Old National Bank, Grand Rapids, MI (Charter 2890)

From Bank Note History
Jump to navigation Jump to search
Postcard of the Old National Bank of Grand Rapids, Michigan, ca1910s
Postcard of the Old National Bank of Grand Rapids, Michigan, ca1910s. Courtesy of Adam Stroup

Old National Bank, Grand Rapids, MI (Chartered 1883 - Liquidated 1929)

Town History

Postcard showing the lobby of the Old National Bank of Grand Rapids, Michigan, ca1900s.
Postcard showing the lobby of the Old National Bank of Grand Rapids, Michigan, ca1900s. Courtesy of Adam Stroup

Grand Rapids is the second-largest city in Michigan and the county seat of Kent County. Situated along the Grand River approximately 30 miles east of Lake Michigan, it is the economic and cultural hub of West Michigan, the fastest growing major city in Michigan, and one of the fastest growing cities in the Midwest. According to 2019 US Census Bureau estimates, the city had a population of 201,013, while the greater metropolitan area had a population of 1,077,370. In 1900 the population was 87,565 and in 1940, 164,292; it has been growing ever since.

A historic furniture manufacturing center, Grand Rapids is home to five of the world's leading office furniture companies and is nicknamed "Furniture City." The city and surrounding communities are economically diverse, based in the health care, information technology, automotive, aviation, and consumer goods manufacturing industries, among others.

Grand Rapids is the childhood home of U.S. President Gerald Ford, who is buried with his wife Betty on the grounds of the Gerald R. Ford Presidential Museum in the city. The city's main airport and one of its freeways are named after him.

Grand Rapids had 12 National Banks chartered during the Bank Note Era, and 10 of those banks issued National Bank Notes. Grand Rapids also had two Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

An advertisement from July 1912
An advertisement from July 1912 for the Old National Bank at 177 Monroe Avenue, Old No. 1 Canal Street.[1]
An advertisement from 1921
An advertisement from 1921 for the Old National Bank of Grand Rapids, Michigan.
The former Pantlind Hotel and Old National Bank building
The former Pantlind Hotel and Old National Bank located on the corner of Monroe Avenue and Pearl Street, Grand Rapids, Michigan. As pictured ca2022, Hilton's Amway Grand Plaza occupied the site. Courtesy of Google Maps
The new "Old Kent Bank" at West Fulton Street
The new "Old Kent Bank" was the result of the merger of the Kent State and Old National banks producing the largest banking institution in Michigan outside of Detroit. Shown is the West Fulton Street branch established in 1914 with George Calkins as its manager in 1929 at the time of the merger.[2]
  • Organized February 8, 1883
  • Chartered February 24, 1883
  • Succeeded 294 (First National Bank, Grand Rapids, MI)
  • Liquidated April 22, 1929
  • Absorbed by Kent State Bank

The charter of the First National Bank of Grand Rapids would expire on February 24, 1883 and the bank would go into liquidation. The last annual meeting of this bank was held on Tuesday, January 24, 1883, and the old board of directors, Messrs. Solomon L. Withey, Martin L. Sweet, James M. Barnett, John Clancy, W.R. Shelby, Isaac Phelps, Frederick Loettgert, Joseph H. Martin and Harvey J. Hollister, were re-elected. The next day the directors met and re-elected M.L. Sweet, president; J.M. Barnett, vice president; and H.J. Hollister, cashier. The Bank was one of the first National banks organized and chartered in the United States and when so organized in 1863 had a capital of just $50,000. At that time Grand Rapids was so small that its friends feared that its capital was larger than could profitably be used, but less could not be taken under the law. Hon. M.L. Sweet was then elected president and Mr. H.J. Hollister, cashier. It was one of the most solid, prosperous and ably managed banks in the country, growing apace with the city and surrounding country. In 1864 the capital stock was advanced to $100,000, then in 1865 to $150,000, in 1867 to $200,000 and in 1871 to $400,000, its present capital. Its deposits were over $1,800,000. Naturally the owners desired to recharter their institution to retain the credit and good will of their customers and had begun preparations for so doing, having received informal permission from Comptroller of the Currency Knox to do so. Later Mr. Knox decided that as the original articles of association had not contemplated so large a capital stock, that present capital was excessive, that if the bank was extended it would have to drop back to $200,000 and if the bank wanted more than its present capital it would have to begin de novo as a new bank. Officers of the bank went to Washington to see if the opinion of Mr. Knox could be modified or reversed, but found it impossible and so decided to organize a new bank to take the place of the old. That work was progressing and the "Old National Bank of Grand Rapids" would have a capital stock of $400,000 at the outset which would soon be increased to $800,000, and would begin business February 25th as the successor of the First National Bank.[3]

On Tuesday, January 30, 1883, stockholders of the Old National Bank met in the parlors of Sweet's Hotel and organized by electing John L. Shaw chairman and Harvey J. Hollister, secretary. The list of 13 directors chosen follows: Martin L. Sweet, Solomon L. Withey, John Clancy, James M. Barnett, Joseph H. Martin, F. Loettgert, W.R. Shelby, Harvey J. Hollister, H.C. Akeley, D.H. Waters, W. Barnhart, S.W. Osterhout, and Joseph Heald.[4] In the afternoon, the directors elected the following officers: Solomon L. Withey, president; James M. Barnett, vice president; and Harvey J. Hollister, cashier.[5]

