First National Bank of Cleveland, OH (Charter 7-2690-7)

The First National Bank of Cleveland, ca1909.

First National Bank of Cleveland, OH (Chartered 1863 - Liquidated 1920)

Town History

Bronze entrance doors of the First National Bank of Cleveland (left) and Bookkeeping and statement clerks (right), ca1909.

Cleveland is a city in Ohio and the county seat of Cuyahoga County. Located in Northeast Ohio along the southern shore of Lake Erie, it is situated across the U.S. maritime border with Canada and lies approximately 60 miles west of Pennsylvania.

The largest city on Lake Erie and one of the major cities of the Great Lakes region, Cleveland ranks as the second-most populous city in Ohio and 54th-most populous city in the U.S. with a 2020 population of 372,624. The city anchors the Cleveland metropolitan area, the 33rd-largest in the U.S. at 2.18 million residents, as well as the larger Cleveland–Akron–Canton combined statistical area, the most populous in Ohio and the 17th-largest in the country with a population of 3.63 million in 2020.

Cleveland was founded in 1796 near the mouth of the Cuyahoga River by General Moses Cleaveland, after whom the city was named. Its location on both the river and the lake shore allowed it to grow into a major commercial and industrial center, attracting large numbers of immigrants and migrants. Cleveland is a port city, connected to the Atlantic Ocean via the Saint Lawrence Seaway. Its economy relies on diverse sectors that include higher education, manufacturing, financial services, healthcare, and biomedicals. The GDP for the Greater Cleveland MSA was $135 billion in 2019.

The Civil War vaulted Cleveland into the first rank of American manufacturing cities and fueled unprecedented growth. Its prime geographic location as a transportation hub on the Great Lakes played an important role in its development as an industrial and commercial center. In 1870, John D. Rockefeller founded Standard Oil in Cleveland, and in 1885, he moved its headquarters to New York City, which had become a center of finance and business. In 1860 the population was 43,417, growing to 381,768 by 1900.

Cleveland had 29 National Banks chartered during the Bank Note Era, and 28 of those banks issued National Bank Notes.

Bank History

Main banking room of the First National Bank of Cleveland, ca1909.

Directors' room, ca1909.

Charter 7 Bank History:

• Chartered June 22, 1863
• 1: Liquidated May 13, 1882
• 1: Succeeded by 2690 (First National Bank of, Cleveland, OH)
• 2: Charter 7 reassigned to 2690 May 16, 1910 (First National Bank of, Cleveland, OH)
• 2: Liquidated December 30, 1920
• 2: Absorbed by First Trust and Savings Company of Cleveland

Charter 2690 Bank History:

• Organized April 12, 1882
• Chartered May 13, 1882
• Succeeded 7 May 13, 1882 (First National Bank of, Cleveland, OH)
• Absorbed 5191 August 15, 1903 (Coal and Iron National Bank, Cleveland, OH)
• Assumed 3545 by consolidation April 29, 1905 (Euclid Avenue NB/Euclid Park NB, Cleveland, OH)
• Retook charter 7 on May 16, 1910 (First National Bank of, Cleveland, OH)

In June 1863, the first National Bank of Cleveland organized with George Worthington, president and S.W. Crittenden, cashier. In June 1862, Mr. Worthington established the Cleveland Iron and Nail Works, and, in connection with Mr. William Bingham, matured the plans and in a year got the machinery into successful operation. Shortly thereafter they built works for the manufacture of gas pipe and was also largely interested in blast furnaces. Bingham and Worthington were known throughout the Ohio country for their extensive hardware business.

On Tuesday, January 13, 1874, stockholders elected the following directors: Philo Scovill, James Pannell, Edward Bingham, Bolivar Butts, James Barnett, H.E. Mussey, C.C. Baldwin, W.W. Gains, and A.K. Spencer. the officers elected were Philo Scovill, president; James Barnett, vice president; and A.K. Spencer, cashier.

On Tuesday, January 10, 1882, the directors of the First National Bank were General J. Barnett, James Pannell, Edward Bingham, H.A. Massey, C.C. Baldwin, Bolivar Butts, and S.C. Smith. The officers were James Barnett, president; James Pannell, vice president; H.S. Whittlesey, cashier; and P.M. Spencer, assistant cashier.

