Merchants National Bank, Mobile, AL (Charter 13097)

From Bank Note History
Jump to navigation Jump to search
1930s postcard of The Merchants National Bank of Mobile, Alabama, located on the corner of St. Joseph and Francis Streets across from Bienville Square.
1930s postcard of The Merchants National Bank of Mobile, Alabama, located on the corner of St. Joseph and Francis Streets across from Bienville Square. Courtesy of Adam Stroup

Merchants National Bank, Mobile, AL (Chartered 1927 - Closed (Merger) 1981)

Town History

The Merchants National Bank of Mobile, Alabama, ca2022.
The Merchants National Bank of Mobile, Alabama, ca2022. Courtesy of Google Maps

Mobile (/moʊˈbiːl/ moh-BEEL) is the county seat of Mobile County, Alabama. The population within the city limits was 187,041 at the 2020 census, down from 195,111 at the 2010 Census. It is the fourth-most-populous city in Alabama, after Huntsville, Birmingham, and Montgomery.

Alabama's only saltwater port, Mobile is located on the Mobile River at the head of Mobile Bay on the north-central Gulf Coast. The Port of Mobile has always played a key role in the economic health of the city, beginning with the settlement as an important trading center between the French colonists and Native Americans, down to its current role as the 12th-largest port in the United States.

Mobile was founded in 1702 by the French as the first capital of Louisiana. During its first 100 years, Mobile was a colony of France, then Great Britain, and lastly Spain. Mobile became a part of the United States in 1813, with the annexation by President James Madison of West Florida from Spain.

During the American Civil War, the city surrendered to Federal forces on April 12, 1865, after Union victories at two forts protecting the city. This, along with the news of Johnston's surrender negotiations with Sherman, led General Richard Taylor to seek a meeting with his Union counterpart, Maj. Gen. Edward R. S. Canby. The two generals met several miles north of Mobile on May 2. After agreeing to a 48-hour truce, the generals enjoyed an al fresco luncheon of food, drink, and lively music. Canby offered Taylor the same terms agreed upon between Lee and Grant at Appomattox. Taylor accepted the terms and surrendered his command on May 4 at Citronelle, Alabama.

Considered one of the Gulf Coast's cultural centers, Mobile has several art museums, a symphony orchestra, professional opera, professional ballet company, and a large concentration of historic architecture. The city gained its name from the Mobile tribe that the French colonists encountered living in the area of Mobile Bay.

Mobile had eight National Banks chartered during the Bank Note Era, and seven of those banks issued National Bank Notes. Mobile also had five Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

  • Organized June 30, 1927
  • Chartered June 30, 1927
  • 1: Conversion of Merchants Bank, Mobile, AL
  • 2: Absorbed 13195 December 8, 1931 (Mobile National Bank, Mobile, AL)
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged with the First Alabama Bank of Mobile County with the new title of Merchants National Bank in Mobile, AL, October 28, 1981

On June 22, 1931, The Mobile National Bank was absorbed by The Merchants National Bank of Mobile according to the Mobile Clearing House Association. W.B. Taylor was president of the Mobile National.

In September 1932, King, Watkins & Co., Inc. announced their opening in the Merchants National Bank Building, specializing in purchase and distribution of high grade Municipal Bonds. Mr. Porter King, Vice President and Secretary of The Merchants National Bank for 17 years joined with Mr. Warner Watkins, President for 12 years of the firm of Marx & Co., Bankers of Birmingham.

On Friday, March 6, 1981, the merger of the large but troubled Merchants National Bank of Mobile with First Alabama Bancshares Inc. of Montgomery was moving along. Regulatory authorities ruled against a tax-free exchange that was contemplated in the merger plan. So an amended agreement called for providing shareholders of Southland Co., which owned Merchants National, 0.87 share of Bancshares for each share of Southland surrendered, instead of 0.77 share. A total of 1,120,763 shares of First Alabama Bancshares stock would be issued in the transaction, subject to approval by regulators and shareholders.

