Mercantile National Bank, Evansville, IN (Charter 8492)
Mercantile National Bank, Evansville, IN (Chartered 1907 - Liquidated 1910)
Town History
Evansville is a city in Vanderburgh County, Indiana, and its county seat. With a population of 118,414 at the 2020 census, it is Indiana's 3rd-most populous city after Indianapolis and Fort Wayne, the most populous city in Southern Indiana, and the 249th-most populous city in the United States. It is the central city of the Evansville metropolitan area, a hub of commercial, medical, and cultural activity of southwestern Indiana and the Illinois–Indiana–Kentucky tri-state area, which is home to over 911,000 people. The 38th parallel north crosses the north side of the city and is marked on Interstate 69 immediately north of its junction with Indiana 62 within the city's east side.
Situated on an oxbow in the Ohio River, the city is often referred to as the "Crescent Valley" or "River City". Early French explorers named it La Belle Rivière ("The Beautiful River"). The area has been inhabited by various indigenous cultures for millennia, dating back at least 10,000 years. Angel Mounds was a permanent settlement of the Mississippian culture from AD 1000 to around 1400. The city of Evansville was founded in 1812.
Evansville had 13 National Banks chartered during the Bank Note Era, and all 13 of those banks issued National Bank Notes. Evansville also had five Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized October 17, 1906
- Chartered January 2, 1907
- Liquidated July 30, 1910
- Absorbed by Mercantile Trust and Savings Company
On Tuesday night, October 2, 1906, at a meeting of the stockholders of the Mercantile National Bank and of the Mercantile Trust and Savings Company held at the E.B.A. building, the following directors were elected: James V. Rush, Joel Bailey, William A. Koeh, Louis A. Daus, B.F. Persons, Henry C. Murphy, Fred M. Hostetter, R.E. Sampson, A.R. Messick, William F. Little, and Phillip Speck. The directors of the national bank and of the trust company were identical, the operation of the two institutions being combined for purposes of economy After the stockholders' meeting, the directors met and elected the following officers: James V. Rush, president; Joel Baily, cashier. The office of vice president would be filled at a later meeting. The capital of the Mercantile National was $200,000, while that of the trust company was $100,000. Mr. James V. Rush was well-known to Evansville people as one of the most active businessmen of the city. He was secretary and treasurer of the Mackey-Nisbet Dry Goods Company. Mr. Joe Bailey was the present cashier of the First National Bank of Sebree, Kentucky and was favorably known throughout the region.
Of the other directors William A. Koch was secretary and treasurer of the Koch Stove and Hardware Company and an officer in the Evansville Metal Bed Company. Louis A. Daus was president of the Anchor Supply Company; Philip Speck was of the firm of wholesalers, the Henn-Speck Company; Henry C. Murphy was president of the Evansville Courier Publishing Company; A.R. Messick was connected with the Vulcan Plow Company; B.F. Persons was vice-president and treasurer of the Parsons-Scoville Company; Fred M. Hostetter was a prominent attorney; William F. Little was president of the Little Real Estate & Investment Company, and R.E. Sampson was an active and successful retailer.[4]
The Mercantile National Bank and Mercantile Trust and Savings Company planned to open for business on January 1, 1907, in the B.M.A. building. The institution would occupy the offices in the building formerly occupied by the Ohio Valley Trust and Savings Company.[5]
In January 1908, the combined statement of the Mercantile National Bank and Mercantile Trust and Savings Company showed total resources of $1,113,528.10, with capital stock of $300,000, surplus and undivided profits $203,304.67, circulation $190,000, bank deposits $426,100.90, Trust and Savings Co. deposits $187,586.59. J.V. Rush was president; Joel Bailey, cashier; and W. Ed. Clarke, secretary.[6] In April 1908, Joe Bailey, cashier of the Mercantile National Bank of Evansville was elected president of the Winslow Bank. He had just purchased the stock held by John W. Stilwell. Application was made to convert the bank into a national bank.[7] The First National Bank of Winslow, Indiana, Charter 9159, opened for business on June 15, 1908. In December, George M. Snyder, vice president of the First National Bank of Noblesville, Indiana, was selected to succeed Joel Bailey as cashier of the Mercantile National Bank. Mr. Snyder had been connected with Noblesville banking institutions for 20 years, being for several years cashier of the Hamilton County Bank and later vice president of the First National Bank. He would begin his duties as cashier of the Mercantile National Bank on December 7th and would move his family to Evansville.[8]
In January 1910, the directors elected to serve the Mercantile National Bank were Henry J. Karges, William A. Koch, Henry C. Murphy, A.R. Messick, William E. Stinson, Louis A. Daus, Henry C. Kleymeyer, Byron F. Persons, Charles G. Covert, George M. Snyder, and Fletcher M. Durbin. The officers were Louis A. Daus, president, Geo. M. Snyder, vice president and cashier; and A.C. Froelich, assistant cashier. The bank had total resources of $801,434.03, with capital stock $200,000, surplus and profits $10,267.95, circulation $200,000, and deposits $391,186.08. The bank was located in the Waverly Building.[9]
