First National Bank of Orwell, VT (Charter 228)
First National Bank of Orwell, VT (Chartered 1864 - Open past 1935)
Town History
Orwell is a town in Addison County, Vermont. Mount Independence was the largest fortification constructed by the American colonial forces. The 300-acre site is now one of Vermont's premier state-operated historic sites.
After the construction of Fort Independence on Mount Independence in 1775, American soldiers bravely manned the lesser fortifications of the Vermont-side defenses. While those soldiers billeted at Fort Ticonderoga enjoyed comparatively splendid conditions in the French-style fort. Mount Independence proved a trying and difficult environment for its small cadre of revolutionary defenders, who frequently returned to their farms in the surrounding countryside to tend to their homesteads. The fortress was passed between the British and Colonials, until it was eventually abandoned at the cessation of hostilities on the northern front of the war.
The population of Orwell was 1,239 at the 2020 census. In 1860 the population was 1,341, declining to 835 by 1930.
Orwell had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Chartered February 3, 1864
- Succeeded Farmers Bank
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Still in business as First National Bank of Orwell, VT (September 2022)
In November 1833, the members of Rutland County reported that in their opinion the business of the county required two additional banks and recommended their location at Orwell and Poultney. The bill incorporating the Farmer's Bank at Orwell was taken up, the amendments reported by the committee on banks adopted, and the bill read the first time and laid upon the table. The Act establishing the Farmers' Bank at Orwell was passed in the October Session, 1833.
On February 28, 1834, at a meeting of the directors of the Farmer's Bank at Orwell, it was ordered that an installment of $20 on each share of the capital stock of the bank be paid on or before the 17th of June. The directors were Joseph H. Chittenden, John Kellogg, E.G. Chittenden, Walter Chipman, Kent Wright, John Thomas, and Ira Smith 2nd.
| Year | Bank | Action |
|---|---|---|
| 1830 | Bank of Burlington | Re-Chartered |
| 1830 | Bank of Windsor | Re-Chartered |
| 1831 | Bank of Middlebury | Incorporated |
| 1831 | Bank of Woodstock | Incorporated |
| 1831 | Bank of Bellows Falls | Incorporated |
| 1832 | Bank of Manchester | Incorporated |
| 1832 | Bank of Orleans | Incorporated |
| 1832 | Bank of Newbury | Incorporated |
| 1832 | Bank of Essex | Incorporated |
| 1833 | Farmer's Bank at Orwell | Incorporated |
| 1834 | Farmer's and Mechanicks Bank of Burlington | Incorporated |
| 1836 | Rutland Rail Road Bank | Incorporated |
| 1836 | Bank of St. Albans | Re-Chartered |
On March 30, 1841, Hon. Thomas D. Hammond, president of the Farmer's Bank at Orwell died. He was formerly a councilor and a member of the State Senate in 1836 and 1837.
On Friday afternoon, September 13, 1850, William B. Martin, Esq., cashier (1841...1850) of the Farmer's Bank, became suddenly ill while attending to the duties of his office and died with scarcely an instant of warning.
On January 15, 1890, the First National Bank of Orwell elected the following named directors: V. Rich, president; C.E. Bush, vice president; J.S. Wilcox, cashier; Cyrus Jennings and W.B. Wright. A semi-annual dividend of 6% was paid on Jan. 1. At the annual meeting of the Vermont Investment & Guarantee Company of Orwell, the following named were elected directors: Cyrus Jennings, president; W.B. Wright, vice-president; C.E. Bush, treasurer; D.L. Wells, secretary; George Briggs, T.M. Chapman, and B.B. Smalley. A semi-annual dividend of 3%, was paid on Jan. 1.
On Tuesday, January 12, 1915, the annual meeting of the stockholders was held at their banking rooms and the old board of directors was re-elected. Following this the board organized by electing George M. Wright, president; E.E. Young, vice president; and D.L. Wells, cashier. These three with C.N. North and W.B. French constituted the board of directors.
On January 14, 1930, at the annual meeting the following board of directors was re-elected: Wilbur B. French, William A. Jennings, Plin W. Waite, Robert S. Hall and Davis L. Wells. The following officers were then elected: President, Wilbur B. French; cashier, Davis L. Wells; teller, Mrs. Mabel W. Young.
