Manufacturers National Bank, Mechanicville, NY (Charter 5037)
Manufacturers National Bank, Mechanicville, NY (Chartered 1896 - Receivership 1931)
Town History
Mechanicville is a city in Saratoga County, New York. The name is derived from the occupations of early residents who were independent master craftsmen such as millers, carpenters, or butchers, whose professions were commonly known as the "mechanical arts" at the time.
The city is located on the eastern border of Saratoga County and is north of Albany, the state capital. Mechanicville borders the towns of Stillwater (of which it was once a part) and Halfmoon in the county, and the town of Schaghticoke, Rensselaer County.
By 1900, Mechanicville was a major transfer yard and car repair center for the railways. In the 1920s, Mechanicville had a population of nearly 10,000. The population was 5,196 as of the 2010 census.
Mechanicville had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized February 1, 1896
- Chartered April 16, 1896
- Receivership August 10, 1931
- Minerley, Tom, "Once There Were Two, But Then There Were None," Paper Money No. 220, pp 220-226.
The First National Bank of Mechanicville closed its doors June 20, 1931 and the Manufacturers National Bank stopped business about a month later on August 9th.
In November 1931, due to the fact that it was not possible to raise the $200,000 necessary for the formation of a new national bank, the application recently made to the Comptroller of the Currency for a charter was withdrawn. Mechanicville was without banking facilities since the closing of the two national banks.
In January 1935, Pardon C. Rickey, receiver, announced the fourth dividend to be paid to depositors of seven percent. This brought the total distribution to depositors up to 74% in less than three and a half years after the closing of the bank.
Official Bank Title(s)
1: The Manufacturers National Bank of Mechanicville, NY
Bank Note Types Issued
A total of $1,836,350 in National Bank Notes was issued by this bank between 1896 and 1931. This consisted of a total of 218,008 notes (196,156 large size and 21,852 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 - 4960 1882 Date Back 4x5 1 - 5650 1882 Date Back 3x10-20 1 - 3720 1882 Value Back 4x5 5651 - 5845 1882 Value Back 3x10-20 3721 - 3832 1902 Plain Back 4x5 1 - 20395 1902 Plain Back 3x10-20 1 - 14007 1929 Type 1 6x5 1 - 2216 1929 Type 1 6x10 1 - 1100 1929 Type 1 6x20 1 - 326
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1896 - 1931):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- New York Bank Note History
- General information on Mechanicville (Wikipedia)
- General information on Saratoga County (Wikipedia)
- General information on New York (Wikipedia)
Sources
- Mechanicville, NY, 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 Post-Star, Glens Falls, NY, Mon., Nov. 30, 1931.
- The Post-Star, Glens Falls, NY, Fri., Sep. 16, 1932.
- The Post-Star, Glens Falls, NY, Wed., Jan. 9, 1935.