Peoples National Bank, Rock Island, IL (Charter 2155)
Peoples National Bank, Rock Island, IL (Chartered 1874 - Liquidated 1926)
Town History
Rock Island is a city in and the county seat of Rock Island County, Illinois. The original Rock Island, from which the city name is derived, is now called Arsenal Island. Located on the Mississippi River, it is one of the Quad Cities, along with neighboring Moline, East Moline, and the Iowa cities of Davenport and Bettendorf. The Quad Cities has a population of about 380,000. The city is home to Rock Island Arsenal, the largest government-owned weapons manufacturing arsenal in the US, which employs 6,000 people. The population was 37,108 at the 2020 census. In 1870, the population was 7,890 peaking in 1960 at 51,863.
The original portion of what is now known as Rock Island was called Farnhamsburg after the original two homes were built by Colonel George Davenport and Russell Farnham in 1826. Davenport and Farnham were business partners, trading with the local Native Americans. The original city plat was filed on July 10, 1835, and was named Stephenson. It was renamed Rock Island in March 1841.
Rock Island had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized June 17, 1874
- Chartered June 22, 1874
- Liquidated May 15, 1926
- Absorbed by Central Trust & Savings Bank, Rock Island
On June 22, 1874, the comptroller of the currency authorized the Peoples National Bank of Rock Island to commence business. Authorized capital was $100,000, paid in capital was $50,000 and the officers were Bailey Davenport, president and John Peetz, cashier. The first board of directors was composed as follows: George Wagner, Ignatz Huber, Charles Tegeler, Joseph Rosenfield, August Huesing, Fred. W. Kellerstrass, Fred Haas, Bailey Davenport, Frederick Weyerhaeuser, Harry Burgower and Peter Fries. The bank's first home was at 1811 Second Avenue, North side in a building owned by Ernest Woltmann near the Akin's shoe store in later years.
On January 10, 1890, Bailey Davenport succumbed to a severe cold he caught while on a drive in his carriage to his mines. Mr. Davenport's fortune was considered very large, although he also left a large amount in debts. He was the owner of considerable land in the northwestern part of Iowa and in Nebraska. He also had some city property in Davenport. He was one of the organizers of the Merchants' State Bank of Davenport in 1858, afterwards merged into the Davenport National Bank in which he was a stockholder at the time of death. He was an organizer of the Peoples National Bank of Rock Island and in 1876 was elected to its first board of directors and chosen its first president, though he held only 51 shares of stock in the institution. He was mayor of Rock Island during all the trying times of the war, continuously serving from 1861 to 1868 and again in 1875 to 1876. While he lived a sort of hermit life in his castle on Seventh Avenue, he was accessible to all, free to converse and he took pleasure in talking over reminiscences of Rock Island's history with which he was so familiar as well as in exhibiting relics which he had collected.
On January 27, 1890, the Rock Island County Court appointed Capt. John Peetz, the president of the Peoples National Bank of Rock Island, as temporary administrator of the estate of the late Bailey Davenport. The appointment was made at the request of the heirs, who were the children of the late George L. Davenport, and also of a majority of the creditors. The wills of Col. Geo. Davenport and of Mrs. Susan M. Goldsmith, the mother, recognize the fact that Geo. L. and Bailey Davenport were full brothers; a fact that was attested by the recollection of all old settlers, who knew anything whatever of the family. Mr. Peetz was hired as a cashier at the Peoples National Bank when it opened in 1874. He was chosen to take over Davenport’s role as bank president until he was appointed the administrator for Davenport’s substantial estate. In 1861, he enlisted in Co. A, 43rd Illinois Volunteer Infantry and was elected lieutenant, taking part in battles at Fort Donaldson, Shiloh and Corinth. He was promoted to captain of Co. A on September 2, 1862.
Around 1895 the bank moved into its new building at the northwest corner of Second Avenue and Eighteenth Street in the very heart of Rock Island's business district.
On January 3, 1904, Joseph Rosenfield, president of the Peoples National Bank, died in Los Angles California where he had gone in company with his wife to spend the winter. Mr. Rosenfield was a native of Württemberg, Germany where he was born November 14, 1823. He was one of the pioneer and highly regarded businessmen of Rock Island, having been a resident since 1856. In that year he went into partnership with his brother, Mayer Rosenfield to deal in hides and manufacture leather goods. Their business furnished materials to boot and shoe makers and in a few years they branched out into other lines of the leather trade. Joseph Rosenfield was one of the founders in 1874 of the Peoples National Bank and he was the first vice president. On the death of Baily Davenport, he was elected president and continued in that position until his death. He was a director of the Moline Wagon Company.
