Lexington City NB/First and City NB/First NB, Lexington, KY (Charter 906)

From Bank Note History
Jump to navigation Jump to search
The old Lexington City National Bank building at 269 West Main Street, ca2022.
The old Lexington City National Bank building at 269 West Main Street, ca2022. Courtesy of Google Maps

Lexington City NB/First and City NB/First NB & TC, Lexington, KY (Chartered 1865 - Closed (Merger) 1992)

Town History

Lexington is a city in Kentucky and the county seat of Fayette County. By population, it is the second-largest city in Kentucky and 57th-largest city in the United States. By land area, it is the country's 28th-largest city. Known as the "Horse Capital of the World", it is within the state's Bluegrass region. Notable locations in the city include the Kentucky Horse Park, The Red Mile and Keeneland race courses, Rupp Arena, Central Bank Center, Transylvania University, the University of Kentucky, and Bluegrass Community and Technical College. As of the 2020 census the population was 322,570.

Lexington was named in June 1775, in what was then considered Fincastle County, Virginia, 17 years before Kentucky became a state. A party of frontiersmen, led by William McConnell, camped on the Middle Fork of Elkhorn Creek (now known as Town Branch and rerouted under Vine Street) at the site of the present-day McConnell Springs. Upon hearing of the colonists' victory in the Battles of Lexington and Concord on April 19, 1775, they named the site Lexington. It was the first of many American places to be named after the Massachusetts town.

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

Bank History

  • Organized Feb 7, 1865
  • Chartered Mar 17, 1865
  • Succeeded Hoffman, Barnes & Co.
  • 1: Assumed 760 by consolidation Aug 5, 1913 and its circulation (First National Bank, Lexington, KY)
  • 2: Assumed 3052 by consolidation and its circulation Mar 2, 1929 with title change (Phoenix and Third National Bank, Lexington, KY)
  • 3: Absorbed 1720 Jun 2, 1931 (Fayette National Bank, Lexington, KY)
  • Bank was Open past 1935 For Bank History after 1935 see:
  • FDIC Bank History website
  • Merged into Bank One, Lexington, N.A. in Lexington, KY Aug 22, 1992

In September 1862, Rebels under Humphrey Marshall had arrived at Mt. Sterling, Kentucky. The advance was commanded by a notorious man named Pete Everett of Mt. Sterling. Many houses were searched among them the residence of Mr. Barnes of the banking firm of Hoffman, Barnes & Co. The money belonging to the bank had all been sent away. Louisville Journal, 11th.

The bank was started May 5, 1865 in a building on Jordon's Row, later North Upper Street. Two years later the bank was moved to its Main Street location where a grand, eight-story building was erected in 1905. The dry goods store of J.L Watson replaced the first building. The first president of the bank was George Stoll and the first cashier was Edward Crowley, an expert financier. The bank started with a capital of $200,000.

On Tuesday, January 14, 1913, the stockholders elected the following directors: J.W. Stoll, B.L. Coleman, John G. Stoll, H.F. Hillenmeyer, J.W. Coleman, R.L. Martin, Louis des Cognets, Maurice Weil, E.B. Ellis, R.R. Harting, R.C. Stoll, Simon Wolf, J.C. Carrick, J.E. McFarland, and F.W. Bacon. Two changes were made with E.L. Martin, head of the wholesale grocery company of E.L. Martin & Co., succeeding W.E. Massie, and F.W. Bacon, vice president of the Kentucky Traction & Terminal Company, added as a new director.

On July 2, 1913, the merger of the First National Bank of Lexington, Kentucky, and the Lexington City National bank of that city was announced. The new institution would be known as the First and City National Bank of Lexington with capital of $800,000 and surplus of $450,000. Aggregated deposits would be $2 1/4 million with total assets of $4 million. The directors of the consolidated bank consisted of J.W. Stoll, H.F. Hillenmeyer, J.W. Coleman, B.L. Coleman, John G. Stoll, Louis des Cognets, Leonard G. Cox, H.K. McAdams, Desha Breckinridge, John T. Shelby, John Gund, William F. Klair, Maurice Weil, E.B. Ellis, R.R. Harting, Richard C. Stoll, Simon Wolf, F.W. Bacon, J.C. Carrick, E.L. Martin, P.M. Justice, I. Newton, Joseph W. Porter, K.G. Pulliam, R.W. Rounsavall, C.B. Ross, and J.E. McFarland. The officers were Leonard G. Cox, chairman of the board; J.W. Stoll, president; John G. Stoll, and J.E. McFarland, vice presidents; J.W. Porter, cashier; Garland H. Barr, J.W. McMeekin, and Frank C. Bell, assistant cashiers. National Bank Examiner Percy H. Johnston was in Lexington all week working out the details and the plan of the merger. The First National conducted its business since 1865 in the same building located between Upper and Market Streets on Short Street, but this office would be vacated as it was agreed to transfer business to the City National Bank building at the corner of Main and Cheapside.

