National Bank of Commerce, San Diego, CA (Charter 6869)

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1907 ad for the Bank of Commerce & Trust Co.
The Bank of Commerce Building, designed by J.B. Stannard, was built in 1888, during the San Diego boom years. This four-story commercial facade exemplifies the richness of applied ornament in the Italian bracketed style. Within, a skylighted shaft allowed light to penetrate to the second level, as the building had exterior exposure on the front and rear surfaces only. The symmetrical facade of cut stone has two decorated frame bay projections. The elegance of this facade contrasts sharply with the robust Romanesque-like facade of the Nesmith-Greeley Building to the right. Courtesy of the Library of Congress

National Bank of Commerce, San Diego, CA (Chartered 1903 - Liquidated 1907)

Town History

San Diego is a city on the Pacific coast of Southern California, adjacent to the Mexico–United States border. With a population of over 1.4 million, it is the eighth-most populous city in the United States. San Diego is the seat of San Diego County. It is known for its mild Mediterranean climate, extensive beaches and parks, long association with the United States Navy, and recent emergence as a wireless, electronics, healthcare, and biotechnology development center. The population as of the 2020 Census was 1,386,932. In 1910, the population was 39,578 growing to 147,995 by 1930.

San Diego had 11 National Banks chartered during the Bank Note Era, and 10 of those banks issued National Bank Notes.

Bank History

1907 ad for the Bank of Commerce & Trust Co.
In 1907 the Bank of Commerce & Trust Co. with paid up capital $500,000 and surplus $100,000 was the successor to the National Bank of Commerce and Security Savings Bank and Trust Company, located at Fifth and E Street, San Diego.[1]
  • Organized June 17, 1903
  • Chartered July 7, 1903
  • Succeeded Bank of Commerce
  • Liquidated October 12, 1907
  • Succeeded by Bank of Commerce & Trust Co.

In May 1903, I.W. Hellman and Julius Wangenheim purchased a controlling interest in the Bank of Commerce, replacing John F. Sinks and Chas. T. Hinde on the board of directors. The board then included Messrs. Wangenheim and Hellman, Dr. R.M. Powers, Graham E. Babcock, F.W. Jackson, U.S. Grant, A.H. Frost. The officers of the bank would retain the positions with Dr. Powers as president, Mr. Babcock as vice president, Mr. Jackson as cashier and Chas. L. Williams as assistant cashier. The bank would be nationalized and the name changed to the National Bank of Commerce of San Diego. Director Wangenheim would take an active part in its management.[2] On Monday, June 1, 1903, Cashier Fred Jackson resigned due to ill-health. The board of directors would wait until the bank received its national charter to appoint Assistant Cashier C.L. Williams to the coveted position of cashier. Mr. Williams was described as an ideal bank cashier and a good citizen.[3]

On June 17, 1903, the new national bank organized with Julius Wangenheim as the new president with Dr. R.M. Powers and Graham Babcock as vice president and second vice president, respectively. C.L. Williams who had been at the teller's window for some time past was given a deserved promotion to the position of cashier. These four officers together with I.W. Hellman constituted the new board of directors. Owing to increased business, the bank would open another teller's window. C.B. Whittlesey would succeed Cashier Williams at the paying teller's desk and Alexander Reynolds, Jr., would take that of receiving teller.[4]

On Thursday, July 16, 1903, the institution formerly known as the Bank of Commerce formally opened as the National Bank of Commerce of San Diego with paid up capital stock increased to $150,000 and with a surplus of $15,000. The first days' deposits were $642,000 and loans about $400,000 with cash on hand of approximately $300,000. The tendency of the time was toward consolidation with fewer and stronger banks. Increased business seemed to demand another bank in the community, but in-line with the consolidation policy, new capital was added to one of the old and solid institutions of San Diego. I.W. Hellman was president of the Farmers and Merchants National Bank (Charter 6617) in Los Angeles and a member of the Huntington Hellman syndicate of Los Angeles.[5]

In January 1907, the officers were Julius Wangenheim, president; B.W. McKenzie, vice president; Melville Klauber, vice president; and I.M. Arey, assistant cashier. The directors were I.W. Hellman, B.W. McKenzie, Julius Wangenheim, Melville Klauber, and L.M. Arey.[6] On Thursday, September 5th, a meeting of the directors-to-be of the new banking institution to be formed by the consolidation of the National Bank of Commerce and the Security Savings Bank and Trust Company. Among the things decided upon was a change of the name from the Commerce Trust Company as was first agreed upon to the Bank of Commerce and Trust Company. The new bank would have capital stock of $500,000, all paid-up, but no decision was made as to the surplus. The officers had been determined as follows: Julius Wangenheim, president; George W. Marston, and Frank S. Jennings, vice presidents; J.S. Hawley, Jr., cashier; L.M. Arey and Milton H. Epstein, assistant cashiers. The directors would be Julius Wangenheim, Geo. W. Marston, Frank S. Jennings, J.S. Hawley, Jr., Chas. T. Hinde, N.E. Parker, R.W. McKenzie, Melville Klauber, Dr. Edward Grove, L.M. Arey, and Nat. R. Titus. The plan was to have the organization effected and operating by October 1st, but there would be no break in the continuity of business which would be carried on just the same as before the change. Regarding the quarters for the new banking concern, there was the possibility of erecting a new building, but the present quarters would be used permanently or until a new structure could be built.[7]

Official Bank Title

1: The National Bank of Commerce of San Diego, CA

Bank Note Types Issued

1902 Red Seal $10 bank note
1902 Red Seal $10 bank note with SN 1 and a pen signature of C.L. Williams, Cashier. Courtesy of Heritage Auctions, www.ha.com

A total of $325,750 in National Bank Notes was issued by this bank between 1903 and 1907. This consisted of a total of 26,060 notes (26,060 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 Red Seal 3x10-20 1 - 6515

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1907):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • San Diego, CA, 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
  • Bank of Commerce Building, 835 Fifth Avenue, San Diego, San Diego County, CA, Photos from Survey HABS CA-1961, Library of Congress.
  1. ↑ The San Diego Sun, San Diego, CA, Fri., Oct. 18, 1907.
  2. ↑ The San Diego Sun, San Diego, CA, Wed., May 6, 1903.
  3. ↑ The San Diego Sun, San Diego, CA, Sat., May 30, 1903.
  4. ↑ The San Diego Sun, San Diego, CA, Thu., June 18, 1903.
  5. ↑ The San Diego Sun, San Diego, CA, Fri., July 17, 1903.
  6. ↑ The San Diego Sun, San Diego, CA, Sat. Jan. 12, 1907.
  7. ↑ The San Diego Sun, San Diego, CA, Fri., Sep. 6, 1907.
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