In January 1899, at the stockholders meeting the old board was re-elected as follows: James M. Barnett, Willard Barnhart, Jacob Cummer, Jos. H. Martin, W.R. Shelby, W.O. Hughart, F. Loettgert, E.G. Studley, L.R. Withey, E. Crofton fox, George C. Pierce, B.J. Hollister, and William Judson.[6]

Bank's logo
Logo ca1905.[7]

The report of condition at the close of business, March 14, 1905, showed total resources of $6,157,177.74, with capital stock $800,000, surplus and undivided profits $442,580.18, circulation $800,000, and deposits $4,114,597.56. Officers were J.M. Barnett, president; Willard Barnhart, vice president; Harvey J. Hollister, vice president; Clay H. Hollister, cashier; and Frank S. Coleman, assistant cashier.[8]

On Tuesday, January 14, 1908, the directors elected were James M. Barnett, Willard Barnhart, Harvey J. Hollister, Joseph H. Martin, W.R. Shelby, William Judson, W.W. Cummer, L.H. Withey, George C. Peirce, Clay H. Hollister, W.D. Stevens, J.C. Holt, Henry Idema, Edward Lowe, and William Alden Smith.[9] In June the officers were James M. Barnett, president; Willard Barnhart, Harvey J. Hollister, and George C. Peirce, vice presidents; Clay H. Hollister, cashier; and Herbert A. Woodruff, assistant cashier. The bank was located at No. 1 Canal Street with capital $800,000, surplus and undivided profits $600,000, and assets of over $7 million.[10] 

In May 1908, plans to consolidate the Kent County Saving Bank and the State Bank of Michigan were adopted by the two boards of directors. A new corporation would be formed under the title of the Kent State Bank with a capitalization of $500,000 and a surplus fund of $150,000. The new officers recommended were as follows:  Henry Idema, president; Daniel McCoy, John A. Covode, and J.A.S. Verier, vice president. Meetings of the stockholders would be held to ratify the action of the directorates. The question of cashier and assistants with others of the working force was a matter which remained. The headquarters was planned for the banking rooms of the State Bank of Michigan at Ottawa and Monroe Streets. The Kent County Bank owned its buildings and the plan was to maintain a downtown branch of the institution while the outlying branches which had proved profitable, would also be continued. Where outlying branches of the two banks were near as on Wealthy Avenue, the plan was to consolidate them.  The Kent County Savings Bank was organized December 24, 1884 with a capital of $50,000. J.A.S. Verdier was the original cashier. The State Bank of Michigan was established in May 1882, Daniel McCoy being its president from the outset. Its original capitalization was $200,000, later reduced to the present figure of $150,000.[11]

On Monday, January 17, 1916, the directors of the Old National Bank met for organization and the old officers were re-elected: Willard Barnhart, chairman; Clay H. Hollister, president; William Judson, Carroll F. Sweet, vice presidents; G.F. Mckenzie, vice president and cashier; H.A. Woodruff, assistant cashier.[12] Later in January, Henry Van Aalderen was elected assistant cashier of the Old National Bank to succeed Robert Y. Speir, resigned. He had been connected with the bank since 1898 and his promotion was from head teller. Max C. Wotalewicz was promoted to head teller. He had been with the bank since 1913.[13] Mr. Speir resigned to accept the position of cashier of the Capital National Bank of Lansing, succeeding John Whitman who departed for California.[14] In February 1916, Eugene Richards, for 15 years with the Peoples Savings Bank, resigned to accept a position with the Old National Bank. He began with the Peoples Savings Bank as a clerk and worked up through the grades to teller.[15] In September 1916, William Alden Smith resigned from the directorate of the Old National Bank. He was president of the Grand Rapids Savings Bank and retired from the board of the Old National under the provisions of the Clayton antitrust law. Lewis H. Withey, Benjamin S. Hanchett, and Edward Lowe, directors in the Old National and Kent State, and Frank Jewell in the Old National and Grand Rapids Savings had not yet decided which affiliation to retain.[16]

In January 1917, directors elected for the Old National were: Willard Barnhart, W.R. Shelby, L.H. Withey, William Judson, Carrol F. Sweet, W.D. Stevens, Clay H. Hollister, John Duffy, John C. Holt, Edward Lowe, Frank Jewell, George F. Mackenzie, James F. Barnett, W.M. Wurzburg, and John P. Homiller. The officers elected were: Willard Barnhart, chairman, Clay H. Hollister, president; William Judson and Carrol F. Sweet, vice presidents; George F. Mackenzie, vice president and cashier; H.A. Woodruff and H. Van Aalderen, assistant cashiers.[17]

