National Bank, Washington, DC (Charter 3425)

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Louisiana Avenue banks, Washington, DC, ca1892. The National Bank of Washington on left and the Central National Bank on right. Louisiana Avenue today is a totally different road, the remaining portion from 7th to 5th Streets is now called Indiana Avenue
Louisiana Avenue banks, Washington, DC, ca1892. The National Bank of Washington on left and the Central National Bank on right. Louisiana Avenue today is a totally different road, the remaining portion from 7th to 5th Streets is now called Indiana Avenue. Courtesy of the Library of Congress

National Bank, Washington, DC (Chartered 1885 - Failed (Merger) 1990)

Town History

The Washington National Bank (left) and the old Central National Bank (right), located between Indiana and Pennsylvania Avenues and Seventh Street, ca2023
The Washington National Bank (left) and the old Central National Bank (right), located between Indiana and Pennsylvania Avenues and Seventh Street, ca2023. Courtesy of Google Maps

Washington, D.C., formally the District of Columbia, also known as just Washington or simply D.C., is the capital city and federal district of the United States. It is located on the east bank of the Potomac River, which forms its southwestern and southern border with Virginia, and it shares a land border with Maryland on its other sides. The city was named for George Washington, a Founding Father and the first president of the United States, and the federal district is named after Columbia, a female personification of the nation. As the seat of the U.S. federal government and several international organizations, the city is an important world political capital. It is the eighth-most visited city in the U.S., with over two million visitors as of 2019.

Washington, DC had 29 National Banks chartered during the Bank Note Era, and 25 of those banks issued National Bank Notes.

Bank History

The Bank of Washington Obsolete $100 proof, Haxby DC-385, engraved by Draper, Welsh & Co., Philadelphia. Central portrait of George Washington flanked by a mechanic and farmer to the right and a sailor with anchor and 3-mast ship to the left. Lower left vignette of a woman with sheaf of wheat. Lower right vignette of what the Washington Monument was originally supposed to look like, with a large building surrounding the monument's base. This design was never constructed due to cost and was replaced by the adopted design of an obelisk.
The Bank of Washington Obsolete $100 proof, Haxby DC-385, engraved by Draper, Welsh & Co., Philadelphia. Central portrait of George Washington flanked by a mechanic and farmer to the left and a sailor with anchor and 3-mast ship to the right. Lower left vignette of a woman with sheaf of wheat. Lower right vignette of what the Washington Monument was originally supposed to look like, with a large building surrounding the monument's base. This design was never constructed due to cost and was replaced by the adopted design of an obelisk. Courtesy of Heritage Auctions, www.ha.com
The National Bank of Washington was organized in Long's Hotel which occupied the left end of Carroll's Row. This picture was taken just before the hotel was torn down in 1886 to make way for the main building of the Library of Congress
The National Bank of Washington was organized in Long's Hotel which occupied the left end of Carroll's Row. This picture was taken just before the hotel was torn down in 1886 to make way for the main building of the Library of Congress.
The old Washington National Bank, ca1909.[1]
The Main office of the Washington National Bank located at 14th & G Greets, NW. Photo ca2018 before the bank received a make-over.
The Main office of the Washington National Bank located at 14th & G Greets, NW. Photo ca2018 before the bank received a make-over. Courtesy of Google Maps

In September 1809, the subscription for the new Bank of Washington met with success with over 36,000 shares subscribed before four o'clock, on the first day and money for more than double the amount admissible was ready before the evening.[2] Daniel Carroll, originally from Duddington and whose inheritance included the ground where the Capitol, the Library of Congress and other buildings now stand, was the first president of the bank. In February 1811, the bill for incorporating the Bank of Washington passed in the House; Ayes 68, Noes 19.[3]

The bank was organized on September 4, 1809 in what was known as Long's Hotel in Carroll's Row, on the site now occupied by the main building of the Library of Congress. The bank opened for business on December 1, 1809, in temporary quarters and the following year moved to more satisfactory quarters on New Jersey Avenue, Southeast. When the British approached Washington on August 14, 1814, the bank's cashier, a Mr. Bradley, piled the assets and records in to a wagon and raced out of town just ahead of them. Business was conducted for the next few weeks at nearby Brookeville, Maryland. After the British burned the White House, Capitol and other buildings and departed, the bank reopened in its regular quarters. In 1829, the bank rented quarters in the old National Hotel at Sixth Street and Pennsylvania Avenue, Northwest, in order to keep up with the growth of the city which was developing rapidly toward the northwest. In 1831, the bank purchased property at Seventh Street and Pennsylvania Avenue, Northwest and occupied two small buildings there until the white marble building was erected in 1889.[4]

