Phoenix National Bank, Hartford, CT (Charter 670)
Phoenix National Bank, Hartford, CT (Chartered 1864 - Liquidated 1926)
Town History
Hartford is the capital city of the U.S. state of Connecticut. It was the seat of Hartford County until Connecticut disbanded county government in 1960. It is the core city in the Greater Hartford metropolitan area. Census estimates since the 2010 United States census have indicated that Hartford is the fourth-largest city in Connecticut with a 2020 population of 121,054, behind the coastal cities of Bridgeport, New Haven, and Stamford.
Hartford was founded in 1635 and is among the oldest cities in the United States. It is home to the country's oldest public art museum (Wadsworth Atheneum), the oldest publicly funded park (Bushnell Park), the oldest continuously published newspaper (the Hartford Courant), and the second-oldest secondary school (Hartford Public High School). It is also home to the Mark Twain House, where the author wrote his most famous works and raised his family, among other historically significant sites. Mark Twain wrote in 1868, "Of all the beautiful towns it has been my fortune to see this is the chief."
Nicknamed the "Insurance Capital of the World", Hartford is home to the headquarters of many insurance companies, the region's major industry.
Hartford had 12 National Banks chartered during the Bank Note Era, and all 12 of those banks issued National Bank Notes. Hartford also had 14 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized December 21, 1864
- Chartered December 30, 1864
- Succeeded Phoenix Bank
- Absorbed 1165 May 15, 1912 (American National Bank, Hartford, CT)
- Assumed its circulation
- Assumed 486 by consolidation February 15, 1915 (Charter Oak National Bank, Hartford, CT)
- Assumed its circulation
- Absorbed 10796 February 11, 1921 (Colonial National Bank, Hartford, CT)
- Liquidated July 30, 1926
- Succeeded by Phoenix Bank, Hartford, CT
The Phoenix Bank
The Phoenix Bank was incorporated in 1814 and reorganized as the Phoenix National Bank in 1865. As the first bank in Hartford not controlled by members of the Congregational church, it was originally thought of as the “Episcopal Bank.” Its initial home was in the Main Street house of Michael Olcott, an original director of the bank, on land that had been in the Olcott family since 1639. That building was destroyed by fire and a new building, planned by directors Olcott, Tudor and Russ, was begun in 1815. The Phoenix Bank replaced its 1817 building with a new one in 1873-1874. Two other banking houses would follow until the last was demolished in 1964 to make was for the Hartford National Bank Building at 777 Main Street.
On July 6, 1814, books were opened for the subscription of stock of the Phoenix bank, incorporated in May. The amount of the capital was one million dollars divided into shares of $100 dollars. On closing the books, it was found that about seven million dollars had been subscribed. On the 21st of July, distribution of shares was completed and the stockholders chose the following directors: Normand Knox, Ward Woodbridge, Samuel Tudor, Jr., Charles Sigourney, Daniel Buck, Thomas B. Brace, Moses Tryon, Jr., Jonathan W. Edwards, John Russ, James H. Wells, and David Watkinson. At a meeting of directors on the same day, Normand Knox, Esq., was chosen president. Mr. Knox resigned as cashier of the Hartford Bank and Horace Hurr was chosen as his replacement.[1]
On Wednesday, September 6, 1820, stockholders of the Phoenix Bank chose the following directors for the bank at Hartford: Normand Knox, Samuel Tudor, Jr., Charles Sigourney, John Russ, Charles Seymour, David Porter, Ward Woodbridge, Thomas Day, Sylvester Well, William Ely, and Cyprian Nichols; and Benjamin Tallmadge, James Gould, David Foot, Erastus Hodges, Samuel Buell, Charles L. Webb, and Seth P. Beers, of the Branch at Litchfield. Normand Knox, Esq., was re-elected president and George Beach, Esq., cashier of the bank at Hartford.[2]
For more information about the Litchfield Branch of the Phoenix Bank, see The First National Bank of Litchfield.
The Phoenix National Bank
For earlier consolidations, see the links above to The American National, Charter Oak National, and Colonial National Banks of Hartford.
