Killington National Bank, Rutland, VT (Charter 2905)

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A 2019 photo of the old Clement National Bank building with clock and Merchants Row, Rutland, Vermont
A 2019 photo of the old Clement National Bank (building with clock) and Merchants Row, Rutland, Vermont. The Killington National Bank moved to this location after the 1941 merger. TD Bank operated a branch at this location at the time of the photo. Courtesy of Google Maps

Killington National Bank, Rutland, VT (Chartered 1883 - Open past 1935)

Town History

A 1903 advertisement for the Rutland Trust Company located in the Killington National Bank building at 53 Merchants Row.

Rutland is the only city in and the seat of Rutland County, Vermont. It is located approximately 65 miles north of the Massachusetts state line, 35 miles west of New Hampshire state line, and 20 miles east of the New York state line. Rutland is the third largest city in the state of Vermont after Burlington and South Burlington. Rutland City is completely surrounded by Rutland Town, which is a separate municipality. As of the 2020 census, the city had a total population of 15,807. In 1880 the population was 7,502, growing to 17,315 by 1930.

The town of Rutland was chartered in 1761 and named after John Manners, 3rd Duke of Rutland. It was settled in 1770 and served as one of the capitals of the Republic of Vermont. In the early 19th century, small high-quality marble deposits were discovered in Rutland, and in the 1830s a large deposit of nearly solid marble was found in what is now West Rutland. By the 1840s, small firms had begun excavations, but marble quarries proved profitable only after the railroad arrived in 1851. Rutland eventually became one of the world's leading marble producers. A large number of Italians with experience in the industry immigrated and brought their families to Rutland.

Killington is a town in Rutland County, Vermont with a population of 1,407 at the 2020 census. Killington Ski Resort and numerous vacation lodges are located here. The town was previously named Sherburne, but was renamed to its original name, "Killington", in 1999. Killington's voters have twice voted to secede from Vermont and join the State of New Hampshire, 25 miles to the east.

Rutland had seven National Banks chartered during the Bank Note Era, and six of those banks issued National Bank Notes.

Bank History

2019 photo of former location of the Killington National Bank and Rutland Trust Company
2019 photo of former location of the Killington National Bank and Rutland Trust Company corner of Merchants Row and Center Street, in the Mead Building. This site was occupied from December 1936 until the 1941 move across the street into the former banking house of the Clement National Bank. Courtesy of Google Maps
A 1923 advertisement for the Rutland Trust Company located directly opposite the Rutland Railroad Station.[1]
The Killington National Bank and Rutland Trust Company announced their move on June 2, 1941, from the corner of Merchants Row and Center Street to the banking rooms formerly occupied by the Clement National Bank at the corner of Merchants Row and Evelyn Street.[2]
A 1957 advertisement for the Killington Bank and Trust Company.[3]

In February 1883, stock of the new Killington National Bank was subscribed and upon organization, ex-Governor Redfield Proctor would be president. Fredrick Chaffee was a large stock holder. The Rutland Trust Company was also to be operated in connection with this bank in banking rooms formerly occupied by Ben Wooley's saloon in Quinn's block on Merchants Row.[4] In March the bank organized with Redfield Proctor as president; Frederick Chafee, vice president; Redfield Proctor, Fred Chaffee, George Wilds, Justin Batcheller, and E.P. Gilson, directors.[5] On Saturday, March 31st, a large safe was placed in position.[6] George K. Montgomery of West Randolph was appointed cashier.[7]

On Tuesday, April 17, 1883, stockholders of the Killington National Bank and the Rutland Trust Company met and the following boards elected. Killington bank: President Redfield Proctor; vice president E.P. Gilson; directors, R. Proctor, H.H. Dyer, F. Chaffee, Geo. Willis, H.H. Smith, Justin Batcheller, E.P. Gilson; cashier, G.K. Montgomery. Rutland Trust Company: President, Justin Batcheller; vice president, E.P. Gilson; directors H.H. Dyer, F. Chaffee, Justin Batcheller, H.H. Smith, Geo. Willis, R. Proctor, H.F. Lothrop, E.P. Gilson, Geo. Brigs; treasurer, G.K. Montgomery. The capital stock of the Killington bank was increased from $100,000 to $200,000 and the stock of the Rutland Trust Company was increased $25,000. The bank would begin business on Monday, April 23rd and the trust company was already doing business. The new bills were also expected to arrive the first of the week.[8]

