Merchants National Bank, Boston, MA (Charter 475)
Merchants National Bank, Boston, MA (Chartered 1864 - Failed (Merger) 1991)
Town History
Boston is the capital and most populous city of the Commonwealth of Massachusetts and 24th-most populous city in the U.S. The city proper covers about 48.4 square miles with a population of 675,647 in 2020, also making it the most populous city in New England. It is the seat of Suffolk County (although the county government was disbanded on July 1, 1999). The city is the economic and cultural anchor of a substantially larger metropolitan area known as Greater Boston, a metropolitan statistical area (MSA) home to a census-estimated 4.8 million people in 2016 and ranking as the tenth-largest MSA in the country. A broader combined statistical area (CSA), generally corresponding to the commuting area and including Providence, Rhode Island, is home to some 8.2 million people, making it the sixth most populous in the United States.
Boston is one of the oldest municipalities in the United States, founded on the Shawmut Peninsula in 1630 by Puritan settlers from the English town of the same name. It was the scene of several key events of the American Revolution, such as the Boston Massacre, the Boston Tea Party, the Battle of Bunker Hill, and the siege of Boston. Upon American independence from Great Britain, the city continued to be an important port and manufacturing hub as well as a center for education and culture. The city has expanded beyond the original peninsula through land reclamation and municipal annexation. Its rich history attracts many tourists, with Faneuil Hall alone drawing more than 20 million visitors per year. Boston's many firsts include the United States' first public park (Boston Common, 1634), first public or state school (Boston Latin School, 1635), first subway system (Tremont Street subway, 1897), and first large public library (Boston Public Library, 1848).
Today, Boston is a thriving center of scientific research. The Boston area's many colleges and universities make it a world leader in higher education, including law, medicine, engineering and business, and the city is considered to be a global pioneer in innovation and entrepreneurship, with nearly 5,000 startups. Boston's economic base also includes finance, professional and business services, biotechnology, information technology and government activities.
Boston had 84 National Banks chartered during the Bank Note Era, and 75 of those banks issued National Bank Notes. Boston also had 63 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized June 10, 1864
- Chartered July 2, 1864
- Succeeded Merchants Bank
- Absorbed 1028 November 9, 1912 (State National Bank, Boston, MA)
- Assumed 554 by consolidation May 28, 1914 and its circulation (National Bank of Commerce, Boston, MA)
- Assumed 2304 by consolidation June 7, 1915 (Merchandise NB/Winthrop NB, Boston, MA)
- Absorbed 1015 June 19, 1916 (Old Boston National Bank, Boston, MA)
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Failed. Merged with government financial assistance into New Bank of New England, N.A. in Boston, MA, January 6, 1991
The Merchants Bank was established as a state institution in 1831 and became a national bank in 1864.
In June 1837, Samuel C. Gray was chosen president of the Atlas Bank, Boston, in place of Edward Eldredge, resigned.[1] Mr. Eldredge was previously president of the Merchants Bank (1831...1833).
In October 1841, the directors were Franklin Haven (President), N.F. Cunningham, Luke Fay, Sam'l Henshaw, John B. Jones, Wm. P. Winchester, David Henshaw, Mark Healey, J.K. Mills, Israel Whitney, Samuel Hooper, and Edward Brooks.[2]
On Tuesday, October 6, 1846, C.H. Eldredge, Esq., cashier of the Merchants Bank, Boston, died at the Phoenix Hotel in Dedham of Typhoid fever.[3] Eldredge was the first husband of Sara Payson Willis, later known by the pen name "Fanny Fern." Fanny Fern authored two novels, a novella, six collections of columns, and three books for children.