On January 4, 1915, all banks in the city were closed during the afternoon because of the funeral for Mr. Otto Huber. He was a life-long resident of Rock Island, born there on January 19, 1866, the son of Ignatz Huber, (1826-1910) who was a Bavarian and came to the city in 1851, being one of the city's pioneer brewers. The son attended the public schools, later the state university at Champaign for three years and then studied for two years abroad, graduating from the Institute of Technology at Weihenstephan, near Munich, Bavaria. Returning to Rock Island in 1889, he entered his father's business and had been connected with the Rock Island brewing industry ever since. In 1893, when the Rock Island Brewing Company was formed through a consolidation of the local interests, he was one of the leading promoters. He was elected secretary and treasurer and had held that position ever since. In 1902, Mr. Huber was one of the organizers of the Illinois State Brewers' association ad was its first secretary. In 1903 he became vice president of the People's National bank of Rock Island, succeeding his father in that office. Later he was elected president of the institution, and also was president of the German Savings bank, which was formed in 1912. Mr. Huber was a promoter of large brewing enterprises outside of the city. In 1893 he organized the Seattle Brewing & Malting company, consolidating four of Seattle's brewing plants. The concern became the largest and most prominent west of Milwaukee and St. Louis. In 1907 he organized the Des Moines Brewing Company, of which he was president.
In January 1926, all officers were re-elected as follows: Robert A. Wagner, president; C.B. Marshall, vice president; G.O. Huckstaedt, second vice president; Paul R. Walters, cashier; and Elmer E Schuck and F.E. Sudlow, assistant cashiers. The directors were G.O. Huckstaedt, C.B. Marshall, James F. Murphy, Robert A. Wagner, G.W. Roth, C.A. Schoessel, and Paul R. Waters. The capital stock was $100,000, surplus $25,000, undivided profits $15,494.14 and deposits of $762,481.86. The circulation was $54,100, loans and discounts were $556,105.33 and U.S. bonds amounted to $81,150 and other bonds and investments totaled $55,740.61. The banking house was listed at $112,582.25 with furniture and fixtures valued at $20,881.75.
On January 8, 1926, an announcement was made by the officers of the Central Trust & Savings Bank, the Peoples National Bank, and the American Trust & Savings Bank, that these three Rock Island financial institutions would merge in the near future into one institution under management of the Central Trust and Savings Bank. The plan, approved by the three boards, would be submitted to the stock holders of the American Trust & Savings Bank and the Peoples National bank at special meetings on February 10th. The business of the merged banks would be carried on in the present location of the Central Trust & Savings Bank, which would be enlarged to accommodate the combined businesses. The enlargement would cover the 35 feet owned by the Central Trust & Savings Bank, directly adjoining the present building on the northwest corner of Eighteenth Street and Third Avenue, on the west. The 35-foot piece of land extended to the McCabe department store building, and faced Third Avenue running back 100 feet. The merger would take out of business the only national bank then operating in Rock Island County. The combined deposits of the three banks based on official statements made at the close of business December 31, 1925, amounted to $7,897,983.53 and combined resources would exceed $9,100,000.
Organized in 1899, the Central Trust & Savings Bank of Rock Island was founded by Captain T.J. Robinson, pioneer banker and business builder; H.E. Casteel; L.S. McCabe; Charles L. Walker; and E.D. Sweeney. Captain Robinson, as president of the Rock Island National Bank, wandered far afield to secure a cashier, enlisting the services of Mr. Casteel, then cashier of the Parkston, South Dakota, State Bank. As more capital was needed to meet the requirements of the growing city of Rock Island, and as the Rock Island National Bank being a national bank, was prohibited by Law from making loans upon real estate, Mr. Casteel, foreseeing the demand, proceeded with Captain Robinson, Mr. McCabe, Mr. Walker and Mr. Sweeney, to organize a new Bank. On October 26, 1899, permission was granted by the auditor of public accounts of Illinois to organize a banking institution in Rock Island known as the Central Trust & Savings Bank with capital stock of $100,000. At the first stockholders' meeting on November 14, 1899, the following directors were elected: Peter Fries, C.J. Larkin, James J. Lavelle, L.S. McCabe, J.F. Robinson, H.E. Casteel, E.D. Sweeney, H.W. Tremann, H.D. Mack, John Schafer, L.D. Mudge, and Louis A. Schmidt. Two days later, an organization was effected as follows: President, J.F. Robinson; vice president, L.S. McCabe; cashier, H.E. Casteel. The Central Trust & Savings bank opened its doors for business on December 1, 1899, occupying space from the Rock Island National Bank, then located at Eighteenth Street and Second Avenue in the Robinson building. Less than two years later, on August 19, 1902, its resources passed the $1,000,000 mark. In 1902 the banking rooms of the Rock Island National bank were doubled in size, and the western half of these enlarged quarters became the home of the Central Trust & Savings Bank. Following the death of J.F. Robinson, H.E. Casteel became president of the bank on June 9, 1902, H.B. Simmon succeeding Mr. Casteel as cashier. In 1913, larger quarters were required, so the lot at Eighteenth Street and Third Avenue was purchased, and in April 1914, a contract was let for a new bank building. The structure was occupied in May 1915. The Rock Island National Bank was consolidated with the Central Trust & Savings bank on April 1, 1915, at which time the capital stock of the Central Trust & Savings bank was increased to $200,000 and the surplus to the same amount. H.E. Casteel died on Nov. 5, 1915, and a few years later H.B. Simmon died. Succeeding these men in December 1915 were Mr. Heagy, president, and H.H. Cleaveland and C.J. Larkln, vice presidents. L.M. Casteel was made cashier in May 1920, and a few months later Mr. Tremann was made a vice president.
