First National Bank of Cincinnati, OH (Charter 24)
First National Bank of Cincinnati, OH (Chartered 1863 - Open past 1935)
Town History
Cincinnati is a city in Ohio and the county seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line with Kentucky. With an estimated population of 2,190,209, it is Ohio's largest metropolitan area and the nation's 29th-largest, and with a city population of 309,317, Cincinnati is the third-largest city in Ohio and 64th in the United States. Throughout much of the 19th century, it was among the top 10 U.S. cities by population, surpassed only by New Orleans and the older, established settlements of the United States eastern seaboard.
The city's largest institution of higher education, the University of Cincinnati, was founded in 1819 as a municipal college and is now ranked as one of the 50 largest in the United States. Cincinnati is home to historic architecture with many structures in the urban core having remained intact for 200 years. In the late 1800s, Cincinnati was commonly referred to as the "Paris of America", due mainly to such ambitious architectural projects as the Music Hall, Cincinnatian Hotel, and Shillito Department Store. Cincinnati is the birthplace of William Howard Taft, the 27th President of the United States.
Two years after the founding of the settlement, Arthur St. Clair, the governor of the Northwest Territory, changed its name to "Cincinnati", possibly at the suggestion of the surveyor Israel Ludlow, in honor of the Society of the Cincinnati. St. Clair was at the time president of the Society, made up of Continental Army officers of the Revolutionary War who named their club for Lucius Quinctius Cincinnatus, a dictator in the early Roman Republic who saved Rome from a crisis, and then retired to farming because he did not want to remain in power.
Cincinnati has many nicknames, including Cincy, The 'Nati, The Queen City, The Queen of the West, The Blue Chip City, and The City of Seven Hills.
Cincinnati had 25 National Banks chartered during the Bank Note Era, and all 25 of those banks issued National Bank Notes. Cincinnati also had 18 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Chartered July 13, 1863
- Assumed 620 by consolidation April 1, 1870 (Central National Bank, Cincinnati, OH)
- Absorbed 3606 September 12, 1904 (Ohio Valley National Bank, Cincinnati, OH)
- Assumed 2315 by consolidation February 14, 1905 (NB of Commerce/N La Fayette B, Cincinnati, OH)
- Assumed 844 by consolidation January 25, 1910 (Merchants National Bank, Cincinnati, OH)
- Bank was Open past 1935
- For Bank History after 1935 see: FDIC Bank History website
- Charter 24 still in business as U.S. Bank N.A. (Nov 2025)
The First National Bank of Cincinnati declared a dividend of 3% for the first four months of its existence on capital of $300,000.[1] The first board of directors was composed of the following: John W. Ellis, A.S. Winslow, Robert Mitchell, Gardner Phipps, Michael Werk, L.B. Harrison, Wm. Glenn, James A. Fraser, and Lewis Worthington. The first president was John W. Ellis; Lewis Worthington, vice president. In May 1863, the board authorized the purchase of the northwest corner of Third and Walnut Streets for $60,000. This site had been occupied by the bank ever since except for a short period when they rebuilt. The bank opened for business originally in August 1863, occupying the premises of No. 31 West Third Street, the numbering in those days commencing at Main Street. These quarters were occupied while the building at the corner of Third and Walnut was made ready. The first cashier was J.D. Thompson who was elected on July 25, 1863 and held the office until the end of 1864. Mr. G.P. Griffith was elected assistant cashier January 11, 1865, resigning in 1869. Mr. Stanwood was elected cashier in November 1864 and remained in that office until his death in August 1880.[2]
Announcement was made that from April 1st, 1870, the Central National Bank was consolidated with the First National Bank of Cincinnati. Depositors with claims and debtors with payments were to present them at the counter of the First National Bank. William Hooper was president and M.H. Coats, cashier.[3] On Thursday, April 21st, the furniture and fixtures of the Central National Bank were auctioned by Jacob Graff & Co. in the Barnet House. Included in the listing were a handsome half circle oil walnut counter and oil walnut offices and the first-class burglar-proof safe, 5 X 5 X 2 feet, Dodds, MacNeale & Urban, makers. Also the iron vault, 9 feet square, 7 feet high, double doors and combination lock.[4]
On May 21, 1892, Augustus S. Winslow died at his beautiful home on Oak Street, Walnut Ridge. He was one of the oldest bankers in Cincinnati. He was born in New York and belonged to a famous family of financiers and money-makers. His brother, Richard H. Winslow, was a member of the great banking house of Winslow, Lanier & Co. in New York City. Mr. Winslow was vice president of the First National Bank from 1863 to 1892 when he retired due to his increasing years.[5]
