Merchants and Planters NB, Sherman, TX (Charter 3159)
Merchants and Planters NB, Sherman, TX (Chartered 1884 - Failed (Merger) 1989)
Town History
Sherman is a city in and the county seat of Grayson County, Texas. The city's population in 2020 was 43,645. It is one of the two principal cities in the Sherman–Denison metropolitan statistical area, and is the largest city in the Texoma region of North Texas and southern Oklahoma. In 1880 the population was 6,093, growing to 15,713 by 1930.
Sherman was named after General Sidney Sherman (July 23, 1805 – August 1, 1873), a hero of the Texas Revolution. The community was designated as the county seat by the act of the Texas Legislature, which created Grayson County on March 17, 1846. In 1847, a post office began operation. Sherman was originally located at the center of the county, but in 1848, it was moved about 3 miles east to its current location.
Sherman had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes.
Bank History
- Organized April 15, 1884
- Chartered April 19, 1884
- Succeeded Merchants and Planters Bank
- Absorbed 10607 October 31, 1929 (Commercial National Bank of, Sherman, TX)
- Assumed its circulation
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Failed. Merged with government financial assistance into The Deposit Insurance Bridge Bank, N.A., Dallas, TX, March 29, 1989
On September 28, 1872, the Merchants and Planters Bank was organized with an authorized capital of $150,000 of which $30,000 was paid-in. C.C. Binkley was the first president; R.A. Chapman, first vice president; Tom Randolph, first cashier and C.B. Dorchester, first teller. When the Merchants and Planters National Bank succeeded the old State bank in 1884, it did so with a paid-up capital of $600,000 and for some time thereafter there was no other bank in all of Texas having a larger capitalization. There had been no change in officers at the time of reorganization, but in 1886, on the death of Judge Binkley, Tom Randolph was elected president and C.B. Dorchester was made cashier.[1]
On April 19, 1884, the comptroller of the currency authorized the Merchants and Planters National Bank of Sherman, Texas, to begin business with a capital of $400,000.[2]
In May 1884, the directors were C.C. Binkley, R.A. Chapman, Tom Randolph, J.L. Randolph, Thos. Richards, C.A. Andrews, and W.C. Eubank. The officers were C.C. Binkley, president; R.A. Chapman, vice president; C.B. Dorchester, assistant cashier.[3]
On Tuesday, January 14, 1902, the stockholders elected the following directors: D.E. Bryant, W.C. Eubank, F.C. Dillard, Tom Randolph, R.A. Chapman, J.L. Randolph, T.D. Joiner, C.B. Dorchester, T.U. Cole. The directors elected Thom Randolph, president; R.A. Chapman, vice president, T.D. Joiner, vice president; C.B. Dorchester, cashier; S.W. Porter assistant cashier; F.A. Batsell and J.H. Strother, tellers.[4]
On April 15, 1904, the first charter having expired, an extension for another 20 years was obtained. In that year the bank's financial condition was as follows: Capital, $600,000; surplus $20,000; undivided profits, $63,000; deposits, over $2 million; and total resources, over $3 million. The officers were Tom Randolph, president; T.D. Joiner, T.U. Cole, R.A. Chapman, and W.C. Eubank, vice presidents; C.B. Dorchester, cashier; and F.A. Batsell, assistant cashier. Tom Randolph had been with the Merchants and Planters National Bank since a boy, becoming identified with it in 1872. He was also the president of the National Bank of Commerce of St. Louis where he lived. T.U. Cole was made active vice president in 1903, but 20 years before that time he had been connected with the bank, leaving to organize a First National Bank of Honey Grove.[5]
On June 7, 1909, at a meeting of the directors, it was decided to erect a modern five-story steel and stone building on the present bank site. All but the lower floor would be for offices, this floor being reserved for the bank.[6]
