First National Bank in Redlands, CA (Charter 12316)
First National Bank in Redlands, CA (Chartered 1923 - Liquidated 1928)
Town History
Redlands (RED-ləndz) is a city in San Bernardino County, California. The city is located approximately 45 miles northwest of Palm Springs and 63 miles east of Los Angeles. As of the 2020 census, the city had a population of 73,168. In 1890 the population was 1,904, growing to 14,177 by 1930.
Redlands was founded in 1881 on land that encompassed native Serrano, Morongo and Cahuilla tribes. Redlands absorbed the communities of Terracina, Barton, Gladysta, and Lugonia along with portions of Mentone, Crafton and Bryn Mawr when it incorporated in 1888. Redlands is home to the Asistencia Mission founded in 1819 by early European settlers. By the early 20th century, it was a major focal point of California's citrus industry and boasted the largest producer of navel oranges in the world.
Redlands had four National Banks chartered during the Bank Note Era, The First National Bank of Redlands (Charter 3892), The Redlands National Bank (Charter 7259), The Citizens National Bank (Charter 8073), and The First National Bank in Redlands (Charter 12316), and all four of those banks issued National Bank Notes.
Bank History
- Organized January 20, 1923
- Chartered February 7, 1923
- Liquidated April 6, 1928
- Absorbed by Security Bank and Trust Company of Bakersfield
On December 15, 1922, authority to organize the First National Bank in Redlands was received. Its competitors were branch banks of Los Angeles. The officers were Austin T. Park, president; Jay C. Sexton, vice president; and F.N. High, cashier. Mr. Sexton was formerly a banker at Brea.[2] A temporary office was secured at Suite 20, Fisher Building, Redlands.[3]
In January 1923, Austin T. Park who had been prominent in financial circles in Redlands for 15 years and who would be the president of the new First National Bank, announced the financial institution would be opened early in February. A large force of men were at work remodeling the Hubbard Block which would be the home of the bank. This was the room formerly occupied by the Citizens National Bank. The old vault and fixtures would be used. The room was remodeled inside and a new front was built. Mr. Park was formerly with the old Redlands National Bank and later with the First National Bank. Mr. High and Mr. Sexton had a wide banking experience in Oklahoma.[4]
In January 1924, at the annual meeting, good progress was reported for the bank's first year with total deposits of $442,574. Austin T. Park was re-elected president, with Jay C. Sexton vice president and cashier. C.J. Tripp was named a director to succeed F.N. High, former cashier who resigned to become affiliated with a bank in Van Nuys. The other directors were the officers and Guy C. Stockton, Dr. J.A. Shreck, Earl D. Finch, Dr. A.E. Ball, Bruce W. McDaniel and Brown R. Webb.[5]
On December 28, 1927, Leon Bocqueraz, chairman of the board of the United Bank and Trust Company, announced the First National Bank in Redlands had been purchased by the French-American Corporation for the United Bank and Trust Company, making the 61st unit of that rapidly expanding system.[6] The First National Bank in Redlands had capital stock of $100,000, surplus and undivided profits of $32,500, commercial deposits of $422,199, savings deposits of $392,940, and total resources of $947,641. This was the second bank in San Bernardino County taken over by the United Bank and Trust Company. It purchased the Commercial National of Upland some time earlier, converted it to a state bank, and made it a branch of the Security Bank and Trust Company of Bakersfield.[7]
On Tuesday, January 10, 1928, at the annual meeting of the First National Bank in Redlands, the following directors were elected: L.W. Butterfield, A.E. Ball, E.D. Finch, Bruce W. McDaniel, Junius Pierce, J.M. Cole, J. Cox Webb, John A. Shreck, Austin T. Park, and Jay C. Sexton. The officers elected were Austin T. Park, president; Jay C. Sexton, vice president and cashier; and Harold S. Macomber, assistant cashier. The sale of the stock to the United Bank and Trust Company of San Francisco, a subsidiary of the Bank of Italy, had been completed and most of the stockholders had received their money.[8]
On Tuesday, January 24, 1928, the First National Bank sign was changed to the Redlands branch of the Security Bank & Trust Company, main office in Bakersfield. The Redlands branch of the Security Bank & Trust Company was affiliated with the United Bank & Trust Co. of San Francisco and also with the banks controlled by the French American corporation of San Francisco. Despite reports to the contrary, there was no direct connection between the Redlands bank and the Bank of Italy according to officials of the local branch. These officials explained that the Bank of Italy was a national bank while the Redlands bank was now a state bank and because of the laws regulating the two types of banks they could not be merged legally. It was admitted, however, that the stockholders in the United Bank & Trust Co. were stockholders in the Bank of Italy also.[9]
Official Bank Title
1: First National Bank in Redlands, CA
Bank Note Types Issued
A total of $372,400 in National Bank Notes was issued by this bank between 1923 and 1928. This consisted of a total of 74,480 notes (74,480 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 1902 Plain Back 4x5 1 - 18620
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1923 - 1928):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Redlands, CA, 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
- Redlands Area Historical Society, Inc.
- ↑ Redlands Daily Facts, Redlands, CA, Thu., Feb. 2, 1928.
- ↑ The Register, Santa Ana, CA, Mon., Dec. 18, 1922.
- ↑ The San Bernardino County Sun, San Bernardino, CA, Fri., Dec. 22, 1922.
- ↑ The Los Angeles Times, Los Angeles, CA, Wed., Jan. 10, 1923.
- ↑ The San Bernardino County Sun, San Bernardino, CA, Thu., Jan. 10, 1924.
- ↑ Turlock Journal, Turlock, CA, Wed., Dec. 28, 1927.
- ↑ The Napa Valley Register, Napa, CA, Sat., Dec. 24, 1927.
- ↑ Redlands Daily Facts, Redlands, CA, Tue. Jan. 10, 1928.
- ↑ Redlands Daily Facts, Redlands, CA, Wed., Jan. 25, 1928.