In January 1868, the directors were John L. Bunee, Samuel S. Ward, George Roberts, Leonard Church, Thomas Smith, James L. Howard, George Brinley, Nathaniel Shipman, Charles M. Beach, and Charles M. Pond.[3]
In January 1909, the stockholders re-elected Charles M. Beach, Jonathan B. Bunce, James M. Thompson, Samuel G. Dunham, William C. Skinner, Frank L. Wilcox, Henry Roberts, John M. Taylor and Frederic L. Bunce. The directors election the following officers: Frederic L. Bunce, president; Leon P. Broadhurst, cashier; and William B. Bassett, assistant cashier.[4]
In January 1926, the officers were: Leon P. Broadhurst, president; Arthur D. Johnson and H.H. Walkley, vice presidents; F.R. Lawrence, vice president and trust officer; O.M. Hibler, cashier; Frank S. Flagg, William J. Reid, and Harold M. Reed, assistant cashiers. The directors were Henry Roberts, Frank Cheney, Jr., Charles D. Rice, Harry B. Strong, Albert L. Pope, Leon P. Broadhurst, Morgan G. Bulkeley, Jr. , Archibald G. Mellwaine, Edgar J. Sloan, Arthur D. Johnson, Samuel M. Stone, Archibald A. Welch, Charles S. Blake, Sidney T. Maxwell and James L. Goodwin. Mr. Reed, the new assistant cashier was a native of West Hartford and a graduate of the West Hartford High School. After preparing for a commercial career, he entered the Charter Oak Bank in 1904 and when the Charter Oak was absorbed by the Phoenix in 1915, he became discount clerk. He saw duty in the army for two and a half years, first with Co. H, 102d Infantry and was later transferred to the First Division and returned from abroad as second lieutenant. A year earlier, Mr. Reed was appointed credit manager.[5]
On June 29, 1926, merger of the Phoenix National Bank, with resources of $17,600,000, and the State Bank & Trust Co., with resources of almost $10,000,000, was approved when the boards of directors of each bank, meeting separately and almost simultaneously, voted to consolidate the two banks into one state bank to be known as the Phoenix State Bank & Trust Co. and to occupy the two adjacent buildings on Main street then occupied individually by each bank. George H. Burt, president of the State Bank & Trust Co. would be chairman of the board of trustees of the consolidated bank and Leon P. Broadhurst, president of the Phoenix National Bank, would be president. Under the terms of the consolidation, the new bank would have capital stock amounting to $1,600,000 and a loaning power of more than $4,000,000. The new bank would operate under a state charter. Other details of the merger were contained in a letter which the directors of both banks ordered sent to each shareholder of the two institutions. The letter, in part, read: "Each shareholder of the Phoenix bank will become entitled upon the merger being consummated and becoming effective to receive one share of the capital stock of the consolidated corporation for each share of the stock of the Phoenix bank which he then holds, and each stockholder of the State Bank & Trust Co. will become entitled to receive one and one half shares of the capital stock of the consolidated corporation for each share of the State Bank & Trust Co. The plan was for the Phoenix National Bank to liquidate and resume all its rights and powers under the original charter granted in 1814 and that the Phoenix bank, as a state bank and the State Bank & Trust Co. would then enter into an agreement of consolidation under and by authority of the provisions of Chapter 258 of the Public Acts of 1919 entitled ‘An Act Authorizing the Consolidation of State Banks and Trust Companies.’ Present plans called for the use of the State Bank building as the new corporation's trust department, but final plans remained to be worked out.
The Phoenix National Bank was established in July, 1814 with capital of $1,000,000. However, interest in the new bank was so great that its desired capital was oversubscribed seven times. For ten years the financial fate of the bank remained in the balance, but with the construction of the Hartford & New Haven Railroad to Hartford, the Phoenix and other banks were greatly aided. Following the coming of the railroad the Phoenix entered an era of prosperity, which, except for a few periods when all banks were affected, continued to this day.
Mr. Broadhurst. president of the Phoenix, who was born in Manchester on June 14, 1871, first became associated with the bank in October. 1890 as a runner. Prior to that he had served as a runner for the old Charter Oak Bank and had been employed in a subordinate position by the State Bank, now the State Bank & Trust Co. for three years. He advanced from runner in the Phoenix to collection and discount clerk and later to teller, assistant cashier, and cashier. Still later he became vice-president and on November 19, 1915, was elected president.
A financial statement of the condition of the Phoenix National Bank at the close of business on April 12, 1926, showed total resources of $17,600,957.25 with $1 million in capital stock, $1 million in surplus, $824,464.86 in undivided profits and $14,776,492.39 in deposits. The statement of the financial condition of the State Bank & Trust Co., also issued at the close of business on April 12, 1926, showed total resources of $9,853,478.24, capital stock of $400,000, surplus $800,000, undivided profits $248,040.52 and general deposits of $8,223,504.61.[6][7][8]
The State Bank was formed in 1849 by a group of influential citizens under whose guidance it achieved prosperity rapidly. Its original home was on the same site where its present building could be found. In 1865 the bank felt its first business misfortune, when through the failure of its New York correspondents, it lost more than $200,000. Dividends were suspended after this loss but were resumed again in January 1869.
