Mendota National Bank, Mendota, IL (Charter 5086)
Mendota National Bank, Mendota, IL (Chartered 1897 - Receivership 1932)
Town History
Mendota is a city in LaSalle County, Illinois, in the state's north-central region. The population was 7,372 at the 2010 census. It is part of the Ottawa, IL Micropolitan Statistical Area. Mendota is located approximately 85 miles west of Chicago, 70 miles east of Moline and 55 miles south of Rockford.
The name "Mendota" is derived from a Lakota word meaning "junction of two trails", which was found appropriate for the city since there was a nearby railroad junction for the Illinois Central Railroad and the Chicago, Burlington and Quincy Railroad.
In summer of 1853, the Illinois Central Railroad was completed and by the fall of that year, the Chicago, Burlington and Quincy Railroad completed a crossing at the present site of Mendota. By the following year, the population had grown to more than 1,000 and the town was home to saloons, hotels, and various shops. The town was incorporated as a village in 1855 and reincorporated as a town in 1859.
Mendota had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized July 14, 1897
- Chartered September 7, 1897
- Receivership February 12, 1932
The Mendota National Bank was established by Robert N. Crawford, Fred E. Cavell, J.C. Fischer, George D. Tower, Louis Waldorf, and their associates. It organized and was incorporated in 1897, wit capital stock of $50,000. The first officers were as follows: Robert N. Crawford, president; Louis Waldorf, vice president; and George D. Tower, cashier. Fred E. Cavell succeeded Mr. Waldorf as vice president, while B.J. Feik was the successor of Mr. Tower as cashier.
A modern, splendidly equipped bank building was erected in 1913. This building was one of the best in La Salle county.
In 1925, the officers were R.N. Crawford, president; Fred E. Cavell, vice president; B.J. Feik, cashier; and E.A. Walker, assistant cashier. In addition to the president and vice president the board of directors included Adam Kliyla, H.W.F. Henning, Fred R. Bailey, Henry Huss and D.C. Tower. In its April 6, 1925 statement, The Mendota National Bank reported a surplus of $40,000, and undivided profits, 26,128.69. After less than thirty years of business life the deposits had grown to more than a million dollars, while resources totaled more than a million and a quarter dollars.
On January 28, 1932, The First National Bank of Mendota and the Mendota National Bank were closed on orders of the directors. This left Mendota without a banking institution as the Merchants and Farmers Bank closed two week earlier. Officials of the two banks announced plans to organize a new bank which they hoped to open soon. The banks were closed under a moratorium proclamation issued by the mayor on January 23d which suspended all business in Mendota for a seven day period. Two national bank examiners, C.A. Ackley and his assistant, W.F. Miller were at the two Mendota banks. Ackley announced that the banks were not officially closed as they were solvent and that no receiver would be appointed unless the banks decided to liquidate. Cash needed to either organize a new bank or merge the two closed banks was being sought by the citizens.
In mid-February, Urban Tracey who was in Ottawa since October 1931 serving as receiver of the National City Bank was named receiver of both the Mendota National Bank and the first National Bank of Mendota. He was appointed by the Comptroller of the Currency.
A meeting of citizens held on March 10th was presided over by David L. Barnett and speakers included Judge Harry B. Reck, Attorney John Dubbs, and Mayor John Rutishauser. The men did not urge the people to buy shares as they had surpassed the total number of shares needed by three. Citizens of Mendota and surrounding community had purchased 503 shares in the new bank at $130 per share representing a total value of $65,390. The bank planned to open around April 1st with capital of $50,000 and a surplus of $10,000 and undivided profits of $5,000.
On April 4, 1932, The National Bank of Mendota received a charter from the comptroller of the currency. D.L. Barnett was elected president. He had been a resident of Mendota for the past 21 years and was president of the Barnett Oil Co., a wholesale oil sales and distribution organization. C. Walter Jacob, was cashier and a life long resident of Mendota. He was assistant cashier of the Mendota National Bank. F.J. Reichardt was elected assistant cashier. He was bookkeeper of the First National Bank of Mendota and was a graduate of the University of Illinois where he specialized in business and banking. Miss Ruth Karger was employed at the First National Bank and was employed as stenographer and bookkeeper.
On Saturday, April 9, 1932, a gala event marked the opening of the new National Bank of Mendota. Every business house in the city was bedecked with American flags and red white and blue bunting. The entrance to the bank located in the former Mendota National Bank building was filled with flowers sent by various organizations, citizens and politicians. Among the baskets of flowers was one from the Continental Illinois Trust and Savings bank of Chicago. B.J. Malworn and W.J. White of the Continental banking house were visitors to the opening. The new bank had capital of $50,000 and 133 shareholders.
Official Bank Title(s)
1: The Mendota National Bank, Mendota, IL
Bank Note Types Issued
A total of $203,440 in National Bank Notes was issued by this bank between 1897 and 1932. This consisted of a total of 25,820 notes (22,904 large size and 2,916 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 - 1200 1882 Brown Back 3x10-20 1 - 660 1882 Date Back 4x5 1 - 893 1882 Date Back 3x10-20 1 - 704 1902 Plain Back 4x5 1 - 1390 1902 Plain Back 3x10-20 1 - 879 1929 Type 1 6x5 1 - 315 1929 Type 1 6x10 1 - 139 1929 Type 1 6x20 1 - 32
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1897 - 1932):
Presidents:
Cashiers:
- George D. Tower, 1897-1903
- Oscar Jacob Buettner, 1904-1904
- George D. Tower, 1905-1906
- B. J. Feik, 1907-1931
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Illinois Bank Note History
- General information on Mendota (Wikipedia)
- General information on LaSalle County (Wikipedia)
- General information on Illinois (Wikipedia)
Sources
- Mendota, IL, Wikipedia, https://en.wikipedia.org/wiki/Mendota,_Illinois
- 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
- Francis Murray Huston, Financing an Empire: History of Banking in Illinois (4 volumes) (Chicago: The S. J. Clarke Publishing Company, 1926), Volume Four pp 255-257.
- Chicago Tribune, Chicago, IL, Fri., Jan. 29, 1932.
- Clinton Daily Journal and Public, Clinton, IL, Fri., Jan. 29, 1932.
- The Times, Streator, IL, Sat., Jan. 30, 1932.
- The Times, Streator, IL, Mon. Feb. 15, 1932.
- The Times, Streator, IL, Fri, Mar. 11, 1932.
- The Times, Streator, IL, Fri, Apr. 8, 1932.
- The Times, Streator, IL, Mon., Apr. 11, 1932.
- The Roberts Herald, Roberts, IL, Wed., Apr. 27, 1932.