On Tuesday, January 13, 1885, the directors chose were James Barnett, Edward Bingham, C.C. Baldwin, Bolivar Butts, Stiles C. Smith, Samuel Mather, and H.S. Whittlesey. The officers elected were James Barnett, president; Edward Bingham, vice president; H.S. Whittlesey, cashier and Thomas West, assistant cashier.

On Tuesday, January 13, 1891, stockholders elected the following directors: James Barnett, Solon Burgess, W.H. Corning, J.E. French, Samuel Mather, S.C. Smith, Edward Bingham, C.C. Baldwin, J.H. Morley. The officers elected were James Barnett, president; Solon Burgess, vice president; Thomas H. Wilson, cashier; and Thomas West, assistant cashier.

In July 1903, stockholders were notified that the directors of the Coal and Iron National Bank had agreed with the directors of the First National Bank of Cleveland to merge the respective interests of the two banks, subject to the approval of their respective stockholders. A special meeting of the stockholders of the Coal and Iron National was called for noon, August 4th. A.B. Marshall was the cashier.

On February 18, 1905, an agreement was reached between the First National Bank and the Euclid-Park National Bank for a merger between these two great national banking institutions of Cleveland. The consolidation would place in Cleveland one of the largest and richest national banks in the country, ranking with the first dozen similar institutions in New York. Their combined resources were over $25,000,000.

The movement in the doubling up of national banks began when the Colonial National absorbed the Century National on March 29, 1902. Only a few days later the American Exchange National absorbed the Metropolitan National, the transfer taking place April 5, 1902. Everything was quiet until the Park National absorbed the American Exchange National on January 14, 1903.  The Park National figured in the next consolidation with the Euclid Avenue National. The two banks when put together became the Euclid-Park National on July 1, 1903. Then on August 17, 1903, the Coal & Iron and the First National were merged.  On February 15, 1904, the Euclid-Park National absorbed the Bankers' National. This was followed on April 4, 1904 when the Union National took over the Colonial National.  The next merger was on July 7, 1904 when the Euclid-Park National took over the State National.  The last merger  was between the Mercantile National and the Commercial National on December 1, 1904, the two merging under the name of the National Commercial. The busiest man in Cleveland in connection with the bank mergers was John Sherwin, vice president and executive officer of the Euclid-Park national Bank, figuring in five of the nine consolidations.

By 1909, the growth of Cleveland and its First National Bank necessitated a much larger and better appointed quarters. Every line of the imposing exterior, which was an adaptation of the Roman classic, reveals some new beauty and prepares the visitor for the magnificent interior banking room.  Pink Milford granite was the building material used with window frames of solid bronze.  The four columns enclosing the three stories on the front elevation, in reality formed a seven-story building, the six upper stories arranged about an inner court above the skylight of the main banking room. A sculptural frieze divided the first floor from the two upper ones, the last two were grouped together as a single story. This frieze was executed by Mr. Karl bitter of new York and represented Agriculture, Commerce and Science.  All of the low reliefs were made of Tennessee marble. Every floor of the building was utilized by the bank and while elegantly furnished, they contained only a minimum amount of woodwork, thus insuring against damage by fire. One entire floor was given up to dining and recreation rooms for men and women and to a private dining room for the officers. The directors' room with the hall and stairway occupied the entire front portion of the third floor.

The main banking room was 85 feet long by 60 feet wide with space for 14 banking cages and six officers. The president's private office and committee room were on a mezzanine floor overlooking the main banking room.  Around the three sides there was a counter of a very fine marble, known as Monti Sienna, topped with Bassville marble.  On top of this rested a handsome screen of cast bronze topped with clusters of electric globes at regular intervals around the room. Monolithic columns, 35 feet high and of the same polished marble as the side walls supported a richly carved ceiling. On the rear wall was a marble clock, forming the main decorative feature of the room. The frame was of marble, highly sculptured, measuring 18 fee across.  Massive marble writing desks stood in the center of the public space, completing the furnishings.  The building was equipped with armor plate vaults constructed by the Carnegie Steel Company located in the basement with elevator access from the main banking room.

In December 1920, the First Trust and Savings Company of Cleveland was admitted to the Federal Reserve System. The reported capital was $1,230,000, surplus $1,000,000, total resources $32,817,744. The First National Bank of Cleveland entered voluntary liquidation. Its assets were taken over by the First Trust and Savings Company which changed its title to Union Trust Company. Thomas H. Wilson, born October 3, 1841 in Liberty, Trumbull County, Ohio died on December 13, 1920, of typhoid fever. In 1860 he began as a clerk in the private bank of Wick Bros. & Co., Youngstown, Ohio and moved to Cleveland in 1888 as cashier of the First National Bank. In 1903 he became vice president. Over the next 26 years he became regarded as one of the most profound students of banking in Northern Ohio.