The front pillars of the old Merchants Bank building on State Street originally started from the street base. They were round and quite large in circumference taking "sixty-six yoke of oxen" to bring them from Quincy to Boston. When the building was remodeled, the pillars were laid horizontally in front of the bank and stone-cutters chiseled them into a fluted front and the reverse flat.[4]
In May 1868, the officers were Franklin Haven, president; John K. Fuller, cashier; and Charles B.F. Adams, notary public. The directors elected on January 14, 1868, were William Amory, John P. Bayley, Benjamin F. Burgess, Samuel Hooper, Franklin Haven, Henry P. Sturgis, and Israel Whitney. The bank had capital of $3,000,000 limited to $6,000,000.[5]
In July 1895, due to the sale of the Suffolk Bank Building, the Suffolk National Bank removed their banking rooms to the Merchants Bank building, 28 State Street, Room 21.[6]
In January 1874, the directors were William Amory, John P. Bayley, Benjamin F. Burgess, T. Jefferson Coolidge, Franklin Haven, Samuel Hooper, J. Huntington Wolcott, Franklin Havin was re-elected president.[7]
On Tuesday, January 8, 1901, stockholders elected the following directors: T.J. Coolidge, Franklin Haven, G.A. Gardiner, Howard Stockton, Nathaniel Thayer, W.P. Mason, and F.L. Higginson.[8]
In October 1912, officers and directors of the Merchants National Bank were: Eugene R. Thayer, president; Alonzo P. Weeks, vice president and cashier; Lucius W. Conant, assistant cashier; Charles W. Amory, Timothy E. Byrnes, T. Jefferson Coolidge, George P. Gardner, Francis L. Higginson, Henry Parkman, James L. Richards, Arthur B. Silsbee, Howard Stockton, E.V.R. Thayer, C. Minot Weld, and George Wigglesworth, directors.[9]
In November 1912, the recent merger of the Merchants National and State National banks of Boston, two of Boston's old-time banks well-known to many generations of financial interests, resulted in making the Merchants the third largest in terms of deposits, poised to play an important part in the future of the city. The capital was $3,000,000, surplus and undivided profits $3,700,000, deposits over $25,000,000 and total resources well above $30,000,000. Its new building under construction on the site of the old Merchants Bank building on State Street would provide a handsome structure of 10-stories of which the first two and basement would be for the bank's use. The officers of the merged institution consisted of Eugene V.R. Thayer, president; Alfred L. Ripley, vice president; A.P. Weeks, vice president and cashier; and Frederick C. Waite and William F. Burdett, assistant cashiers. The directors were Howard Stockton, F.L. Higginson, Charles W. Amory, George P. Gardner, Timothy E. Byrnes, George Wigglesworth, Eugene V.R. Thayer, Henry Parkman, James L. Richards, C. Minot Weld, Robert S. Bradley, Alfred L. Ripley. Additional members of the State National's board would be added at the coming annual election. Eugene V.R. Thayer was a director of the Old Colony trust Co., American Trust Co., the New England Trust Co., and trustee of the Provident Institution for Savings of Boston, and a director of the American Telephone and Telegraphy Co., the Chicago Junction Railways, and Union Stock Yards Co., the Chicago & Eastern Illinois R.R. Co., Hamilton Woolen Co., Kansas City Stock Yards Co., St. Mary's Mineral Land Co. and a number of other railroads and corporations.[10] On and after October 14, 1912, the business of the State National Bank would be transacted at the Merchants National Bank located in the Sears Building at Washington and Court Streets. The Sears building was the temporary location for the Merchants National during the erection of their new building and banking rooms.[11]
On March 3, 1913, the ceremony attending the laying of the corner-stone of the Merchants National Bank Building at State arid Devonshire took place at 12:15 in the presence of the officers of the bank with President Eugene V. Thayer wielding the silver trowel. An electric bell was attached to the foundation stone for to signal the engineer. The corner-stone was a smoothly finished block of limestone 3 feet 2 inches long, 2 feet wide and 2 feet 3 inches in height, weighing several tons. An opening had been cut in the bottom of the corner-stone into which was inserted a copper box 16 1/2 inches square by 8 inches deep which contained the records and other data. When the bell sounded the signal to hoist away, the corner-stone was gently raised and the foremen, James W. Luke and William J. Skinner, attended to the technical part of the work after supplying Mr. Thayer with a membership card in the union to cover the rule governing union labor on the job. When the stone was about to be lowered into its place, one of the bank men laid a new nickel in the mortar which Pres Thayer was industriously spreading with his silver trowel, and this was the signal for a shower