Established in 1912 as the savings department of the Peoples National Bank, the American Trust and Savings bank was formerly known as the German Trust and Savings bank. Its first president was Otto Huber, who served until his death in 1915. He was succeeded by J.L. Vernon, who resigned in June 1924, Robert Wagner being then chosen president. The first board of directors was composed of the following: S.J. Apple, C.A. Bopes, C.F. Gaetjer, August H. Heimbeck, Otto Huber, G.O. Huckstaedt, N.A. Larson, Henry Lemburg, L.S. McCabe, C.B. Marshall, T.J. Medill, Carl J. Mueller, John A. Murrin, J.F. Murphy, Dr. Louis Ostrom, William Roth, Van V. Reeves, H.E. Sudlow, J.L. Vernon, Robert A. Wagner, and Franklin P. Welch. The board of directors in 1926 was as follows: C.A. Bopes, G.O. Huckstaedt, C.B. Marshall, C.J. Montgomery, James F. Murphy, John A. Murrin, G.W. Roth, C.A. Schoessel, H.C. Schaffer., Robert A. Wagner, and P.F. Trenkenschuh. The officers were: President Robert A. Wagner. Vice President G.W. Roth, and Assistant Cashier G.O. Huckstaedt.
Official Bank Title(s)
1: The Peoples National Bank of Rock Island, IL
Bank Note Types Issued
A total of $831,060 in National Bank Notes was issued by this bank between 1874 and 1926. This consisted of a total of 109,464 notes (109,464 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 - 3000 Original Series 4x5 1 - 3000 Original Series 3x10-20 1 - 900 Series 1875 4x5 1 - 984 Series 1875 3x10-20 1 - 3831 1882 Brown Back 4x5 1 - 3575 1882 Brown Back 3x10-20 1 - 1780 1882 Date Back 4x5 1 - 1434 1882 Date Back 3x10-20 1 - 997 1902 Date Back 4x5 1 - 1000 1902 Date Back 3x10-20 1 - 800 1902 Plain Back 4x5 1001 - 4415 1902 Plain Back 3x10-20 801 - 3450
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1874 - 1926):
Presidents:
- Bailey Davenport, 1874-1889
- Joseph Rosenfield, 1890-1903
- William Roth, 1904-1907
- Otto Huber, 1908-1914
- James L. Vernon, 1915-1923
- Robert A. Wagner, 1924-1926
Cashiers:
- John Peetz, 1874-1889
- August C. Huesing, 1890-1890
- Carl A. Hellpenstell, 1891-1911
- George Otto Huckstaedt, 1912-1923
- Paul R. Walters, 1924-1926
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Illinois Bank Note History
- General information on Rock Island (Wikipedia)
- General information on Rock Island County (Wikipedia)
- General information on Illinois (Wikipedia)
Sources
- Rock Island, IL, Wikipedia, https://en.wikipedia.org/wiki/Rock_Island,_Illinois
- 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
- Chicago Tribune, Chicago, IL, Wed., July 1, 1874.
- The Rock Island Argus, Rock Island, IL, Fri., Jan. 10, 1890.
- The Morning Democrat, Davenport, IA, Tue., Jan. 28, 1890.
- The Rock Island Argus, Rock Island, IL, Mon., Jan. 4, 1904.
- The Rock Island Argus, Rock Island, IL, Sat., Jan. 2, 1915.
- The Rock Island Argus, Rock Island, IL, Thu., May 29, 1924.
- The Daily Times, Davenport, IA, Fri., Jan. 16, 1925.