chicago and for many years a prominent figure in the city's commercial life, died at his home on Michigan Avenue. Mr. Hoxie came to Chicago 37 years ago, engaging in enterprises here and in Texas allowing him to amass a fortune.  In 1876, he was a candidate for Congress.  He was connected with a number of banks and was at the time of his death one of the largest stockholders of the Chicago City Railway Company.  John R. Hoxie was born in Macedon, New York in 1831. When a young man he came to Michigan and engaged in the cattle business.  Later he moved to Chicago and eventually became the owner of the Lake Shore Stock Yards at 22d Streets. These yards later merged with the Union Stock Yards. He became a member of the Chicago Stock exchange in 1891 and proved an exceptionally successful trader. He bought large sections of Hyde Park and was for years president of its board of trustees. In the early 1870s, he became convinced that there was money to be made in ranching in Texas and began to purchase lands there. He owned the San Gabriel hog ranch of over 15,000 acres, a 65,000 acre cattle ranch in Martin and Andrews Counties, and a 5,000 acre ranch near Taylor. He was a president of the Farmers and Mechanics National Bank of Fort Worth and one of the promoters of the Fort Worth Stock Yards and Packing House Company.[4][5]

In January 1902, the stockholders elected the following directors: J.W. Kelly, M.R. Hoxie, C.H. Welch, Mrs. M.J. Hoxie, F.L. Welch, J.P. Sturgis, and F.H. Welch. The officers elected were C.H. Welch, president; F.L. Welch, cashier; R.J. Eckhart, assistant cashier.Austin American-Statesman, Austin, TX, Wed., Jan. 22, 1902.

In January 1928, officers selected during the annual election were Francis H. Welch, president; S.G. Gernert, cashier; Alfred Weidenbaum and Ben F. Holub, assistant cashiers; F.H. Welch, S.G. Gernert, F.R. Womack, Alfred Weidenbaum, and Ben F. Holub, directors.[6]

In January 1931, officers were S.G. Gernert, president; Alfred Weidenbaum, vice president and cashier; Ben F. Holub, assistant cashier; S.G. Gernert, Cliff Welch, Frank Womack, Ben Holub, and Alfred Weidenbaum, directors[7]

On Monday, April 27, 1931, the Taylor National and the First National banks voluntarily consolidated, making one of the largest and strongest financial institutions in Central Texas with combined resources amounting to a million and a half dollars. The combined institution would be known as the First Taylor National Bank of Taylor. Plans for consolidation had been contemplated for a number of years. The First Taylor National Bank planned to occupy the building used by the Taylor National Bank due to the fact that the building was more modern and up-to-date, having recently been extensively remodeled. Officers of the First Taylor National Bank were named as follows, G.M. Booth, chairman of the board; S.G. Gernert, president; S.G. Yakey, J.W. Armstrong, vice presidents; Alf Weidenbaum, cashier; A.J. Priesmeyer, Ben F. Holub, and D.L. Thomson, assistant cashiers. The directors were G.M. Booth, S.G. Gernert, S.G. Yakey, Harris A. Melasky, and J.W. Armstrong.[8] 

On November 27, 1934, Francis Horace Welch, 61, prominent banker formerly of Taylor was found dead in his home in Wichita Kansas.  He left Taylor in 1930, moving to Wichita where he became vice president of the Union National Bank.  He retired in 1934 due to failing health.  He was born in Jefferson, Marion County, Texas.  His name was from his grandfathers, Francis Emerson and Horace Welch. When he was one year old, his father, Clifton Horace Welch, moved to McKinney where his grandfather was president of the First National Bank and the famous Emerson sisters (one of whom was Frank's mother) reigned socially.  C.H. Welch became a successful merchant.  When Frank was 10, his father moved into central south Texas where the counties were news and the towns young. John R. Hoxie, a Chicago millionaire, friends of the McKinney merchant, persuaded the elder Welch to establish a bank.  Accordingly, the First National Bank of Taylor was organized with C.H. Welch as cashier.  Frank spent many of his vacation months in his grandfather's bank in McKinney with pay at 25 cents each day. He graduated from Taylor high school as valedictorian of his class and in 1889 entered the university of Texas, graduating in 1893. After traveling in Europe with his friend, J.H. Griffith, he returned and entered the law school of Harvard University in the fall of 1894.  Three years later he graduated with honors.  His mother, stricken with illness, necessitated his return home where he began work in the First National Bank as assistant cashier.  After his mother's death, his father returned to the bank and Francis was admitted to the bar, practicing civil law in Taylor.  After his father's death in 1902, he returned to the bank and was made active vice president in 1903.  At the time, his uncle Fred Welch, was president. When his uncle died in 1912, Frank became president for the next 27 years.[9]