In 1853, the Evening Star noted there were but few banks in the District worthy of public confidence. The list published was Bank of Commerce, Georgetown, Hugh B. Sweeney, cashier; Bank of the Metropolis, Washington, J.W. Maury, president; Richard Smith, cashier; Bank of Washington, Washington, Dr. William Gunton, president; Jas. Adams, cashier; Patriotic Bank, Washington, G.C. Grammer, president; C. Bestor, cashier; and Exchange Bank, Washington, W. Seldon, president; W.C. Bestor, cashier.[5]

The evening of December 15, 1880, Dr. William Gunton, president of the Bank of Washington, died at his residence, 9th and K Streets Northwest. He was born in Aylsham, Norfolk County, England, October 29, 1791,[6] and came to this country in 1807, settling in Georgetown. He subsequently removed to Frederick, Maryland, where he accumulated about $20,000 in the drug business. He married in 1816 and in 1820 sold out his store in Frederick and purchased the property at the corner of 9th Street and Pennsylvania Avenue, in Washington, to which he added an adjoining house. Here he carried on the drug business, and his family lived over the store. He was elected a director of the Patriotic Bank and served until 1828. The old Bank of Washington in the year 1834 was obliged to suspend and Dr. Gunton was coaxed to become a member of the board of directors. He accepted and was chosen president pro tempore. At this time the bank owed $80,000; four months after he entered it the bank resumed operations, and in one year all its liabilities had been paid. In 1835 he was chosen president of the bank, which position he held up to the time of his death. He was president of the Eastern Branch Co. and Navy Yard Bridge Co.; was for eight years a director of the Chesapeake and Ohio Canal Co.; for twelve years was foreman of the grand jury of the District; for fourteen years was a member of the Washington City government; since 1847 was a director of the Columbian University, and recently vice president of the board; since 1846 was a director of the American Colonization Society, and since 1836 president of the Columbia Turnpike Co. For sixteen years he was a member and for seven years president of the board of trustees of the National Hospital for the Insane. He was also president of the Baltimore and Washington Navigation Co. More recently he became a director of the Washington and Georgetown Railroad Co. He was vice president of the Oldest Inhabitants'.[7] Mr. Edward Temple was elected president of the Bank of Washington, succeeding Dr. Gunton.[8]

On December 28, 1885, a charter was issued for the Bank of Washington to become a national bank.[9]

On Tuesday, January 8, 1907, at the annual meeting of the stockholders, the expected changes in the directorate of the National Bank of Washington which would merge with the Central National Bank, went through without a hitch with 1,500 votes cast by stockholders. The following were elected to constitute the new board: Charles A. James, William P. Mattingly, Clement W. Howard, Daniel Fraser, William J. Flather, and Clarence F. Norment. The last three named were new members of the board. After the election of the directors, Charles A. James was re-elected president; and C.W. Howard was elected vice president. It was understood that Mr. James would retire and that steps leading to the merger would be immediately taken. Clarence F. Norment, the president of the Central National Bank, would become president of the merged institutions. The members who retired from the old board of the National Bank of Washington were James L. Norris, J.B. Kendall, and C.E. White.[10]

In February, stockholders of the Bank of Washington received a circular stating the plan for the proposed merger with the Central National. It was proposed to make the capital the same as the aggregate of the two banks. To equalize the book value of the stocks, an estimated cash dividend of $239 to $250 would be paid to stockholders of the Bank of Washington and in addition they would receive the same number of shares as they owned in the older bank. A committee of stockholders was selected by the two banks to determine the value of the assets of the two banks. The merged institution was expected to retain the name of the National Bank of Washington.[11]