On Monday, July 25, 1910, stockholders of the Mercantile National Bank met to ratify the liquidation recommended by the directors of the bank. Stockholders would be paid off in cash with the liquidation expected to take about 90 days. Many of them expected to re-invest in the Mercantile Trust and Savings Company which would increase its stock from $100,000 to $200,000. The trust company would take the corner rooms in the Waverly building occupied by the national bank and it was expected that the Evansville Public Service Company would take the room vacated by the trust company. No changes in officers of the trust company had been decided.[10]
The Mercantile-Commercial bank was originated September 22, 1917, when it took over the Mercantile Trust and Savings Bank and the Commercial Bank.[12] It began business on Monday, September 24th in the remodeled Mercantile building at Second and Sycamore Streets with $200,000 capital stock and over $100,000 surplus. A.F. Karges was president of the Mercantile; D.E. Cadick and C.H. Battin, vice presidents; H.M. Lukens, manager of insurance dept.; W.H. Jurgensmeier, secretary; Carl Lauenstein, treasurer; and Carl Heldt, assistant secretary.[13] The directors of the Mercantile-Commercial elected were A.F. Karges, D.E. Cadick, David Wertz, C.H. Battin, H.M. Lukens, L.E. Fricke, G.H. Bippus, W.A. Koch, and A.S. Butterfield. The Advisory board consisted of Frank Endress, Baxter Begley, Edward H. Mann, B.F. Persons, S.W. Cook, Wilbur Erskine, G.A. Trimble, Charles Wolflin, and W.B. Lensing. The officers were A.F. Karges, president; C.H. Battin, active vice president; D.E. Cadick, H.M. Lukens, L.E. Fricke, vice presidents; Carl Lauenstein, cashier; J. Will Folz, first assistant cashier; J.H. Jurgensmeier and C.A. Heldt, assistant cashiers.[14]
The Mercantile-Commercial Bank building, Second and Sycamore Streets, was sold in July 1938. It was the last of the major real estate holdings of the Central Union Bank. The Mercantile-Commercial Bank merged with the Evansville Morris Plan Company to form the Central Union Bank on July 1, 1930.[15] It remained as part of the assets of the Central Union Bank which failed in 1932. Mr. E.L. Brown was the liquidating agent and expected to dispose of the remaining assets of the Central Union by August 10th and finally close out the liquidation.[16] Only one bid was received for the five-story building and it was unacceptable until the bidder agreed to increase the amount of the offer. The building was appraised for $46,666.[17] The new owner was Mrs. Anna Grein with a bid of $27,500. Mrs. Grein was the wife of Conrad Grein of the Evansville Candy Manufacturing Company and the structure now became known as the Grein Building.[18]
In August 1938, Lew W. Hayhurst retired after 47 years as custodian of the Mercantile-Commercial Bank building. He took over the job in 1891, two years after it was built and for many years handled scenery at the Grand Theater along with caring for the entire quarter block. His scenery job resulted from experience having been obtained as advertising man with some of the biggest circuses of that era. He had been with Miles Orton in 1884, with the Wallace Show in 1885-6, with Zo-Zo The Magic Queen, a theatrical show in 1886-7, with the Burr Robbins Circus in 1887, and with the King and Franklin Circus in 1888-91. Mr. Hayhurst remembered Finley Smith's period of ownership, he having purchased the entire quarter block in 1907 for $40,000. He declared the original construction cost $285,000 and the land $45,000.[19]
Official Bank Title
1: The Mercantile National Bank of Evansville, IN
Bank Note Types Issued
A total of $452,250 in National Bank Notes was issued by this bank between 1907 and 1910. This consisted of a total of 54,084 notes (54,084 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 4x5 1 - 5000 1902 Red Seal 3x10-20 1 - 4000 1902 Date Back 4x5 1 - 2460 1902 Date Back 3x10-20 1 - 2061
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1907 - 1910):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Evansville, IN, on Wikipedia
- Grein Building, also known as the Waverly Block, Business Men's Association Building, or B.M.A. Building 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
- ↑ Evansville Courier and Press, Evansville, IN, Thu., June 4, 1908.
- ↑ The Evansville Journal, Evansville, IN, Sun., Jan. 2, 1910.
- ↑ Evansville Courier and Press, Evansville, IN, Mon., Apr. 4, 1910.
- ↑ Evansville Courier and Press, Evansville, IN, Wed., Oct. 3, 1906.
- ↑ Evansville Press, Evansville, IN, Thu., Nov. 15, 1906.
- ↑ Evansville Courier and Press, Evansville, IN, Fri., Jan. 17, 1908.
- ↑ Evansville Courier and Press, Evansville, IN, Sun., Apr. 19, 1908.
- ↑ The Evansville Journal, Evansville, IN, Wed., Dec. 2, 1908.
- ↑ Evansville Courier and Press, Evansville, IN, Tue., Jan. 18, 1910.
- ↑ The Evansville Journal, Evansville, IN, Wed., July 20, 1910.
- ↑ Evansville Press Courier and Press, Evansville, IN, Sun., Sep 23, 1917.
- ↑ Evansville Press, Evansville, IN, Fri., Sep. 26, 1930.
- ↑ Evansville Press, Evansville, IN, Thu., Sep. 20, 1917.
- ↑ Evansville Press Courier and Press, Evansville, IN, Sun., Sep 23, 1917.
- ↑ Evansville Press, Evansville, IN, Sun., Apr. 20, 1930.
- ↑ Evansville Courier and Press, Evansville, IN, Sat., July 9, 1938.
- ↑ Evansville Courier and Press, Evansville, IN, Fri., July 22, 1938.
- ↑ Evansville Press Courier and Press, Evansville, IN, Sat., July 23, 1938.
- ↑ Evansville Courier and Press, Evansville, IN, Sun., Aug. 7, 1938.