First National Bank of Evansville, IN (Charter 28-2692)

Series of 1875 $10 bank note with pen signatures of James H. Cutler, Cashier and John S. Hopkins, President. Courtesy of Heritage Auctions, www.ha.com

First National Bank of Evansville, IN (Chartered 1863 - Liquidated 1902)

Town History

Advertisement for U.S. Five-Twenty bonds with Canal Bank, Evansville, as agent dated May 27, 1863. The bank was located on Water Street with Wm. T. Page as cashier. The bonds were payable in 20 years, but could be redeemed in gold at any time after five years, thus they were called "five-twenties." The coupon bonds were issued in sums of $50, $100, $500, and $1,000; in collecting the interest the coupons were cut off and presented for payment.

Evansville is a city in Vanderburgh County, Indiana, and its county seat. With a population of 118,414 at the 2020 census, it is Indiana's 3rd-most populous city after Indianapolis and Fort Wayne, the most populous city in Southern Indiana, and the 249th-most populous city in the United States. It is the central city of the Evansville metropolitan area, a hub of commercial, medical, and cultural activity of southwestern Indiana and the Illinois–Indiana–Kentucky tri-state area, which is home to over 911,000 people. The 38th parallel north crosses the north side of the city and is marked on Interstate 69 immediately north of its junction with Indiana 62 within the city's east side.

Situated on an oxbow in the Ohio River, the city is often referred to as the "Crescent Valley" or "River City". Early French explorers named it La Belle Rivière ("The Beautiful River"). The area has been inhabited by various indigenous cultures for millennia, dating back at least 10,000 years. Angel Mounds was a permanent settlement of the Mississippian culture from AD 1000 to around 1400. The city of Evansville was founded in 1812.

Evansville's economy received a boost in the early 1830s when Indiana unveiled plans to build the longest canal in the world, a 400-mile ditch to connect the Great Lakes at Toledo, Ohio with the inland rivers at Evansville. The project was intended to open Indiana to commerce and improve transportation from New Orleans to New York City. The project bankrupted the state and was so poorly engineered that it would not hold water. By the time the Wabash and Erie Canal was finished in 1853, Evansville's first railroad, Evansville & Crawfordsville Railroad, was opened to Terre Haute. The expansion of railroads in this territory had made the canal obsolete. Only two flat barges ever made the entire trip. The canal basin at Fifth and Court street in downtown Evansville became the site of a new courthouse in 1891.

Evansville had 13 National Banks chartered during the Bank Note Era, and all 13 of those banks issued National Bank Notes.

Bank History

Charter 28 Bank History:

• Chartered July 31, 1863
• Liquidated May 15, 1882
• Succeeded by 2692 (First National Bank, Evansville, IN)

Charter 2692 Bank History:

• Organized April 19, 1882
• Chartered May 15, 1882
• Succeeded 28 (First National Bank of Evansville, IN)
• Liquidated April 16, 1902
• Succeeded by 6200 (City National Bank, Evansville, IN)

The Canal Bank, Evansville

The Canal Bank was organized in 1852 and was succeeded by the First National Bank of Evansville in 1863.

In February 1853, the Report of the Auditor of State showing the amount of stocks deposited with him under applications to establish Banks under the Free Banking Law showed the number of banks doing business was 15 with capital of $2,850,000. The total amount of stock deposited with the Auditor by these Banks was $1,290,230. Among the applications for Banks was only one for Evansville. It was entitled "Canal Bank," with capital of $100,000, and Willard Carpenter, Robert Barnes, John M. Stockwell, and Samuel Hall, stockholders. The total number of Banks under way, including applications, was 55, with a capital of $13,500,000, and 167 stockholders. Some Banks increased their capital making the entire capital $14,800,000.

On Thursday, October 20, 1853, an election for officers of the Canal Bank held at their counting room resulted in the choice of Charles Viele, Esq., for president and Wm. T. Page, cashier. Both were very capable and experience gentlemen. Dye's Bank Mirror of Cincinnati provided quotes for 51 of the Independent Banks in Indiana. There were only six quoted at par, the Western Bank at Plymouth, Fayette County Bank, Steuben County Bank, Elkhart County Bank, Canal Bank at Evansville and the Bank of Connersville. The others were quoted at from one to five per cent discount.