On Tuesday, January 11, 1921, stockholders elected the following directors: W.R. Shelby, L.H. Withey, William Judson, Carroll F. Sweet, W.D. Stevens, Clay H. Hollister, John P. Homiller, John Duffy, John C. Holt, Edward Lowe, Frank Jewell, George F. Mackenzie, James F. Barnett, and William M. Wurzburg.[18] The board reorganized by electing Clay H. Hollister, president; William Judson and Carroll F. Sweet, vice presidents; George F. Mackenzie, vice president and cashier; H.A. Woodruff and Eugene Richards, assistant cashiers; and H.E. Ford, auditor.[19]

On Tuesday, January 22, 1929, directors were elected for the Old Kent Bank, the merger of the Old National Bank and Old National Co., and the Kent State Bank which was approved by stockholders of the respective institutions Tuesday. The new board which would not take office until the completion of the merger included James F. Barnett, C.S. Dexter, John Duffy, Clay H. Hollister, John P. Homiller, W.A. Jack, Frank Jewell, Eugene Richards, W.R. Shelby, Carroll F. Sweet, H.M. Taliferro, David A. Warner, and William M. Wurzburg, representing the Old National interests. The Kent State Bank representatives were Casper Baarman, E.D. Conger, Heber W. Curtis, F.M. Deane, F. Stuart Foote, Benjamin S. Hanchett, T.W. Hefferan, A.W. Hompe, Henry Idema, M.S. Keeler, Paul F. Steketee, and Benjamin Wolf. The new board virtually combined the boards of the respective banks.[20]

Official Bank Title

1: The Old National Bank of Grand Rapids, MI

Bank Note Types Issued

1882 Brown Back $5 bank note
1882 Brown Back $5 bank note with pen signatures of Harvey J. Hollister, Cashier and J.M. Barnett, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Red Seal $5 bank note
1902 Red Seal $5 bank note with printed signatures of Clay H. Hollister, Cashier and J.M. Barnett, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note
1902 Plain Back $5 bank note with stamped signatures of G.F. Mackenzie, Cashier and Clay H. Hollister, President. This is a Replacement Note. Courtesy of Cody Regennitter

A total of $11,877,850 in National Bank Notes was issued by this bank between 1883 and 1929. This consisted of a total of 1,505,516 notes (1,505,516 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
1882 Brown Back 4x5 1 - 20853
1882 Brown Back 3x10-20 1 - 6853
1902 Red Seal 4x5 1 - 31425
1902 Red Seal 3x10-20 1 - 25230
1902 Date Back 4x5 1 - 52665
1902 Date Back 3x10-20 1 - 33834
1902 Plain Back 4x5 52666 - 179092
1902 Plain Back 3x10-20 33835 - 112926

Bank Presidents and Cashiers

The Old National Bank of Grand Rapids Presidents and Cashiers during the National Bank Note Era (1883 - 1929):

Presidents:

Cashiers:

Other Bank Note Signers

Wiki Links

Sources

  • Grand Rapids, MI, 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://bbdata.banknotehistory.com
  1. ↑ The Grand Rapids Press, Grand Rapids, MI, Sat., July 13, 1912.
  2. ↑ The Northwestern Weekly, Grand Rapids, MI, Fri., Apr. 5, 1929.
  3. ↑ Grand Rapids Eagle, Grand Rapids, MI, Wed., Jan. 24, 1883.
  4. ↑ Grand Rapids Eagle, Grand Rapids, MI, Tue., Jan. 30, 1883.
  5. ↑ Grand Rapids Eagle, Grand Rapids, MI, Wed., Jan. 31, 1883.
  6. ↑ The Grand Rapids Press, Grand Rapids, MI, Tue., Jan. 19, 1899.
  7. ↑ The Bankers' Magazine, Vol 70, Jan. - June 1905, p XII.
  8. ↑ The Bankers' Magazine, Vol 70, Jan. - June 1905, p XII.
  9. ↑ The Grand Rapids Press, Grand Rapids, MI, Tue., Jan. 14, 1908.
  10. ↑ The Grand Rapids Press, Grand Rapids, MI, Wed., June 10, 1908.
  11. ↑ The Grand Rapids Press, Grand Rapids, MI, Fri., May 8, 1908.
  12. ↑ The Grand Rapids Press, Grand Rapids, MI, Mon., Jan. 17, 1916.
  13. ↑ The Grand Rapids Press, Grand Rapids, MI, Mon., Jan 24, 1916.
  14. ↑ The Grand Rapids Press, Grand Rapids, MI, Tue., Jan. 11, 1916.
  15. ↑ The Grand Rapids Press, Grand Rapids, MI, Sat., Feb. 12, 1916.
  16. ↑ The Grand Rapids Press, Grand Rapids, MI, Sat., Sep. 30, 1916.
  17. ↑ The Grand Rapids Press, Grand Rapids, MI, Tue., Jan. 9, 1917.
  18. ↑ The Grand Rapids Press, Grand Rapids, MI, Tue., Jan. 11, 1921.
  19. ↑ The Grand Rapids Press, Grand Rapids, MI, Mon., Jan. 17, 1921.
  20. ↑ The Grand Rapids Press, Grand Rapids, MI, Wed., Jan. 23, 1929.
Retrieved from "https://banknotehistory.mywikis.wiki/w/index.php?title=Old_National_Bank,_Grand_Rapids,_MI_(Charter_2890)&oldid=68798"