First National Bank of Richmond, IN (Charter 17-2680-17)
First National Bank of Richmond, IN (Chartered 1863 - Closed (Merger) 1997)
Town History
Richmond is a city in eastern Wayne County, Indiana. Bordering the state of Ohio, it is the county seat of Wayne County. In the 2020 census, the city had a population of 35,720.
The first post office in Richmond was established in 1818 with Robert Morrison as the first postmaster. The town was officially incorporated in 1840, with John Sailor elected the first mayor. Early cinema and television pioneer Charles Francis Jenkins grew up on a farm north of Richmond, where he began inventing useful gadgets. As the Richmond Telegram reported, on June 6, 1894, Jenkins gathered his family, friends and newsmen at his cousin's jewelry store in downtown Richmond and projected a filmed motion picture for the first time in front of an audience. The motion picture was of a vaudeville entertainer performing a butterfly dance, which Jenkins had filmed himself. Jenkins filed for a patent for the Phantoscope projector in November 1894 and it was issued in March 1895. A modified version of the Phantoscope was later sold to Thomas Edison, who named it Edison's Vitascope and began projecting motion pictures in New York City vaudeville theaters, raising the curtain on American cinema.
The history of banking in Richmond is almost coincident with the history of the state. The first bank in Wayne County was opened in Richmond in 1834, its charter having been secured in 1833, just seventeen years after the state was admitted to the union. Richmond's Banker's Row was found within an area of three blocks. In 1916, the Second and Union national banks, along with the Dickinson Trust, occupied three of the corners at Eighth and Main Streets; the First at Seventh and Main; the German-American at Ninth and Main and the building and loan companies in new and remodeled buildings on North Eighth and North Ninth Streets.
Richmond had six National Banks chartered during the Bank Note Era, and all six of those banks issued National Bank Notes.
Bank History
Charter 17 Bank History:
- Chartered June 30, 1863
- 1: Liquidated May 5, 1882
- 1: Succeeded by 2680 (First National Bank, Richmond, IN)
- 2: Charter 17 reassigned to 2680 on May 31, 1910 (First National Bank of Richmond, IN)
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Changed Institution Name to Bank One, Richmond, N.A. September 1, 1987
- Merged into Bank One, Indiana, N.A. in Indianapolis, IN, March 22, 1997
Charter 2680 Bank History:
- Organized April 15, 1882
- Chartered May 5, 1882
- Succeeded 17 (First National Bank of Richmond, IN)
- Retook 17 on May 31, 1910 (First National Bank of Richmond, IN)
The First National Bank occupied the site at Seventh and Main for about 70 years, having succeeded the old People's Bank, a private banking business which, while as not incorporated, it was run by Lewis Burk who established the institution in 1850 with a capital of $10,000. Charles McCorkle was cashier until 1859 when he left on account of differences with the president, being succeeded by Clement W. Ferguson, who remained as teller when the First National was organized and took over the property and holdings of the People's Bank. When Mr. Ferguson entered the Peoples Bank in 1859, the deposits amounted to about $35,000 which were increased to $75,000 in 1862 at the time the People's sold out to the First National, the increased largely attributable to Mr. Ferguson.
The First National was one of the first banks in the United States to organize under the national banking law of 1863 and was only prevented in becoming the first in point of charter number by war conditions. The train taken by James E. Reeves, the first president, was held up through the operations of a band of Confederate guerillas under the famous Mosby. The members of the bandit party rummaged and ransacked the train from end to end the the satchel containing the papers for the organization of the bank was still among the objects not examined when Mr. Reeves, always most punctiliously polite, approached the leader of the band and asked if the man "would be good enough" to hand him the satchel, and without any question, the satchel was handed over. Whether his politeness was rewarded or if the leader thought the satchel had already been search, Mr. Reeves was never known to say, but Mr. Reeves sitting on the satchel under a tree watched the band wrecking destruction on nearly everything else in sight. If it had not been for this incident, Richmond would have been the first bank to organize under a federal charter.
On June 12, 1863, a Washington dispatch said all was quiet in the neighborhood of Poolesville, Maryland. Moseby's raid into Maryland was of short duration. The next day his force was at Carter's Mills, on Goose Creek, Loudon County at daybreak, hurrying back to the mountains with Union troops in pursuit.