In January 1891, the directors of the Killington National Bank were E.P. Gilson, George T. Chaffee, H.H. Dyer, George Willis, H.O. Carpenter, Wayne Bailey, and J.N. Woodfin. E.P. Gilson was president; H.H. Dyer, vice president; George K. Montgomery, cashier; and Fred C. Spencer, teller. Directors for the Rutland Trust Company were Justin Batcheller, H.H. Dyer, W.W. Stickney, E.P. Gilson, George Willis, F.W. Stafford, Levi Rice, M.J. Francisco, and George T. Chaffee. Justin Batcheller was president; George T. Chaffee, vice president; and George K. Montgomery, treasurer.[9] On March 22, 1883, the comptroller of the currency, John Jay Knox, authorized the Killington National Bank of Rutland to commence business.[10]

On July 31, 1902, a cannon used for blowing out bolts in engines at the Rutland railroad repair shops exploded in the yard and threw a piece of iron weighing four and one half pounds across Merchants Row and through a large plate glass window in the Killington National Bank. In its flight it passed through an umbrella held by W.A. Patrick who was sitting in his wagon.[11]

On Tuesday, January 11, 1910, the Killington National directors elected were E.P. Gilson, George T. Chaffee, J.N. Woodfin, S.M. Willson, H.O. Carpenter, W.A. Clark, and W.H. Spaulding. The officers were E.P. Gilson, president; S.M. Willson, vice president; George K. Montgomery, cashier; and Robert Moffat, teller. The directors of the Rutland Trust Company were E.P. Gilson, George T. Chaffee, M.J. Francisco, N.K. Chaffee, H.E. Dyer, G.H. Young and W.D. Hulett. The officers were George T. Chaffee, president; M.J. Francisco, vice president; and George K. Montgomery, treasurer.[12]

In January 1919, Ralph Baright of Roberts Avenue, who had been in training at Camp Eustis, Virginia, received an honorable discharge from the Army and returned to Rutland and resumed his duties as teller in the Killington National Bank.[13] On Tuesday, January 14, 1919, at the annual meeting of the stockholders, Archie Stewart was chosen assistant cashier in place of William H. Whay, resigned. The following directors were elected: E.P. Gilson, S.M. Willson, J.N. Woodfin, H.O. Carpenter, George T. Chaffee, W.H. Spaulding, W.A. Clark, F.S. Chaffee, and G.K. Montgomery. The directors organized by electing Mr. Gilson, president; Mr. Willson, vice president; Mr. Montgomery, cashier; Archie Stewart, assistant cashier; R.A. Baright, teller; and W.A. Clark, secretary. Stockholders of the Rutland Trust Company elected the following directors: E.P. Gilson, G.H. Young, G.T. Chaffee, W.D. Hulett, E.W. Lawrence, G.K. Montgomery, N.K. Chaffee, H.E. Dyer. The directors organized by electing G.T. Chaffee, president; Mr. Hulett, vice president; Mr. Montgomery, treasurer; and N.K. Chaffee, secretary.[14] In December 1919, Ralph Baright left for Watertown, Connecticut where he accepted a position as assistant cashier with the Watertown Trust Company. Mr. Baright received his education in Poughkeepsie, New York and later graduated from the Rutland Business College. He was first employed as a stenographer at the Killington National Bank, afterwards being promoted to the position of teller.[15]