On April 13, 1940, Wilber B. French, 79, prominent retired merchant and businessman, died at his home in Orwell of a cerebral hemorrhage after 24 hours illness. He was born April 6, 1861 in Putnam, NY the son of William and Phoebe Maxwell French and at the age of 10 moved to a farm on Lake Champlain. In 1880 he entered the Wright General store as a clerk, later purchased the business, and retired in 1928. He had been president and director of the First National Bank of Orwell for 22 years, was a former postmaster for Orwell, and for 40 years was an agent for the Vermont Mutual Insurance Company. He was a member of the Mount Independence Lodge of Masons and a Royal Arch Mason in the Brandon Farmer's Chapter, a member of the Mount Cavalry Commandery, Knights Templar in Middlebury, and of the Cairo Temple, Order of Mystic Shrine, Rutland.
In December 1940, George B. Wright of Orwell was now president of the First National Bank of Orwell. He was born in Fergus Falls, Minn., March 8, 1883 and was graduated from the United States Naval Academy in the class of 1906. During the first World War, he served with the Bureau of Ordnance, was in charge of the strategy department of the U.S. Naval War College at Newport, RI, and commander of a destroyer division under Admiral W.P. Leahy. Captain Wright was also commanding officer aboard the USS Tennessee. He retired from active duty in 1936 to devote his time to his farms in Orwell, but returned to active service in 1940, being stationed at Washington and Newport. Captain Wright represented Orwell in the 1940 session of the legislature.
In January 1963, at the annual meeting of the stockholders, Leland B. Hall was elected president, C.J. Williamson of Benson, vice president, R.D. Young of Orwell cashier. Directors were Leland B. Hall, Dr. C.M. Miller, Robert D. Young of Orwell, C.J. Williamson of Benson, and Miss Marion Waite of Shoreham.
Official Bank Title(s)
1: The First National Bank of Orwell, VT
Bank Note Types Issued
A total of $1,589,530 in National Bank Notes was issued by this bank between 1864 and 1935. This consisted of a total of 207,100 notes (183,928 large size and 23,172 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 4200 Original Series 4x5 1 - 3700 Original Series 3x10-20 1 - 2200 Series 1875 3x1-2 1 - 480 Series 1875 4x5 1 - 425 Series 1875 3x10-20 1 - 2000 1882 Brown Back 4x5 1 - 4714 1882 Brown Back 3x10-20 1 - 4832 1902 Red Seal 4x5 1 - 2600 1902 Red Seal 3x10-20 1 - 1920 1902 Date Back 4x5 1 - 3175 1902 Date Back 3x10-20 1 - 2360 1902 Plain Back 4x5 3176 - 11124 1902 Plain Back 3x10-20 2361 - 7787 1929 Type 1 6x5 1 - 1932 1929 Type 1 6x10 1 - 872 1929 Type 1 6x20 1 - 248 1929 Type 2 5 1 - 2982 1929 Type 2 10 1 - 1459 1929 Type 2 20 1 - 419
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1936):
Presidents:
- John Leonard Hammond, 1864-1881
- Virtulon Rich, 1882-1890
- Charles Edson Bush, 1891-1892
- Stephen Northrup Warren, 1893-1897
- Irving Bascom Rich, 1898-1901
- Edward Earl Young, 1902-1902
- William Bottum Wright, 1903-1906
- George Murray Wright, 1907-1917
- Wilbur B. French, 1918-1935
Cashiers:
- Henry Clay Holley, 1864-1868
- Dorus C. Bascom, 1869-1869
- Charles Edson Bush, 1870-1886
- Josiah Stevens Wilcox, 1887-1901
- Davis Lucius Wells, 1902-1935
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Orwell, VT, 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 Vermont Courier, Woodstock, VT, Fri., Nov. 8, 1833.
- The Vermont Patriot and State Gazette, Montpelier, VT, Mon., Nov. 11, 1833.
- Rutland Weekly Herald, Rutland, VT, Mon., Mar. 24, 1834.
- The Vermont Patriot and State Gazette, Montpelier, VT, Mon., July 10, 1837.
- Vermont Chronicle, Bellows Falls, VT, Wed., Apr. 21, 1841.
- The Enterprise and Vermonter, Vergennes, VT, Wed., Sep. 25, 1850.
- Rutland Daily Herald, Rutland, VT, Thu., Jan. 16, 1890.
- The Orwell Citizen, Vergennes, VT, Thu., Oct. 18, 1906.
- The Orwell Citizen, Vergennes, VT, Thu., Jan. 14, 1915.
- Rutland Daily Herald, Rutland, VT, Thu., Jan. 16, 1930.
- Rutland Daily Herald, Rutland, VT, Mon., Apr. 15, 1940.
- Rutland Daily Herald, Rutland, VT, Thu., Dec. 19, 1940.
- The Brattleboro Reformer, Brattleboro, VT, Fri., July 17, 1942.
- Rutland Daily Herald, Rutland, VT, Wed., Jan. 23, 1963.