Milford National Bank, Milford, OH (Charter 3234)

From Bank Note History
Jump to navigation Jump to search
The Italianate building in the left foreground is the bank's second building while the 3-story structure in the center background sits on the site of the original structure.

The Milford National Bank Milford, OH (1884 - 1972) was for many years the largest banking institution in Clermont county, OH and survived decades past the national bank era.

Early History

The Iuen building was the original location for the Milford National Bank, for which John B. Iuen was the founding president.

The Milford National Bank was founded in 1884 with $50,000 in capital from local citizens. The bank was housed in the J. B. Iuen building, which also housed several other businesses at the time.[1] Mr. Iuen was the founding president of the bank and served in that role until his death in 1904.[2]

Bank History

In 1907, the bank moved to its second building, still at the intersection of Main and Garfield streets across the street from its original location. [3] Although it would seek proposals for a new headquarters in 1921, the bank would never leave its second location. [4]

In June 1913, the Milford National Bank absorbed its much smaller rival, The Citizens National Bank of Milford, which had been open only since 1906. [5]From this merger, A. J. Allen, the cashier of Citizens National Bank was retained in service by the Milford National Bank as assistant cashier. Two new directors were added to the Milford National Bank chosen by the stockholders of the Citizens National Bank. After the merger, the Milford National Bank had $600,000 in assets, and $60,000 each in surplus and capital. A. J. Allen would retire around 1921 died in 1930. [6]

In February 1924, a woman was extradited from Rochester, NY to face three counts of check forgery for checks drawn on the Milford National Bank. [7]

On May 11, 1935, W. E. Knapp, cashier of the Milford National Bank from 1912-1919 and then secretary of the Milford Building Loan and Savings company fell dead while working in his home garden. [8]

During WWII, Milford National Bank placed honor rolls made of specially designed folding patterns in its lobby. The honor rolls gave the stories of local men serving in the armed forces and was believed to be the first in the area to include photographs. [9]

In August 1949, bank officials reported six counterfeit $10 bills to the secret service, which were believed to have been passed by transients. [10]

In February 1953, three boys found $8500 in property in an abandoned house. The property was turned over to the bank to be held in escrow. [11]

In 1958, the Milford National Bank absorbed the Loveland National Bank (Charter 6779). After the merger, the combined institution had assets of between $8.1-$8.5 million. All Loveland National Bank personnel were retained. The Loveland National Bank was approximately half the size of the Milford National Bank prior to the merger. [12] [13]

In January, 1962, the Goshen branch of the bank was robbed but the robber was caught by police minutes later in a nearby bar. [14]

In 1963 the bank changed its name to the Clermont National Bank. It became a part of Bank One in 1972 which was later absorbed into Chase Bank.

Bank Notes Issued

1882 Brown Back $10 bank note pen signed by F.L. Cook, Cashier and J.B. Iuen, President.
1882 Brown Back $10 bank note pen signed by F.L. Cook, Cashier and J.B. Iuen, President. Courtesy of Heritage Auctions, www.ha.com
1929-T1 $10 note signed by Fred C. Hartsock, Cashier and Louis A. Walton, President.

A total of $1,740,520 in National Bank Notes was issued by this bank between 1884 and 1935. This consisted of a total of 221,024 notes (173,928 large size and 47,096 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 4x5 1 - 7594
1882 Brown Back 3x10-20 1 - 2540
1902 Red Seal 4x5 1 - 1650
1902 Red Seal 3x10-20 1 - 1140
1902 Date Back 4x5 1 - 3000
1902 Date Back 3x10-20 1 - 2500
1902 Plain Back 4x5 3001 - 17855
1902 Plain Back 3x10-20 2501 - 12703
1929 Type 1 6x5 1 - 4034
1929 Type 1 6x10 1 - 2110
1929 Type 1 6x20 1 - 646
1929 Type 2 5 1 - 3282
1929 Type 2 10 1 - 2364
1929 Type 2 20 1 - 710

Official Bank Title(s)

  • The Milford National Bank

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1889 - 1935):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

References

  1. ↑ Images for America Milford, Greater Milford Historical Society
  2. ↑ Dayton Daily News August 2, 1904
  3. ↑ Cincinnati Enquirer May 29, 1990
  4. ↑ Engineering & Contracting, Volume 55 1921
  5. ↑ Cincinnati Enquirer June 17, 1913
  6. ↑ Cincinnati Enquirer August 17, 1930
  7. ↑ Cincinnati Enquirer February 12, 1924
  8. ↑ Cincinnati Enquirer May 11, 1935
  9. ↑ Cincinnati Enquirer September 23, 1942
  10. ↑ Marion Star August 27, 1949
  11. ↑ Cincinnati Enquirer February 15, 1953
  12. ↑ Cincinnati Enquirer July 9, 1958
  13. ↑ Cincinnati Enquirer September 2, 1958
  14. ↑ Massillon Evening Independent January 31, 1962
  • 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://bbdata.banknotehistory.com
Retrieved from "https://banknotehistory.mywikis.wiki/w/index.php?title=Milford_National_Bank,_Milford,_OH_(Charter_3234)&oldid=13604"