In November 1910, Mr. Tom Randolph was described as a man of versatile talents in the business and financial world, having distinguished himself in many fields for exploitation. He was preeminently a banker, however, having begun his banking career so long ago that a dispensation of court was necessary to legalize his transaction when a minor. He began his banking business career in 1872 as a messenger and was speedily promoted to be cashier and then president of the Merchants and Planters National Bank of Sherman, Texas. Mr. Randolph married Miss Fay Binkley of Sherman, Texas. Since his removal to St. Louis and association with the National Bank of Commerce there, he retained his position with the Texas Bank, a leading financial institution of the Lone Star State. In addition to holding the first vice president position at the National Bank of Commerce, he was president of the Commonwealth Trust Company, director, Equitable Life Assurance Company of New York and of the St. Louis-Southwester Railway Company. He was president and director in several corporations for the operation of railways, cotton oil mills and other enterprises in the Southwest.[7]
In 1911, the new home of the Merchants and Planters National Bank was recently built. It was a modern, fire-proof bank and office building of five stories and basement of reinforced concrete construction, faced with Texas granite, Carthage lime stone and pressed brick. Altogether, the building, site, and equipment represented a cost of about $200,000. All of the floors were of white Georgia marble, the counters were of English veined Italian marble with a base of black Irish marble and grills of solid bronze. With the exception of the two customers' check desks which were of white marble, all the desks and interior furnishings were of a very fine selected mahogany. Located near the front of the room were the officers' quarters; here there was also a committee room containing the desk of the chairman of the board and having a lavatory and toilet adjoining. The active vice president, cashier, assistant cashier, and stenographers were also situated near the entrance to the main banking room. In the center of the room and at the end of the public lobby stood the fire and burglar-proof vaults, partitioned off with a massive metal grill and containing the safes of the bank and the safe deposit boxes. Adjoining the safe deposit vault there were six private rooms of various sizes. Located on the other side of the banking room were the collection, exchange and transit departments, and general bookkeepers. There were eighty offices on the four upper floors.[8]
On October 23, 1917, T.U. Cole, the active president of the Merchants and Planters National Bank, resigned from that institution and also resigned as a member of the board of directors. Mr. Cole gave as his reasons that his private affairs took so much of his time he decided to quit the banking business. He was also mayor of Sherman, Texas.[9]
On January 7, 1918, Tom Randolph, chairman of the board of directors of the National Bank of Commerce of St. Louis died at his home in St. Louis. Mr. Randolph was born in Rome, Tennessee, but began his career in Sherman, Texas. His wife preceded him in death a year earlier. He was a brother-in-law of Mayor Thomas U. Cole.[10]
on Sunday afternoon, January 1, 1928, R.A. Chapman, Sr., who turned 97 in December, died at his home on East Lamar Street, East Sherman. Mr. Chapman was born in Tennessee and came to Texas before the Civil War, locating in Sherman. He was engaged in the drug business. At the outbreak of the war, he enlisted in the Confederacy and served throughout the conflict. Returning to Sherman, he again engaged in the mercantile business and was one of the founders with Judge Binkley of the Merchants and Planters Bank and for many years had been one of that institution's vice presidents as well as a large stockholder. He was one of the owners of the Chapman Mill in Sherman. Mr. Chapman had been a Mason since he was 21 years old, and was, therefore, one of the oldest Masons in both years and point of service.[11]