On Tuesday, January 12, 1915, the stockholders re-elected the board of directors. The directors were J.W. Stoll, J.W. Porter, John G. Stoll, J.W. Coleman, John T. Shelby, John Gund, R.R. Harting, B.L. Coleman, R.W. Rounsavall, J.C. Carrick, Louis des Cognets, W.F. Klair, J.E. McFarland, H.K. McAdams, L.G. Cox, P.M. Justice, R.C. Stoll, E.B. Ellis, K.G. Pulliam, C.B. Ross, Simon Wolf, I.N. Combs, F.W. Bacon, E.L. Martin, Maurice Weil, H.F. Hillenmeyer, and Desha Breckinridge.

On January 29, 1929, the biggest financial transaction consummated in Lexington in a generation and probably within the city's history was completed when directors of the First and City National Bank of Lexington and the Phoenix National Bank and Trust Company agreed on a merger of the two houses. The new institution would be known as the First National Bank and Trust Company of Lexington with capital of $1 million dollars, surplus and profits of more than $1 million, and resources in excess of $15 million. Deposits would total more than $10 million. Under the merger agreement stockholders in the Phoenix bank would receive an immediate special dividend of $7 for each $100 share. For each $100 share in the old institution they would receive a $50 share in the new one and $50 in cash. Stockholders in the First and City Bank would receive a new share of $50 and $50 in cash for each $100 share held. At the time of the merger, it was announced that John G. Stoll, president of the First and City, would resign and that W.H. Courtney, president of the Phoenix, would assume the presidency of the new institution. J.C. Nichols, vice president of the Phoenix bank, would serve in that capacity with the new organization and J.E. McFarland, vice president of the First and City would continue in that position under the new arrangement. The board of directors would consist of the combined boards of the two merging banks. All employees of both institutions would be retained. The First National Bank and Trust Company of Lexington would be located where the First and City Bank was found at the corner of Cheapside and Main Streets. 

The history of the Phoenix traces back to the Third National Bank which was established In 1883.  The Phoenix National Bank was established in 1888 with D.F. Frazee and J.W. Rodes as its dominating factors.  In 1911 these two banks combined as the Phoenix and Third National Bank. The National Exchange Bank established in 1878 and the Central Bank established In 1890 were later combined with the Lexington Banking and Trust Company, and in 1913 the Phoenix and Third National absorbed the Lexington Banking and Trust Company. Immediately afterward the Phoenix and Third Trust Company was organized. In 1922 this firm was purchased by the Phoenix and Third National Bank and the present Phoenix National Bank and Trust Company came into existence.

In 1931, the officers were W.H. Courtney, president; J.C. Nichols, executive vice president; J.E. McFarland, active vice president; B.M. Darnaby, active vice president; John G. Stoll, vice president; John Skain, vice president; J.M. Sellers, cashier; G.W. Hall, assistant cashier; C.Y. Freeman, assistant cashier; and E.C. Murphy, assistant cashier. The directors were W.H. Courtney, chairman; David Ades, B.D. Berry, J.C. Carrick, Robert M. Coleman, James H. Combs, Thomas P. Cooper, L.G. Cox, W.S. Dudley, R.C. Estill, W.R. Estill, Thomas R. Gardner, Joseph E. Harting, Hal Price Headley, P.M. Justice, W.F. Klair, Frazer D. LeBus, J.T. Looney, John F. Lynch, H.K. McAdams, J.E. McFarland, William C. McDowell, E.L. Martin, J.C. Nichols, W.L. Petty, L.B. Shouse, John Skain, R.H. Smith, John G. Stoll, and R.C. Stoll.

On April 27, 1931, the First National Bank and Trust Company purchased the assets and agreed to assume the liabilities of the Fayette National Bank effective at the close of business. For more details of this merger, visit the Fayette National Bank page.