of nickels and pennies being thrown by the crowd into the mortar. In razing the old bank building on Nov. 1, 1912, a box was removed from the cornerstone and opened by Mayor Fitzgerald. The contents of this box were replaced in the cornerstone, with many additions, to make the deposit up to date. The Washington medal which was listed as one of the contents of the original box which was set in the comer-stone of the old building in 1865, was not found. Some of the articles in the original box were to be framed and placed on exhibition in the rooms of the new bank. The list from the original box included a copy of the Declaration of Independence; plan of the Merchants Bank Estate; letter of marque and reprisal against Algiers, signed by James Madison; sketch of Bunker Hill battle by S. Sweet; political cartoon drawn and engraved by David Claypool Johnson of Philadelphia; passport (so called) Mediterranean Papers for the brig Adriana, signed by James Monroe and countersigned by John Quincy Adams dated 1822; autographs of George Washington, John Adams, Thomas Jefferson, James Madison and B. Lincoln.[12]
On Monday, April 27, 1914, it was announced that arrangements had been completed by the Merchants National Bank to purchase the National Bank of Commerce that had its headquarters in the Sears building. For a year or more there had been talk of a merger of the two banks. but not until Colonel N.P. Hallowell died did the arrangements take definite shape. Col. Hallowell was the commander of the 55th Massachusetts Infantry. He was very proud of his work at the National Bank of Commerce and did not want to let it pass out of his hands. Under the terms of the agreement the Merchants would pay $30 per share for the good will and business and this together with the price of at least $232 a share to be paid the stockholders in liquidation would make a total payment of at least $262 per share to the Bank of Commerce stock holders. The lease of the present Bank of Commerce in the Sears Building would be assumed until it expired on December 1st, and all the officers and clerks of that bank would be employed by the Merchants for a period of five years from May 1st at their current salaries. The consolidated bank was expected to have deposits running between $35 and $40 million. There would be no change in the $3 million in capital of the Merchants Bank. As the Merchants Bank had just moved into its handsome new building on March 26th,[13] there was ample facilities for the extra work and employees. Directors of the Bank of Commerce would become directors of the Merchants Bank and the latter would then have 28 directors. The directors were: Gordon Abbott. Alfred L. Aiken, Robert W. Atkins, Robert S. Bradley, Timothy E. Byrnes, Ernest B. Dane, Frederick A. Flather, Alfred D. Foster, George P. Gardner, Francis L. Higginson, George von L. Meyer, Henry Parkman, James L. Richards, Alfred L. Ripley, Howard Stockton, E.V.R. Thayer. Alonzo P. Weeks, C. Minot Weld, George Wigglesworth, George F. Willett, Samuel Carr, William R. Driver, William Endicott, Jr., W. Cameron Forbes, N. Penrose Hallowell, William J. Ladd, Philip Stockton, and Edwin S. Webster.[14]
On May 4, 1915, another acquisition was effected by the Merchants National Bank of State Street which took over the well-known Winthrop National Bank, for many years situated in the Sears Building. By so doing, the Merchants increased its deposits by $3,307,159 giving total deposits of about $49,000,000. This was the third consolidation by the Merchants in a little more than 3 years. With total resources of about $50 million, this would place the institution well up on the list of the 20 most important banks in the United States. The Merchants would pay $50 a share for the Winthrop's good will and at liquidation at about $270 per share, the purchase price would be around $320 for 3,000 shares outstanding. According to reports made May 1, the condition of the two banks was as follows: Merchants National--deposits, $49,910,864; capital, $3,000,000; surplus, $2,000,000; undivided profits, $1,293,630. Winthrop National--deposits $3,307,159; capital $300,000; surplus $500,000; undivided profits, $25,021.[15] The Old Colony Trust Company ratified the plan as it held about two-thirds of the stock of the Winthrop and wanted to dispose of its holding in advance of the law regarding trust companies' holdings in other banks passed by the previous years' Legislature. Charles H. Ramsey, the cashier of the Winthrop would go to the Merchants as an assistant cashier. Several other of the Winthrop's employees would go to the Merchants, some to the Old Colony Trust Company and the rest to other banks.[16]
