National Bank of Commerce, Louisville, KY (Charter 9241)

The old National Bank of Kentucky of Louisville, located on the corner of Fifth and Market Streets, ca2024.Originally built by the German Bank in 1915 which merged into the National Bank of Commerce in 1918, it was occupied by the National Bank of Kentucky in 1919. Courtesy of Google Maps

National Bank of Commerce, Louisville, KY (Chartered 1908 - Closed 1919)

Town History

Louisville is the most populous city in the Commonwealth of Kentucky, sixth-most populous city in the Southeast, and the 27th-most-populous city in the United States. By land area, it is the country's 24th-largest city, although by population density, it is the 265th most dense city. Louisville is the historical county seat and, since 2003, the nominal seat of Jefferson County, on the Indiana border.

Named after King Louis XVI of France, Louisville was founded in 1778 by George Rogers Clark, making it one of the oldest cities west of the Appalachians. With the nearby Falls of the Ohio as the only major obstruction to river traffic between the upper Ohio River and the Gulf of Mexico, the settlement first grew as a portage site. It was the founding city of the Louisville and Nashville Railroad, which grew into a 6,000-mile system across 13 states.

Today, the city is known as the home of boxer Muhammad Ali, the Kentucky Derby, Kentucky Fried Chicken, the University of Louisville and its Cardinals, Louisville Slugger baseball bats, and Fortune 500 company Humana. Louisville Muhammad Ali International Airport, the city's main commercial airport, hosts UPS's worldwide hub.

Louisville had 18 National Banks chartered during the Bank Note Era, and all 18 of those banks issued National Bank Notes.

Bank History

In January 1866, the Western Financial Corporation, located on the west corner of Main and Bullitt Streets, Louisville, Kentucky, opened for the transaction of a general banking, deposit, exchange and collection business.

• Organized August 4, 1908
• Chartered September 24, 1908
• Conversion of the Bank of Commerce
• Opened for business October 1, 1908
• Merged with the German Bank of Louisville, KY, March 1918
• Closed February 3, 1919
• Consolidated with 5312 February 3, 1919 (National Bank of Kentucky of Louisville, KY)
• Circulation assumed by 5312 (National Bank of Kentucky of Louisville, KY)

In October 1865, the Western Financial Corporation was originated by some of the leading and most active businessmen of Louisville and a charter obtained from the Legislature at its last session. The corporation had capital of $1,000,000 with more than three-fourths subscribed. It had the power to transact business as a natural person, discount promissory notes, bills of exchange, loan money on collateral securities, buy and sell real estate, stocks, bonds and other mercantile securities. It also had the power under the charter to make advances on agricultural and other pursuits of the country, according to any agreement between the parties, and to make itself a general negotiator for railroad and other companies for a commission. The board elected as its president Mr. H.D. Newcomb, an able and experience merchant who drafted the charter; and as cashier, Mr. A.O. Brannin, an old and experienced merchant and banker.

On July 1, 1884, the name of the Western Financial Corporation was changed to the "Bank of Commerce," in accordance with a recent legislative enactment. The capital of the bank, its officers and directory remained unchanged. H.M. Burford was cashier.

In January 1908, the Bank of Commerce of Louisville directorate consisted of Milton H. Smith, John L. Dodd, Henry Vogt, H.M. Buford, Andrew Cowan, John S. White, John W. Barr, Jr., Geo W. Norton, and Samuel Casseday. The officers were Samuel Casseday, president; and James J. Hayes, cashier. At the close of business on December 31, 1907, the bank reported total assets of $4,016,200.97, with capital stock $800,000, surplus $250,420.35, and deposits $2,933,780.62. The bank was located on the northeast corner of Fifth and Main Streets. The National Bank of Commerce, Louisville, received a charter on September 24, 1908, capital $800,000. Samuel Cassedy was president; J.J. Hayes, acting cashier; J. Stoddard Johnston, Jr., assistant cashier. This was a conversion of the Bank of Commerce. The directors announced that the bank's surplus was increased to $300,000 from the $200,000 basis under which the institution had operated for many years.