In October 1920, an announcement was made that George K. Montgomery of Pleasant Street would retire from business on January 1, 1921, and be succeeded as cashier of the Killington National Bank by Arthur C. Hughes who for the last seven years had been cashier of the Allen National Bank of Fair Haven. Mr. Hughes was teller of the Rutland County National Bank over five years before going to Fair Haven. Mr. Montgomery had been cashier of the Killington bank since its organization and also treasurer of the Rutland Trust company since it began business.[16] Upon retiring, Mr. Montgomery was presented with $500 from each institution, a luncheon was tendered him, and an automobile thermos kit was presented to him by the employees.[17]

In May 1922, at the Vermont Older Girls' Conference in St. Johnsbury, Mrs. Arthur Granger of Rutland, acting teller, Killington National Bank presented "The Young Woman in Business and the Attractions of Banking."[18]

In January 1924, the following officers and directors were elected at the Killington National Bank: E.P. Gilson, S.M. Willson, George T. Chaffee, H.O. Carpenter, W.H. Spaulding, W.A. Clark, F.S. Chaffee, H.F. Woodfin, directors; E.P. Gilson, president; S.M. Willson, vice president; Arthur C. Hughes, cashier; and Archibald Stewart, assistant cashier. At the Rutland Trust Company, the following directors were elected: George T. Chaffee, W.D. Hulett, E.P. Gilson, N.K. Chaffee, H. Edward Dyer, D.H. Young, E.W. Lawrence, Edward G. McClallen.[19]

On Saturday afternoon, January 26, 1929, Edson P. Gilson, 89, one of the founders of the Killington National Bank and of the Rutland Trust Company and an officer in each for over 40 years, died at his home on Washington Street after an illness of two weeks. Mr. Gilson was born at Reading, Vermont, on October 5, 1839, a son of John and Lucy Stearns Gilson. He was educated in the local schools and academy, and became a schoolteacher when he was 19 years old. In 1862 he came to Rutland as a bookkeeper in the Bank of Rutland, resigning after two years to become cashier of the First National Bank in Springfield. In June, 1866, in partnership with Charles Clement and Farrand Parker, he entered the marble business and continued in it for 20 years. The firm later became known as Gilson & Woodfin. He was one of the founders. of the Killington National Bank in 1883. He was its vice president for four years and its president for 42 years. He was also one of the founders of Rutland Trust Company and served as a trustee of the institution for 46 years. He was at one time a trustee of the Vermont State Hospital for, the Insane and was a trustee and treasurer of the Rutland Hospital for many years, and was one of its founders. He served on the committee to secure a charter from the Legislature for the City of Rutland.[20] Mr. Gilson had been twice married, first, in 1865, to Miss Anna Clement, and in 1871, to Miss Harriet E. Morgan.[21]

In January 1930, the directors of the Rutland Trust company were re-elected as follows: William D. Hulett, Newman K. Chaffee, H. Edward Dyer, Edwin W. Lawrence, Edward G. McClallen, and Albert W. Gorton of Rutland; and George H. Young of Brandon. The board organized by re-electing N.K. Chaffee as president; W.D. Hulett, vice president; and Arthur C. Hughes, treasurer. Stockholders of the Killington National re-elected as directors Samuel M. Willson, Henry O. Carpenter, Walter A. Clark, Frederick S. Chaffee, Howard F. Woodfin, Edwin W. Lawrence, Arthur W. Perkins, and Fred A. Field, Jr., all of Rutland. The board re-elected S.M. Willson, president; Edwin W. Lawrence, vice president; and Arthur C. Hughes, cashier.[22]