In August 1893, Joseph Rawson, 43, well-known as the financial man of the firm of Joseph Rawson & Sons, among the heaviest pork-packers in Cincinnati, was elected as vice president of the First National Bank. His brother, Warren was the president of the Union Stock Yards Company. The First National had been without a vice president since the death of A.S. Winslow about a year and a half ago.[6]
In December 1903, a heavy scaffolding on the outside of the 19-story building of the First National Bank fell from the 13th story and crushed in the roof of the Bradley-Sorin building. Two men were badly hurt and many girls at work in the Bradley-Sorin building were panic stricken by the crash and a cry of fire, but they were rescued without injury.[7] Officers of the First National were W.S. Rowe, president; Jos. Rawson, vice president; T.J. Davis, cashier; and Robt. McEvilley, assistant cashier. The bank had capital of $3,000,000, surplus and profits $1,000,000.[8]
On Saturday, June 25, 1904, the First National Bank moved from Third and Walnut to its spacious quarters in its new 18-stoy building on the southeast corner of Fourth and Walnut Streets. An immense safe weighing about five tons was transferred from the old quarters to the new. In this safe was three quarters of a ton of gold coin, over $1,000,000 in currency, and $3,500,000 in stocks and bonds. It took four horses and a small army of men over four hours to convey the immense safe from the old banking room to the new which was only a block apart. It was the intention of Mr. W.S. Rowe, the president, to have the plaster thoroughly dry before the oil fresco work was put on the walls probably in September. The following were the officers of the bank: W.S. Rowe, president; Joseph Rawson, vice president; T.J. Davis, cashier; Robert McEvilley, assistant cashier. The directors were W.S. Rowe, Jos. Rawson, Richard Dymond, H.C. Urner, A.H. Mitchell, Julius Freiberg, James J. Hooker, Charles L. Harrison and J.C. Ernst.[9]
The merger of the First National and Ohio Valley National banks of Cincinnati was ratified at a meeting of the directors, late Thursday, August 4, 1904. The day before the president of the First National Bank, William S. Rowe, and President of the Ohio National Bank, Clifford B. Wright agreed to terms and that the Ohio National Bank would be absorbed by the First, going absolutely out of existence. The stockholders of the Ohio Valley National Bank would receive a share of the First National Bank stock for every share that they had in the Ohio Valley. In addition to this, the Ohio Valley shareholders would receive an extra dividend of not less than 15 per cent of the par value of their stock. There was a difference in the bank value between the two banks being in favor of the Ohio Valley. Mr. Rowe stated that if any of the stockholders of the Ohio Valley desired to sell their interest, he would pay $200 for each share of the First National Bank that they would receive in exchange for their own stock, this price exclusive of the extra dividend. It was further stated by Mr. Rowe that the First National would increase its capital $700,000 making the total capitalization of the bank $3,700,000. New First National Bank stock would be issued in exchange for the Ohio Valley stock. The combined resources of the two institutions amounted to $19,737,350 and would make the resulting First National Bank one of the largest in the Mid-West.[10]
On Tuesday afternoon, September 13, 1904, the First National Bank directorate was finally reorganized by the election of James Espy and Franklin Alter to fill vacancies caused by the resignations of J.J. Hooker and A.H. Mitchell, tendered in order to allow the Ohio Valley Bank a better representation. The new board was composed of W.S. Rowe, Joseph Rawson, Henry C. Urner, Richard Dymond, Julius Freiberg, Charles L. Harrison, Jas. C. Ernst, Bernhard Bettmann, S.P. Egan, Clifford B. Wright, James Espy and Franklin Alter.[11]
On December 28, 1910, John W. Ellis died at his home at No. 22, West Fifty-seventh Street at the age of 94. Mr. Ellis came to New York in 1870 at the invitation of Winslow, Lanier & Co., bankers, to take part in the management of their business. He retired from business about 10 years later. He started his business career in Cincinnati at the age of 18. He became president of the Cincinnati, Hamilton and Dayton Railroad and was interested in several other railroad properties. He was instrumental in organizing the national bank system during the war and became president of the First National Bank of Cincinnati. At this time he was continuously in consultation with President Lincoln, Secretary Chase and with Jay Coooke. It was said that when General Grant was elected president, Mr. Ellis was asked to head the Treasury Department.[12]
