Peoples National Bank/Union & Peoples NB, Jackson, MI (Charter 1533)

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Postcard of the Union & Peoples National Bank of Jackson, Michigan, ca1930s. It is now the Jackson County Tower Building at 120 West Michigan Avenue.
Postcard of the Union & Peoples National Bank of Jackson, Michigan, ca1930s. It is now the Jackson County Tower Building at 120 West Michigan Avenue. Courtesy of Adam Stroup

Peoples National Bank/Union & Peoples NB, Jackson, MI (Chartered 1865 - Receivership 1933)

Town History

The old Peoples National Bank building on the corner of Michigan Avenue and Mechanics Street, ca2022.
The old Peoples National Bank building on the corner of Michigan Avenue and Mechanics Street, ca2022. Courtesy of Google Maps

Jackson is the only city and county seat of Jackson County, Michigan. As of the 2010 census, the city population was 33,534, down from 36,316 at the 2000 census. Located along Interstate 94 and U.S. Route 127, it is approximately 40 miles west of Ann Arbor and 35 miles south of Lansing.

Founded in 1829, it was named after President Andrew Jackson. Michigan's first prison, Michigan State Prison (or Jackson State Prison), opened in Jackson in 1838 and remains in operation. For the longest time, the city was known as the "birthplace of the Republican Party" when politicians met in Jackson in 1854 to argue against the expansion of slavery, although the political party now formally recognizes its birthplace as being Ripon, Wisconsin. Nevertheless, the Republican Party's earliest history dates back to Jackson and is commemorated by a plaque in the city's Under the Oaks City Park, which has since been visited by numerous Republican presidents.

Numerous railroad connections were constructed to Jackson, connecting it to many markets. The local invention of the duplex corset by Bortree helped make Jackson a center of corset manufacturing. By the early 20th century, as many as 16 manufacturers of women's corsets operated here; the majority of which were located on Cortland and Pearl streets. As elastics were adopted in manufacturing and fashions changed, the corset industry quickly declined. The majority of the corset manufacturers in Jackson closed their doors by 1920. Only three of the original corset companies survived past the 1920s, by changing their production to therapeutic and prosthetic support garments and devices. At the beginning of the twentieth century, Jackson became an early automotive manufacturing center that attracted southerners and immigrants to the city's numerous factories, which saw its population increase significantly.

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

Bank History

  • Organized June 28, 1865
  • Chartered August 21, 1865
  • New bank
  • 2: Assumed 11289 by consolidation Mar 29, 1930 with title change (National Union Bank, Jackson, MI)
  • 2: Receivership Aug 24, 1933

On August 21, 1865, The Peoples National Bank, Jackson, Michigan received charter 1533. The officers were Henry A. Hayden, president and John M. Root, cashier. The capital was $100,000.

In March 1867 a dangerous counterfeit $5 on the Peoples National Bank of Jackson, Michigan was reported by numerous newspapers. A number of lithographic plates for one and five dollar notes on the Peoples National Bank were seized at Port Jervis, New York. Clement and Ida Herring were arrested on suspicion of using the plates and selling bogus money.

In September 1919, national bank examiner Hiram C. Blackman was named vice president and director of the Peoples National Bank.

On October 13, 1929, consolidation of the Peoples National Bank with the National Union Bank and Trust Company was announced, subject to confirmation by stockholders. The National Union Bank was building a 17-story bank and office structure; it was recently affiliated with the Guardian Detroit Union Group, Inc. Capital assets of the combination was $1,500,000 and resources exceeded $18,000,000.

On Tuesday, March 18, 1930, officers of the newly formed Union & Peoples National Bank, affiliated with the Detroit Guardian Group were announced. They were: chairman of the board, Arthur C. Bloomfield; president, Herbert S. Reynolds; chairman of the executive committee, Clarence B. Hayes; and six vice presidents, George E. Paul, Hiram C. Blackman, Rollin O. Bisbee, Charles M. Spinning, Jay F. Clark and Frank Newkirk. The bank was recently formed by a merger of the National Union Bank and Trust company and the Peoples National Bank. The resources totaled $18 million.

On Monday, March 20, 1933, the Union & Peoples National Bank opened at Jackson with Stuart M. Schram, one of its directors who Sunday was appointed federal conservator of the institution. It was announced the bank would be operated only on the 5 percent basis that it had maintained recently until the condition of the bank could definitely be ascertained. In June, formation of a new bank to be known as the National Bank of Jackson, to succeed the Union & Peoples National Bank, seemed assured as sale of $200,000 worth of stock was virtually accomplished. Application for a charter was at Washington, and a loan to allow a 30 percent pay-off to depositors in the old bank was filed with the Reconstruction Finance Corporation.