On Tuesday, January 14, 1936, Henry O. Carpenter, former vice president of the Killington National Bank was elected president at the annual meeting. He succeeded the late Arthur W. Perkins, former Rutland mayor. Carpenter was the former president of the Rutland Savings Bank. Cleon A. Perkins was elected vice president and H.A. Dahlgren was re-elected cashier. The following were named directors: H.O. Carpenter, W.A. Clark, F.S. Chaffee, H.F. Woodfin, H.E. Dyer, C.A. Perkins, H.A. Colburn, and E.W. Lawrence. The following officers were re-elected at a meeting of the corporators of the Rutland Trust Company: N.K. Chaffee, president; H.E. Dyer, vice president; A.W. Gorton, vice president; E.G. McClallen, secretary; and H.A. Dahlgren, treasurer. The directors were N.K. Chaffee, H.E. Dyer, E.W. Lawrence, E.G. McClallen, and A.W. Gorton.[23] On Saturday, December 5, 1936, the Killington National Bank and Rutland Trust Company opened to public inspection in their new quarters formerly occupied by the Central National Bank. Henry O. Carpenter* was president of the Killington National along with Cleon A. Perkins, vice president; Henry A. Dahlgren, cashier; and Mr. Carpenter, Mr. Perkins, Frederick S. Chaffee, Walter A. Clark, H. Edward Dyer, Howard F. Woodfin, Horace A. Colburn and Edwin W. Lawrence. *Mr. Carpenter died on May 19, 1936.[24] The liquidation of the Central National Bank was authorized by its board on November 19, 1936, and by stockholders on December 21st. All depositors of the Central bank were paid in full either by withdrawal or transfers to the Killington bank or the Rutland Trust Company which purchased the banking fixtures and equipment of the Central National Bank and leased the latter's quarters in the Mead building.[25]

On Tuesday, September 9, 1941, the directors of the Clement National Bank voted to pay a first liquidating dividend of $300,000 to holders of its 15,000 shares of $10 par value stock. The figure represented a payment of $20 a share. The bank was in the process of voluntary liquidation since the directors approved sale of the banking house and the institution's assets to the Killington National Bank and the Rutland Trust Company. The Clement National maintained an office in the Herald Building on Wales Street.[26] 

After the 1941 merger, the officers of the Killington National Bank of Rutland were Cleon A. Perkins, president; Walter A. Clark, vice president; Henry A. Dahlgren, cashier; and George A. Sabin and Edmund P. Shaw, assistant cashiers. The officers of the Rutland Trust Company were H. Edward Dyer, president; Albert W. Gurton, vice president; Henry A. Dahlgren, treasurer, and Julia B. Granger and Edmund P. Shaw, assistant treasurers.[27]

In February 1947, the resignation of Mrs. Arthur Granger from the position of assistant treasurer of the Rutland Trust Company was announced by H.A. Dahlgren, treasurer of the company. Mrs. Granger had been with the company for 32 years. Treasurer Dahlgren said that the vacancy had been filled with the election of Miss Jennie K. Axelson to the position. Miss Axelson had been associated with the bank since 1918.[28]

On Monday, August 14, 1961, the Killington Bank & Trust Co. opened its doors as the Vermont Bank and Trust Co., Killington office. The 78-year-old Rutland institution completed the merger Friday with the larger Vermont Bank & Trust Co. The merged bank operated branches in Brattleboro, Bellows Falls, Bennington and Chester with assets of approximately $41 million and trust resources of over $18 million. Henry A. Dahlgren, Killington president, became a senior vice president under the new setup. H. Edward Dyer would be appointed a vice president. In January 1883, a group of Rutlanders got together to form the Killington National Bank and the Rutland Trust Co. Why the Killington was formed, no one knew as the village of Rutland already had eight banks at the time. Killington's first board of directors consisted of Redfield Proctor, president; Edson P. Gilson, Frederick Chaffee, Horace H. Dyer, H.H. Smith, George Willis and John A. Sheldon. Trust company directors were Justin Batcheller, president, Dyer, Smith, Willis, Gilson, Levi Rice, A.F. Walker, and George Briggs. In 1941 the Killington absorbed the Clement National Bank and assumed the latter's location at the corner of Merchants Row and Evelyn Street. Since then it was known as "the bank under the clock." Although the Killington was considered to have almost always been a single unit, it wasn't until June 1951 that the Killington National Bank and its sister institution, Rutland Trust Co., merged into what had been known for the past 10 years as the Killington Bank & Trust Co.[29]

