Girard National Bank, Philadelphia, PA (Charter 592)
Girard National Bank, Philadelphia, PA (Chartered 1864 - Closed 1926)
Town History
Philadelphia is located in Philadelphia County, in the southeast corner of Pennsylvania. It is currently the sixth-most-populous city in the United States and the most populous city in the state of Pennsylvania. It is also the second-most populous city in the Northeastern United States, behind New York City.
Philadelphia is one of the oldest municipalities in the United States. William Penn, an English Quaker, founded the city in 1682 to serve as capital of the Pennsylvania Colony. It grew on the steep banks of the Delaware River into a hub of international trade and monetary influence. The royal post-office was established in this city by Franklin. Mail would pass uninterrupted from Crown to Republic, the one royal department which did so. The Colonies used the old expresses and mail routes leading up to and through the revolution. Philadelphia played an instrumental role in the American Revolution as a meeting place for the Founding Fathers of the United States, who signed the Declaration of Independence in 1776 in Carpenters' Hall, and the Constitution at the Philadelphia Convention of 1787 in Independence Hall.
Philadelphia was the second Capitol after New York City during George Washington's presidency. On April 2, 1792, the United States Mint opened its doors here with David Rittenhouse, former treasurer of Pennsylvania, the first director. The American Philosophical Society was the first scientific society in the land and still meets in the hall Franklin secured for it. Former townships and boroughs of Bristol, Richmond, Kensington, Germantown, Manayunk, Northern Liberties, Southwark, to name a few, were consolidated into Philadelphia in 1854 which then occupied all of Philadelphia County.
During the National Bank Note Era (1863-1935), the population of Philadelphia was 674,022 in 1870, growing to 1,950,961 in 1930. Its highest population was 2,071,605 in 1950, and the current population is estimated at 1,584,064 (2019).
Philadelphia had 70 National Banks chartered during the Bank Note Era, and 62 of those banks issued National Bank Notes. Philadelphia also had 27 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized November 28, 1864
- Chartered November 30, 1864
- Succeeded Girard Bank
- Assumed 3085 by consolidation May 3, 1901 (Independence National Bank, Philadelphia, PA)
- Absorbed 610 February 16, 1903 (Mechanics National Bank, Philadelphia, PA)
- Absorbed 656 March 28, 1912 (Western National Bank, Philadelphia, PA)
- Closed March 31, 1926
- Consolidated with 539 March 31, 1926 (Philadelphia National Bank, Philadelphia, PA)
After the charter for the First Bank of the United States expired in 1811, Stephen Girard purchased most of its stock as well as the building and its furnishings on South Third Street in Philadelphia and opened his own bank. Over its early history the bank was known as "Girard's Bank," or as "Girard Bank," or also as "Stephen Girard's Bank," or even the "Bank of Stephen Girard." Girard was the sole proprietor of his bank, and thus avoided the Pennsylvania state law which prohibited an unincorporated association of persons from establishing a bank, and which required a charter from the legislature for a banking corporation. The founder, Stephen Girard operated his bank under the banner of Stephen Girard's Bank from 1812-1831. Upon his death in 1831, his bank passed to a trust according to his will. Merchants of the city bought the banking assets from the trust and received a State charter in 1832 for the Girard Bank to carry on the business. After the passage of the National Banking Act, the bank reorganized in 1863 as Girard National Bank. The Girard Estate's annual statement of the Girard trust for 1886, which is published in accordance with Mr. Girard's will, showed capital of $10,549,917, about $200,000 more than the previous year. Out of net income, $420,219 was devoted to support of Girard College and about $200,000 reinvested.
In January 1865, the directors of the Girard National Bank were D.B. Cummins, Charles Rugan, William Hay, S.B. Barcroft, Wm. Gillespie, Stephen Morris, J.M. Brooks, S. Caldwell, Jr., Redman Cooper, J.H. Michener, Thomas B. Wattson, T.W. Markley, and Washington Butcher.
The Girard Trust Co. was incorporated in 1886.
On January 8, 1902, the stockholders elected the following directors: Francis B. Reeves, Ricard L. Austin, Rodman E. Griscom, James M. Rhodes, W. Frederick Snyder, John H. Catherwood, Simon B. Fleisher, William Gillespie, John Sailer, William H. Lucas, Robert Toland, William B. Scott, Charles B. Adamson, Harry F. West, Malcolm Lloyd, Wm. Newbold Ely, Theo. E. Wiedersheim. The directors elected Francis B. Reeves, president; Richard L. Austin, first vice president, Theodore E. Wiedersheim, second vice president and Joseph Wayne, Jr., cashier.
In 1908 The Girard National Bank constructed a new headquarters on Broad Street, known as the Girard Trust Building, designed by Frank Furness. In 1930, the bank began construction of a new tower adjoining the domed 1908 building, designed by McKim, Mead & White and completed in 1931. The tower was located on the site formerly occupied by the West End Trust Building (1898-1928). The 1908 domed building today serves as The Ritz-Carlton Philadelphia hotel.
In January 1914, the directors were: Francis B. Reeves, Richard L. Austin, Daniel Baugh, George E. Bartol, Rodman E. Griscom, W. Frederick Snyder, J. Mauran Rhodes, Robert Toland, Wm. Newbold Ely, Morris L. Clothier, John Gribbel, George McFadden, Francis B. Reeves, Jr., Wm. W. Frazier, Jr., George D. Rosengarten, Clarence M. Clark, Horatio G. Lloyd, and Joseph Wayne, Jr. The officers were Francis B, Reeves, president, Richard L. Austin, vice president; T.E. Wiedersheim, vice president; Joseph Wayne, Jr., vice president and cashier; and Chas. M. Ashton, assistant cashier.