George H. Burt, a native of Maine, entered the employ of the State Bank in 1889 as cashier. Prior to that he had been cashier with George P. Bissel's private banking house. In 1920 he went to the presidency, and it was largely through his efforts that the bank gained its prosperous position. Re-incorporated in 1913 under the name of the State Bank & Trust Co., the officers of the State Bank & Trust Co. in 1926 were as follows: President, George H. Burt; vice-president, Charles A. Lillie; vice-president and trust officer, Arthur O. Mason; cashier, Lewis A. Partridge; and assistant cashier, Calvin C. Bolles. The board ; of directors included Mr. Burt, Walter L. Goodwin, Herbert H. White, Edward H. Deming, Charles A. Goodwin, H.A. Smith, Carl F. Sturhahn, William C. Scheide, John H. Buck, Guy E. Beardsley, Shiras Morris, and Frederick F. Small.
The merger of the two banks left only two national banks in Hartford, the Hartford-Aetna and the First National. Other mergers in recent years were: The Hartford National Bank and the Aetna National Bank, merged In 1915; The Charter Oak Bank merged with the Phoenix in 1915; The Farmers & Mechanics National Bank consolidated with the Hartford National in 1910; The National Exchange Bank consolidated with the First National in 1917; The American Bank and the Phoenix merged in 1912; and The Phoenix and the Colonial consolidated in 1920.
Official Bank Title(s)
1: The Phoenix National Bank of Hartford, CT
Bank Note Types Issued
A total of $10,622,850 in National Bank Notes was issued by this bank between 1864 and 1926. This consisted of a total of 1,349,442 notes (1,349,442 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 - 25000 Original Series 4x5 1 - 17475 Original Series 4x10 1 - 8700 Original Series 3x20-50 1 - 4270 Original Series 100-100 1 - 789 Series 1875 4x5 1 - 5492 Series 1875 4x10 1 - 4323 Series 1875 3x20-50 1 - 1564 1882 Brown Back 3x10-20 1 - 5842 1902 Red Seal 4x5 1 - 5750 1902 Red Seal 3x10-20 1 - 3700 1902 Date Back 4x5 1 - 25350 1902 Date Back 3x10-20 1 - 18660 1902 Plain Back 4x5 25351 - 153885 1902 Plain Back 3x10-20 18661 - 100965
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1926):
Presidents:
- John Lee Bunce, 1865-1877
- Henry Alexander Redfield, 1878-1904
- Frederick Lee Bunce, 1905-1915
- Leon Parker Broadhurst, 1916-1925
Cashiers:
- Henry Alexander Redfield, 1865-1877
- Edward M. Bunce, 1878-1889
- Frederick Lee Bunce, 1890-1904
- Leon Parker Broadhurst, 1905-1912
- William Burgis Bassett, 1913-1919
- Arthur D. Johnson, 1920-1920
- Harry H. Walkey, 1921-1923
- Orlo Merle Hibler, 1924-1925
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Connecticut Bank Note History
- General information on Hartford (Wikipedia)
- General information on Hartford County (Wikipedia)
- General information on Connecticut (Wikipedia)
Sources
- Hartford, CT, 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
- Historic Buildings of Hartford, Connecticut
- Hartford Courant, Hartford, CT, Tue., July 26, 1814.
- Hartford Courant, Hartford, CT, Tue., Sep. 12, 1820.
- Hartford Courant, Hartford, CT, Wed., Jan. 13, 1926.
- Hartford Courant, Hartford, CT, Wed., Apr. 28, 1926.
- Hartford Courant, Hartford, CT, Wed., June 30, 1926.
- Hartford Courant, Hartford, CT, Sun., Aug. 1, 1926.
- ↑ Hartford Courant, Hartford, CT, Tue., July 26, 1814.
- ↑ Hartford Courant, Hartford, CT, Tue., Sep. 12, 1820.
- ↑ Hartford Courant, Hartford, CT, Wed., Jan. 15, 1868.
- ↑ Hartford Courant, Hartford, CT, Wed., Jan. 13, 1909.
- ↑ Hartford Courant, Hartford, CT, Wed., Jan. 13, 1926.
- ↑ Hartford Courant, Hartford, CT, Wed., Apr. 28, 1926.
- ↑ Hartford Courant, Hartford, CT, Wed., June 30, 1926.
- ↑ Hartford Courant, Hartford, CT, Sun., Aug. 1, 1926.