Due to the chaotic conditions brought about by the civil war, the banking institutions of Indiana, the majority conducted under the old state bank system, were in a demoralized state through depreciation of their paper on account of the high premium of gold and silver, many of the old banks made no effort to redeem their notes and simply went out of business. The First National organized on June 15, 1863 with James E. Reeves and Edward Yarrington, the latter a young man who had been connected with one of the banks operating under the state bank system. James E. Reeves would be president from organization until his death in 1904. Edward Yarrington was cashier for just two years, resigning to enter business with George W. Barnes. Thomas W. Yarrington was made the second cashier. Clement W. Ferguson was the first teller and Dr. David H. Dougan, later a director and vice president of the Second National Bank, was bookkeeper. Mr. Dougan was connected with the Morrisson-Blanchard Company, which operated under a state bank charter and later merged into the Richmond National Bank.
The following were the names of the original stockholders: Mark E. Reeves, Lewis Burk, Thomas Woodnut, James Van Uxem, Jr., John Yaryan, Jesse P. Siddall, John W. Grubbs, Isaac r. Howard, G.W. Vannamann, William S. Reid, C.C. Beeler, C.B. Huff, Andrew F. Scott, Elwood Hadley, John Pleasants, Albert B. Payne, George W. Barnes, C.H. Strickland, Joshua W. Haines, Frank McWhinney, William H. Good, David Nordyke, Isaac P. Evans, D.B. Crawford, J.H. Moorman, William Kenworthy, Joseph Coffin, John Henry Newman, John P. Smith, Abraham Earnist, Joshua Holland and E.W. Yarrington.
In January 1864, the officers elected were James E. Reeves, president; E.W. Yarrington, cashier; and C.W. Ferguson, Teller.
In January 1891, the following officers and directors were elected: James E. Reeves, president; Clem. W. Ferguson, vice-president; Frank F. Reeves, cashier; James E. Reeves, O.W. Ferguson, Daniel B. Crawford, James L. Morrison, James Van Uxem, John W. Grubbs, Arthur Reeves and J.W. Haines, directors.
On Tuesday, January 12, 1904, stockholders elected the following directors: L.C. Boyd, J.M. Crawford, C.R. DuHadway, William Dudley Foulke, June W. Gayle, Daniel Moss, James W. Morrisson, John L. Rupe, and S.E. Swayne. The officers were June W. Gayle, president; J.M. Crawford, first vice president; John L. Rupe, second vice president; and C.R. DuHadway, cashier.
On Tuesday, January 10, 1905, stockholders elected the following directors: A.D. Gale, John L. Rupe S.E. Swayne, Charles R. DuHadway, William Dudley Foulke, Daniel Moss, and Charles E. Shiveley. The officers were A.D. Gayle, president; John L. Rupe and S.E. Swayne vice presidents; and Charles R. DuHadway, cashier; and Frank M. Taylor, assistant cashier.
In November 1914, the keys to the vault were on display. There were four keys which were distributed among the banking staff. The large brass keys weiged several pounds. There were two master keys which opened the doors of the vault, but the two smaller keys were required to unlock the larger keyholes. One of the master keys had adjustable lugs which could be released with a smaller key and changed. The lock in the vault door could be altered accordingly. The bank also had on display the only remaining $1 bill of its issue from 1863 or 1864 with Secretary of the Treasury Spinner's signature. The bill went through the Chicago fire in 1871 and was sent to the bank for redemption.
In 1916, the directors were William Dudley Foulke and S.E. Swayne, both connected with and related to the founders of the institution, with James A. Carr, Richard Sedgwick, Daniel Moss, Charles E. Shiveley, J.J. Rife, S.W. Hayes, A.G. Luken, F.M. Taylor, and A.D. Gayle. John M. Crawford of Cincinnati succeeded James E. Reeves as president and was followed by June W. Gayle who was succeeded by his brother Albert D. Gayle in 1905.
