Peoples National Bank/Peoples-Ticonic NB, Waterville, ME (Charter 880)

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The new Peoples National Bank building at 110 Main Street after it was rebuilt in 1923.
The new Peoples National Bank building at 110 Main Street after it was rebuilt in 1923.

Peoples National Bank/Peoples-Ticonic NB, Waterville, ME (Chartered 1865 - Receivership 1933)

Town History

A 1931 advertisement for the Peoples-Ticonic National Bank Waterville, Maine
A 1931 advertisement for the Peoples-Ticonic National Bank Waterville, Maine.

Waterville is a city in Kennebec County, Maine, on the west bank of the Kennebec River. The city is home to Colby College and Thomas College. As of the 2020 census the population was 15,828. Along with Augusta, Waterville is one of the principal cities of the Augusta-Waterville, ME Micropolitan Statistical Area.

The area now known as Waterville was once inhabited by the Canibas tribe of the Abenaki people. Called "Taconnet" after Chief Taconnet, the main village was located on the east bank of the Kennebec River at its confluence with the Sebasticook River at what is now Winslow. Known as "Ticonic" by English settlers, it was burned in 1692 during King William's War, after which the Canibas tribe abandoned the area. Fort Halifax was built by General John Winslow in 1754, and the last skirmish with indigenous peoples occurred on May 18, 1757.

The township would be organized as Kingfield Plantation, then incorporated as Winslow in 1771. When residents on the west side of the Kennebec found themselves unable to cross the river to attend town meetings, Waterville was founded from the western parts of Winslow and incorporated on June 23, 1802. In 1824 a bridge was built joining the communities. Early industries included fishing, lumbering, agriculture and ship building, with larger boats launched in spring during freshets. By the early 1900s, there were five shipyards in the community.

Ticonic Falls blocked navigation farther upriver, so Waterville developed as the terminus for trade and shipping. The Kennebec River and Messalonskee Stream provided water power for mills, including several sawmills, a gristmill, a sash and blind factory, a furniture factory, and a shovel handle factory. There was also a carriage and sleigh factory, boot shop, brickyard, and tannery. On September 27, 1849, the Androscoggin and Kennebec Railroad opened to Waterville. It would become part of the Maine Central Railroad, which in 1870 established locomotive and car repair shops in the thriving mill town. West Waterville (renamed Oakland) was set off as a town in 1873. Waterville was incorporated as a city on January 12, 1888.

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

Bank History

The Peoples Bank of Waterville Obsolete $5, Haxby ME-590, dated Jan. 1, 1861 and signed by H. Percival, Cashier and John Ware, President
The Peoples Bank of Waterville Obsolete $5, Haxby ME-590, dated Jan. 1, 1861 and signed by H. Percival, Cashier and John Ware, President. Courtesy of Heritage Auctions, www.ha.com

In 1861, John Ware was president of the Peoples Bank and Homer Percival was cashier.

In January 1865, the stockholders of the Peoples Bank of Waterville voted to surrender their charter to become a national bank.[1] The Waterville Bank voted to surrender its charter immediately and organize under the national system.[2] On Monday, February 14, 1865, The Peoples National Bank organized by the choice of the following officers: John Webber, president; T.W. Herrick, vice president; Wm. Conner, J.P. Blunt, William Dyer, Luke Brown, 2d, and L.E. Thayer, directors; Homer Percival, cashier.[3] In March 1865, the following national banks had been authorized: Peoples Bank, Waterville, ME--John Webber, President; Homer Percival, Cashier; capital $100,000. Thomaston Bank--Wm. Singer, President; Oliver Robinson, Cashier; capital, $50,000. Sandy River Bank, Farmington--Fred G. Butler, President; T.F. Belcher, Cashier; Capital $75,000.[4]

In January 1877, the directors were John Webber, Wm. Connor, Lake Brown, L.E. Thayer, N.G.H. Pulsifer, J.W. Philbrick and E.G. Hodgdon. John Webber was president and H. Percival, cashier.[5]

In January 1905, at the annual meeting of stockholders, the following directors were elected: John N. Webber, Llewellyn Parks of Pittsfield; C. Knauff, A.J. Alden, Frank B. Philbrick, Frank L. Besse of Clinton; and Charles E. Sherman of Burnham. John N. Webber was elected president; Llewellyn Parks, vice president; and W.A. Knauff, clerk.[6]