The report of the condition of the Canal Bank for the five months preceding the first Monday of January 1854, showed total resources of $349,459.27, with capital stock $100,000, bonds deposited $50,000, cash $50,000, Evansville Insurance Co. permanent investment $29,618.30, notes in circulation $47,983. Names of officers of the association: Charles Viele, president; Wm. T. Page, cashier; Edward Neumeister, bookkeeper. H.Q. Wheeler was notary public.

In January 1856, the officers were John S. Hopkins, president; William T. Page, cashier; and Augustus Lenicke, bookkeeper. The names of the stockholders were Evansville Insurance Co., Robert Barnes, and Charles Viele. H.Q. Wheeler was notary public. Directors of the Evansville Insurance Company were John S. Hopkins, president; E. Babcock, S. Hall, G. Magher, John Ingle, Jr., H.D. Allis, Wm. Brown, C. Viele, and R. Barnes. Wm. T. Page was secretary.

In February 1861, the following banks were retiring their circulation: Bank of Rockville, Huntington County Bank, Crescent City Bank, Canal Bank, Indiana Stock Bank. A bill was introduced into the Legislature to require all the free banks of the state to base their circulation on the stocks of Indiana and to require the payment of interest on the bonds of the state at home instead of in New York. John S. Hopkins was president of the Canal Bank.

The First National Bank of Evansville

On July 31, 1863, the First National Bank of Evansville, Indiana, in the County of Vanderburgh, was authorized to commence business. The certificate was signed by Hugh McCulloch, Comptroller of the Currency. The First National Bank would go into operation on September 1st, 1863, in the building occupied by the Canal Bank. H.Q. Wheeler was president; and Wm. T. Page, cashier.

In December 1866, officers of the First National Bank were H.Q. Wheeler, president; and James H. Cutler, cashier. The directors were H.Q. Wheeler, G. Maghee, John Ingle, Jr., Charles Viele, M.J. Bray, Wm. Brown, J.S. Hopkins, Robert Barnes, and F.W. Sawyer. The Evansville Insurance Co. with H.Q. Wheeler, president; and James H. Cutler, Secretary, maintained an office in the First National Bank Building, corner of Main and First Streets.

In January 1867, the directors were H.Q. Wheeler, G. Maghee, John Ingle, Jr., Charles Viele, M.J. Bray, Wm. Brown, John S. Hopkins, Robert Barnes, and F.W. Sawyer. John S. Hopkins was president; James H. Cutler, cashier. The bank had capital of $500,000.

In January 1870, the directors re-elected were John S. Hopkins, Chas. Viele, Robert Barnes, M.J. Bray, F.W. Sawyer, John Ingle, Jr., Alvah Johnson, Thos. E. Garvin, and S.E. Gilbert.

On Friday, January 20, 1888, Mr. Horatio Quincy Wheeler of Woodfords, formerly president of the Portland Railroad Company, died suddenly in California. Mr. Wheeler was a graduate of Bowdoin College, class of 1844. He entered the senior class from Waterville. He practiced law several years in Evansville, Indiana, and was president of the First National Bank of Evansville.

On Tuesday, January 14, 1890, stockholders met in the president's private office and re-elected the old board of directors as follows: Chas. Viele, Thos. E. Garvin, F.J. Reitz, Isaac Keen, M.J. Bray, Jas H. Cutler, Jno. Ingle, M.J. Bray, Jr., and George L. Mesker.

On January 11, 1894, the board met and re-elected the old officers: F.J. Reitz, president; James H. Cutler, vice president; and H.T. Cook, cashier. The First National in its 31st year had paid 75 dividends aggregating $1,313,500. Mr. Cutler, the vice president and general manager, had been with the bank since its organization and was with its predecessor, the old Canal Bank for three years. The capital stock was $500,000, surplus $150,000, and undivided profits $38,859. Cashier Cook had spent nearly his whole life in the bank except for 10 years when he served as cashier of the German National Bank of Evansville (Charter 1772). The president, Mr. F.J. Reitz, had been on the board of directors for many years and was for the first time elected president in January 1892, succeeding Chas. Viele who had held the office for several years. He was the son of John A. Reitz, president of the German National Bank until his death in December 1891.

