Merchants National Bank, Bangor, ME (Charter 1437)

A 1928 photo of the Merchants National Bank Building, Bangor, Maine.

Merchants National Bank, Bangor, ME (Chartered 1865 - Closed (Merger) 1982)

Town History

The Circular Block, established 1834, at Merchants (or Mercantile) Plaza, ca2023. View is from Bangor Alley looking southeast. Courtesy of Google Maps

Bangor (/ˈbæŋɡɔːr/ BANG-gor) is a city in and the county seat of Penobscot County, Maine. The city proper has a population of 31,753, making it the state's third-most populous city, behind Portland (68,408) and Lewiston (37,121). Bangor is known as the “Queen City.” In 1860 its population was 16,407, growing to 28,749 by 1930.

Founded as Kendeskeag Plantation in 1791, Bangor was incorporated as a town in 1834. The name Bangor is said to have been taken from a Welsh tune. It is also the name of Bangor, Gwynedd, the oldest city in Wales.

Modern Bangor was established in the mid-19th century with the lumber and shipbuilding industries. Lying on the Penobscot River, logs could be floated downstream from the Maine North Woods and processed at the city's water-powered sawmills, then shipped from Bangor's port to the Atlantic Ocean 30 miles downstream, and from there to any port in the world. Evidence of this is still visible in the lumber barons' elaborate Greek Revival and Victorian mansions and the 31-foot-high statue of Paul Bunyan. Today, Bangor's economy is based on services and retail, healthcare, and education.

Bangor has a port of entry at Bangor International Airport, also home to the Bangor Air National Guard Base. Historically Bangor was an important stopover on the Great Circle Air Route between the U.S. East Coast and Europe.

Bangor had seven National Banks chartered during the Bank Note Era, and all seven of those banks issued National Bank Notes.

Bank History

A 1911 advertisement for the trust department services of the Merchants National Bank of Bangor.

• Organized April 29, 1865
• Chartered July 14, 1865
• Succeeded Merchants Bank
• Bank was Open past 1935
• For Bank History after 1935 see FDIC Bank History website
• Merged into Maine National Bank in Portland, ME, February 12, 1982

The bill to incorporate the Merchants' Bank of Bangor and the Exchange Bank of Bangor finally passed in July 1850, and on July 18, 1850, the Merchants Bank was organized by a group of Bangor businessmen in the office of William A. Blake who was named as the first president. Soon afterwards the bank opened for business on the second floor of the building at the corner of Hammond and Central Streets that would become the quarters of the Citizens Utilities Company. The officers were Moody T. Stickney, cashier and William A. Blake, Elijah Wood, Francis Hill, F.A. Bateman, Thomas A. Pullen, Wiggins Hill, and Cyrus Goss, directors. The bank was moved a few years later to the building which occupied the site of the present (1950) structure. In 1865, the bank was converted into a national bank and its capital increased from $50,000 to $100,000. On May 22, 1865, Samuel H. Blake was chosen president with Wiggins Hill, Samuel H. Blake, Charles Stetson, James H. Bowler, and Nathan C. Ayer, directors.

In January 1921, the directors were Edward H. Blake, Arthur Chapin, Eugene Danforth, Walter L. Head, Nathaniel M. Jones, Charles W. Mullen, Isaiah M. Pierce, Wilfred A. Finnegan, Franklin E. Bragg, Fred W. Hutchinson and Frederic W. Adams. The officers were Edward H. Blake, president; Arthur Chapin, vice president; Frederic W. Adams, cashier; and Horace S. Stewart, assistant cashier.

In 1928, the directors were Frederic W. Adams, Charles R. Bond, Franklin E. Bragg, Arthur Chapin, Eugene Danforth, Wilfred A. Finnegan, F. Drummond Freese, Walter L. Head, Abram L Kirstein, William C. Pickard, Isaiah M. Pierce, and Horace S. Stewart. The officers were Arthur Chapin, president; Frederic W. Adams and Horace S. Stewart, vice presidents; Elmer E. McFarland, cashier; and Joseph D. Garland, assistant cashier.