On May 15, 1981, Southland Bancorporation shareholders voted on a reorganization proposal to allow the Merchants National Bank of Mobile to merge with First Alabama Bancshares Inc., but the result of the vote would not be announced for a week. There was no indication how the voting went. The shareholders voted on four proposals: the nomination of 18 directors, the reorganization plan, an amendment to add six directors, and the nomination of the six directors. The last two were proposed by the "Committee for the Preservation of the Merchants National Bank of Mobile." which has actively opposed the merger. Robert E. Lowder, a Montgomery businessman, and James R. Delaney, president of a Mobile shopping plaza, spoke for five minutes each against the merger. Lowder said the group opposing the merger feels the future of Merchants and of City National Bank of Birmingham, the other bank in the holding company, are best served by "maintaining Southland as an active competitor in the overall Alabama market." Lowder also said Merchants would lose its strength and "get lost in the shuffle" if the merger takes place. Delaney questioned tax consequences of a merger, saying shareholders "might have to sell some of our shares" to pay taxes. After a week it was announced that stockholders voted to approve the merger plan.

On October 1, 1981, the Comptroller of the Currency approved the merger of The Merchants National Bank of Mobile and a First Alabama Bancshares affiliate, the First Alabama Bank of Mobile County. The merger would become effective on November 1 and the institution would operate under the Merchants' name, with assets of about $525 million.

Official Bank Title(s)

1: Merchants National Bank of Mobile, AL

2: The Merchants National Bank of [1929], Mobile, AL

Bank Note Types Issued

1902 Plain Back $5 bank note with printed signatures of Joseph G. Norton, Cashier and E.F. Ladd, President.
1902 Plain Back $5 bank note with printed signatures of Joseph G. Norton, Cashier and E.F. Ladd, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Plain Back $10 bank note with engraved signatures of Joseph G. Norton, Cashier and E.F. Ladd, President.
1902 Plain Back $10 bank note with engraved signatures of Joseph G. Norton, Cashier and E.F. Ladd, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of Joseph G. Norton, Cashier and E.F. Ladd, President. The Government Printing Office prepared the overprinting plates used to produce this note.
1929 Type 1 $20 bank note with printed signatures of Joseph G. Norton, Cashier and E.F. Ladd, President. The Government Printing Office prepared the overprinting plates used to produce this note. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $5 bank note with printed signatures of T.W. Taul, Cashier and E.F. Ladd, President. Barnhart Brothers & Spindler (BBS) prepared the overprinting plates used to produce this note.
1929 Type 1 $5 bank note with printed signatures of T.W. Taul, Cashier and E.F. Ladd, President. Barnhart Brothers & Spindler (BBS) prepared the overprinting plates used to produce this note. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $6,047,210 in National Bank Notes was issued by this bank between 1927 and 1981. This consisted of a total of 775,530 notes (240,192 large size and 535,338 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: 1902 Plain Back 4x5 1 - 40105
1: 1902 Plain Back 3x10-20 1 - 19943
2: 1929 Type 1 6x5 1 - 40836
2: 1929 Type 1 6x10 1 - 22382
2: 1929 Type 1 6x20 1 - 6216
2: 1929 Type 2 5 1 - 72410
2: 1929 Type 2 10 1 - 35449
2: 1929 Type 2 20 1 - 10875

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1927 - 1981):

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

  • Mobile, AL, 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
  • The Anniston Star, Anniston, AL, Tue., Jan. 15, 1929.
  • Fayette Banner, Fayette, AL, Thu., June 13, 1929.
  • The Onlooker, Foley, AL, Thu., Aug. 7, 1930.
  • The Evergreen Courant, Evergreen, AL, Thu., Nov. 6, 1930.
  • The Selma Times-Journal, Selma, AL, Mon., June 22, 1931.
  • The Montgomery Advertiser, Montgomery, AL, Fri., Sep. 9, 1932.
  • The Montgomery Advertiser, Montgomery, AL, Sun., Mar. 8, 1981.
  • The Montgomery Advertiser, Montgomery, AL, Sat., May 16, 1981.
  • The Anniston Star, Anniston, AL, Thu., May 28, 1981.
  • Birmingham Post-Herald, Birmingham, AL, Thu., Oct. 1, 1981.
Retrieved from "https://banknotehistory.mywikis.wiki/w/index.php?title=Merchants_National_Bank,_Mobile,_AL_(Charter_13097)&oldid=49276"