On March 10, 1914, Francis B. Reeves, president of the Girard National Bank since l899, resigned his post, and Richard L. Austin, vice president of the institution was elected to the presidency. Mr. Reeves was made chairman of the board of directors. The resignation of Mr. Reeves took place on the anniversary of his entrance into the bank, sixty years ago. He entered it as a clerk and retired from active service after a long period of usefulness. Mr. Reeves' business career began with a clerkship in a general store in 1851, where he remained, two years. He then entered the Girard Bank as a clerk, remaining until 1858. In 1899 he was elected president of the Girard National, having previously served as a director of the bank for many years. In addition to being the chief executive of the Girard National Bank, Mr. Reeves was also president of the Belt Line Railroad; a director of Philadelphia Mortgage and Trust Company, Saving Fund Society of Germantown, Bell Telephone Company of Pennsylvania, manager of Merchants' Fund, and of the Mercantile Beneficial Association. He was also a member of many civic and historical organizations.
On October 6, 1914, as planned many months earlier by the directors, Joseph Wayne, Jr., vice president and cashier, was elected president of the Girard National Bank. He succeeded Richard L. Austin, who resigned both as president and a director so that he might qualify for membership on the board of directors of the Federal Reserve Bank of Philadelphia, in which organization he would be chairman of the board. The advancement of Wayne brought about a series of promotions as follows: Evan Randolph, vice president; Charles M. Ashton, cashier; A.W. Pickford, assistant cashier, and Alfred Barratt, assistant cashier. Theodore E. Wiedersheim continued as senior vice president. Austin's place on the board was filled by the election of Evan Randolph. Wayne's advancement has been foreshadowed for a long time. He became one of the very youngest of bank presidents in Philadelphia, certainly the youngest president among the big banks. He had just turned forty years, and had served the Girard from the time of his graduation from the old Central Manual Training School. Entering as a clerk, he became assistant cashier in 1890, cashier in 1901, cashier and vice president in 1910. He was a very active figure in banking circles, having been president of the Pennsylvania State Bankers' Association in 1906, and also having served two three-year terms as a member of the Executive Council of the American Bankers' Association.
Merger of the Philadelphia National and the Girard National Banks was announced February 25, 1926. The new institution to be known as the Philadelphia-Girard National Bank with combined resources of about $250,000,000, combined deposits of $194,945,000 and combined surplus and net profits of $21,171,000. This was the second title for the Philadelphia National Bank, charter 539; no national bank notes were issued with this title. The title was reverted back to The Philadelphia National Bank on April 7, 1928.
In 1952, Girard Trust Company acquired The Corn Exchange Bank's Philadelphia branch, and renamed itself Girard Trust Corn Exchange Bank. From 1964 to 1969, the bank was known as Girard Trust Company; in 1969, it was renamed Girard Trust Bank, later Girard Bank. The bank was acquired by Mellon Bank in 1983 and then, two decades later, by Citizens Bank.
Official Bank Title(s)
1: The Girard National Bank of Philadelphia, PA
Bank Note Types Issued
A total of $21,949,590 in National Bank Notes was issued by this bank between 1864 and 1926. This consisted of a total of 2,358,220 notes (2,358,220 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 - 8000 Original Series 3x10-20 1 - 14140 Original Series 50-100 1 - 1900 Series 1875 3x10-20 1 - 13727 1882 Brown Back 4x5 1 - 29195 1882 Brown Back 3x10-20 1 - 49919 1902 Red Seal 4x5 1 - 59300 1902 Red Seal 3x10-20 1 - 38480 1902 Date Back 4x5 1 - 132500 1902 Date Back 3x10-20 1 - 105800 1902 Date Back 3x50-100 1 - 7726 1902 Plain Back 4x5 132501 - 213867 1902 Plain Back 3x10-20 105801 - 154251
Bank Presidents and Cashiers
Girard National Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1926):
Presidents:
- Daniel Bell Cummins, 1865-1891
- Seth Caldwell, Jr. , 1892-1898
- Francis Brewster Reeves, 1899-1913
- Richard L. Austin, 1914; Vice President, 1903...1913 Signature
- Joseph Wayne, Jr., 1914-1925
Cashiers:
- William Lehman Schaffer, 1865-1883
- John Goodman Whiteman, 1884-1900
- Joseph Wayne, Jr., 1901-1913
- Charles M. Ashton, 1914-1917
- Evan Randolph, 1918-1918
- Charles M. Ashton, 1919-1925
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- General information on the Girard Bank (Wikipedia)
- Pennsylvania Bank Note History
- General information on Philadelphia (Wikipedia)
- General information on Philadelphia County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Philadelphia, PA, 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://bbdata.banknotehistory.com
- Moses King, Philadelphia and Notable Philadelphians, (New York, NY: Blanchard Press, Isaac H. Blanchard Co., 1902), p. 34.
- Josiah Granville Leach, The History of the Girard National Bank of Philadelphia 1832-1902, (Philadelphia: J.B. Lippincott Co., 1902).
- Lancaster Intelligencer, Lancaster, PA, Fri., Apr. 20, 1832.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 12, 1865.
- The Times, Philadelphia, PA, Fri., Jan. 1, 1886.
- The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 11, 1902.
- The Philadelphia Inquirer, Philadelphia, PA, Mon., Mar. 9, 1914.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Mar. 11, 1914.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Oct. 7, 1914.