The night of May 9, 1927, Joseph Rawson, Vice President of the First National Bank, died at his home, 3767 Clifton Avenue, bringing to a close a career of 33 years as an executive of that institution. Mr. Rawson was the last of Cincinnati's pork packers who were active in that business about 40 years ago, in the firm of J. Rawson & Sons, which was well-known throughout the country. Besides being an outstanding figure in Cincinnati financial circles, he also was active in other Cincinnati business enterprises. Among them was the Fay & Egan Co., of which he was a director. He was elected Vice President of the First National Bank in 1893 at the death of A.S. Winslow, the vice president of the bank. Mr. Rawson was a graduate of Woodward High School, where he won gold-medal honors in mathematics. He attended Harvard University and was graduated in the class of 1872. He was a member of the Queen City Club, Cincinnati Country Club and the Cincinnati Harvard Club.[13]
On Wednesday, December 26, 1951, directors of the First National Bank of Norwood voted to merge with the First National Bank of Cincinnati. The First National Bank of Norwood had assets of approximately $16,000,000 and as a result of the merger First National of Cincinnait would have total assets of more than $325,000,000.[14]
On Tuesday, March 4, 1952, shareholders of the First National Bank of Norwood and the First National Bank of Cincinnati approved the merger of the two banks. The Norwood bank would become a branch of the Cincinnati bank as of the close of business March 31st. Both Reuben B. Hays, president of the Cincinnati bank and Thomas McEvilley, president of the Norwood bank, emphasized that the merger would mean no change of personnel of the Norwood office. The merger gave First Cincinnati 10 branch offices and combined total assets of $24,134,745 compared to $22,751,888 at present.[15]
In January 1963, directors were Warner L. Atkins; Karl R. Bendetser, president, Champion Papers Inc.; Charles W. Broeman, president, The Charles W. Broeman Co.; John R. Bullock, partner, Taft, Stettinius & Hollister; J. Rawson Collins, vice president; H.E. Combe, chairman of the board, Wm. Powell Co.; Raymond K. Cooper, president, Myers Y. Cooper Co.; Laurence L. Davis, vice president; M.R. Dodson, president, Ohio National Life Insurance Co.; Fred A. Dowd, president; J. Page Hayden, chairman of the board, Midland-Guardian Co.; Reuben B. Hays, chairman of the board; John F. Joseph; Franklin G. Meeker, executive vice president, Andrew Jergens Co.; Philip Meyers, president, Fashion Frocks Inc.; Robert W. Nelson; Thomas C. Pierson, vice president; Ozni E. Schauer; Arthur W. Schubert, president, Emery Industries, Inc.; Charles E. Scripps, chairman of the board, E.W. Scripps Co.; E. Trimble Smith, vice president; and George H. Strietmann. Directors Emeriti were Hebert T. Campbell, Jesse R. Clark, Jr., J.B. Doan, John W. Haussermans, and Waldo E. Pierson. At the end of 1962, the bank reported total assets of $529,017,476.21 with capital $12,500,000, surplus and undivided profits $47,237,562.86, and deposits $474,797,738.90.[16]
Morgan's Raiders threatened to plunder Cincinnati the day First National was chartered, July 13, 1863. Morgan never raided the city and First National embarked on a career of stable commercial banking now reaching its 100th year. By 1945 First national was well-known as the "businessman's bank," and was aimed primarily for business from other banks, corporations and corporation executives. "That's the way the old guard wanted it," said Reuben B. Hays, chairman of the board. But 1945 was the year Hays became a First National vice president and things began to change. First National tested a branch in the Union Terminal. It proved so successful in its first six months, the bank decided to place branches near the corporations. In quick succession First National added the First National of Norwood and the Norwood Savings Bank and bough the First National of Lockland, the Atlas National Bank, the Farmers Bank of Miamitown, and the First National of Elmwood Place. To help defray the cost of operating branches, First National in 1952 institution its first mortgage loan department and installment credit plan. By 1959 it was handling more personal loans than ever and in March of that year it institution a personal credit plan that amounted to a charge account for money. Retail banking hit its peak in September 1961 when First National began its widely-advertised Family Banking Service in which bank personnel would meet privately with families and help them work out their financial problems. Regarding the future, Hays said that if a bank wanted to sell and the price was right, First National would buy it. "There is some opposition in the Kennedy Administration to bank mergers, but our business here has helped everyone."