Official Bank Title

1: The Killington National Bank of Rutland, VT

Bank Note Types Issued

1882 Brown Back $20 bank note
1882 Brown Back $5 bank note with pen signatures of George K. Montgomery, Cashier and Redfield Proctor, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $20 bank note
1882 Brown Back $20 bank note with pen signatures of G.K. Montgomery, Cashier and H.H. Dyer, Vice President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $50 bank note
1902 Plain Back $50 bank note with stamped signatures of A.C. Hughes, Cashier and S.M. Willson, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $100 bank note with printed signatures of A.C. Hughes, Cashier and S.M. Willson, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,662,440 in National Bank Notes was issued by this bank between 1883 and 1935. This consisted of a total of 70,582 notes (67,936 large size and 2,646 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 - 7222
1882 Brown Back 3x10-20 1 - 5732
1902 Red Seal 50-100 1 - 1760
1902 Date Back 50-100 1 - 1100
1902 Date Back 3x50-100 1 - 2100
1902 Plain Back 3x50-100 2101 - 2600
1929 Type 1 6x50 1 - 290
1929 Type 1 6x100 1 - 106
1929 Type 2 5 1 - 240
1929 Type 2 20 1 - 30

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1883 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Rutland, 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
  1. ↑ Rutland Daily Herald, Rutland, VT, Tue., Jan. 16, 1923.
  2. ↑ Rutland Daily Herald, Rutland, VT, Mon., June 2, 1941.
  3. ↑ Rutland Daily Herald, Rutland, VT, Mon., Jan. 28, 1957.
  4. ↑ Rutland Standard, Rutland, VT, Fri., Feb. 23, 1883.
  5. ↑ Argus and Patriot, Montpelier, VT, Wed., Mar. 21, 1883.
  6. ↑ Rutland Standard, Rutland, VT, Fri., Apr. 6, 1883.
  7. ↑ Argus and Patriot, Montpelier, VT, Wed., Apr. 11, 1883.
  8. ↑ Rutland Daily Herald, Rutland, VT, Wed., Apr. 18, 1883.
  9. ↑ Rutland Daily Herald, Rutland, VT, Wed., Jan. 14, 1891.
  10. ↑ Rutland Daily Herald, Rutland, VT, Tue., Mar. 27, 1883.
  11. ↑ The Chelsea Herald, Randolph, VT, Thu., Aug. 7, 1902.
  12. ↑ Rutland Daily Herald, Rutland, VT, Wed., Jan. 12, 1910.
  13. ↑ Rutland Daily Herald, Rutland, VT, Wed., Jan. 1, 1919.
  14. ↑ Rutland Daily Herald, Rutland, VT, Wed., Jan. 15, 1919.
  15. ↑ Rutland Daily Herald, Rutland, VT, Wed., Dec. 24, 1919.
  16. ↑ Rutland News, Rutland, VT, Tue., Oct. 5, 1920.
  17. ↑ The Vermont Tribune, Ludlow, VT, Thu., Jan. 6, 1921.
  18. ↑ The Barre Daily Times, Barre, VT, Mon., May 8, 1922.
  19. ↑ Rutland Daily Herald, Rutland, VT, Wed., Jan. 9, 1924.
  20. ↑ Rutland Daily Herald, Rutland, VT, Mon., Jan. 28, 1929.
  21. ↑ Elmira Star-Gazette, Elmira, NY, Mon., Nov 26, 1900.
  22. ↑ Rutland Daily Herald, Rutland, VT, Wed., Jan. 15, 1930.
  23. ↑ Rutland Daily Herald, Rutland, VT, Wed., Jan. 15, 1936.
  24. ↑ Rutland Daily Herald, Rutland, VT, Sat., Dec. 5, 1936.
  25. ↑ Rutland Daily Herald, Rutland, VT, Sat., June 5, 1937.
  26. ↑ Rutland Daily Herald, Rutland, VT, Wed., Sep. 10, 1941.
  27. ↑ Rutland Daily Herald, Rutland, VT, Mon., Sep., 22, 1941.
  28. ↑ Rutland Daily Herald, Rutland, VT, Fri., Feb. 28, 1947.
  29. ↑ Rutland Daily Herald, Rutland, VT, Sat., Aug. 12, 1961.
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