On Thursday morning, March 28, 1907, at a meeting of stockholders it was unanimously decided to merge the two institutions. The business of the merged bank would thereafter be transacted in the present white marble building of the Bank of Washington at Seventh Street and Louisiana Avenue. The Central Bank building would be entirely vacated by Monday morning. Clarence F. Norment, many years president of the Central Bank and who was elected president of the National Bank of Washington in the January elections, was chosen president of the merged institutions. The other officers elected were: Daniel Fraser, first vice president; Clement W. Howard, second vice president; A.B. Ruff, cashier; and Walter W. Nairn and George L. Starkey, assistant cashiers. The directors chosen were S.S. Adams, Milton E. Ailes, E.C. Brandenburg, John Callahan, J.O. Carter, E.B. Evans, W.J. Flather, Daniel Fraser, Edward Graves, J.T. Hendrick, C.W. Howard, J.W. Lee, W.F. Mattingly, W.K. Mendenhall, George W. Moss, C.F. Norment, H. Norment, Albert B. Ruff, Odell S. Smith, George L. Starkey, Charles E. White, F.P. May, and Levi Woodbury. The capital was increased from $300,000 to $700,000. The increase was equal to the capital of the Central National which went out of existence. The dividend of $245 to equalize values was declared several weeks ago. The combined deposits was about $4,000,000 making the new Bank of Washington one of the strongest of the city's financial institutions. The Bank of Washington was the oldest national bank of the National Capital.[12]

In January 1924, George L. Starkey took up the duties as president at the National Bank of Washington, succeeding Clarence F. Norment who was placed at the head of the board.[13]

In January 1925, all directors and officers were re-elected. The directors were: R.P. Andrews, J.M. Beavers, E.C. Brandenburg, Henry N. Brawner, Jr., Wrisley Brown, D.J. Callahan, J. Edmund, Cammack, Max Fischer, Maurice F. Flynn, G.W. Forsberg, George B. Goetz, E. Charlton Graves, J.T. Hendrick, Frank R. Jelleff, Michael A. Keane, Mark Lansburgh, Charles Linkins, Dr. Charles R. Luce, Morris E. Marlow, Arthur J. May, John G. Meinberg, W. Clarence Miller, Clarence F. Norment, Clarence F. Norment, Jr., Harry Norment, Richard E. Pairo, George P. Sacks, Charles Schafer, John Scrivener, Odell S. Smith, George L. Starkey, James Trimble, P.J. Walshe, Harry Wardman, and Levi Woodbury. The officers were: Clarence F. Norment, chairman of the board; George L. Starkey, president; George P. Sacks, James Trimble, D.J. Callahan, vice presidents; J. Frank White, cashier; Edmund H. Graham, John Alden, William E. Howard, Rutherford J. Dooley, assistant cashiers; E.C. Brandenburg, trust officer; and Charles Linkins, assistant trust officer.[14]

In January 1935, shareholders made no changes in the board of directors. The directors were J.M. Beavers, E.C. Brandenburg, Henry N. Brawner, Jr., Wrisley Brown, J. Edmund Cammack, Max Fischer, Maurice F. Flynn, G.W. Forsberg, George B. Goetz, Frank R. Jelleff, Michael A. Keane, Mark Lansburgh, Morris E. Marlow, Arthur J. May, W. Clarence Miller, Clarence F. Norment, Clarence F. Norment, Jr., Harry Norment, George P. Sacks, Charles Schafer, John Scrivener, Odell S. Smith, George L. Starkey, and James Trimble. The directors re-elected George L. Starkey, president; James Trimble, J. Frank White, vice president and cashier; Edmund H. Graham, John Alden, William E. Howard, and Rutherford J. Dooley, assistant cashiers; E.C. Brandenburg, general counsel and trust officer; Odell S. Smith, secretary; and Everett H. Parsley, auditor.[15]

