Ouachita National Bank of Monroe, LA (Charter 8654)
Ouachita National Bank of Monroe, LA (Chartered 1907 - Liquidated 1933)
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
- Organized January 30, 1907
- Chartered April 20, 1907
- Opened for business April 22, 1907
- Succeeded 3692 (Ouachita National Bank of Monroe, LA)
- Absorbed 4082 April 20, 1907 (Monroe National Bank, Monroe, LA)
- Assumed 11242 by consolidation February 28, 1921 (Citizens National Bank, Monroe, LA)
- Assumed its circulation
- Liquidated January 10, 1933
- Succeeded by 13655 (Ouachita National Bank in Monroe, LA)
- Circulation assumed by 13655 (Ouachita National Bank in Monroe, LA)
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.[4] 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.[5]
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.[6]
On Tuesday, January 13, 1920, directors and officers of the Ouachita National Bank were named at the annual meeting. B.J. Sugar was named to succeed Isadore Sugar, a director who died a few weeks earlier and F.F. Millsaps was elected to fill a vacancy that had existed for several months. The directors were J.T. Austin, J.J. Potts, B.J. Sugar, P.C. Willis, Sig. Haas, D.A. Breard, T.E. Flournoy, J.S. Bloch, I. Baer, and F.F. Millsaps. T.E. Flournoy was re-elected president. I. Baer was named vice president. P.C. Willis who had been cashier of the bank, was named active vice president and F.F. Millsaps who had been assistant cashier succeeded Mr. Willis as cashier. O.W. Zeagler was again named as assistant cashier. The other position of assistant cashier was not filled.[7] The Ouachita National Bank which started work on its palatial home on the corner of DeSiard and St. John Streets, would expend $800,000 on the structure according to the building permit. The building was 10-stories high with a basement and consisted of 160 rooms with a total floor spaced of 90,120 feet.[8]
In January 1921, P.C. Willis was elected active vice president of the Commercial National Bank of Shreveport and would leave within days. Mr. Willis came to Monroe in May 1918 from Atlanta, Texas where he held the position of cashier with the National Bank at that place to take the position of cashier of the Ouachita National Bank.[9] The directors elected were J.T. Austin, I. Baer, J.S. Bloch, T.E. Flournoy, Sig Haas, B.F. Millsaps, John J. Potts, D.A. Breard, P.C. Willis, and B.J. Sugar. Stockholders authorized an increase in capital from $200,000 to $600,000. The bank had a surplus of $300,000. The board elected T.E. Flournoy, president; I. Baer, vice president; P.C. Willis, active vice president; F.F. Millsaps, cashier; and O.W. Zeagler, assistant cashier. Mr. Willis resigned as active vice president to accept a similar position at Shreveport. The bank expect to move into the new building within 6-8 months.[10]
On Friday, January 28, 1921, announcement was made of the proposed consolidation of the Ouachita National Bank and the Citizen National Bank. Both boards agreed to the consolidation by a unanimous vote the previous night. The title of Ouachita National Bank would be retained with the following officers: C.E. Slagle, chairman of the board; T.E. Flournoy, president; I. Baer, vice president; O.B. Morton, first active vice president; R. Downes, Jr. second active vice president; F.F. Millsaps, cashier; O.W. Zeagler, W.C. Oliver, W.B. Gladney, and E. Richards, Jr., assistant cashiers. The directors were T.E. Flournoy, I. Baer, F.F. Millsaps, Jno. J. Potts, Sig Haas, J.T. Austin, J.S. Bloch, B.J. Sugar, D.A. Breard, Samuel Kaplan, A.W. Johnson, R.E. Major, C.E. Slagle, O.B. Morton, R. Downes, Jr., J.A. Biedenharn, Henry Bernstein, J.W. Clarkson, Dr. J.L. Adams, Jno. B. Foster, Dr. J.Q. Graves, Hipp P. Marks, J.C. Ziegler, and Sig Masur. O.B. Morton served as cashier with Mr. Flournoy until 1918 when he was the recipient of overtures from a host of friends to head a new institution. This resulted in the organization of the Citizens National Bank, Mr. Morton taking charge of its active management as vice president. P.C. Willis succeeded Mr. Morton in the Ouachita National Bank and when he was called to the Commercial National Bank of Shreveport, overtures were made to Mr. Morton to return to the Ouachita; he declined to do so unless a consolidation of the two institutions could be arranged. The cashier of the Citizens National, Mr. R. Downes, Jr., (locally known as Dick Downes) became the active vice president in the Ouachita National. Mr. Slagle, chairman of the board of the consolidated institution, was president of the Citizens National. He was born in Ohio, but resided in Louisiana for 18 years at Clarks, Louisiana. He had devoted his life to the lumber business and was the vice president of the Missouri Lumber and Land Exchange Company of Kansas City, Missouri, and was treasurer and general manager of the Louisiana Central Lumber Company at Clarks, vice president of the White-Grandin Lumber Company of Slagle, Louisiana, a town that was named for him. He was also identified either as director or officer with 15-20 other lumber concerns scattered over various states as well as several lumber railroads serving these interest.[11]