In November 1914, the directors were John W. Barr, Jr., president, Fidelity & Columbia Trust Co.; Harry Dumesnil, president, Carter Dry Goods Co.; J.C. Dodd, attorney-at-law; Stuart E. Duncan, vice president, Peaslee-Gaulbert Co.; Andrew Cowan of Andrew COwan & Co., wholesale hardware, leather and belting; George W. Norton, capitalist; John S. White of John White & Co., exporters of furs and dealers in hides; Henry Vogt, president, Henry Vogt Machine Co.; Jas. B. Brown, vice president; and Samuel Casseday, president. The officers were Samuel Casseday, president; James B. Brown, vice president; James J. Hayes, cashier; and J.S. Akers, assistant cashier. At the close of business, October 31, 1914, the bank reported total assets of $6,960,298.24, capital stock $800,000, surplus $500,000, undivided profits $82,076.33, circulation $610,000, and total deposits $4965,721.91. On Wednesday, Dec. 9, 1914, Samuel Casseday, president of the National Bank of Commerce died suddenly at his country home at Huber's Station about 15 miles south of Louisville. He had been connected with the bank for 48 years.

Advertisement from January 1915 for the temporary location of the German Bank due to new construction.

The new German Bank building, ca1916. Construction began in March 1914 by the Frey Planing Mill Co. and the new building would replace the old structure. The exterior work included massive stone pillars and bronze work.

In February 1918, directors of the German Bank and the National Bank of Commerce approved a plan to merge the two institutions, giving Louisville one of the strongest banks in the South. The consolidated institution would bear the name of the National Bank of Commerce and by March 1st be permanently located in the handsome new structure at the northwest corner of Fifth and Market Streets recently completed by the German Bank at a cost of $250,000. The new bank would have capital stock of $1 million, a surplus fund of approximately $700,000 and deposits aggregating well over $13 million. The Bank stock exchange was at a rate of $500 per share of German Bank stock for $275 per share for National Bank of Commerce stock.

James B. Brown would continue as president, though Henry J. Angermeier, president of the German Bank would operate with him until the election of officers when he would be made vice president. The board would include for the time being the entire directorate of both banks. The National Bank of Commerce had been doing business since 1867, its establishment preceded that of the German Bank by only two years. Before going to the National Bank of Commerce in January 1911 as vice president, Mr. Brown was president of the First National Bank. Three years ago he became president upon the death of Samuel Casseday. He also was chairman of the Board of Sinking Fund Commissioners, a director of the Louisville Gas & Electric Company, Standard Oil Company of Kentucky and Louisville Railway Company, and State Director of War Savings under appointment of Secretary McAdoo. The German bank was founded in 1869 by Henry Deppen. When Mr. Deppen died in 1879, he was succeeded by his cashier and son-in-law, Pierre Viglini, who remained president until 1915. The old home of the German Bank was erected shortly before the death of Mr. Deppen; it was razed to make room for the new building.

The combined board of directors would be James B. Brown, Andrew Cowan, Harry Dumesnil, Stuart E. Duncan, George W. Norton, Henry Vogt, and John S. White, representing the National Bank of Commerce, and H.H. Littell, Udolpho Snead, H.J. Angermeier, J.B. McFerran, J.T. Malone, Frank A. Menne, T.J. Minary, W.S. Speed, and R.W. Bingham, representing the German Bank.

