Ouachita National Bank of Monroe, LA (Charter 3692)

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Report of Condition for the Ouachita National Bank
Report of Condition for the Ouachita National Bank of Monroe, Louisiana at the close of business, May 17, 1890.[1]

Ouachita National Bank of Monroe, LA (Chartered 1887 - Liquidated 1907)

Town History

Monroe is the ninth-largest city in Louisiana, and is the parish seat and largest city of Ouachita Parish. With a 2020 census-tabulated population of 47,702, it is the principal city of the Monroe metropolitan statistical area, the second-largest metropolitan area in North Louisiana. In 1890 the population was 3,256, growing to 26,028 by 1930.

As governor of Louisiana, Esteban Rodríguez Miró had Fort Miro built in 1791. Fort Miro changed its name to Monroe to commemorate the first arrival of the steamboat James Monroe in the spring of 1820. The ship's arrival was the single event, in the minds of local residents, that transformed the outpost into a town.

Credit for the name is indirectly given to James Monroe of Virginia, the fifth President of the United States, for whom the ship was named. The steamboat is depicted in a mural at the main branch of the Ouachita Parish Public Library.

In 1913, Joseph A. Biedenharn, the first bottler of Coca-Cola, moved to Monroe from Vicksburg, Mississippi. Biedenharn and his son Malcolm were among the founders of Delta Air Lines, originally Delta Dusters. That company was founded in Tallulah, Louisiana in Madison Parish. It was based on products and processes developed by the Agriculture Experimental Station to dust crops from airplanes in order to combat the devastating effects that the boll weevil had on cotton crops. Biedenharn's home and gardens have been preserved and are now operated as the Biedenharn Museum and Gardens and are open to the public.

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

Bank History

In June 1886, after the run on the Bank of Monroe caused its suspension, Messrs. Breard and Millsaps formed a partnership for transacting a collection, banking and exchange business, pending the organization of the Ouachita National Bank. Both gentlemen were of large means, unquestioned integrity, business ability and enjoyed the unlimited confidence of the entire community.[2]

In April 1887, all of the capital stock of the new national bank had been taken. The following men and mercantile firms constituted the stockholders: F.P. Stubbs, S.W. Saunders, John P. Parker, D.A. Breard, Jr., D.A. Breard, Sr., F.G. Hudson, J.M. Breard, L.W. Stubbs, and S. Meyer of Monroe; Millsaps Bros., W.L. Morris, J.H. Flournoy of West Monroe; R.M. Filhiol of Logtown; J.S. Handy of Bastrop; McHenry & Co. of Eldorado, Arkansas.[3] The Ouachita National Bank was organized at Monroe with a capital stock of $50,000, all paid in. D.A. Breard, Jr. was president and T.F. Millsaps, cashier.[4] Directors were R.B. Blanks, R.M. Filhiol, D.A. Breard, Jr., F.P. Stubbs, J.P. Parker, S.W. Saunders, S. Meyer, F.G. Hudson, and Uriah Millsaps. The bank would occupy the law office formerly belonging to Gov. S.D. McEnery which was being remodeled and enlarged. It would be a handsome structure with an iron front.[5]

In May 1890, the bank reported total resources of $301,586.75 with capital $50,000, surplus and undivided profits 66,006.08, circulation $11,225.00, and individual deposits $169,949.90. T.E. Flournoy was cashier. The directors attesting to the correctness of the report were Jno. P. Parker, Uriah Millsaps and S. Meyer. Mr. Parker was president of the Ouachita & Mississippi Valleys Hedge Co., making pyramidal hedge fencing in a four step process with offices in the Merchants & Farmers Bank building, Monroe.[6] D. A. Breard, Jr., president of the Ouachita National Bank, had been at the head and directly engaged in the management of its business since its opening on July 1, 1887. Before his connection with the Ouachita National, he had engaged in private banking, under the style of Breard & Millsaps for two years, and before that in cotton planting. He was a second generation native to this locality, the town of Monroe being composed of parts of two of the earliest proprietary interests in the Ouachita Valley, the Breard and Filhiol grants.[7] 