On Tuesday, January 12, 1915, stockholders re-elected the following directors: John N. Webber, Llewellyn Parks, A.J. Alden, F.L. Besse, F.B. Philbrick, Chas. E. Sherman and Martin F. Bartlett. The directors elected John N. Webber, president; Llewellyn Parks, vice president; and J.F. Percival, cashier.[7]

In July 1922, the Peoples National remodeled their bank building combining the site with the old Ticonic National Bank at a cost of about $50,000. The name of the new bank combining the interests of the Kennebec Trust Co. and the Peoples National Bank would be as of old, Peoples National Bank. The entire building involved the extension of the Peoples Bank building about 20 feet even with the Ticonic building at the rear with the removal of the wall separating the two buildings. There would be 48 feet on Main Street with a depth of 100 feet. The entrance would be 17 feet wide and 48 feet long. At the left would be a consultation room, a ladies' room, and the Savings Department. Directly in front as the visitor entered would be two vaults, one for safety deposit boxes and the other for cash and securities of the bank. On the right would be the Commission Department and several offices for bank officials. The directors' room would be fitted up in the basement at the front of the building. On the second floor, two fine suites for the present tenants and on the third floor would be new and finer quarters for the Delta Delta Delta Sorority of Colby College and the Christian Science Church. The consolidation of the Kennebec Trust Co. and the Peoples National was a matter yet to be accomplished. It was thought the Kennebec Trust Co. would transfer its business to the Peoples National Bank building.[8] 

In January 1923, Carroll N. Perkins was president of the Kennebec Trust Co., Nat H. Barrows, vice president and Charles W. Vigue, treasurer.[9]

In April 1923, the Kennebec Trust Company was taken over by the Peoples National Bank and the resulting institution had capital and surplus $250,000 and total deposits of more than $3,300,000.[10] [Note: for more information on the Kennebec Trust Co., see the bank history page for Merchants National Bank, Waterville, ME (Charter 2306)] On April 2, 1923, the new Peoples National Bank opened to the public. The block formerly occupied by the Peoples National was completely rebuilt and now stood as one of the finest business blocks in the city. The façade was of Indiana limestone with windows and doorways deeply recessed. Corinthian pilasters swept to the top of the second story on either side of the main doorway. A conventional pilaster finished each extremity of the façade. The windows on the two lower stories were large while those on the third floor were smaller, but maintained proper proportion to the rest of the building. The woodwork of the doorways was of rich mahogany. The main entrance opened to a large lobby separated from the bank offices by counters of cavenelle Italian marble over which was iron and bronze screenings. The floors were of lightly polished Tennessee marble which contrasted with the dark reddish color of the mahogany.[11]

On Tuesday, January 13, 1931, the officers elected were Charles W. Vigue, president; Nat H. Barrows, vice president; William T. Johnson, cashier; Galen F. Sweet, assistant cashier; Fred J. Arnold, Nat H. Barrows, Floyd R. Besse, Louis d'Argy, Arthur Daviau, James L. Dean, William A. Hager, William T. Johnson, C.B. Kelleher, James McDougal, Edwin W. McGowan, Malcolm B. Mower, Edmond D. Noyes, Carroll N. Perkins, Frank M. Rollins, L. Eugene Thayer, Charles W. Vigue, Everett C. Wardwell, and Seldon E. Whitcomb, directors. The Waterville bank elections placed Charles W. Vigue as president of both the Ticonic and Peoples banks.[12]

On Sunday, Aug 9, 1931, cash, securities, and equipment were transferred to the Ticonic National Bank building, the home of Waterville's newest banking institution, the Peoples-Ticonic National Bank.[13] With the merger of Waterville's two leading banking institutions into a single unit, Financial Institutions, Inc., created a $9 million bank with capital and surplus of $700,000, one of the largest in Maine outside of Portland. The directorate of the Peoples-Ticonic National would be composed of Maine men, the majority from Kennebec County who had been successful in business and financial fields.[14] At the stockholder's meeting held on September 3rd, it was voted unanimously to change the name to the Peoples-Ticonic National Bank. It was also voted to change the par value of the stock from $100 per share to $25. Owners would receive four shares for each share of Peoples National stock owned. An increase in capital stock by $100,000 was authorized, making the total $300,000 with the surplus $400,000. Charles W. Vigue, president, presided over the proceedings.[15]