On Tuesday, August 1, 1933, The National Bank of Jackson opened for business. The new institution occupied the quarters of the former Union and Peoples National Bank. An estimated 30 or 35 percent of deposits would be made available to the 22,000 depositors. The old bank had been closed, except on a limited basis, since the Governor's holiday edict was issued in March. The new bank was capitalized at $400,000, half of which was put up by local men and the other half by the Reconstruction Finance Corp. The officers of the bank were: chairman of the board, Frank W. Gay; president, Stuart M. Schram; vice president, Harry Stiles; vice president and cashier, Jay F. Clark; assistant cashier, Rush W. McCutcheon. The directors were: Samuel H. Camp, Charles T. Cline, Murray Dalziel, Frank W. Gay, Frederick F. Ingram, John B. Keating, Stuart M. Schram, Roger W. Smith, William Sparks, Harry Stiles and George H. Wilkins.

On August 24, 1933, the appointment of Reuben H. Rossman, Jackson attorney and chairman of the county democratic committee as receiver for the Union & Peoples National Bank was announced.

Official Bank Title(s)

1: The Peoples National Bank of Jackson, MI

2: Union & Peoples National Bank of (3/29/1930), Jackson, MI

Bank Note Types Issued

Original Series $1 bank note with pen signatures of J.M. Root, Cashier and H.A. Hayden, President.
Original Series $1 bank note with pen signatures of J.M. Root, Cashier and H.A. Hayden, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Plan Back $20 bank note with printed signatures of J.F. Clark, Cashier and B.M. DeLamater, President.
1902 Plan Back $20 bank note with printed signatures of J.F. Clark, Cashier and B.M. DeLamater, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Plan Back $10 bank note with printed signatures of J.M. Root, Cashier and H.A. Hayden, President.
1902 Plan Back $10 bank note with printed signatures of J.M. Root, Cashier and H.A. Hayden, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1929 Type 1 $10 bank note with printed signatures of J.F. Clark, Cashier and H.S. Reynolds, President.
1929 Type 1 $10 bank note with printed signatures of J.F. Clark, Cashier and H.S. Reynolds, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1929 Type 1 $1929 Type 1 $20 bank note with the bank's second title and printed signatures of J.F. Clark, Cashier and H.S. Reynolds, President.10 bank note with printed signatures of J.F. Clark, Cashier and H.S. Reynolds, President.
1929 Type 1 $20 bank note with the bank's second title and printed signatures of J.F. Clark, Cashier and H.S. Reynolds, President. Courtesy of Heritage Auctions, www.ha.com

A total of $3,661,790 in National Bank Notes was issued by this bank between 1865 and 1933. This consisted of a total of 349,030 notes (196,324 large size and 152,706 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 - 1520
1: Original Series 4x5 1 - 5975
1: Original Series 3x10-20 1 - 700
1: Series 1875 3x10-20 1 - 2584
1: 1882 Brown Back 3x10-20 1 - 2370
1: 1902 Red Seal 3x10-20 1 - 1650
1: 1902 Date Back 3x10-20 1 - 9900
1: 1902 Plain Back 3x10-20 9901 - 34282
1: 1929 Type 1 6x10 1 - 2744
1: 1929 Type 1 6x20 1 - 932
2: 1929 Type 1 6x5 1 - 11429
2: 1929 Type 1 6x10 1 - 6758
2: 1929 Type 1 6x20 1 - 3588

Bank Presidents and Cashiers

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

Presidents:

Cashiers:

Other Bank Note Signers

  • H.S. Reynolds signed notes as Vice President.
  • There are currently no known Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  • Jackson, MI, Wikipedia, https://en.wikipedia.org/wiki/Jackson,_Michigan
  • 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, Fri., Aug. 25, 1865.
  • Nashville Union and American, Nashville, TN, Thu., May 2, 1867.
  • The State Journal, Lansing, MI, Wed., Sep. 3, 1919.
  • Detroit Free Press, Detroit, MI, Mon., Oct. 14, 1929.
  • Battle Creek Enquirer, Battle Creek, MI, Thu., Mar. 20, 1930.
  • Lansing State Journal, Lansing, MI, Mon., Mar. 20, 1933.
  • Battle Creek Enquirer, Battle Creek, MI, Sun., June 11, 1933.
  • Detroit Free Press, Detroit, MI, Tue., Aug. 1, 1933.
  • Battle Creek Enquirer, Battle Creek, MI, Tue., Aug. 1, 1933.
  • Battle Creek Enquirer, Battle Creek, MI, Fri., Aug. 25, 1933.
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