Beginning July 1, 1988, the First National Bank of Cincinnati and all affiliate banks of First National Cincinnati Corporation (FNCC) in Ohio, Kentucky and Indiana began operating under a new name, Star Bank. The announcement was made by David L. Ault, president and chief executive office of First National Bank and Trust Company, Troy, an affiliate of FNCC. FNCC was a $5 billion bank holding company headquartered in Cincinnati. "Changing the name of 152 banking offices in 21 counties is not something we've undertaken lightly; we have given this action much consideration," said Ault. "Star Bank is a distinctive name that is consistent with our ability to provide quality banking services--and it allows us to do so with greater impact throughout our market." The Star Bank logo, created by Mark Eberhard of Eberhard & Eberhard, a graphic design firm located in Cincinnati, featured an "S" with a star cut out inside the first curve.[18] Star Bank president Samuel Cassidy said, "The reaction I'm getting is generally favorable and people really like the new signs better than the old one." Until July 1, Cassidy headed First National Bank of Cincinnati. While the banks had changed their name to the shorter, snappier Star Bank, the bank holding company could not do the same until shareholders voted on it next Spring.[19]
In September 1988, in a surprise move, First National Cincinnati Corp., parent company of Star Bank, announced it had reached a definitive agreement to purchase Cincinnati's Provident Bancorp Inc. Cincinnati financier Carl Lindner who controlled 51% of Provident's stock would be the largest shareholder in the combined entity. Oliver Waddell, president of First National, said the board of directors for both banks approved the merger agreement on Tuesday, September 13th, subject to government and shareholder approval. Provident started out in 1901 as two companies, the Provident Savings Bank Co. and the Provident Trust Co., operating at the same address and with the same officers. Among the organizers was Barney H. Kroger, founder of the Kroger Supermarket chain. Kroger was credited for stopping a run on the bank in 1933. He raised between $7-$15 million in cash which he had stacked in the tellers' cages and in heaps along the walls of the lobby so uneasy customers could see them. He then waved two bundles of $100,000 each over his head and told the crowds of uneasy depositors that the bank would stay open as long as they wanted to make withdrawals, but he wasn't taking his money out and anyone who did was a fool.[20]
Star Banc Corporation was a Cincinnati-based regional bank holding company that acquired Firstar in 1998 and took the Firstar name. The merged bank acquired U.S. Bancorp in 2001 and took the U.S. Bancorp name. The company can trace its origins back to 1863 when it was first founded as the First National Bank of Cincinnati.
Official Bank Title
1: The First National Bank of Cincinnati, OH
Bank Note Types Issued
A total of $37,762,910 in National Bank Notes was issued by this bank between 1863 and 1935. This consisted of a total of 4,243,290 notes (4,070,976 large size and 172,314 small size notes).