On January 19, 1932, Charles W. Vigue was elected president of the Peoples-Ticonic National Bank at the first meeting of the recently elected directorate. Other officers chosen were N.H. Barrows, vice president; William T. Johnson, cashier; and Galen F. Sweet, assistant cashier. The directors were Fred J. Arnold, Nat H. Barrows, Floyd R. Bessey, George K. Boutelle, William L. Brown, Louis d'Argy, Arthur Daviau, James L. Dean, Carroll N. Perkins, Frank M. Rollins, Julian D. Taylor, L. Eugene Thayer, Charles W. Vigue, Everett C. Wardwell, John Ware, Seldon E. Whitcomb, William A. Hager, William T. Johnson, C.B. Kelleher, William J. Lanigan, James McDougal, Edward McGowan, Malcom B. Mower, and Edmund P. Noyes. Mr. Vigue's experience dated back many seasons making him one of Maine's leading bankers. When the Kennebec Trust Co. was organized in 1912, he was its assistant treasurer, but two years later, became treasurer. At one time Mr. Vigue was president of both the Kennebec Trust and the Peoples National Bank. In 1931 he served as president of both the Peoples Bank and the Ticonic National Bank and at the merger was named head of the Peoples-Ticonic National Bank, one of the four largest national banks in Maine.[16]

In May 1933, a meeting of about 100 depositors of the Peoples-Ticonic National Bank was called together and from this number an executive committee of fifteen was selected to act for all depositors in an effort to bring about the reopening of the closed institution. This executive committee was made up of the following: Pres Franklin W. Johnson of Colby College; Dr. George G. Averill, Waterville Joseph Farwell, Unity; Lester M. Andrews, Oakland; Lewis G. Whipple, Waterville; Rev. Denis Martin, Waterville; Arthur E. Winslow, Winslow; Wilford A. Squire, Waterville; William Levine, Waterville; W.B. Bailey, China; W.A. Lord, North Vassalboro; J.B. Palmer, Waterville; Everett B. Harris, Waterville; and E.K. Leighton, Thomaston. The committee organized with Lewis G Whipple as chairman and Arthur E. Winslow as secretary. Based upon study and investigation of the plans of proposed new banks in Maine and elsewhere and the requirements and recommendations of the comptroller and National Bank Act, it was the opinion of the executive committee that the interests of the depositors of the Peoples-Ticonic Bank could best be served by the organization of a new bank. The office of the comptroller had signified the acceptance of a plan providing: first, that the required capital stock of $360,000 be raised, including $60,000 surplus; second, that upon organization of a new bank the comptroller would direct the conservator to turn over to the new bank from the accepted assets of the old bank amounting to $3,669,900 as found by the federal examiner, an amount equal to 45% of the time and demand deposits which were approximately $6,000,000 on March 4; third, the slow and doubtful assets of $1,934,000 were to be administered under directions of the comptroller in an orderly manner with the possibility of a substantial increase from that source when distributed for the depositors.[17]

On September 6, 1933, a charter was granted to the First National Bank of Waterville, organized to replace the Peoples-Ticonic National which failed to open following the national bank holiday. Dr. George G. Averill, president-designate of the new bank said it was hoped the bank could open Friday. Upon opening, at least 45% of the deposits of the closed bank would be available for distribution.[18] The directors were Dr. George G. Averill, Dr. Paul H. Baird, Nat H. Barrows, James L. Boyle, Everett B. Harris, Harry L. Holmes, Franklin W. Johnson, Cornelius B. Kelleher, William J. Lanigan, William Levine, J.B. Palmer, Dr. Harry L. Parizo, Frank M. Rollins, Dr. Harold J. Toward, Dr. John G. Towne, Charles W. Vigue, John Ware, Lewis G. Whipple and Seldon E. Whitcomb.[19]

On September 25, 1933, a loan of $300,000 was authorized by the Reconstruction Finance Corporation for the conservator of the Peoples-Ticonic National Bank. The loan was made at 4 1/2% interest.[20]

Official Bank Title(s)

