Peoples National Bank/First and Peoples NB, Gallatin, TN (Charter 5545)

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This should be a contemporary postcard or photo of the bank. (Set Height x300px)

Peoples National Bank/First and Peoples NB, Gallatin, TN (Chartered 1900 - Closed (Merger) 1988)

Town History

Recent (ca2022) photo of the old bank building.

Gallatin, Tennessee is located about 30 miles northeast of Nashville in Sumner County. The city was founded in 1802, and was named for Albert Gallatin, who was the Secretary of the Treasury from 1801-1814, and who's portrait adorns the series 1862 $500 Legal Tender Note. Gallatin is the county seat for Sumner County, and is the only note issuing town in Sumner County. The population of Gallatin was around 2,400 in 1900 and around 3,000 in 1930.

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

Bank History

  • Organized Jul 5, 1900
  • Chartered Aug 20, 1900
  • 1: Assumed 4236 and its circulation by consolidation Jan 3, 1916 (First National Bank, Gallatin, TN)
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged into First American National Bank of Nashville, TN May 31, 1988

Of the three national banks in Gallatin, the first two were named The First National Bank of Gallatin. The first one, charter 1707, opened in 1870 and went out of business in 1875. This bank issued only Original Series $5 notes. The second First National, charter 4236, was chartered in 1890 and in 1916 merged with the Peoples National Bank of Gallatin, charter 5545. The second First National Bank issued second charter $5, $50 and $100 Brownbacks and Date Backs, and series 1902 $5, $50 and $100 Date Backs. There are no known notes on either of these two banks. The Peoples National Bank of Gallatin, charter 5545, was chartered in 1900, and issued $5, $50 and $100 second charter Brownbacks, and the same denominations of series 1882 Date Backs. A few notes are known on this bank, including a $100 Brownback and a $50 1882 Date Back.

After January, 1916, the merged bank was known as the First & Peoples National Bank and continued on with charter 5545. The First & Peoples National Bank issued series 1882 Valuebacks in $5, $10 and $20 denominations, as well as series 1902 Plainbacks in the same denominations. Of note is the fact that charter 5545 is one of only two banks in Tennessee to issue $5 Valuebacks, with one known survivor. The bank also issued series 1929 Type 1 and Type 2 notes in the same denominations. Notes on the First and Peoples National Bank are available to collectors, as a moderate number of notes are known in both large and small size. The First & Peoples National Bank survived the note issuing period and lasted until 1988, when it was acquired by First American National Bank of Nashville, charter 3032. It is now a part of Regions Bank.

Most of the known notes on the First & Peoples National Bank are lower grade. Gallatin was a small town involved in the tobacco trade, and the money moved around. The example below is a higher grade example and boasts the stamped signatures of William Howard Hitchcock (1886-1974) as Cashier, and William Young Allen (1863-1941) as President. The plate this note was printed from was approved October 9, 1920, and was the only plate of this type and denomination produced. The bank kept $100,000 worth of notes in circulation.

Official Bank Title(s)

1: The Peoples National Bank of Gallatin, TN

2: First and Peoples National Bank of (1/22/1916), Gallatin, TN

Bank Note Types Issued

Series 1902 Plain Back $5 bank note with stamped signatures of W.H. Hitchcock, Cashier and W.Y. Allen, President. Courtesy of Heritage Auctions, www.ha.com
Series 1929 Type1 $5 bank note with printed signatures of W.H. Hitchcock, Cashier and W.Y. Allen, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,474,860 in National Bank Notes was issued by this bank between 1900 and 1935. This consisted of a total of 173,549 notes (119,660 large size and 53,889 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: 1882 Brown Back 4x5 1 - 1410
1: 1882 Brown Back 50-100 1 - 392
1: 1882 Date Back 4x5 1 - 3065
1: 1882 Date Back 50-100 1 - 160
1: 1882 Date Back 3x50-100 1 - 260
2: 1882 Value Back 4x5 1 - 2835
2: 1882 Value Back 3x10-20 1 - 2146
2: 1902 Plain Back 4x5 1 - 11485
2: 1902 Plain Back 3x10-20 1 - 8438
2: 1929 Type 1 6x5 1 - 4240
2: 1929 Type 1 6x10 1 - 2328
2: 1929 Type 1 6x20 1 - 572
2: 1929 Type 2 5 1 - 6558
2: 1929 Type 2 10 1 - 3617
2: 1929 Type 2 20 1 - 874

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1900 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

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