National Bank, Denison, TX (Charter 4447)

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The old National Bank of Denison at 230 W Main Street, ca2019. Courtesy of Google Maps

National Bank, Denison, TX (Chartered 1890 - Closed 1928)

Town History

Denison is a city in Grayson County, Texas, 1 mile south of the Texas–Oklahoma border. Denison is part of the Texoma region and is one of two principal cities in the Sherman–Denison metropolitan statistical area. Denison is the birthplace of U.S. President Dwight D. Eisenhower.

Denison was founded in 1872 in conjunction with the Missouri–Kansas–Texas Railroad (MKT) or "Katy" depot. It was named after wealthy Katy vice president George Denison. Because the town was established close to where the MKT crossed the Red River (both important conduits of transportation in the industrial era), it came to be an important commercial center in the 19th-century American West. In 1875, Doc Holliday had offices in Denison. Its population was 24,479 at the 2020 census, up from 22,682 at the 2010 census. In 1880 the population was 3,975, growing rapidly to 10,958 by 1890.

Denison Dam, which forms Lake Texoma on the Red River, is 5 miles north of Denison. The lake is in the center of the Texoma region, encompassing parts of Texas and Oklahoma.

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

Bank History

A 1900 advertisement for the National Bank of Denison.
  • Organized September 29, 1890
  • Chartered October 16, 1890
  • Closed July 31, 1928
  • Consolidated with 12728 July 31, 1928 (Citizens National Bank, Denison, TX)
  • Circulation assumed by 12728 (Citizens National Bank, Denison, TX)

In February 1890, it was announced that a new national bank would be established in Denison. Desirable property for a new bank building was purchased in the business section. The cost of the new bank building was estimated at about $30,000.[1] In September, the National Bank of Denison made application for authority to organize.[2] Mr. Cobb of Eaton Rapids, Michigan, who would be the president, was expected to lead to the formation of a little colony of Michiganders in Denison.[3] On October 16, 1890, the National Bank of Denison, Texas, with a capital of $200,000 was authorized to commence business.[4]

In January 1891, the directors were D.O. Fisher, Tishomingo; J.B. McDougall, J.D. Quinn, T.V. Munson, N.S. Ernst, Dr. D.H. Bailey, J.E. Streeper, and C.S. Cobb. The bank reported total resources of $470,803.33 on December 19th.[5] The officers were C.S. Cobb, president; D.O. Fisher, vice president; and N.S. Ernst. The bank was located at 124 Main Street, Denison.[6] Mr. Ernst was the former cashier of the State National Bank of Denison from 1887-1889, and he remained a director. He was from Pennsylvania where he had been Captain of Co. H, 16th Regiment of Saegertown, resigning in 1881 on account of his removal from the state.[7]

In February 1900, the directors were J.J. McAlester, McAlester, I.T.; J.B. McDougall, J.D. Quinn, E.H. Hanna, J.M. Ford, W.B. Munson, L. Eppstein, C.S. Cobb, W.H. Cobb, E.A. Slack, and R.S. Legate. The officers were C.S. Cobb, J.J. McAlester, vice president; R.S. Legate, cashier. The bank had capital $200,000 and surplus $18,000 and was located in the Ford Building, formerly occupied by the First National Bank.[8] [NOTE: McAlester, Oklahoma was named after Capt. J.J. McAlester who would later become Oklahoma's Lieutenant Governor in 1911.]

In January 1904, the directors for the National Bank of Denison were J.J. McAlester, H. Regensburger, W.B. Munson, C.S. Cobb, J.R. Culline, P.J. Brennan, J.B. McDougal, E.A. Slack, W.H. Cobb, R.S. Legate, C.C. Jinks, and W.S. Hibbard.[9] 

On November 10, 1905, the charter of the Denison Bank and Trust Company was filed in the secretary of state's department with a capital stock of $100,000. The incorporators were J.B. McDougall, S.P. Anker, C.S. Cobbs, H. Brooks, W.S. Hibbard, R.D. Beirne, P.E. Howe, J.R. Haven, R.S. Legate, C.C. McCarthy and others.[10]

On Thursday morning, October 21, 1920, Col. J.B. McDougall, aged 101 years, banker and financier, died at his home in Denison. Mr. McDougall was active vice president of the Denison Bank and Trust Company, vice president of the Southwestern Surety Insurance Company,[11] director in the State National Bank and in the National Bank of Denison. He was very active in business circles until he became ill several days earlier. Mr. McDougall was born near Toronto, Canada, coming to Denison from Kansas in 1872 when the first town lots were sold. He immediately entered business and became one of the leading financiers of North Texas. Surviving were two stepsons, George and Ed Moulton, and a stepdaughter, Sister Madam Moulton of a California convent.[12]

In January 1921, for the first time in the history of Denison, there was a woman bank official. Miss Margaret I. Kelly was elected cashier of the National Bank of Denison at its recent annual elections. Miss Kelly had been an employee of the bank for 25 years. She began her career as a stenographer when the bank was a struggling little frontier institution in a small from building. Her affability and application advanced her. Her knowledge of banking affairs grew with the institution and Miss Kelly was regarded as one of the most capable bankers in North Texas.[13] Other officers chosen were P.J. Brennan, president; John R. Haven, active vice president; W.S. Hibbard, vice president; J.G. Riley and Lewis Wertz, assistant cashiers. Of the new officers, Mr. W.S. Hibbard, a director for many years, filled the vacancy caused by the death of J.B. McDougall.[14] 