This bank issued the following Types and Denominations of bank notes:
†Part-plate printings were first undertaken when Secretary of the Treasury William Richardson suspended printings of $10 Original Series notes. This was a labor-intensive process and each different part-plate combination required a new and distinctive Treasury sheet serial number set that complicated bookkeeping.[22]Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 4x5 1 - 23550 Original Series 2x10-20-50 1 - 9600 Original Series 2x10-20-50 9851 - 12250 Original Series 20-50† 9601 - 9850 Issue of $10 Original Series notes for selected banks was suspended between October 14, 1873, and June 29, 1874. This was in response to extensive counterfeiting of their notes.[21] Original Series 100-100 1 - 3210 Series 1875 4x5 1 - 12200 Series 1875 2x10-20-50 1 - 6000 Series 1875 100-100 1 - 1340 1882 Brown Back 4x5 1 - 43564 1882 Brown Back 3x10-20 1 - 29839 One plate, ABCA, $20 with Variety 2 Battle of Lexington vignette 1882 Brown Back 50-100 1 - 2840 1902 Red Seal 4x5 1 - 103750 1902 Red Seal 3x10-20 1 - 74000 1902 Date Back 4x5 1 - 260690 1902 Date Back 3x10-20 1 - 170000 1902 Date Back 3x50-100 1 - 7192 1902 Plain Back 4x5 260691 - 423898 1902 Plain Back 3x10-20 170001 - 277931 1929 Type 1 6x5 1 - 14977 1929 Type 1 6x10 1 - 8844 1929 Type 1 6x20 1 - 4106 1929 Type 1 6x50 1 - 614 1929 Type 1 6x100 1 - 178
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1935):
Presidents:
- John Washington Ellis, 1863-1866
- James Abner Frazer, 1867-1867
- John Washington Ellis, 1868-1869
- Learner Blackman Harrison, 1870-1901
- William Stanhope Rowe, 1902-1928
- John Jay Rowe Sr., 1929-1933
- Thomas J. Davis, 1934-1935
Cashiers:
- James D. Thompson, 1863-1864
- Theodore Stanwood, 1865-1889
- William Stanhope Rowe, 1890-1901
- Thomas J. Davis, 1902-1912
- Robert McEvilley, 1913-1917
- Percy Eugene Kline, 1918-1927
- Arthur Reuben Luthy, 1928-1935
Other Known Bank Note Signers
- Stephen R. Burton (VP 1908)
- Charles James Stedman, (VP 1910...1920)
- Clifford Bailey Wright (VP 1904...1908)
Bank Note History Links
- First National Bank of Cincinnati, OH History (NB Lookup)
- John J. Rowe; National Bank President, Paper Money Collector (SPMC PM#246)
- Ohio Bank Note History (BNH Wiki)
Sources
- Cincinnati, OH, 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. 30, July 1863-June 1864, p. 595.
- ↑ The Cincinnati Enquirer, Cincinnati, OH, Sun., June 26, 1904.
- ↑ The Cincinnati Enquirer, Cincinnati, OH, Tue. Apr. 12, 1870.
- ↑ The Cincinnati Enquirer, Thu., Apr. 21, 1870.
- ↑ The Cincinnati Enquirer, Cincinnati, OH, Sun., May 22, 1892.
- ↑ The Cincinnati Enquirer, Cincinnati, OH, Tue., Aug. 29, 1893.
- ↑ The Akron Beacon Journal, Akron, OH, Mon., Dec 14, 1903.
- ↑ The American Israelite, Cincinnati, OH, Thu., Dec. 24, 1903.
- ↑ The Cincinnati Enquirer, Cincinnati, OH, Sun., June 26, 1904.
- ↑ The Cincinnati Enquirer, Cincinnati, OH, Fri., Aug. 5, 1904.
- ↑ The Cincinnati Post, Cincinnati, OH, Tue., Sep. 13, 1904.
- ↑ The Cincinnati Enquirer, Cincinnati, OH, Thu., Dec. 29, 1910.
- ↑ Cincinnati Enquirer, Cincinnati, OH, Tue., May 10, 1927.
- ↑ The Journal Herald, Dayton, OH, Thu., Dec. 27, 1951.
- ↑ Cincinnati Enquirer, Cincinnati, OH, Wed., Mar. 5, 1952.
- ↑ The Cincinnati Post, Cincinnati, OH, Mon., Jan. 7, 1963.
- ↑ The Cincinnati Enquirer, Cincinnati, OH, Wed., July 13, 1988.
- ↑ The West Milton Record, West Milton, OH, Wed., June 8, 1988.
- ↑ The Cincinnati Enquirer, Cincinnati, OH, Wed., July 13, 1988.
- ↑ The Cincinnati Post, Cincinnati, OH, Wed., Sep. 14, 1988.
- ↑ Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008), p. 503.
- ↑ Huntoon, Peter, Chapter D5, "Counterfeits, Canceled Notes and Canceled Subjects on Plates," Encyclopedia of U.S. National Bank Notes, p. 2.