On Tuesday, November 19, 1918, announcement was made of the consolidation of the National Bank of Commerce and the National Bank of Kentucky, two of Louisville's largest financial institutions, one of which was said to be the oldest south of the Ohio River, and the other with an almost meteoric rise to prominence and financial success. The consolidation would give Louisville one of the strongest banking houses in the entire South with resources of $36 million. The bank would occupy the quarters of the National Bank of Commerce at Fifth and Market Streets. This building was completed recently by the German Bank at a cost of $250,000. Negotiations for the merger were conducted by Oscar Fenley and John W. Barr for the Bank of Kentucky and James B. Brown and George W. Norton for the Bank of Commerce. The plan agreed upon was that the Bank of Kentucky put $1 million of its capital into the new bank, distributing the remaining $650,000 among its stockholders in cash at a rate of about $60 per share. The surplus of the bank would be retained. The Bank of Commerce would place $1 million of stock in and get an equal amount of stock in return. Upon completion of the merger, the building occupied by the National Bank of Kentucky would be vacant and disposed of in some way. This building had the record of being the oldest and most historic bank building in Kentucky, having been built about 90 years ago, having been occupied by the Bank of Kentucky. The National Bank of Kentucky was organized in 1834. The present bank building was erected for the Louisville branch of the old United States Bank which was forced to go out of business when President Jackson vetoed the bill to re-charter the bank, the main institution of which was located in Philadelphia. The Bank of Kentucky was then organized and operated under a State charter until 1900 when it became a national bank. Probably no bank in the State had a more unusual or successful career. The presidents of the bank in order follows: John I. Jacob, W.H. Pope, Virgil McKnight, Henry Griswold, Thomas L. Barret, Henry W. Barret, John M. Atherton and Oscar Fenley who had been president since 1896.

On Wednesday afternoon, November 27, 1918, the American-Southern National Bank directors voted to recommend their bank merge with the National Bank of Kentucky. This was just a few days since the announcement was made that the National Bank of Kentucky and the National Bank of Commerce would merge. The resultant bank would be one of the largest in the South with capital stock of $2,500,000 and a surplus of an equal amount. Of this, the American-Southern would contribute $500,000 of the capital and the same amount to surplus. The Bank of Kentucky and the Bank of Commerce would each have a million of capital and a million of surplus in the big bank. The deposits were variously estimated at from $30 million to $40 million, making one of the most powerful banking institutions in the South. The American-Southern was a combination of the Southern National and the American National three years ago, accomplished by Earl Gwin who made a successful, progressive bank of the institution over which he presided. The National Bank of Commerce had already absorbed what for many years had been known as the German Bank. The new bank would move to Fifth and Market Streets into the building recently erected by the German Bank and occupied by the National Bank of Commerce. That would leave just one financial institution on Main Street, the Fidelity & Columbia Trust Company which also recently had been involved in an association plan including the Citizens National and Union National banks.

Advertisement from January 1919 for the National Bank of Commerce.

In January 1919, the National Bank of Commerce had capital and surplus of $1,700,000. The officers were James B. Brown, president; Henry J. Angermeier, James J. Hayes, C.M.S. Hebel, vice presidents; John S. Akers, cashier; Oscar A. Block and A.P. Ramser, assistant cashiers.

Official Bank Title

1: National Bank of Commerce of Louisville, KY

Bank Note Types Issued

1902 Date Back $50 bank note with radar SN 202. Courtesy of Heritage Auctions, www.ha.com

1902 Date Back $5 bank note with stamped signatures of J.J. Hayes, Cashier and J.B. Brown, President. Courtesy of Heritage Auctions, www.ha.com

A total of $2,497,250 in National Bank Notes was issued by this bank between 1908 and 1919. This consisted of a total of 279,076 notes (279,076 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
1902 Date Back	4x5	1 - 33750
1902 Date Back	4x10	1 - 27000
1902 Date Back	3x10-20	1 - 1000
1902 Date Back	50-100	1 - 3000
1902 Date Back	3x50-100	1 - 379
1902 Plain Back	4x5	33751 - 38655
1902 Plain Back	4x10	27001 - 28235

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1908 - 1919):

Presidents:

• Samuel Casseday, 1909-1914
• James Buckner Brown, 1915-1918

Cashiers:

• James John Hayes, 1909-1917
• John Shelley Akers, Sr., 1918-1918

Other Known Bank Note Signers

• No other known bank note signers for this bank

Bank Note History Links

• National Bank of Commerce, Louisville, KY History (NB Lookup)
• Kentucky Bank Note History (BNH Wiki)

Sources

• Louisville, KY, 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