On Friday, July 15, 1921, the Denison Bank and Trust Company closed its doors when withdrawal of deposits developed into a rush. In a speech to the crowd which congregated around the institution, W.B. Munson, president of the board of directors stated that all depositors would receive their money. He said the bank would probably be able to reopen Tuesday.  The affairs of the institution were in the hands of A.L. Slaughter, state bank examiner. An examiner from the Dallas Federal Reserve Bank of which system the bank and trust company was a member was also present.[15]  On Saturday, September 10, 1921, the Citizens State Bank, a new corporation organized in Denison, opened for business. It took over the affairs of the old Denison Bank and Trust Company. R.W. Stoddard was president of the new institution with W.B. Munson as chairman of the executive board.[16]

On June 20, 1928, announcement was made that effective at the close of business, the National Bank and the Citizens National Bank were merged. The business would be conducted in the building occupied by the Citizens National and under its title. The consolidated bank would have $150,000 capital with a declared surplus of $50,000 and resources of more than $2,000,000. The Citizens State Bank was organized in 1921 and nationalized four years later. The National Bank of Denison was organized in 1890. W.S. Hibbard, president of the National Bank would become chairman of the board. Employees of both banks would retain their positions in the merged bank.[17]

In October, 1928, delegates to the sixth annual convention of the Association of Bank Women, held conjunction with the Annual Convention of the American Bankers' Association, would meet in Philadelphia. There were five women bank presidents, three vice presidents, a dozen cashiers and a number of trust company treasurer and secretaries, members of boards of directors and loan committees. The list included the feminine attorney for a large bank in California. Miss Flora Buck, president of the Farmers' State Bank at Genoa, Illinois, would be a delegate, as would Miss Emma Duerrwaechter president of the Germantown State Bank at South Germantown, Wis., Mrs. Cora A. Jipson, president of the Jipson Carter State Bank at Blissfield, Mich., Mrs. L.D. Krouth, president of the Sharon State Bank at Sharon, Oklahoma, and Mrs. B.B. Stephens, president of the Bank of Aline, Oklahoma. The feminine vice presidents included Margaret I. Kelly of the National Bank of Denison, Texas, Miss Lily M. Hansen of the Kilmbell Trust and Savings Bank at Chicago, Ill. and Miss Naomi C. Tompkins of the Seaside National Bank, Long Beach, California. Mrs. Oda Faulconer was the attorney for the West Adams State Bank at Los Angeles and was also a member of the board of directors and of the bank's loan committee. Miss Emma C. Claus was secretary and treasurer of the Bankers' Trust Company of Gary, Indiana and secretary-treasurer and director of the Northern Indiana Bankers' Finance Company.[18]

On January 15, 1939, Charles S. Cobb, retired insurance executive, died at his home, 5653 Cabanne Avenue, St. Louis. Mr. Cobb, 82, was a former president of the Southern Surety Co. of New York and retired vice president of the Cobb-Walsh Insurance Agency, Inc., of St. Louis which he helped organize in 1934. His wife, the former Miss Bess Woodworth; three daughters from a former marriage, survived him. His first wife, the former Miss Icy Van Kleck, died in 1917.[19]

Official Bank Title

1: The National Bank of Denison, TX

Bank Note Types Issued

1882 Brown Back $5 bank note with SN 1A and pen signatures of N.S. Ernst, Cashier and C.S. Cobb, President. Courtesy of the NBNCensus
1902 Date Back $10 bank note with pen signatures of R.S. Legate, Cashier and J.B. McDougall, Vice President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $1,672,550 in National Bank Notes was issued by this bank between 1890 and 1928. This consisted of a total of 170,104 notes (170,104 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
1882 Brown Back 4x5 1 - 13620
1882 Brown Back 3x10-20 1 - 4512
1882 Date Back 4x5 1 - 1505
1882 Date Back 3x10-20 1 - 1136
1902 Date Back 3x10-20 1 - 6300
1902 Plain Back 3x10-20 6301 - 21753

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1890 - 1928):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  1. ↑ St. Louis Globe-Democrat, St. Louis, MO, Tue., Feb. 11, 1890.
  2. ↑ St. Louis Globe-Democrat, St. Louis, MO, Tue., Sep. 2, 1890.
  3. ↑ The Fort Worth Gazette, Fort Worth, TX, Thu., Sep. 18, 1890.
  4. ↑ The Inter Ocean, Chicago, IL, Fri., Oct. 17, 1890.
  5. ↑ Indian Citizen, Atoka, OK, Sat., Jan. 17, 1891.
  6. ↑ Indian Citizen, Atoka, OK, Sat., Jan. 24, 1891.
  7. ↑ The Conneautville Courier, Conneautville, PA, Thu., Apr. 28, 1881.
  8. ↑ Indian Citizen, Atoka, OK, Thu., Feb. 22, 1900.
  9. ↑ Austin American-Statesman, Austin, TX, Sat., Jan. 15, 1904.
  10. ↑ The Waco Times-Herald, Waco, TX, Sat., Nov. 11, 1905.
  11. ↑ Bryan-College Station Eagle, Bryan, TX, Sat., Apr. 2, 1910.
  12. ↑ Saturday Morning Advertiser, Durant, OK, Sat., Oct. 23, 1920.
  13. ↑ The Marshall Messenger, Marshall, TX, Wed., Jan. 19, 1921.
  14. ↑ Durant Daily Democrat, Durant, OK, Sat., Jan. 15, 1921.
  15. ↑ The Oklahoma City Times, Oklahoma City, OK, Sat., July 16, 1921.
  16. ↑ Durant Daily Democrat, Durant, OK, Thu., Sep. 8, 1921.
  17. ↑ Fort Worth Star-Telegram, Fort Worth, TX, Thu., June 21, 1928.
  18. ↑ Corpus Christi Caller-Times, Corpus Christi, TX, Sun., Sep. 30, 1928.
  19. ↑ The St. Louis Star and Times, St. Louis, MO, Tue., Jan. 17, 1939.
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