In January 1921, the Union Trust Company was located at Euclid Avenue and E. 9th Street, with First Office at 247 Euclid Avenue; Union Commerce Office at 308 Euclid Avenue with First Trust Office at 301 Euclid Avenue; Broadway office at Broadway and 55th Street with Woodland Avenue Office at Woodland Avenue and 55th Street; and Neighborhood Offices at West 25th and Denison, Buckeye Road at E. 89th Street, and Euclid at 101st Street. The capital and surplus was over $33 million and resources were over $310 million. The recent addition of The Woodland Avenue Savings & Trust Company and The Broadway Savings & Trust Company added approximately $25 million to the total resources of the Union Trust Company.

Official Bank Titles

1: The First National Bank of Cleveland, OH

2: The First National Bank of Cleveland, OH (5/16/1910)

Bank Note Types Issued

Original Series $2 bank note with a pen signature of George Worthington, President. Courtesy of Heritage Auctions, www.ha.com

Series of 1875 $50 bank note with a pen signature of James Barnett, President. Courtesy of the NBNCensus.com

1882 Brown Back $20 bank note with a printed signatures of Thomas H. Wilson, Cashier and James Barnett, President. Courtesy of Heritage Auctions, www.ha.com

1902 Red Seal $5 bank note with a Radar Treasury SN and printed signatures of Thomas H. Wilson, Cashier and James Barnett, President. Signatures were removed and reapplied. Courtesy of Heritage Auctions, www.ha.com

1902 Date Back $20 bank note with a printed signatures of C.E. Farnsworth, Cashier and John Sherwin, President. Courtesy of Heritage Auctions, www.ha.com

Charter 7 Bank Note Types Issued:

A total of $4,582,740 in National Bank Notes was issued by charter 7 between 1863 and 1920. This consisted of a total of 531,316 notes (531,316 large size and No small size notes).

Charter 7 issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1: Original Series	3x1-2	1 - 6900
1: Original Series	4x5	1 - 17600
1: Original Series	2x10-20-50	1 - 2600
1: Series 1875	2x10-20-50	1 - 2621
2: 1902 Date Back	4x5	1 - 47635
2: 1902 Date Back	3x10-20	1 - 55473

Charter 2690 Bank Note Types Issued:

A total of $6,912,700 in National Bank Notes was issued by charter 2690 between 1882 and 1910. This consisted of a total of 835,700 notes (835,700 large size and No small size notes).

Charter 2690 issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1882 Brown Back	4x5	1 - 11305
1882 Brown Back	3x10-20	1 - 10532	$20 with Variety 2 Battle of Lexington vignette
1902 Red Seal	4x5	1 - 65650
1902 Red Seal	3x10-20	1 - 47940
1902 Date Back	4x5	1 - 40830
1902 Date Back	3x10-20	1 - 32668

Bank Presidents and Cashiers

Advertisement from 1920 for the First National Bank and First Trust and Savings Co. of Cleveland.

Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1920):

Charter 7 Bank Presidents and Cashiers:

Presidents:

• George Worthington, 1863-1871
• William Hewitt, 1872-1873
• Philo Scovill, 1874-1875
• James Barnett, 1876-1881
• John Sherwin, 1910-1920

Cashiers:

• Seth Whitmore Crittenden, 1863-1865
• Albert Kingsley Spencer, 1866-1880
• Henry Smalley Whittlesey, 1881-1881
• Charles Emery Farnsworth Jr, 1910-1920

Charter 2690 Bank Presidents and Cashiers:

Presidents:

• James Barnett, 1882-1904
• John Sherwin, 1905-1909

Cashiers:

• Henry Smalley Whittlesey, 1882-1887
• Thomas Hunter Wilson, 1888-1902
• John R. Geary, 1903-1904
• Charles Emery Farnsworth Jr, 1905-1909

Other Known Bank Note Signers

• Phineas M. Spencer, Assistant Cashier 1882

Bank Note History Links

• First National Bank of Cleveland, OH History (Charter 7) (NB Lookup)
• First National Bank of Cleveland, OH History (Charter 2690) (NB Lookup)
• Ohio Bank Note History (BNH Wiki)

Sources

• Cleveland, 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