In January 1935, the directors of the First Taylor National Bank were Harris A. Melasky, S.G. Gernert, G.M. Booth, Alf Weidenbaum, S.G. Yakey, and J.W. Armstrong.[10]

In 1990, First Taylor National Bank, located at 212 N. Main Street, was owned by a one-bank holding company, T.B.I.C. Inc. It had declared assets of $84 million.[11] In 1989, the bank lost $4.7 million as part of a 4-year-old Austin banking slump marked by 30 bank failures. Among local banks with the best records was City National Bank, Taylor, posting $458,000 in earnings.[12] On Friday, May 18, 1990, First Taylor National Bank reopened as a branch of Citizens State Bank of Giddings which paid a $400,000 purchase premium to assume about $81.9 million in 11,200 deposit accounts.[13]

  • 05/17/1990 Failed. Merged with government financial assistance and became part of The Citizens State Bank (FDIC# 11182) in Giddings, TX.
  • 05/22/1991 Merged and became part of The Bank of the West (FDIC# 27464) in Austin, TX.
  • 04/29/1994 Merged and became part of First Interstate Bank of Texas, National Association (24344) in Houston, TX.
  • 06/01/1996 Changed Institution Name to Wells Fargo Bank (Texas), National Association.
  • 04/14/2000 Merged and became part of Wells Fargo Bank Texas, National Association (FDIC# 14533) in San Antonio, TX.

Official Bank Titles

1: The First National Bank of Taylor, TX

2: First-Taylor National Bank (7/27/1931), Taylor, TX

Bank Note Types Issued

1902 Date Back $100 bank note with pen signatures of S.G. Gernert, Cashier and Francis H. Welch, President
1902 Date Back $100 bank note with pen signatures of S.G. Gernert, Cashier and Francis H. Welch, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $50 bank note with printed signatures of Alf. Weidenbaum, Cashier and Francis H. Welch, President
1929 Type 1 $50 bank note with printed signatures of Alf. Weidenbaum, Cashier and Francis H. Welch, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $100 bank note with printed signatures of Alf. Weidenbaum, Cashier and S.G. Gernert, President
1929 Type 1 $100 bank note with the bank's second title and printed signatures of Alf. Weidenbaum, Cashier and S.G. Gernert, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,130,390 in National Bank Notes was issued by this bank between 1883 and 1935. This consisted of a total of 31,133 notes (25,886 large size and 5,247 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: 1882 Brown Back 3x10-20 1 - 3719
1: 1902 Red Seal 50-100 1 - 625
1: 1902 Date Back 50-100 1 - 1300
1: 1902 Date Back 3x50-100 1 - 1400
1: 1902 Plain Back 3x50-100 1401 - 1790
1: 1929 Type 1 6x50 1 - 252
1: 1929 Type 1 6x100 1 - 56
2: 1929 Type 1 6x50 1 - 126
2: 1929 Type 1 6x100 1 - 54
2: 1929 Type 2 10 1 - 1759
2: 1929 Type 2 20 1 - 560

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1883 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Taylor, TX, 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 Austin Weekly Statesman, Austin, TX, Thu., Apr. 26, 1883.
  2. ↑ Austin American-Statesman, Austin, TX, Wed., Jan. 9, 1884.
  3. ↑ Austin American-Statesman, Austin, TX, Tue., Mar. 18, 1884.
  4. ↑ Daily Inter Ocean, Chicago, IL, Sun., Nov. 22, 1896.
  5. ↑ The Chicago Chronicle, Chicago, IL, Sun., Nov. 22, 1896.
  6. ↑ The Austin American, Austin, TX, Tue., Jan. 17, 1928.
  7. ↑ .Austin American-Statesman, Austin, TX, Thu., Jan. 15, 1931.
  8. ↑ The Taylor Daily Press, Taylor, TX, Mon, Apr. 27, 1931.
  9. ↑ The Taylor Daily Press, Taylor, TX, Wed., Nov. 28, 1934.
  10. ↑ Austin American, Austin, TX, Fri., Jan. 11, 1935.
  11. ↑ Austin American-Statesman, Austin, TX, Thu., Feb. 1, 1990.
  12. ↑ Austin American-Statesman, Austin, TX, Wed., Apr. 18, 1990.
  13. ↑ Austin American-Statesman, Austin, TX, Fri., May 18, 1990.
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