Passaic National Bank, Passaic, NJ (Charter 3572)

Needed: a contemporary postcard or photo of the bank. The bank was located in the Hobart Building at Main and Bloomfield (now Broadway) Avenues.  This was also the location of the Drake Business College.

Passaic National Bank, Passaic, NJ (Chartered 1886 - Closed 1922)

Town History

Passaic (/pəˈseɪ.ɪk/ pə-SAY-ik or locally /pəˈseɪk/ pə-SAYK) is a city in Passaic County, in the U.S. state of New Jersey. Located north of Newark on the Passaic River, it was first settled in 1678 by Dutch traders, as Acquackanonk Township. The city and river get their name from the Lenape word "pahsayèk" which has been variously attributed to mean "valley" or "place where the land splits." As of the 2020 US census, the city was the state's 16th-most-populous municipality, with a population of 70,537. In 1880 the population was 6,532, growing to 63,841 by 1920.

A commercial center formed around a wharf at the foot of present-day Main Avenue. This came to be commonly known as Acquackanonk Landing, and the settlement that grew around it became known as the Village of Acquackanonk Landing or simply Acquackanonk Landing Settlement. In 1854 Alfred Speer (later owner of the city's first newspaper and public hall) and Judge Henry Simmons were the principals in a political battle over the naming of village. Simmons wished to keep the old name while Speer wanted to simplify it to Passaic Village. Speer was losing the battle however he convinced the U.S. Postmaster General to adopt the name, and hung a Passaic sign at the local railroad depot. The de facto name change was effective.

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

Bank History

• Organized September 10, 1886
• Chartered October 16, 1886
• Closed June 22, 1922
• Consolidated with 12205 June 22, 1922 (Passaic National Bank & TC, Passaic, NJ)
• Circulation assumed by 12205 (Passaic National Bank & TC, Passaic, NJ)

In January 1886, Passaic had no bank and banking business was largely done in New York. However, Edo Kip, one of the most substantial men in the town was a promoter for a new bank. He had erected a handsome brick block near the Erie depot that was ready for the accommodation of an opera house, several lodge rooms stores, etc. One of the stores could be used as a bank. In July, R.D. Kent, cashier of the Atlantic City National Bank, planned to start a bank in Passaic, New Jersey, a city of about 7,000 with no bank.

On September 23, 1886, Edo Kip was elected president by the board of directors with only slight opposition. For cashier, Mr. Robert D. Kent was elected without opposition. Messrs. Kent, Swan and Ackerman were appointed to procure a safe and prepare the temporary quarters in Kip's block. In October, the only thing delaying the opening of the bank was the safe. It was shipped on October 9th from Cincinnati. President Edo Kip said that the bank would surely be opened on Monday, October 18th.

On Tuesday, January 11, 1887, stockholders elected the following directors: F.M. Swan, A.N. Ackerman, M.E. Worthen, John A. Willett, T.M. Moore, R.D. Kent, David Carlisle, Dr. C.M. Howe, and Edo Kip. The only change from last year was Mr. Carlisle in place of Mr. Soule who refused to serve again.

The Passaic National Bank had only been in business about two years when Mr. Kent and one or two of the directors conceived that it would be an excellent idea to start a savings bank, although a number of the directors doubted its wisdom because there was a flourishing building and loan association in the city which was paying much higher dividends that a savings institution could possibly afford. Some of the more determined, however, finally prevailed with the result that on November 1, 1887, the Passaic Trust and Safe Deposit Company was incorporated with a capital of $100,000 of which only $25,000 was paid in. The directors elected were Peter Reid, William F. Gaston, Robert D. Kent, Frank M. Swan, Edo Kip, F.A. Soule, Dr. Charles M. Howe, F.W. Soule, David Carlisle, Moses E. Worthen, A.Z. Van Houten, David Knowles, John A. Willett, John J. Bowes, Thomas M. Moore, George B. Waterhouse, Henry A. Barry and A.N. Ackerman. The banking room was in the same place in which the Passaic National was conducting it business.

In January 1892, Edo Kip was re-elected president. The other officers elected were John A. Willett, vice president; R.D. Kent, cashier. The directors were M.E. Worthen, Charles M. Howe, David Carlisle, R.D. Kent, Thomas M. Moore, George B. Waterhouse, and Frank M. Swan.

In April 1900, the directors were David Carlisle, Charles M. Howe, Robert D. Kent, Thomas M. Moore, George R. Waterhouse, John A. Willett, Peter Reid, F.C. Streckfuss, F.A. Soule, G.W. Blanchard, and Wm. F. Gaston. The officers were David Carlisle, president; Charles M. Howe, vice president; Ira A. Cadmus, cashier; and Ernest R. Moody, assistant cashier.

In January 1904, the directors were Robert D. Kent, Thomas M. Moore, John A. Willett, Peter Reid, Fred C. Streckfuss, F.A. Soule, G.W. Blanchard, W. F. Gaston, C.M. Howe, and James B. Ackerson. The officers were Chas. M. Howe, president; G.W. Blanchard, vice president; Wm. F. Gaston, second vice president; and Ira A. Cadumus, cashier.