In July 1950, upon the 100th anniversary of the bank, the directors were Erwin S. Anderson, Franklin E. Bragg, Carl E. Danforth, George F. Eaton, Wilfred A. Finnegan, F. Drummond Freese, Robert N. Haskell, Elmer E. McFarland, Clyde B. Morgan, and Horace S. Steward. The officers were Horace S. Steward, chairman of the board, Erwin S. Anderson, president; Elmer E. McFarland, vice president and trust officer; Henry P. Cushman, cashier; Fred M. Getchell, assistant cashier; Horace S. Stewart, Jr., assistant trust officer; Elizabeth N. Trefethen, assistant trust officer; Robert I. White, auditor; Gordon W. Danforth, manager of times sales department; James I. Finnigan, and Robert M. Witham, Jr., assistant managers.

A 1982 advertisement for the merger of the Merchants National Bank of Bangor with the Maine National Bank. The bank's slogan was "We Can Help."

In March 1968, trustees of the Rumford Bank and Trust Company and directors of the First National Bank of Portland voted to merge the two institutions.  The resulting bank would be known as Maine National Bank of Portland and would operate under the charter of the First National Bank.  The Rumford Bank and Trust Co. was organized in 1893 and served Oxford and Franklin counties in northwestern Maine.  The Maine National Bank would have total resources of well over $140 million exclusive of trust assets. The First National Bank of Portland was the largest institution in Northern New England, serving coastal Maine at 18 offices from Kittery to Rockland.

On Thursday, July 23, 1981, Edward M. Stone, president of the Merchants National Bank of Bangor, and Barent S. Vroman, Jr., president of Maine National Bank, announced the boards of both banks had agreed in principal to merge. Merchants had assets of $65 million with six branches in Bangor, Brewer, Orono, and East Corinth. Main National had assets of $400 million and 29 branches that would increase to 35 branches and $430 million after a merger with the First National Bank of Biddeford in mid-September. On November 17th, stockholders of both institutions approved the merger. On February 12, 1982, the Merchants National Bank of Bangor joined with Maine National Bank, forming one of Maine's largest commercial banks with a network of 40 offices from Kittery to Orono.

Official Bank Title

1: The Merchants National Bank of Bangor, ME

Bank Note Types Issued

Original series $2 bank note with pen signatures of M.T. Stickney, Cashier and S.H. Blake, President. An inverted 8 is found in the bank SN.

Series of 1875 $10 bank note with pen signatures of A.P. Baker, Cashier and Edward H. Blake, Vice President. Courtesy of Heritage Auctions, www.ha.com

1882 Brown Back $10 bank note with pen signatures of A.P. Baker, Cashier and Charles P. Stetson, Vice President. Courtesy of Heritage Auctions, www.ha.com

1902 Red Seal $20 bank note with pen signatures of F.W. Adams, Cashier and Edward H. Blake, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 2 $10 bank note with printed signatures of E.E. McFarland, Cashier and H.S. Stewart, President. Courtesy of Heritage Auctions, www.ha.com

A total of $2,433,480 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 240,135 notes (180,152 large size and 59,983 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
Original Series	2x1-2x2	1 - 1350	Bank Serials 1-1000, Treasury Serials A1148-A2147 Bank Serials 1001-1350, Treasury Serials A10512-A10861
Original Series	4x5	1 - 4150
Original Series	3x10-20	1 - 1660
Series 1875	4x5	1 - 1075
Series 1875	3x10-20	1 - 2080
1882 Brown Back	3x10-20	1 - 7284
1902 Red Seal	3x10-20	1 - 2100
1902 Date Back	3x10-20	1 - 7900
1902 Plain Back	3x10-20	7901 - 25339
1929 Type 1	6x5	1 - 5234
1929 Type 1	6x10	1 - 2428
1929 Type 2	5	1 - 9016
1929 Type 2	10	1 - 4995

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1935):

Presidents:

• Samuel H. Blake, 1865-1887
• Edward Harward Blake, 1888-1921
• Arthur Chapin, 1922-1928
• Frederic Winslow Adams, 1929-1931
• Horace S. Stewart, 1932-1935

Cashiers:

• Moody T. Stickney, 1865-1878
• Jonathan R. Holt, 1879-1881
• Albert P. Baker, 1882-1906
• Frederic Winslow Adams, 1907-1921
• Horace S. Stewart, 1922-1925
• Elmer Eugene McFarland, 1926-1935

Other Known Bank Note Signers

• Charles Peirce Stetson (VP 1899)

Bank Note History Links

• Merchants National Bank, Bangor, ME History (NB Lookup)
• Maine Bank Note History (BNH Wiki)

Sources

• Bangor, ME, 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