On Wednesday, December 14, 1921, the new Ouachita National Bank building was thrown open to the public for a reception between 4 and 10 o'clock p.m. The program for visitors on entering the building required registration. They were escorted to the registry desk, where employees of the bank registered them, taking name, address and business. Armed with a tag containing a combination number, the first step thereafter was to deposit these numbers. The ladies deposited one number with Mrs. E.M. Hudson and received a souvenir, a pretty little mirror with an engraving of the bank building on the other side. The men deposited their registry number with Mrs. Oliver Morton and as a souvenir received a watch-fob with an engraving off the bank on it. After depositing the other half of the registry number, the visitors were ready to wander the bank with the assistance of ushers and reception committee. Refreshments were served in the basement in what would eventually be the gymnasium department for the banking institution. Strains of music from Leon Hammond's stringed orchestra entertained guests. Rare, exotic plants and blossoms, mingled with the fragrance of countless clusters of lilies, gifts from banks and men and women from all over the country, helped to make the occasion one long-remembered. Mr. Flournoy gave a history of the Ouachita National Bank and its predecessors. He read from the pamphlet which was presented to the visitors with an exhaustive history of the institution. He said that John P. Parker was on the first board of directors when the bank was organized and began business on April 20, 1887. Mr. Parker was the only living member of the first board.[12]
Directors of the Ouachita National Bank were elected at a meeting on January 12, 1932. They were D.A. Breard, R. Downes, Jr., Dr. J.Q. Graves, Sig Haas Murray Hudson, Sig Masur, F.F. Millsaps, O.B. Morton, John J. Potts, C.E. Slagle, Albert Marx, C.W. Wallace, and R.M. Breard, Jr.[13] Officers were C.E. Slagle, chairman of the board; FF. Millsaps, president; O.B. Moron, vice president; R. Downes, Jr., vice president and cashier; W.C. Oliver and Ben R. Downing, assistant cashiers.[14]
On January 2, 1933, a reorganization of the Ouachita National Bank, Monroe's oldest financial institution and one of the largest in northern Louisiana, was announced. The first board would consist of nine members with a few unfilled vacancies. Directors were Fred F. Millsaps, John J. Potts, Sig Masur, Joe Biedenharn, Paul Fudickar, Murray Hudson, Robert M. Breard, Jr., Charles W. Wallace and Albert Marx. Officers of the new institution would be F.F. Millsaps, president; Sig Masur, vice president; W.C. Oliver, vice president and cashier. The bank had deposits of approximately $3 million and capital stock of $500,000 with surplus of $100,000.[15]
Official Bank Title
1: The Ouachita National Bank of Monroe, LA
Bank Note Types Issued
A total of $1,519,150 in National Bank Notes was issued by this bank between 1907 and 1933. This consisted of a total of 122,006 notes (98,828 large size and 23,178 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 - 1500 1902 Date Back 3x10-20 1 - 6900 1902 Plain Back 3x10-20 6901 - 23207 1929 Type 1 6x10 1 - 2996 1929 Type 1 6x20 1 - 867
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1907 - 1933):
Presidents:
Cashiers:
- Oliver Bradley Morton, Sr., 1907-1917
- Patrick Claiborne Willis, 1918-1919
- Frederick Flournoy Millsaps, 1920-1930
- Richard Downes, Jr., 1931-1931
- William Courtney Oliver, 1932-1932
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
- ↑ The Bankers' Magazine, Vol. 100, Jan.-June 1920, p. 473.
- ↑ The News-Star, Monroe, LA, Sat., Dec. 17, 1921.
- ↑ The Bankers' Magazine, Vol. 100, Jan.-June 1920, p. 475.
- ↑ The Vicksburg Herald, Vicksburg, MS, Fri., Jan. 11, 1907.
- ↑ The Richland Beacon-News, Rayville, LA, Sat., Apr. 6, 1907.
- ↑ The Richland Beacon-News, Rayville, LA, Sat., May 11, 1907.
- ↑ The News-Star, Monroe, LA, Wed., Jan., 14, 1920.
- ↑ The News-Star, Monroe, LA, Fri., Aug. 20, 1920.
- ↑ The News-Star, Monroe, LA, Wed., Jan. 12, 1921.
- ↑ The Shreveport Journal, Shreveport, LA, Mon., Jan. 17, 1921.
- ↑ The News-Star, Monroe, LA, Fri., Jan. 28, 1921.
- ↑ The News-Star, Monroe, LA, Thu., Dec. 15, 1921.
- ↑ The News-Star, Monroe, LA, Wed., Jan. 13, 1932.
- ↑ The News-Star, Monroe, LA, Wd., May 4, 1932.
- ↑ The Times, Shreveport, LA, Tue., Jan. 3, 1933.