Medford National Bank, Medford, OR (Charter 13771)
Medford National Bank, Medford, OR (Chartered 1933 - Liquidated 1935)
Town History
Medford is a city in and the county seat of Jackson County, Oregon. As of the 2020 United States Census, the city had a total population of 85,824 and a metropolitan area population of 223,259, making the Medford MSA the fourth largest metro area in Oregon. In 1930, the population was 11,007. The city was named in 1883 by David Loring, civil engineer and right-of-way agent for the Oregon and California Railroad, after Medford, Massachusetts, which was near Loring's hometown of Concord, Massachusetts.
Medford, Oregon is near the middle ford of Bear Creek. The Bear Creek watershed is a curved valley (actually part of the Rogue Valley) averaging about 13 miles wide and 28 miles long, covering approximately 361 square miles. The confluence with the Rogue River is in the northwestern tip of the valley. The highest point in the watershed is on Mount Ashland at an elevation of about 7,500 feet. From there at least 83 streams in 21 sub-watersheds share a link with the greater Rogue River Basin.
Medford had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized August 23, 1933
- Chartered September 11, 1933
- Succeeded 8236 (Medford National Bank, Medford, OR)
- Liquidated December 27, 1935
- Absorbed by 4514 (United States National Bank, Portland, OR)
The Medford National Bank reported total assets of $616,400.95 at the close of business on June 30, 1933. The bank had capital of $100,000, surplus $20,000 and undivided profits $3,806.21, and circulation $15,000. George T. Frey was cashier.
On September 13, 1933, announcement was made by the stockholders of the Medford National Bank that they had organized an entirely new bank with capital of $100,000 and surplus of $12,000. The stock in the new bank was subscribed and paid in by a majority of the old stockholders. The directors and officers of the newly organized bank were as follows: J.A. Perry, president and directors; A.C. Hubbard, vice president and director; George T. Frey, cashier and director; Clara M. Wood, assistant cashier; J.F. Wortman, C.W. Ashpole, and George M. Roberts, directors. All of the above were officers and directors of the old bank. The new bank would operate under charter number 13771 with the same title except "The" was removed.
On Tuesday afternoon, January 8, 1935, stockholders re-elected the following directors: J.A. Perry, A.C. Hubbard, George T. Frey, George M. Roberts, J.F. Wortman, and C.W. Ashpole. The officers re-elected were J.A. Perry, president, A.C. Hubbard, vice president; George T. Frey, cashier and Clara M. Wood, assistant cashier. In March, the Medford National Bank installed a new night depository, recently purchased from the Jackson County Bank on the east side of the bank on Central Street for convenience of patrons unable to bring deposits to the bank before closing.
On November 27, 1935, the sale of the Medford National Bank by the United States National of Portland was announced. George T. Frey, cashier, was expected to be the manager.
On November 30, 1935, the First National Bank of Medford was taken over by the First National Bank of Portland. B.E. Harder was president of the local bank and would retire from active banking, but would continue in an advisory capacity. A.A. Schramm, former state banking superintendent from the Salem community, accepted a position as manager of the Medford Branch of the First National Bank of Portland. The Medford National Bank was transferred to the United States National Bank of Portland in a deal consummated just days earlier on Wednesday, November 27th. The First National Bank of Portland received charter 1553 in 1865.
Official Bank Title(s)
1: Medford National Bank, Medford, OR
Bank Note Types Issued
A total of $76,045 in National Bank Notes was issued by this bank between 1933 and 1935. This consisted of a total of 9,738 notes (No large size and 9,738 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1929 Type 2 5 1 - 6003 1929 Type 2 10 1 - 2867 1929 Type 2 20 1 - 868
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1933 - 1935):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Medford, OR, 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
- Medford Mail Tribune, Medford, OR, Sun., Jan. 2, 1927.
- Medford Mail tribune, Medford, OR, Mon., July 10, 1933.
- Medford Mail Tribune, Medford, OR, Wed., Sep. 13, 1933.
- Medford Mail Tribune, Medford, OR, Mon., Dec. 17, 1934.
- Medford Mail Tribune, Medford, OR, Thu., Jan. 10, 1935.
- Medford Mail Tribune, Medford, OR, Sun., Mar. 3, 1935.
- The Klamath News, Klamath Falls, OR, Fri., Nov. 29, 1935.
- The News-Review, Roseburg, OR, Fri., Nov. 29, 1935.