On March 1, 1961, the First National Bank and Trust Co. and the Security Trust Co. merged into First Security National Bank and Trust Co. The Department of Justice filed a complain in charging violation of the Sherman Antitrust Act. In February 1965, Judge Mac Swinford held that the First Security National Bank and Trust Co. had failed to comply with a Supreme Court mandate of April 6, 1964 to de-merge the banks. Officers of First Security were Edward S. Dabney, chairman of the board; LeRoy Miles, president; Thomas P. McCormick, Lindsay I Fitch, Roy L. Tolliver, J.D. Reeves, Edwin G. Hessel, Arnold L. Johnson, Jr., Edwin V. Mack, Frank Wilford, Homer L. Drew, J. Ed Parker Jr., J.F. Liston, all vice presidents; and James H. Robinson, Jr., cashier. A proposed decree submitted to the court in February 1965 provided that a new bank name Security Trust Company, created out of the assets of First Security as to be as far as practicable the competitive equivalent of the old Security Trust.

On August 13, 1965, the chairman of the House Banking and Currency Committee described a Senate-passed bill to facilitate bank mergers as a special device to excuse the First Security National Bank and Trust Company of Lexington, Kentucky, for violating the nation's antitrust laws. Representative Wright Patman of Texas said the bill would nullify a Supreme Court decision directing the de-merger of the bank into its component parts, First National Bank & Trust Company and Security Trust Company. "I am surprised that the press and the public generally have given little attention to the fact that this legislation, in addition to other things, is a private bill for the special relief of six banks," the chairman said. In addition to the Kentucky bank, the consolidations involved were the Continental-Illinois National Bank and Trust Company and the City National Bank and Trust Company, Chicago; Manufacturers' Trust Company and Hanover Bank, New York; Crocker Anglo National Bank and Citizens National Bank, California; Third National Bank and Nashville Bank & Trust Company, Nashville, and Mercantile Trust Company and Security Trust Company, St. Louis. Patman said the bill passed by the Senate on June 11 would totally wipe out the six cases already in the courts. The bill would exempt from the antitrust laws past mergers and mergers that were being challenged in court by the Department of Justice. The Senate bill would permit the Justice Department to challenge a merger, but it would have only 30 days after a federal banking agency had approved the merger. Before the Justice Department challenged the Lexington merger, the consolidation had been approved by the comptroller of the currency, the Federal Deposit Insurance Corporation, and the board of governors of the Federal Reserve. On February 2, 1966, the Bank Merger Bill was cleared by the House Rules Committee, paving the way for an early House vote on the compromise. The bill, sponsored by Rep. Wright Patman, D-Texas, chairman of the House Banking and Currency Committee would set up uniform criteria to be used by regulatory agencies and the courts in permitting bank mergers. 

Public Law 89-356 passed February 21, 1966 modifying 12 U.S. Code, for, among other things, limiting the Department of Justice to just 30 days to object to a merger on the basis of antitrust legislation other than section 2 of the Act of July 2, 1890 (Sherman Antitrust Act).  Section 2 of PL 89-356 retroactively applied to the situation in Lexington.  The First Security National Bank and Trust Company of Lexington would exist for another 28 years.

In the Spring of 1992, Banc One Corporation and Banc One Ohio Corporation, both of 100 East Broad Street, Columbus, Ohio 43271, announced their intent to apply to the Federal Reserve Board for permission to merge Banc One Ohio Corporation with First Security Corporation of Kentucky, One First Security Plaza, Lexington, Kentucky 40507 and thereby to acquire direct or indirect control of First Security National Bank and Trust Company of Lexington, First Security Affiliates, Inc., One First Security Plaza, Lexington, Kentucky 40507; First Security Bank and Trust Company of Clark County, 24 West Lexington Avenue, Winchester, Kentucky 40391; and First Security Bank and Trust Company of Danville, N.A., 237 West Main Street, Richmond, Kentucky 40475. The merger occurred in August 1992.