In January 1916, J. Lovell Johnson of Fitchburg was added to the board, C. Minot Weld having retired. The following directors were re-elected: Gordon Abbott, Robert W. Atkins, Robert S. Bradley, Timothy E. Byrnes, Samuel Carr, Ernest B. Dane, William R. Driver, Frederick A. Flather, W. Cameron Forbes, Alfred D. Foster, G. Peabody Gardiner, Jr., Francis L. Higginson, William J. Ladd, Hon. George von L. Meyer, Henry Parkman, James L. Richards, Alfred L. Ripley, Howard Stockton, Philip Stockton, Eugene V.R. Thayer, Alonzo P. Weeks, George Wigglesworth, and George F. Willett.[17] In May 1916, the Merchants arranged to purchase the good will and deposits of the Old Boston National Bank. The price was $90,000 or equal to $10 per share on Old Boston's $900,000 capital stock. According to the last Clearing House statement, Old Boston had deposits of $2,719,000. This acquisition would bring the Merchants deposits to $73,690,000. Officers and directors of the Old Boston National were Horatio G. Curtis, president; C.S. Stoddard, cashier; Louis Curtis, E.N. Fenno, H.G. Curtis, R.A. Bolt, C.F. Adams, 2d, M.V. Adams, Howard Stockton, Ingersol Bowditch, H.D. Chapin, and Russell Gray.[18] Old Boston would liquidate and distribute its assets among its 386 shareholders.[19]
On Tuesday, January 8, 1918, the stockholders held their annual elections and the following were elected directors: Manley U. Adams, Robert W. Atkins, Robert S. Bradley, Timothy E. Byrnes, Douglas Crocker, Ernest B. Dane, William R. Driver, Frederick A. Flather, Alfred D. Foster, G. Peabody Gardiner, Jr., Francis L. Higginson, Frank L. Howes, J. Lovell Johnson, William J. Ladd, George von L. Meyer, Henry Parkman, James L. Richards, Alfred L. Ripley, Howard Stockton, John E. Thayer, Jr., Alonzo P. Weeks, Charles B. Wiggin, and George F. Willett.[20]
On Tuesday, January 14, 1941, the annual meeting of the shareholders was held. Directors for the ensuing year were elected as follows: George B. Bacon, Robert D. Brewer, Howard W. Brown, Frank L. Converse, Douglas Crocker, Marshall B. Dalton, William Arthur Dupee, John N. Eaton, Frederick A. Flather, William S. Forbes, Edward H. Gleason, John L. Hall, Russell B. Lowe, Joseph P. Manning, Robert W. Maynard, Samuel D. Parker, James L. Richards, Alfred L. Ripley, George W. Smith, Charles Stetson, and Albert R. Whittier. At a subsequent meeting of the board of directors, officers were elected or appointed as follows: Alfred L. Ripley, chairman of the board; Robert D. Brewer, president; Edward H. Gleason, George B. Bacon, Carl J. Swenson, John N. Eaton, William B. Coy, Frank L. Converse, Charles C. Kimball, and Richard P. Chapman, vice presidents; Edward W. Supple, cashier; Arthur W. Vose, comptroller; Olney S. Morrill, assistant vice president; Charles L. Abbott, Charles Stratton and Herbert S. Symonds, assistant cashiers; Edward F. Messinger, trust officer; Albert H. Waite, Hobart W. Spring and P. Stokes Gaither, assistant trust officers; William D. MacKinnon, auditor; Roger P. Sneden manager foreign dept.; and James T. Hayward, manager safe deposit vaults.[21]
Richard P. Chapman joined the Merchants national Bank in 1927 as a 22 year old securities analyst. He was elected president in 1952 and since then the bank became New England Merchants National and had total assets of $472,583,206, Boston's fourth largest behind First National, State Street, and Shawmut. From 1958-1964, the bank merged with the Day Trust Co. and the New England Trust Co. and acquired the assets of the Pilgrim Trust Co. When the merger with the New England Trust Company was completed on January 1, 1961, the consolidated institution changed to the New England Merchants National Bank of Boston.[22] In 1964, the bank had 13 branch offices, the newest facing the waterfront on Atlantic Avenue. The Merchants would occupy the 49th floor of the Prudential Tower and would have a three-story building, its new headquarters facing the plaza at the floor of the tower near Huntington Avenue. Chapman was born in Chester, Iowa. He graduated from Carleton College in Minnesota and in 1927 from Harvard Business School. He chose banking because his father, a lawyer, helped him get Summer jobs in banks. He lived with his wife, Elizabeth, in Brookline and they had two children, Richard Jr., an officer of the Rhode Island Hospital Trust Co. in Providence, and a daughter Ann who lived in Bergen, Norway with her husband A. Coolidge Churchill.[23]
- 04/02/1971 Main Office moved to Prudential Center, Boston, MA 02106.
- 09/18/1978 Main Office moved to 28 State Street, Boston, MA 02109.
- 05/01/1982 Changed Institution Name to Bank of New England, National Association.
- 06/27/1986 Acquired Bank of New England - Bay State, National Association (2596) in Lawrence, MA.
- 09/25/1986 Acquired Security National Bank (2572) in Lynn, MA.
- 11/01/1986 Acquired Northeast National Bank (2549) in Amesbury, MA.
- 08/06/1987 Acquired Patriot Bank, National Association (19374) in Boston, MA.
- 02/09/1990 Acquired Bank of New England-Worcester (9709) in Worcester, MA.
- 02/09/1990 Acquired Bank of New England-North, National Association (2601) in Lowell, MA.