The formal opening of the new First National Bank building at the corner of Seventh and Main streets, was planned for Saturday, September 1, 1923. An invitation was extended to the general public to inspect the new home of the bank, and visitors would be shown the building by a special reception committee of stockholders. Completion of the new five-story building, after a year's work of construction, marked the establishment of the fourth bank building on this Conner, covering a period of more than 80 years. Although the first bank established was the People's Bank, it was taken over in 1863 by the First National, so that the latter institution could claim all four buildings as its homes. In beauty of construction, interior arrangement and facilities, the new building set a standard far above its predecessors and included many features new to building construction in this city. The vault was said to be one of a kind in that area. It was equipped with every modern improvement. The safe door alone weighed 32 tons, was 22 inches thick and eight feet high, with 24 bolts, 4 inches in diameter. The door was of the circular type, and Inside its massive steel construction, miles of electrical wire were embedded. The wires were "camouflaged" to give the appearance of reinforcements, and if struck, as they would be necessarily by anyone attempting to cut through the door, would instantly start the burglar alarm. Thermostats placed in the interior of the door would likewise respond to an increase in temperature by starting the alarm, in case an attempt were made to burn through the door. All the alarm systems connected with a huge bell placed in a cage on the front of the building at a considerable height. The bell was three feet in diameter and capable of sounding an extremely loud alarm. On September 1st, more than 25,000 persons attended the formal opening as estimated by officials with 10,000 roses given to women visitors. The bank was of Roman design and visitors were shown the entire first floor, basement, mezzanine and the vaults. The lines of the new building were designed to carry out those of the Villa Medici of Rome. The exterior featured buffed Bedford stone. The Main Street entrance would later be equipped with panels of red Numidian marble which had not yet arrived. The interior ceiling was copied from the Massini palace in Rome, while the walls were pointed in ivory color. Panels were decorated in gold and blue.
Official Bank Title(s)
1: The First National Bank of Richmond, IN (Charter 17)
2: The First National Bank of Richmond, IN (Charter 17 reassigned 5/31/1910)
Bank Note Types Issued
Charter 17 Bank Note Types Issued:
A total of $2,283,390 in National Bank Notes was issued by Charter 17 between 1863 and 1935. This consisted of a total of 395,998 notes (271,716 large size and 124,282 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1: Original Series 3x1-2 1 - 5000 1: Original Series 4x5 1 - 5250 1: Original Series 3x10-20 1 - 4700 1: Series 1875 3x10-20 1 - 2700 2: 1902 Date Back 4x5 1 - 2850 2: 1902 Date Back 3x50-100 1 - 680 2: 1902 Plain Back 4x5 2851 - 13650 Plate dated 1902 2: 1902 Plain Back 4x5 1 - 35949 Plate dated 1922 2: 1929 Type 1 6x5 1 - 18304 2: 1929 Type 2 5 1 - 14458
Charter 2680 Bank Note Types Issued:
A total of $579,250 in National Bank Notes was issued by Charter 2680 between 1882 and 1910. This consisted of a total of 44,166 notes (44,166 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 3x10-20 1 - 3720 1882 Brown Back 50-100 1 - 489 1902 Red Seal 4x5 1 - 5190 1902 Red Seal 50-100 1 - 934 1902 Date Back 4x5 1 - 1250 1902 Date Back 50-100 1 - 340
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1935):
Charter 17 Bank Presidents and Cashiers:
Presidents:
Cashiers:
- Edward W. Yarrington, 1863-1863
- Thomas G. Yarrington, 1864-1869
- James Frank Reeves, 1870-1882
- Frank M. Taylor, 1910-1914
- Alton T. Hale, 1915-1931
- Horace M. Todd, 1932-1935
Charter 2680 Bank Presidents and Cashiers:
Presidents:
- James Eyre Reeves, 1882-1901
- John Moses Crawford, 1902-1903
- June Ward Gayle, 1904-1904
- Albert Delong Gayle, 1905-1910
Cashiers:
- James Frank Reeves, 1882-1896
- James Franklin Elder, 1897-1901
- Charles R. Du Hadway, 1902-1905
- Frank M. Taylor, 1906-1910
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Indiana Bank Note History
- General information on Richmond (Wikipedia)
- General information on Wayne County (Wikipedia)
- General information on Indiana (Wikipedia)
Sources
- Richmond, 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
- The Inquirer, Lancaster, PA, Sat., June 13, 1863.
- Richmond Weekly Palladium, Richmond, IN, Wed., Jan. 27, 1865.
- The Richmond Item, Richmond, IN, Tue., Jan. 13, 1891.
- Palladium Item, Richmond, IN, Tue., Jan. 12, 1904.
- The Richmond Item, Richmond, IN, Tue., Jan. 10, 1905.
- Palladium-Item, Richmond, IN, Mon. Nov. 23, 1914.
- The Richmond Item, Richmond, IN, Mon., Oct. 16, 1916.
- Palladium-Item, Richmond, IN, Thu., Aug. 30, 1923.
- The Richmond Item, Richmond, IN, Sun., Sep. 2, 1923.
- The Richmond Item, Richmond, IN, Sun., Dec. 16, 1923.