In April 1954, plans for the consolidation of the American Security & Trust Co. and Hamilton National Bank were announced by their presidents, Daniel W. Bell and Wilmer J. Waller. The boards of directors of both institutions approved the agreement with the resulting bank to operate under the name of American Security & Trust Co., N.A. Tentative approval already had been expressed by the comptroller of the currency. The Hamilton National at 14th & G Streets, NW had branches at 12th & Newton Streets, NE; Dupont Circle; 1200 Wisconsin Ave., NW; 800 H Street, NE; 20th & Pennsylvania Avenue, NW; 7th and N Streets, NW; 7731 Alaska Avenue, NW; and 2027 Rhode Island Avenue, NE. It was established in 1933 and on April 15, 1954, it had deposits of $106,186,025 and capital funds of $6,927,521 including capital stock of $2 million and surplus of $3.5 million.[16] Johnston, Lemon and Co. on May 10th offered $110 a share for all shares of the Hamilton in a move that would forestall the proposed merger. The offer was a large increase over the $83 a share cash guaranteed to Hamilton stockholders under the proposed merger. It was assumed Johnston and Lemon were continuing to represent the National Bank of Washington which proposed a merger with Hamilton National more than two months ago.[17] On June 2d, the merger agreement was formally declared dead in a letter from Barnum L. Colton, new president of Hamilton National, to stockholders of the Hamilton National Bank. Plans for a consolidation of the Hamilton with the National Bank of Washington were expected shortly.[18] On October 1, 1954, the bank became the second largest in Washington through merger with the Hamilton National. Assets would exceed $231 million and it would operate 11 offices scattered throughout the city. The National Bank of Washington had grown rapidly since 1949 when the United Mine Workers acquired a large interest and Barnum L. Colton became president.[19]

In 1957, The National Bank of Washington acquired the Liberty National Bank (Charter 11633), adding another $40 million of assets.

In November 1958, the National Bank of Washington opened a new Chevy Chase Branch facing Connecticut Avenue, NW, between Northampton and Oliver Streets and adjacent to Chevy Chase Circle. The branch would be NBW's 12th and newest office. It would serve a large district of above-average incomes in northern Washington and nearby Montgomery County and would include a drive-in window, depository, safe deposit boxes and parking. Richard J. Watkins, vice president, was named manager of the new office and Richard D. Barrett, assistant cashier, would serve as assistant manager.[20]

A 1961 advertisement following the December 1960 consolidation of the Washington National Bank and the Anacostia National Bank.
A 1961 advertisement following the December 1960 consolidation of the Washington National Bank and the Anacostia National Bank.

Effective December 30, 1960, the National Bank of Washington and the Anacostia National Bank consolidated forming an institution with over $300 million in total resources and 19 conveniently located offices throughout Washington. The Main office was located at 14th & G Greets, NW. The new Anacostia offices were located at 4201 Wheeler Road, SE; 3850 South Capitol Street; 2000 Nichols Avenue, SE; and 2844 Alabama Avenue, SE. The directors were Edward C. Baltz, president, Perpetual Building Association; Crosby N. Boyd, vice president and treasurer, The Evening Star Newspaper Co.; Clark M. Clifford, attorney at law; Barnum L. Colton, president; Edward Costigan, president, Corson and Gruman Co.; Rutherford J. Dooley, senior vice president; W. Carlton Evans, president, Washington Tobacco Co.; Norman B. Frost, attorney at law; V. Manning Hoffman, president, Firemen's Insurance Co.; Welly K. Hopkins, attorney at law; W. Ledru Koontz, real estate and insurance; A.D. Lewis, executive, United Mine Workers of America; Dr. John L. Lewis, physician; Charles H. Murchison, attorney at law; H. Gabriel Murphy, president, H. Gabriel Murphy Co., Inc., Insurance - Bonds; J. Raymond Pyles, real estate; William A. Rogers, 2nd, president, Addison Chevrolet Sales, Inc. and Barry-Pate Motor Company, Inc.; Benjamin T. Rome, president, George Hyman Construction Co.; Robert P. Smith, attorney at law; Leonard P. Steuart, L.P. Steuart, Inc. and Imperial Investment Co.; Dr. J. Lawn Thompson, Jr., physician; Wilmer J. Waller, chairman of the board; Leo A. Walshe, president, P.J. Walshe, Inc., real estate; Roger J. Whiteford, attorney at law; Wash B. Williams, president, American Sales Co.[21] 

The Anacostia Bank became a member of the national banking system on May 15, 1946, and was henceforth known as Anacostia National Bank of Washington.  It was established in 1910 to serve the citizens of the great Southeastern section of the city.  In 1946, W.L. Koontz was president and Howard I. Beall, cashier.[22]