Official Bank Title(s)

1: The Lexington City National Bank, Lexington, KY

2: The First and City National Bank of (8/8/1913), Lexington, KY

3: First National Bank and Trust Company of (3/2/1929), Lexington, KY

Bank Note Types Issued

Original Series $1 bank note with pen signatures of Ed Cronly, Cashier and W.C. Goodloe, President.
Original Series $1 bank note with pen signatures of Ed Cronly, Cashier and W.C. Goodloe, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
Series of 1875 $50-$100 proof sheet. Note the postal location in script of Lexington City, Ky.
Series of 1875 $50-$100 proof sheet. Note the postal location in script of Lexington City, Ky. Courtesy of the Smithsonian Institution Archives
1882 Brown Back $100 bank note with pen signatures of an unknown Cashier and J.S. Stoll, President.
1882 Brown Back $100 bank note with pen signatures of an unknown Cashier and J.S. Stoll, President. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $50 bank note with stamped signatures of J.W. Porter, Cashier and J.W. Stoll, President.
1902 Date Back $50 bank note with stamped signatures of J.W. Porter, Cashier and J.W. Stoll, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $10 bank note with a Radar SN and stamped signatures of J.E. McFarland, Cashier and J.W. Stoll, President.
1902 Plain Back $10 bank note with a Radar SN and stamped signatures of J.E. McFarland, Cashier and J.W. Stoll, President. Courtesy of Adam Stroup
1929 Type 2 $5 bank note with printed signatures of J.M. Sellers, Cashier and W.H. Cortney, President.
1929 Type 2 $5 bank note with printed signatures of J.M. Sellers, Cashier and W.H. Cortney, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $15,342,220 in National Bank Notes was issued by this bank between 1865 and 1992. This consisted of a total of 1,790,009 notes (1,201,528 large size and 588,481 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 - 5190
1: Original Series 4x5 1 - 5400
1: Original Series 3x10-20 1 - 2600 Script: Lexington City
1: Original Series 50-100 1 - 450 Script: Lexington City
1: Series 1875 4x5 1 - 250
1: Series 1875 3x10-20 1 - 2461 Script: Lexington City
1: Series 1875 50-100 1 - 999 Script: Lexington City
1: 1882 Brown Back 50-100 1 - 4948
1: 1902 Red Seal 4x5 1 - 14150
1: 1902 Red Seal 3x10-20 1 - 8940
1: 1902 Red Seal 50-100 1 - 667
1: 1902 Date Back 4x5 1 - 19135
1: 1902 Date Back 3x10-20 1 - 15925
1: 1902 Date Back 50-100 1 - 500
1: 1902 Date Back 3x50-100 1 - 172
2: 1902 Date Back 4x5 1 - 15000
2: 1902 Date Back 3x10-20 1 - 18000
2: 1902 Date Back 3x50-100 1 - 2900
2: 1902 Plain Back 4x5 15001 - 133460
2: 1902 Plain Back 3x10-20 18001 - 84939
2: 1902 Plain Back 3x50-100 2901 - 3978
3: 1929 Type 1 6x5 1 - 54902
3: 1929 Type 1 6x10 1 - 14978
3: 1929 Type 1 6x20 1 - 4298
3: 1929 Type 2 5 1 - 119294
3: 1929 Type 2 10 1 - 18733
3: 1929 Type 2 20 1 - 5386

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1992):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  • Lexington, KY, Wikipedia, https://en.wikipedia.org/wiki/Lexington,_Kentucky
  • 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 Philadelphia Inquirer, Philadelphia, PA, Mon., Sep. 15, 1862.
  • The Lexington Herald, Lexington, KY, Tue., Jan. 14, 1913.
  • The Lexington Herald, Lexington, KY, Thu., July 3, 1913.
  • The Pittsburgh Press, Pittsburgh, PA, Thu., July 3, 1913.
  • The Lexington Herald, Lexington, KY, Tue., Jan. 12, 1915.
  • The Lexington Herald, Lexington, KY, Sun., Jan. 31, 1915.
  • Lexington Herald-Leader, Lexington, KY, Tue., Jan. 29, 1929.
  • Lexington Herald-Leader, Lexington, KY, Mon., Apr. 27, 1931.
  • Lexington Herald-Leader, Lexington, KY, Tue., Feb. 16, 1965.
  • The Courier-Journal, Louisville, KY, Sat., Aug. 14, 1965.
  • The Courier-Journal, Louisville, KY, Thu., Feb, 3, 1966.
  • The Advocate-Messenger, Danville, KY, Tue., Feb. 25, 1992.
Retrieved from "https://banknotehistory.mywikis.wiki/w/index.php?title=Lexington_City_NB/First_and_City_NB/First_NB,_Lexington,_KY_(Charter_906)&oldid=28160"