Forest City National Bank, Rockford, IL (Charter 4325)

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Postcard of the Forest City National Bank building of Rockford, Illinois, ca1920s.
Postcard of the Forest City National Bank building of Rockford, Illinois, ca1920s. Courtesy of Adam Stroup

Forest City National Bank, Rockford, IL (Chartered 1890 - Receivership 1932)

Town History

Forest City National Bank building of Rockford, Illinois. The contract for this eight-story building on the northwest corner of West State and Church Streets was let in April 1922.
Forest City National Bank building of Rockford, Illinois. The contract for this eight-story building on the northwest corner of West State and Church Streets was let in April 1922. Courtesy of Google Maps

Rockford is a city in Winnebago County, Illinois, located in the far northern part of the state. Situated on the banks of the Rock River, Rockford is the county seat of Winnebago County (a small portion of the city is located in Ogle County). The largest city in Illinois outside of the Chicago metropolitan area, Rockford is the fourth-largest city in the state and the 171st most populous in the United States. According to 2010 U.S. Census data, the City of Rockford had a population of 152,871, with an outlying metropolitan area population of 348,360. Rockford's population was 145,609 as of 2019, down 5.0% since 2010.

Settled in the mid-1830s, the position of the city on the Rock River made its location strategic for industrial development. In the second half of the 19th century, Rockford was notable for its output of heavy machinery, hardware and tools; by the twentieth century, it was the second leading center of furniture manufacturing in the nation, and 94th largest city. During the second half of the 20th century, Rockford struggled alongside many Rust Belt cities. Since the late 1990s, efforts in economic diversification have led to growth of automotive, aerospace, and healthcare industries, as well as the undertaking of various tourism and downtown revitalization efforts.

Nicknamed the Forest City, Rockford is presently known for various venues of cultural or historical significance, including Anderson Japanese Gardens, Klehm Arboretum, Tinker Swiss Cottage, the BMO Harris Bank Center, the Coronado Theatre, the Laurent House, and the Burpee Museum of Natural History. Its contributions to music are noted in the Mendelssohn Club, the oldest music club in the nation.

Rockford had 11 National Banks chartered during the Bank Note Era, and all 11 of those banks issued National Bank Notes.

Bank History

A 1923 view of the interior of the new Forest City National Bank.
A 1923 view of the interior of the new Forest City National Bank.
  • Organized April 8, 1890
  • Chartered May 29, 1890
  • Receivership April 19, 1932

The Forest City National Bank of Rockford was organized in June 1890, by J.D. Waterman, A.H. Frost, and E.H. Keeler with a capital of $100,000. Its first officers were as follows: J.D. Waterman, president; E.B. Sumner, vice president; and P.F. Schuster, cashier.

The new structure built in 1923 was an eight-story fireproof building with a basement, first floor and mezzanine for banking purposes and six floors of rentable offices. The contract for the design and construction was placed with Hoggson Brothers of New York and Chicago; Visscher and Burley being the architects for the exterior design and Hoggson Brothers handling the banking room layout and building construction. The banking room's color scheme consisted of old-ivory tinted ceiling, full length buff colored draperies, a delicate bronze railing on the mezzanine floor, and an Italian marble counterscreen and floor. The contract for the design and construction was placed with Hoggson Brothers of New York and Chicago; Visscher and Burley being the architects for the exterior design and Hoggson Brothers handling the banking room layout and building construction.

In 1926, the officers were as follows: J.D. Waterman, chairman of the board of directors; R.B. Spottswood, president: E.H. Keeler, vice president; E.E. Brumbaugh, vice president; Thomas L. Sizer, cashier; E.G. Atkins, assistant cashier; and Earl Breyvogle, assistant cashier. The Forest City National Bank was developing its business particularly in the direction of commercial banking. The bank moved from its original location at 340 West State Street to 401 West State Street in Rockford.

On April 18, 1932, the directors closed the bank and a national bank examiner assumed charge. John D. Waterman was chairman of the board and Ralph B. Spottswood was president. The bank's statement at the end of 1930 showed deposits of $2,821,002.28, capital of $300,000 and surplus and profits of $377,141.51.

On December 9, 1932, depositors were notified that a payment of 65% of their claims would be paid after January 15, 1933, according to Ferdinand Ringeon, receiver. On December 16, 1937, depositors of the closed Forest City National Bank were paid off in full on their claims when the last 10% dividend checks were distributed. Officials reported 5,018 persons received a total of $160,200.

Official Bank Title(s)

1: The Forest City National Bank of Rockford, IL

Bank Note Types Issued

1902 Plain Back $20 bank note with pen signatures of Thomas L. Sizer, Cashier and Emma E. Brumbaugh, Vice President.
1902 Plain Back $20 bank note with pen signatures of Thomas L. Sizer, Cashier and Emma E. Brumbaugh, Vice President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of E.G. Atkins, Cashier and R.B. Spottswood, President.
1929 Type 1 $20 bank note with printed signatures of E.G. Atkins, Cashier and R.B. Spottswood, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,733,510 in National Bank Notes was issued by this bank between 1890 and 1932. This consisted of a total of 139,372 notes (107,836 large size and 31,536 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 - 5920
1882 Date Back 3x10-20 1 - 698
1902 Date Back 3x10-20 1 - 5900
1902 Plain Back 3x10-20 5901 - 20341
1929 Type 1 6x10 1 - 4086
1929 Type 1 6x20 1 - 1170

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1890 - 1932):

Presidents:

Cashiers:

Other Bank Note Signers

Wiki Links

Sources

  • Rockford, IL, 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
  • "Financing an Empire, History of Banking in Illinois, Vol. IV" (Chicago, IL: The J.J. Clarke Publishing Company, 1926), p. 295.
  • Bankers' Magazine, Vol. 106, 1923, p. 1099.
  • Republican-Northwestern, Belvidere, IL, Fri., Apr. 21, 1922
  • Republican-Northwestern, Belvidere, IL, Fri., Jan. 25, 1929.
  • Freeport Journal-Standard, Freeport, IL, Fri., Dec. 9, 1932.
  • Belleville Daily Advocate, Belleville, IL, Mon., Apr. 18, 1932.
  • The Rock Island Argus, Rock Island, IL, Thu., Dec. 16, 1937.