Merchants National Bank, Asbury Park, NJ (Charter 10932)

The Merchants National Bank of Asbury Park, New Jersey, ca1924. The architect was Clarence Wilson Brazer of 1133 Broadway, New York.

Merchants NB (No Issue), Asbury Park, NJ (Chartered 1916 - Liquidated 1929)

Town History

Main banking room of the Merchants National Bank, ca1924.

Asbury Park is a beachfront city located on the Jersey Shore in Monmouth County in the U.S. state of New Jersey. It is part of the New York metropolitan area. As of the 2020 United States census, the city's population was 15,188.

A seaside community, Asbury Park is located on New Jersey's central coast. Developed in 1871 as a residential resort by New York brush manufacturer James A. Bradley, the city was named for Francis Asbury, the first American bishop of the Methodist Episcopal Church in the United States. The founding of Ocean Grove in 1869, a Methodist camp meeting to the south, encouraged the development of Asbury Park and led to its being a "dry town."

Bradley was active in the development of much of the city's infrastructure, and despite his preference for gas light, he allowed the Atlantic Coast Electric Company (precursor to today's Jersey Central Power & Light Co.) to offer electric service. Along the waterfront, Bradley installed the Asbury Park Boardwalk, an orchestra pavilion, public changing rooms, and a pier at the south end of that boardwalk. Such success attracted other businessmen. In 1888, Ernest Schnitzler built the Palace Merry-Go-Round on the southwest corner of Lake Avenue and Kingsley Street, the cornerstone of what would become the Palace Amusements complex; other attractions followed. During these early decades in Asbury Park, a number of grand hotels were built, including the Plaza Hotel.

Asbury Park had five National Banks chartered during the Bank Note Era, and four of those banks issued National Bank Notes.

Bank History

Organized December 27, 1916
Chartered December 30, 1916
Non-issuing bank
Succeeded by the Merchants Trust Company of Asbury Park which merged with the Asbury Park and Ocean Grove Bank in April 1929
Liquidated March 11, 1929

In November 1916, approval of the comptroller of the currency for the establishment of the Merchants National Bank of Asbury Park had been secured. The bank planned to open by January 1st in temporary offices and as soon as the building at the northeast corner of Mattison Avenue and Bond Street could be moved, work would start on a handsome building for the bank, which recently purchased the property for $35,000. The bank began with a capital stock of $100,000 and a surplus fund of $25,000. The organizers were James M. Ralston, Henry Steinbach, Howard L. Borden, Samuel A. Reeves and Harry W. Smock.

In January 1917, R.G. Poole severed his connection with the Belmar National Bank to assume charge of the new Merchants National Bank. Mrs. V. Alfa Newton, also with the Belmar National for the past 5 years and assistant cashier for the past year, resigned effective January 31st. Mrs. Newton had proved herself a very proficient and capable official and her departure was deeply regretted by all patrons of the bank. Mrs. Newton resigned to take a position with the new Merchants National. Cashier Poole's other assistant was Harold P. Collins, a teller at the Asbury Park and Ocean Grove Bank.

The bank opened in temporary quarters at 206 Bond Street on Thursday, February 1, 1917. The directors were John Bingham, Howard L. Borden, Frank H. Cole, Robert G. Poole, James M. Ralston, Samuel A. Reeves, Harry W. Smock, and Henry Steinbach. James M. Ralson was president; Samuel A. Reeves, vice president; and Robert G. Poole, cashier.

A 1922 advertisement for the Asbury Park and Ocean Grove Bank.

On November 16, 1924, former mayor Robert Graham Poole, aged 42 years, died at his home, 618 Ninth Avenue, Belmar at 3:15 in the morning of a complication of diseases. Mr. Poole was well known throughout the county and state and was identified with banking circles for many years. Since February 1, 1917, Mr. Poole had been cashier of the then newly organized Merchants National Bank of Asbury Park and despite illness of over a year, gave as much time as possible to his duties until recently when he was obliged to remain at home. Previously, Mr. Poole was the cashier of the First National Bank of Belmar, having been elected Sept. 1, 1907, and was then the youngest bank cashier in the state. Mr. Poole was also president of the First National Bank of Farmingdale, having been elected to that office August 21, 1919. He was prominent in banking and financial circles throughout the county and was also treasurer of the Belmar Building and Loan Association as well as secretary of the Shore Building and Loan Association of Asbury Park. The voters of Belmar recognized Mr. Poole's ability and he was elected to the board of school trustees, holding this position until 1911 when he was elected mayor. In 1913 he was again reelected mayor and in 1915 continued for a third term as the representatives of both the Democratic and Republican parties. "Bob" Poole, as he was familiarly known to a host of business friends, had a quiet disposition but he was interested in the advancement of any enterprise that tended to promote improvements in his town or build up an organization of thrift and saving for the individual. A native of Monmouth, Mr. Poole was descended from one of the old Colonial families of Monmouth County. He married Bertha L. Lee in New York City on September 16, 1903 and they had two sons.

In March 1929, the public was notified that the Merchants National Bank would be closing its affairs. The dissolution of the Merchants National Bank was for the purpose of converting the same into a Trust Company under the laws of New Jersey and merging the same into the Asbury Park and Ocean Grove Bank, a New Jersey Corporation. In April 1929, the consolidation of the Merchants National Bank with the Asbury Park and Ocean Grove Bank was announced with capital of $2,000,000 and resources of $12,000,000. The bank would operate on Main Street, between Mattison and Bangs Avenue, Asbury Park and at the corner of Main Avenue and Pilgrim Pathway, Ocean Grove. The Asbury Park and Ocean Grove Bank was established in 1889. The officers were Harry A. Watson, president; Irving L. Reed, first vice president; M. Earl Parry, Howard J. Booream, and H. Harold Windsor, vice presidents; Irving Newman, cashier; B. Carlton Fisler and J.K. Knipshild, assistant cashiers. The directors were Theodore P. Appleby, George S. Ferguson, James W. Marshall, J.R. Taylor, James D. Carton, Harry M. Hendrickson, Irving L. Reed, Harral S. Tenney, H. Harold Winsor, Walter F. Clayton, W. Harvey Jones, Richard W. Stout, and Harry A. Watson.

In 1963, the Asbury Park and Ocean Grove Bank merged with the New Jersey Trust Co., forming New Jersey Trust Co. of Long Branch, later to be known as New Jersey National Bank and Trust Co. In 1970, this bank merged with First Trenton National Bank to become the Jew Jersey National Bank.

Official Bank Title(s)

1: The Merchants National Bank of Asbury Park, NJ

Bank Note Types Issued

No National Bank Notes were issued by this bank.

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1916 - 1929):

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

Asbury Park, NJ, 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 Bankers' Magazine, Vol 108, Jan. 1924 - June 1924, p. 140.
The Freehold Transcript and The Monmouth Inquirer, Freehold, NJ, Fri., Nov. 3, 1916.
Asbury Park Press, Asbury Park, NJ, Fri., Jan. 5, 1917.
Asbury Park Press, Asbury Park, NJ, Mon., Jan. 22, 1917.
Asbury Park Press, Asbury Park, NJ, Thu., Apr. 27, 1922.
Asbury Park Press, Asbury Park, NJ, Mon., Nov. 17, 1924.
Asbury Park Press, Asbury Park, NJ, Sat., Mar. 9, 1929.
Asbury Park Press, Asbury Park, NJ, Wed., Apr. 10, 1929.
Asbury Park Press, Asbury Park, NJ, Sat., July 24, 1993.