- 02/09/1990 Acquired Bank of New England-South, National Association (2640) in Brockton, MA.
- 10/29/1990 Acquired Bank of New England - West, National Association (2652) in Springfield, MA.
- 12/31/1990 Acquired Bank of New England - Old Colony, National Association (26497) in Fall River, MA.
- 01/06/1991 Failed. Merged with government financial assistance and became part of New Bank of New England, National Association (33270) in Boston, MA.
- 07/14/1991 Merged and became part of Fleet National Bank of Boston (26305) in Boston, MA,
Official Bank Title(s)
1: The Merchants National Bank of Boston, MA
Bank Note Types Issued
A total of $23,591,130 in National Bank Notes was issued by this bank between 1864 and 1935. This consisted of a total of 2,124,006 notes (2,124,006 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 Original Series 4x5 1 - 18500 Original Series 3x10-20 1 - 31480 Original Series 3x50-100 1 - 5400 Original Series 500 1 - 740 Original Series 1000 1 - 370 Series 1875 4x5 1 - 17541 Series 1875 3x10-20 1 - 28952 Series 1875 3x50-100 1 - 4046 Series 1875 500 1 - 80 1882 Brown Back 4x5 1 - 25899 1882 Brown Back 3x10-20 1 - 42214 1882 Brown Back 50-100 1 - 7396 1902 Red Seal 4x5 1 - 46500 1902 Red Seal 3x10-20 1 - 27100 1902 Red Seal 50-100 1 - 3800 1902 Date Back 4x5 1 - 158000 1902 Date Back 3x10-20 1 - 111000 1902 Date Back 50-100 1 - 2000 1902 Date Back 3x50-100 1 - 4000 1902 Plain Back 4x5 158001 - 160319 1902 Plain Back 3x10-20 111001 - 112155
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1935):
Presidents:
- Franklin Haven, 1864-1883
- Franklin Haven, Jr. , 1884-1907
- Arthur Boardman Silsbee, 1908-1911
- Eugene Van Rensselaer Thayer Jr., 1912-1917
- Alfred Lawrence Ripley, 1918-1928
- Robert DuBois Brewer, 1929-1935
Cashiers:
- John Kuhn Fuller, 1864-1872
- George Roundy Chapman, 1873-1885
- Alonzo P. Weeks, 1886-1913
- Frederick C. Waite, 1914-1929
- William F. Burdett, 1931-1935
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Boston, MA, 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
- ↑ Portland Press Herald, Portland, ME, Fri., June 16, 1837.
- ↑ Boston Post, Boston, MA, Fri., Oct. 8, 1841.
- ↑ Portland Press Herald, Portland, ME, Fri., Oct. 9, 1846.
- ↑ Boston Evening Transcript, Boston, MA, Sat., July 23, 1910.
- ↑ The Bankers' Magazine, Vol. 22, July 1867-June 1868, p. 973.
- ↑ Boston Evening Transcript, Boston, MA, Thu., July 25, 1895.
- ↑ Boston Evening Transcript, Boston, MA, Wed., Jan. 14, 1874.
- ↑ Boston Evening Transcript, Boston, MA, Tue., Jan. 8, 1901.
- ↑ Boston Evening transcript, Boston, MA, Tue., Oct. 8, 1912.
- ↑ The Bankers' Magazine, Vol. 85, July 1912-Dec. 1912, pp 621-622.
- ↑ The Boston Globe, Mon., Boston, MA, Aug. 5, 1912.
- ↑ The Boston Globe, Boston, MA, Mon., Mar. 3, 1913.
- ↑ Boston Evening Transcript, Boston, MA, Tue., May 4, 1915.
- ↑ The Boston Globe, Boston, MA, Mon., Apr. 27, 1914.
- ↑ The Boston Globe, Boston, MA, Tue., May 4, 1915.
- ↑ Boston Evening Transcript, Boston, MA, Tue., May 4, 1915.
- ↑ The Boston Globe, Boston, MA, Tue, Jan. 11, 1916.
- ↑ The Boston Globe, Boston, MA, Fri., May, 19, 1916.
- ↑ The Boston Globe, Boston, MA, Sat., May 20, 1916.
- ↑ The Boston Globe, Boston, MA, Wed., Jan. 9, 1918.
- ↑ The Boston Globe, Boston, MA, Wed. Jan. 15, 1941.
- ↑ The Boston Globe, Boston, MA, Mon., Sep. 26, 1960.
- ↑ The Boston Globe, Boston, MA, Thu., Apr. 2, 1964.