1: The Peoples National Bank of Waterville, ME

2: Peoples-Ticonic National Bank of (9/16/1931), Waterville, ME

Bank Note Types Issued

Series of 1875 $10 bank note with pen signatures of Homer Percival, Cashier and N.G.H. Pulsifer, President.
Series of 1875 $10 bank note with pen signatures of Homer Percival, Cashier and N.G.H. Pulsifer, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1882 Brown Back $20 bank note with pen signatures of J.F. Percival, Cashier and E.G. Hodgdon, Vice President.
1882 Brown Back $20 bank note with pen signatures of J.F. Percival, Cashier and E.G. Hodgdon, Vice President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $20 bank note with printed signatures of J.F. Percival, Cashier and John N. Webber, President
1902 Plain Back $20 bank note with printed signatures of J.F. Percival, Cashier and John N. Webber, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $5 bank note with SN 1 and printed signatures of W.T. Johnson, Cashier and C.W. Vigue, President
1929 Type 1 $5 bank note with SN 1 and printed signatures of W.T. Johnson, Cashier and C.W. Vigue, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $5 bank note with SN 1 and printed signatures of W.T. Johnson, Cashier and C.W. Vigue, President
1929 Type 1 $5 bank note with SN 1 and printed signatures of W.T. Johnson, Cashier and C.W. Vigue, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $5,312,090 in National Bank Notes was issued by this bank between 1865 and 1933. This consisted of a total of 625,012 notes (540,472 large size and 84,540 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: Original Series 3x1-2 1 - 1200
1: Original Series 4x5 1 - 2050
1: Original Series 3x10-20 1 - 5160
1: Series 1875 4x5 1 - 7500
1: Series 1875 3x10-20 1 - 1864
1: 1882 Brown Back 3x10-20 1 - 15688
1: 1902 Red Seal 4x5 1 - 7500
1: 1902 Red Seal 3x10-20 1 - 5000
1: 1902 Date Back 4x5 1 - 15250
1: 1902 Date Back 3x10-20 1 - 12600
1: 1902 Plain Back 4x5 15251 - 51520
1: 1902 Plain Back 3x10-20 12601 - 37636
1: 1929 Type 1 6x5 1 - 5274
1: 1929 Type 1 6x10 1 - 2584
1: 1929 Type 1 6x20 1 - 636
2: 1929 Type 1 6x5 1 - 2943
2: 1929 Type 1 6x10 1 - 2149
2: 1929 Type 1 6x20 1 - 504

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1933):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Waterville, ME, 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 Times Record, Brunswick, ME, Mon., Jan. 30, 1865.
  2. ↑ Bangor Daily Whig and Courier, Bangor, ME, Wed., Jan. 11, 1865.
  3. ↑ Bangor Daily Whig and Courier, Bangor, ME, Fri., Feb. 17, 1865.
  4. ↑ Bangor Daily Whig and Courier, Bangor, ME, Tue., Mar. 21, 1865.
  5. ↑ Kennebec Journal, Augusta, ME, Wed., Jan. 17, 1877.
  6. ↑ Morning Sentinel, Waterville, ME, Tue., Jan. 17, 1905.
  7. ↑ Morning Sentinel, Waterville, ME, Wed., Jan. 13, 1915.
  8. ↑ Kennebec Journal, Augusta, ME, Mon. July 10, 1922.
  9. ↑ Morning Sentinel, Waterville, ME, Sat., Jan. 6, 1923.
  10. ↑ Morning Sentinel, Waterville, ME, Tue., Apr. 3, 1923.
  11. ↑ Morning Sentinel, Waterville, ME, Mon., Apr. 2, 1923.
  12. ↑ Morning Sentinel, Waterville, ME, Wed., Jan. 14, 1931.
  13. ↑ Morning Sentinel, Waterville, ME, Wed., Aug. 12, 1931.
  14. ↑ Morning Sentinel, Waterville, ME, Mon., Aug. 10, 1931.
  15. ↑ Morning Sentinel, Waterville, ME, Fri., Sep. 4, 1931.
  16. ↑ Morning Sentinel, Waterville, ME, Wed., Jan. 20, 1932.
  17. ↑ Morning Sentinel, Waterville, ME, Tue., May 23, 1933.
  18. ↑ The Bangor Daily News, Bangor, ME, Thu., Sep. 7, 1933.
  19. ↑ Morning Sentinel, Waterville, ME, Mon., Sep. 11, 1933.
  20. ↑ Biddeford-Saco Journal, Biddeford, ME, Mon., Sep. 25, 1933.
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