In December 1969, True Davis, St. Joseph businessman and former ambassador and cabinet member, was elected president of the 160 year-old National Bank of Washington. He would hold this position in addition to the chairmanship of the bank's board of directors to which he was recently elected. As president, he would succeed Barnum L. Coulton who retired effective December 31st. Appointed ambassador to Switzerland by President John F. Kennedy, Mr. Davis remained in government during the Johnson administration serving first as assistant secretary of the treasury and finally taking on the added duty of U.S. Executive director of the Inter-American Development Bank. He attended Cornell University and in 1942 entered the U.S. Navy and served as chief test pilot at the naval air station at Pearl Harbor.[23]

Official Bank Title

1: The National Bank of Washington, DC

Bank Note Types Issued

1902 Red Seal $10 bank note with printed signatures of A.B. Ruff, Cashier and C.F. Norment, President. This is a SN 1 Replacement note
1902 Red Seal $10 bank note with printed signatures of A.B. Ruff, Cashier and C.F. Norment, President. This is a SN 1 Replacement note. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $10 bank note with printed signatures of J.F. White, Cashier and George L. Starkey, President
1902 Plain Back $10 bank note with printed signatures of J.F. White, Cashier and George L. Starkey, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of J.F. White, Cashier and George L. Starkey, President
1929 Type 1 $20 bank note with printed signatures of J.F. White, Cashier and George L. Starkey, President. Courtesy of Heritage Auctions, www.ha.com

A total of $17,760,710 in National Bank Notes was issued by this bank between 1885 and 1935. This consisted of a total of 1,505,661 notes (1,307,920 large size and 197,741 small size notes).

The bank did not issue notes until 1907. Both the 4x5 and 3x10-20 plates were approved January 10, 1907.

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1902 Red Seal 4x5 1 - 16000
1902 Red Seal 3x10-20 1 - 13800
1902 Date Back 4x5 1 - 20000
1902 Date Back 3x10-20 1 - 110400
1902 Plain Back 3x10-20 110401 - 277180
1929 Type 1 6x10 1 - 21014
1929 Type 1 6x20 1 - 7620
1929 Type 2 10 1 - 20227
1929 Type 2 20 1 - 5710

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1885 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Washington, DC, 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
  • National Bank of Washington--Louisiana Avenue--Central National Bank. Photograph. Retrieved from the Library of Congress, <www.loc.gov/item/96503321/>.
  1. ↑ The Bankers' Magazine, Vol. 78, Jan. 1909-June 1909, p. 673.
  2. ↑ Alexandria Gazette, Alexandria, VA, Mon., Sep. 11, 1809.
  3. ↑ Alexandria Gazette, Alexandria, VA, Tue., Feb. 12, 1811.
  4. ↑ Evening Star, Washington, DC, Mon., Sep. 20, 1954.
  5. ↑ Evening Star, Washington, DC, Sat., Jan. 8, 1853.
  6. ↑ Alexandria Gazette, Alexandria, VA, Thu., Dec. 16, 1880.
  7. ↑ The Evening Star, Washington, DC, Fri., Dec. 24, 1880.
  8. ↑ National Republican, Washington, DC, Sat., Jan. 1, 1881.
  9. ↑ Evening Star, Washington, DC, Tue., Dec. 29, 1885.
  10. ↑ The Washington Post, Washington, DC, Wed., Jan. 9, 1907.
  11. ↑ The Washington Post, Washington, DC, Fri., Feb. 1, 1907.
  12. ↑ The Washington Post, Washington, DC, Fri., Mar. 29, 1907.
  13. ↑ Evening Star, Washington, DC, Wed., Dec. 31, 1924.
  14. ↑ Evening Star, Washington, DC, Tue., Jan. 13, 1925.
  15. ↑ Evening Star, Washington, DC, Tue., Jan. 8, 1935.
  16. ↑ Evening Star, Washington, DC, Wed., Apr. 28, 1954.
  17. ↑ Evening Star, Washington, DC, Mon., May 10, 1954.
  18. ↑ Evening Star, Washington, DC, Wed., June 2, 1954.
  19. ↑ Evening Star, Washington, DC, Mon., Sep. 20, 1954.
  20. ↑ Evening Star, Washington, DC, Tue., Nov. 11, 1958.
  21. ↑ Evening Star, Washington, DC, Tue., Jan. 3, 1961.
  22. ↑ Evening Star, Washington, DC, Wed., May 15, 1946.
  23. ↑ St. Joseph News-Press, St. Joseph, MO, Sun., Dec. 21, 1969.
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