On September 30, 1929, officers for the Merchants and Planters National Bank, merged with the Commercial National Bank, were announced as follows: C.B. Dorchester, president; W.R. Brents, chairman of the board; P.R. Markham, B.B. Wilbanks, F.C. Dillars, R.A. Chapman, Jr., and Judge Silas Hare, vice presidents; C.F. Douglas, and C.L. Rolison, assistant vice presidents; L.S. Omohundro, cashier; L.O. Gardner and F.Z. Edwards, Jr., assistant cashiers. The merged bank would be known as the Merchants and Planters National Bank.[12]
On December 12, 1929, the consolidation of three banks of Whitesboro was announced. The banks affected were the First National, the Whitesboro National and the Security State. The merger was brought about by the Whitesboro National Bank and the Merchants and Platers National Bank of Sherman acquiring a controlling interest in the other two institutions.[13]
In January 1932, officers and directors of Sherman's two banks were re-elected. The banks were the Merchants and Planters National Bank and the Central State Bank. C.B. Dorchester was president of the national bank and B.B. Wilbanks was president of the Central State Bank.[14]
In January 1949, the officers re-elected to the M&P bank included C.L. Rolison, chairman of the board; L.S. Omohundro, president; R.A. Chapman, Jr., C.F. Douglas, and L.O. Gardner, vice presidents; G.R. Stephens, cashier; Fred A. Brooks, Brents Horne, Ewell Wainwright, assistant cashiers; and C.W. Williams, auditor. Miss Ethel Cogswell and Tom Jefferson were newly elected assistant cashiers.[15]
Official Bank Title
1: The Merchants and Planters National Bank of Sherman, TX
Bank Note Types Issued
A total of $8,594,730 in National Bank Notes was issued by this bank between 1884 and 1935. This consisted of a total of 1,065,082 notes (752,648 large size and 312,434 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 3x10-20 1 - 5130 1902 Red Seal 4x5 1 - 12250 1902 Red Seal 3x10-20 1 - 8200 1902 Date Back 4x5 1 - 26750 1902 Date Back 3x10-20 1 - 21800 1902 Plain Back 4x5 26751 - 96327 1902 Plain Back 3x10-20 21801 - 66255 1929 Type 1 6x5 1 - 27704 1929 Type 1 6x10 1 - 14080 1929 Type 1 6x20 1 - 3962 1929 Type 2 5 1 - 24064 1929 Type 2 10 1 - 10562 1929 Type 2 20 1 - 3332
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1884 - 1935):
Presidents:
- Judge Christopher Columbus Binkley, 1884-1885
- Tom Randolph, 1886-1917
- Chester Brewster Dorchester, 1918-1931
- Proctor Read Markham, 1932-1935
Cashiers:
- Tom Randolph, 1884-1885
- Chester Brewster Dorchester, 1886-1917
- Proctor Read Markham, 1918-1928
- Larmon Sale Omohundro, 1929-1935
Other Bank Note Signers
- Thomas Urban Cole, Vice President 1904...1917
- Bunyon Berry Wilbanks Vice President 1929
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- Texas Bank Note History
- General information on Sherman (Wikipedia)
- General information on Grayson County (Wikipedia)
- General information on Texas (Wikipedia)
Sources
- Sherman, TX, 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 Bankers' Magazine, Vol. 83, July 1911-Dec. 1911, pp 110-116.
- ↑ The Dallas Daily Herald, Dallas, TX, Sun., Apr. 20, 1884.
- ↑ The Dallas Daily Herald, Dallas, TX, Sun., May 18, 1884.
- ↑ The Houston Post, Houston, TX, Wed., Jan. 15, 1902.
- ↑ The Bankers' Magazine, Vol. 83, July 1911-Dec. 1911, pp 110-116.
- ↑ The Waco Times-Herald, Waco, TX, Tue., June 8, 1909.
- ↑ The Houston Post, Houston, TX, Sun., Nov. 27, 1910.
- ↑ The Bankers' Magazine, Vol. 83, July 1911-Dec. 1911, pp 110-116.
- ↑ The Waco Times-Herald, Waco, TX, Wed., Oct. 24, 1917.
- ↑ Austin American-Statesman, Austin, TX, Mon., Jan. 7, 1918.
- ↑ The Whitewright Sun, Whitewright, TX, Sun., Jan. 5, 1928.
- ↑ Fort Worth Star-Telegram, Fort Worth, TX, Tue., Oct. 1, 1929.
- ↑ The Galveston Daily News, Galveston, TX, Fri., Dec. 13, 1929.
- ↑ Fort Worth Star-Telegram, Fort Worth, TX, Fri., Jan. 15, 1932.
- ↑ Fort Worth Star-Telegram, Fort Worth, TX, Fri., Jan. 14, 1949.