National Bank, Jackson, MI (Charter 13741)
National Bank, Jackson, MI (Chartered 1933 - Closed (Merger) 1991)
Town History
Jackson is the only city and county seat of Jackson County, Michigan. As of the 2010 census, the city population was 33,534, down from 36,316 at the 2000 census. Located along Interstate 94 and U.S. Route 127, it is approximately 40 miles west of Ann Arbor and 35 miles south of Lansing.
Founded in 1829, it was named after President Andrew Jackson. Michigan's first prison, Michigan State Prison (or Jackson State Prison), opened in Jackson in 1838 and remains in operation. For the longest time, the city was known as the "birthplace of the Republican Party" when politicians met in Jackson in 1854 to argue against the expansion of slavery, although the political party now formally recognizes its birthplace as being Ripon, Wisconsin. Nevertheless, the Republican Party's earliest history dates back to Jackson and is commemorated by a plaque in the city's Under the Oaks City Park, which has since been visited by numerous Republican presidents.
Numerous railroad connections were constructed to Jackson, connecting it to many markets. The local invention of the duplex corset by Bortree helped make Jackson a center of corset manufacturing. By the early 20th century, as many as 16 manufacturers of women's corsets operated here; the majority of which were located on Cortland and Pearl streets. As elastics were adopted in manufacturing and fashions changed, the corset industry quickly declined. The majority of the corset manufacturers in Jackson closed their doors by 1920. Only three of the original corset companies survived past the 1920s, by changing their production to therapeutic and prosthetic support garments and devices. At the beginning of the twentieth century, Jackson became an early automotive manufacturing center that attracted southerners and immigrants to the city's numerous factories, which saw its population increase significantly.
Jackson had five National Banks chartered during the Bank Note Era, and four of those banks issued National Bank Notes. Jackson also had one Obsolete Bank that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized Jul 13, 1933
- Chartered Jul 31, 1933
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Acquired The Farmers State Bank of Concord (14849) in Concord, MI, May 31, 1974
- Acquired Union Savings Bank of Manchester (997) in Manchester, MI, July 31, 1981
- Changed Institution Name to Comerica Bank-Jackson, National Association, November 15, 1982
- Changed Institution Name to Comerica Bank National Association, October 1, 1989
- Merged into Comerica Bank-Detroit in Detroit, MI, May 1, 1991
On March 20, Stuart M. Schram, a director, was appointed conservator of the Union and Peoples National Bank, an affiliate of the Guardian group in Detroit. The bank reopened under Schram's management. In May, the depositor's committee launched a plan to sell $200,000 in stock in a new bank to take over part of the assets of the closed one.
On Saturday, July 15, 1933, an order approving the contract entered into between the conservator of the Union and Peoples National Bank of Jackson and the new National Bank of Jackson was signed by Federal Judge Edward J. Moinet. The contract already had been approved by the Comptroller of the Currency. Under the terms of the agreement, the Union and Peoples National Bank was permitted to sell certain of its assets, consisting of cash, municipal and National bonds, stocks and promissory notes, to the national Bank for $3,042,509.12. The money was used for an immediate payoff to depositors of the Union and Peoples Bank which closed March 19, 1933. The new bank, the contract stated, had the right to return the assets within four months for cash or a substitution. Likewise, the old bank had the right to take back the assets, should it so desire. The agreement was signed Thursday between L. Fred Bomhoff, conservator for the Union and Peoples National Bank, and S.M. Schram and J. F. Clark, president and cashier, respectively, of the National Bank.
The new National Bank of Jackson opened for business on Tuesday, August 1. The new bank had capital of $400,000, half from local investors and the other half from the Reconstruction Finance Corporation. The officers of the bank were Frank W. Gay, chairman of the board; Stuart M. Schram, president; Harry Stiles, vice president; Jay F. Clark, cashier; and Rush W. McCutcheon, assistant cashier. The directors were Samuel H. Camp, Charles T. Cline, Murray Dalziel, Frank W. Gay, Frederick. F. Ingram, John B. Keating, Stuart M. Schram, Roger W. Smith, William Sparks, Harry Stiles, and George H. Wilkins.
Official Bank Title(s)
1: The National Bank of Jackson, MI
Bank Note Types Issued
A total of $156,470 in National Bank Notes was issued by this bank between 1933 and 1991. This consisted of a total of 18,924 notes (No large size and 18,924 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1929 Type 2 5 1 - 11274 1929 Type 2 10 1 - 5290 1929 Type 2 20 1 - 2360
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1933 - 1991):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Michigan Bank Note History
- General information on Jackson (Wikipedia)
- General information on Jackson County (Wikipedia)
- General information on Michigan (Wikipedia)
Sources
- Jackson, MI, Wikipedia, https://en.wikipedia.org/wiki/Jackson,_Michigan
- 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
- Marshall Evening Chronicle, Marshall, MI, Mon., Mar. 20, 1933.
- Detroit Free Press, Detroit, MI, Sun., July 16, 1933.
- Detroit Free Press, Detroit, MI, Tue., Aug. 1, 1933.