On Tuesday, January 14, 1902, stockholders elected the following directors: Francis J. Reitz, Thomas E. Garvin, James H. Cutler, M.J. Bray, Jr., George L. Mesker, O.F. Jacobi, A.J. Klein, D. Kronenberger, and George A. Cunningham.

On February 25, 1902, the comptroller of the currency approved the application of Francis J. Reitz, Thomas Garvin, George L. Mesker and M.J. Bray, Jr., to organize the City National Bank of Evansville, Indiana, with a capital of $200,000. Authorization to commence business arrived on April 9th. The First National Bank of Evansville terminated its corporate existence at midnight and at the same hour the City National Bank came into existence. The same men who were directors and officers of the old institution filled the same duties for the new bank. The old quarters located at Main and First Streets would continue to be used. The First National Bank was one of the old and reliable financial institutions of the city. It was first chartered to do business forty years ago and at the end of twenty years was re-chartered. The First National was the successor of the Canal Bank which went out of existence in 1863, having been organized in 1852. James H. Cutler, its vice president, saw the First National come into existence and witnessed the termination of its career. After forty years with the First Nation, he would be the first of the vice presidents of the City National Bank. Mr. Cutler was connected with the organization of the Canal Bank and served in an official capacity during the life of that institution. Some time ago the stockholders of the First National Bank decided to reorganize when the charter of the old institution expired. The public was never asked to purchase stock, yet it was necessary to raise the capitalization $50,000 in order to relieve demand, and even so many subscribers were forced to submit to scaled back amounts. This demand for stock in the new institution was a high compliment to the officers and directors of the old First National. The officers of the City National Bank were Francis J. Reitz, president; James H. Cutler, vice president; F.A. Foster, cashier; and John H. Dippel, assistant cashier. The capital stock was $350,000 and surplus was $35,000.

Official Bank Titles

• The First National Bank of Evansville, IN (Charter 28)
• The First National Bank of Evansville, IN (Charter 2692)

Bank Note Types Issued

Original Series $10 bank note with pen signatures of James H. Cutler, Cashier and John S. Hopkins, President. Courtesy of David Grant

1882 Brown Back $5 bank note with pen signatures of James H. Cutler, Cashier and Charles Viele, President. Courtesy of David Grant

Series of 1882 $50-$100 proof, approved August 23, 1882. Courtesy of the Smithsonian Institution Archives

Charter 28 Bank Note Types Issued:

A total of $1,217,100 in National Bank Notes was issued by charter 28 between 1863 and 1882. This consisted of a total of 117,088 notes (117,088 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 - 8800
Original Series	3x10-20	1 - 12400
Original Series	50-100	1 - 500
Series 1875	4x5	1 - 1500
Series 1875	3x10-20	1 - 6322

Charter 2692 Bank Note Types Issued: A total of $713,100 in National Bank Notes was issued by charter 2692 between 1882 and 1902. This consisted of a total of 70,778 notes (70,778 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
1882 Brown Back	4x5	1 - 8500
1882 Brown Back	3x10-20	1 - 8861
1882 Brown Back	50-100	1 - 667

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1882): Charter 28 Bank Presidents and Cashiers:

Presidents:

• Horatio Quincy Wheeler, 1863-1866
• John Stewart Hopkins, 1867-1878
• Charles Viele, 1879-1881

Cashiers:

• William Todd Page, 1863-1866
• James Huntington Cutler, 1867-1881 Note: a featured biography is available

Charter 2692 Bank Presidents and Cashiers:

Presidents:

• Charles Viele, 1882-1892
• Francis Joseph Reitz, 1893-1901

Cashiers:

• James Huntington Cutler, 1882-1892 Note: a featured biography is available
• Henry L. Cook, 1893-1900
• Francis Alexander Foster, 1901-1901

Other Known Bank Note Signers

• No other known bank note signers for this bank

Bank Note History Links

• First National Bank of Evansville, IN (Charter 28) History (NB Lookup)
• First National Bank of Evansville, IN History (Charter 2692) (NB Lookup)
• Indiana Bank Note History (BNH Wiki)

Sources

• Evansville, IN, 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