Northern National Bank, Toledo, OH (Charter 809)

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Postcard of the Northern National Bank of Toledo, Ohio, ca1930s.
Postcard of the Northern National Bank of Toledo, Ohio, ca1930s. Courtesy of Adam Stroup

Northern National Bank, Toledo, OH (Chartered 1865 - Liquidated 1924)

Town History

The old Northern National Bank of Toledo, Ohio, ca2020.
The old Northern National Bank of Toledo, Ohio, ca2020. Courtesy of Google Maps

Toledo is a city in and the county seat of Lucas County, Ohio. A major Midwestern United States port city, Toledo is the fourth-most populous city in the state of Ohio, after Columbus, Cleveland, and Cincinnati, and according to the 2020 census, the 79th-largest city in the United States. With a population of 270,871 it is the principal city of the Toledo metropolitan area. It also serves as a major trade center for the Midwest; its port is the fifth busiest on the Great Lakes and 54th biggest in the United States. The city was founded in 1833 on the west bank of the Maumee River, and originally incorporated as part of Monroe County, Michigan Territory. It was re-founded in 1837, after the conclusion of the Toledo War, when it was incorporated in Ohio.

After the 1845 completion of the Miami and Erie Canal, Toledo grew quickly; it also benefited from its position on the railway line between New York City and Chicago. The first of many glass manufacturers arrived in the 1880s, eventually earning Toledo its nickname: "The Glass City." It has since become a city with a distinctive and growing art community, auto assembly businesses, education, thriving healthcare, and well-supported local sports teams. Downtown Toledo has been subject to major revitalization efforts, allowing a bustling entertainment district.

Toledo had 10 National Banks chartered during the Bank Note Era, and nine of those banks issued National Bank Notes. Toledo also had three Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

  • Organized December 9, 1864
  • Chartered February 16, 1865
  • Liquidated April 30, 1924
  • Absorbed by Toledo Trust Company, Toledo

In March 1924, President I.E. Knisely of the Northern National informed stockholders of the details of the upcoming merger and that the move was needed to meet the financial and industrial expansion of Toledo. Stockholders of the Northern National Bank profited through a division of $750,000 in cash as a result of the merger with the Toledo Trust Co. They received share for share stock in the new Toledo Trust Co. and $70 a share in cash and a cash dividend of 2% on May 1st. That made the stock equivalent to $245 a share, compared to $215, the highest it had previously reached. The new Trust Company planned 30,000 shares of which 10,000 would go to current stockholders of Northern National. The Toledo Trust Company would operate as a state chartered bank with $5 million in capital and surplus and total assets of approximately $20 million.

On April 23, 1924, Isaac E. Knisely, 85, died after a week's illness following a heart attack. He was one of the best known bankers in the state.

On August 7, 1924, merger of the Second National Bank of Toledo with the Toledo Trust Company was approved by directors of both institutions. Under the plan the Toledo Trust Company would increase its capital from $3 million to $5 million and the additional 20,000 shares would be distributed to holders of Second National Bank Stock at a ratio of two for one plus an additional $100 per share in cash. The Second National had deposits of more than $10 million with total resources of $15.3 million.

The largest transaction authorized by the Ohio banking department during 1924 was the absorption by the Toledo Trust Company of the Northern and Second National Banks of that city. The combined assets of the two national banks approximated $35,000,000.

A tour of the historic Key Bank building on Superior Street, published June 28, 2015.

Official Bank Title(s)

1: The Northern National Bank of Toledo, OH

Bank Note Types Issued

Original Series $2 bank note with pen signatures of F.B. Shoemaker, Cashier and E.C. Bodman, President.
Original Series $2 bank note with pen signatures of F.B. Shoemaker, Cashier and E.C. Bodman, President. Courtesy of Heritage Auctions, www.ha.com
Series of 1875 $1 bank note with pen signatures of F.B. Shoemaker, Cashier and J.T. Newton, President
Series of 1875 $1 bank note with pen signatures of F.B. Shoemaker, Cashier and J.T. Newton, President. Courtesy of Heritage Auctions, www.ha.com
1902 Red Seal $100 bank note with printed signatures of A.F. Mitchell, Cashier and I.E. Knisely, President.
1902 Red Seal $100 bank note with printed signatures of A.F. Mitchell, Cashier and I.E. Knisely, President. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $10 bank note with stamped signatures of A.F. Mitchell, Cashier and I.E. Knisely, President. The vertical charter number on this note has an inverted 8.
1902 Date Back $10 bank note with stamped signatures of A.F. Mitchell, Cashier and I.E. Knisely, President. The vertical charter number on this note has an inverted 8. Courtesy of Adam Stroup
1902 Plain Back $5 bank note with pen signatures of H.M. Bash, Cashier and I.E. Knisely, President.
1902 Plain Back $5 bank note with pen signatures of H.M. Bash, Cashier and I.E. Knisely, President. Courtesy of Heritage Auctions, www.ha.com

A total of $10,678,800 in National Bank Notes was issued by this bank between 1865 and 1924. This consisted of a total of 1,261,270 notes (1,261,270 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
Original Series 3x1-2 1 - 3600
Original Series 4x5 1 - 5600
Original Series 3x10-20 1 - 1800
Original Series 50-100 1 - 333
Series 1875 3x1-2 1 - 1000
Series 1875 4x5 1 - 4455
Series 1875 3x10-20 1 - 1400
1882 Brown Back 4x5 1 - 7395
1882 Brown Back 3x10-20 1 - 12110
1902 Red Seal 4x5 1 - 16500
1902 Red Seal 3x10-20 1 - 9700
1902 Red Seal 50-100 1 - 1366
1902 Date Back 4x5 1 - 64500
1902 Date Back 3x10-20 1 - 41000
1902 Date Back 50-100 1 - 4000
1902 Plain Back 4x5 64501 - 152465
1902 Plain Back 3x10-20 41001 - 96443

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1924):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  • Toledo, OH, Wikipedia, https://en.wikipedia.org/wiki/Toledo,_Ohio
  • 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
  • The Times Recorder, Zanesville, OH, Fri., Mar. 7, 1924.
  • The News-Messenger, Fremont, OH, Wed., Mar. 12, 1924.
  • Marysville Journal-Tribune, Marysville, OH, Tue., Apr 22, 1924.
  • The Cincinnati Enquirer, Cincinnati, OH, Fri., Aug. 8, 1924.
  • The Daily News-Tribune, Greenville, OH, Fri., Jan. 9, 1925.
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