In January 1909, all the officers were re-elected as follows: Charles M. Howe, president; Gilbert W. Blanchard and William F. Gaston, vice presidents; George T. Kenter, cashier; and Ira A. Cadmus, assistant cashier. The directors were Chas. M. Howe, G.W. Blanchard, Wm. F. Gaston, George T. Kenter, Winthrop Cowdin, Ira Cadmus, F.A. Soule, Peter Reid, James B. Ackerson, Christian Bahnsen, F.C. Streckfuss, Benjamin I. Ward, and Samuel Hird.

In January 1920, the officers re-elected were Charles M. Howe, president; Gilbert W. Blanchard, vice president; William F. Gaston, vice president; George P. Kenter, cashier; Ira A. Cadmus, J.F. Handy, J. Canfield Howe, and Mathew DeRouville, assistant cashiers.

On Saturday, December 18, 1920, Dr. Charles M. Howe, 70, died at Clifton Springs, New York, after a brief illness. He was a descendant of an old New England family, his grandfather, Major Howe, having served on the staff of General Washington during the American Revolution. Although he was a graduate of the New York Dental College, Dr. Howe had been a banker for the past 35 years. At the time of his death he was president of the Passaic National Bank. He served three terms as Mayor of Passaic and founded the Passaic free Public Library. Dr. Howe was survived by his wife, a son, J. Canfield Howe, and a daughter, Mrs. Irving D. Kip.

In March 1922, directors of the Passaic Trust and Safe Deposit Company and of the Passaic National Bank reached agreement for consolidation as a national bank to be known as the Passaic Trust National Bank. Stockholders of the Passaic National would meet on April 5th to vote on the merger plan. The consolidation of the two banks was first taken up by the directors early in 1919 when Dr. Charles M. Howe invited the directors of the trust company to meet with the directors of the National to consider a merger. The combined banks would have assets of over $17,000,000. A new, 5-story structure costing about $500,000 on the property owned by the Passaic National Bank at Main Avenue, Bloomfield Avenue and Prospect Street was planned. While the present building was razed, business would be conducted on the ground floor of the Lawyers' Building formerly occupied by M.&K. Kelley. The basis of values was determined by Price, Waterhouse & Company of New York, based on the values as of the close of business on December 31, 1921. This company reported the valuation of the trust company at 57.3% and the national bank at 42.7% of the aggregate value. Capital stock of each bank was $500,000, so it was decided that the trust company declare a 30% stock dividend. For the Passaic Trust and Safe Deposit Company, the agreement was signed by Richard J. Scoles, G.W. Blanchard, Arthur S. Corbin, James B. Ackerson, Irving D. Kip, Edward A. Greene, William F. Gaston, Francis W. Soule, Paul W. Muller, and Isaac W. England. For the Passaic National Bank, the agreement was signed by Richard J. Scoles, G.W. Blanchard, James B. Ackerson, W.F. Gaston, A.F. Townsend, Ferdinand Wilckes, Samuel Hird, Julius Forstmann, Benjamin I. Ward, and William Abbott. On March 13, 1922, stockholders of the Passaic Trust and Safe Deposit Company approved the merger plan. The name of the merged bank was changed from Passaic Trust National Bank as first proposed to Passaic National Bank and Trust Company.

On April 21, 1922, the application of the Passaic Trust and Safe Deposit Company of Passaic, to convert into the Passaic National Bank and Trust Company with $650,000 capital was approved by the comptroller of the currency.

Official Bank Title

1: The Passaic National Bank, Passaic, NJ

Bank Note Types Issued

1882 Brown Back $5 bank note with pen signatures of Robert D. Kent, Cashier and John A. Willett, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

1882 Brown Back $10 bank note with pen signatures of I.A. Cadmus, Cashier and G.W. Blanchard, Vice President. Courtesy of Heritage Auctions, www.ha.com

1902 Plain Back $10 bank note with printed signatures of George T. Kenter, Cashier and Chas. M. Howe, president. Courtesy of Heritage Auctions, www.ha.com

A total of $1,878,600 in National Bank Notes was issued by this bank between 1886 and 1922. This consisted of a total of 162,588 notes (162,588 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 - 5125
1882 Brown Back	3x10-20	1 - 8333
1902 Red Seal	3x10-20	1 - 2850
1902 Date Back	3x10-20	1 - 14300
1902 Plain Back	3x10-20	14301 - 24339

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1886 - 1922):

Presidents:

• Edo Peter Kip, 1887-1891
• John Allen Willett, 1892-1898
• David Carlisle, 1899-1903
• Charles Mortimore Howe, 1904-1921
• Richard John Scoles, 1921-1922

Cashiers:

• Robert Downey Kent, 1887-1899 NOTE: a featured biography is available
• Ira A. Cadmus, 1900-1907
• George T. Kenter, 1908-1922

Other Known Bank Note Signers

• Gilbert Willard Blanchard, VP 1904...1922

Bank Note History Links

• Passaic National Bank, Passaic, NJ History (NB Lookup)
• New Jersey Bank Note History (BNH Wiki)

Sources

• Passaic, NJ, 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