In 1891, Monroe had three banks. The Merchants and Farmers Bank had paid up capital of $100,000 and commenced business on February 1, 1890. R.B. Blanks was president; Uriah Millsaps, vice president; and John J. Harper, cashier. The Monroe National Bank had a capital of $60,000. It was organized August 1, 1889. L.D. McLain was president; Herman Meyer, vice president; J.A. Conway, cashier; and C.E. Hyman, assistant cashier. The Ouachita National Bank was a new and strong financial institution including in its directory some of Monroe's wealthiest and most active businessmen.[8]

On Tuesday, January 8, 1907, stockholders of the Ouachita National Bank elected the following directors: T.E. Flournoy, J.S. Handy, L.D. McLain, I. Baer, and F.G. Hudson. The board met and elected the following officers: T.E. Flournoy, president; J.S. Handy, vice president; O.B. Morton, cashier; J.T. Austin, assistant cashier. The new board tendered a formal invitation to the board of the Monroe National Bank to merge the two banks under the new charter recently granted the Ouachita National. The reorganized Ouachita National Bank had capital stock of $200,000 and a surplus of $100,000 and would take over the Monroe National on April 20th, the date of the expiration of the charter of the old Ouachita National. The combined resources of the two banks would be well in excess of $1,000,000, making the consolidated institution one of the largest and strongest banking institution in North Louisiana.[9] Statements to the comptroller of the currency dated March 22, 1907, showed total resources of $866,523.21, capital $50,000, surplus and profits 4199,548.23, circulation $12,500, and deposits $605,474.98 for the Ouachita National; and resources $409,797.28, capital $60,000, surplus and profits $31,359.19, circulation $15,000 and deposits $303,438.09 for the Monroe National.[10]

On April 20, 1907, William B. Ridgely, Comptroller of the Currency, authorized the Ouachita National Bank of Monroe to commence the business of banking. The officers were T.E. Flournoy, president; F.G. Hudson, first vice president; J.S. Handy, second vice president; Oliver B. Morton, cashier; and J.T. Austin, assistant cashier. The directors were T.E. Flournoy, former cashier, Monroe National Bank; L.D. McLain, former president, Monroe National Bank; J.S. Handy, president, Monroe Grocer Company, Ltd.; I. Sugar, president, Sugar Bros. Co., Ltd; J.M. Keller, president, Keller Grocer Co., Ltd.; D.A. Breard (IV), president, North Louisiana Shingle Co., Ltd; J.S. Bloch, wholesale liquor dealer; I. Baer, president I. Baer Co., Ltd.; F.G. Hudson, attorney, Hudson, Potts and Bernstein; Sig. Haas of Sig Haas & Son.[11]

Official Bank Title

1: The Ouachita National Bank of Monroe, LA

Bank Note Types Issued

1882 Brown Back $5 bank note
1882 Brown Back $5 bank note with pen signatures of J.J. Jordan, Cashier and D.A. Beard, Jr., President. Courtesy of Heritage Auctions, www.ha.com

A total of $82,020 in National Bank Notes was issued by this bank between 1887 and 1907. This consisted of a total of 13,332 notes (13,332 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 - 2821
1882 Brown Back 3x10-20 1 - 512

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1887 - 1907):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Monroe, LA, 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
  1. ↑ The Telegraph-Bulletin, Monroe, LA, Sat., May 31, 1890.
  2. ↑ The Times-Picayune, New Orleans, LA, Wed., June 23, 1886.
  3. ↑ The Ouachita Telegraph, Monroe, LA, Sat., Apr. 16, 1887.
  4. ↑ The Louisiana Democrat, Alexandria, LA, Wed., Apr. 27, 1887.
  5. ↑ The Times-Democrat, New Orleans, LA, Thu., Apr. 21, 1887.
  6. ↑ The Telegraph-Bulletin, Monroe, LA, Sat., May 31, 1890.
  7. ↑ Daily Arkansas Gazette, Little Rock, AR, Wed., Jan. 20, 1892.
  8. ↑ The New Delta, New Orleans, LA, Thu., May 21, 1891.
  9. ↑ The Vicksburg Herald, Vicksburg, MS, Fri., Jan. 11, 1907.
  10. ↑ The Richland Beacon-News, Rayville, LA, Sat., Apr. 6, 1907.
  11. ↑ The Richland Beacon-News, Rayville, LA, Sat., May 11, 1907.
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