Second National Bank, Red Bank, NJ (Charter 2257)

Postcard of The Second National Bank and Trust Company of Red Bank, New Jersey, ca1930s. Courtesy of Adam Stroup

Second National Bank/Second NB & TC, Red Bank, NJ (Chartered 1875 - Open past 1935)

Town History

Photo of the old Second National Bank and Trust Company building, ca2021, on the corner of Wallace and Broad Streets, Red Bank, New Jersey. Courtesy of Google Maps

Red Bank is a borough in Monmouth County, New Jersey. Incorporated in 1908, the community is on the Navesink River, the area's original transportation route to the ocean and other ports. Red Bank is in the New York Metropolitan Area and is a commuter town of New York. As of the 2020 United States Census, it had a population of 12,936. Red Bank is the 5th most densely populated town in Monmouth County. In 1870, the population was 2,086.

Red Bank was formed as a town on March 17, 1870, from parts of Shrewsbury Township. On February 14, 1879, Red Bank became Shrewsbury City; this lasted until May 15, 1879, when Red Bank regained its independence. On March 10, 1908, Red Bank was formed as a borough by an act of the New Jersey Legislature and was set off from Shrewsbury Township. The borough was named for the red soil along the Navesink River.

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

Bank History

Organized April 17, 1875
Chartered May 12, 1875
1: Assumed National Bank and Trust Company of Red Bank (Charter 12520, no issue) by consolidation July 1, 1924 with title change to The Second National Bank and Trust Company
2: Conservatorship March 18, 1933
2: Licensed April 13, 1933
Bank was Open past 1935

In May 1875, the comptroller of the currency authorized the following National Banks to commence business: Second National Bank of Red Bank, New Jersey $75,000 in capital, and the Orange National Bank of Orange, New Jersey, $80,000 in capital.

In January 1877, the following directors were elected: John S. Applegate, John Remsen, Joseph A. Throckmorton, Samuel T. Hendrickson, Charles J. Hendrickson, John J. Hopping, Tylee W. Throckmorton, J. Trafford Allen, and Gordon Sickles.

At the close of business, December 11, 1889, the bank had resources consisting of loans and discounts of $522,100.68, U.S. Bonds to secure circulation $75,000, cash on hand amounting to $39,408.61; against liabilities of Capital stock $75,000, surplus $75,000, Undivided profits $52,391.78, National bank notes (circulation) $67,500, and deposits of $497,762.59.

From a 1923 newspaper advertisement, this is the Second National Bank building that was vacated upon consolidation in July 1924, and the move to the former quarters of the Red Bank Trust Company.

On December 26, 1923, The Second National Bank of Red Bank acquired the Thomas N. and Uzal McCarter interests in the Red Bank Trust Company with a merger anticipated within the next six months. The Second National Bank vacated its present building which it occupied since 1907 and offered it for rent or sale. The Red Bank Trust Company building required a few repairs and the vault was enlarged. The plans were prepared by Architect Warrington G. Lawrence of New York and the bank occupied a commanding site with an exterior of white marble; it was one of the finest bank buildings in the state. The directors of the Second National Bank formed a syndicate consisting of Frank McMahon, Benjamin J. Parker, Charles Allen, Jr., George Hance Patterson, Sigmund Eisner, and John Enright. The McCarter's owned three-fourths of the stock of the Red Bank Trust Company.

On January 8, 1924, the stockholders of the Second National Bank elected the following directors: J. Trafford Allen, Charles Allen, Jr., Sigmund Eisner, John Enright, Frank McMahon, Benjamin J. Parker, and George Hance Patterson. Mr. McMahon was re-elected president; Benjamin J. Parker was chosen first vice president; Charles Allen, Jr., second vice president; Thomas Voorhis, third vice president; Charles H. Throckmorton, cashier; and A. Alvin Whiting, assistant cashier. Stockholders of the Red Bank Trust Company elected the seven directors of the Second National Bank and Richard Applegate, Marcus M. Davidson, Lewis S. Thompson, George C. Hopping and Harry G. Borden. The officers were Frank McMahon, president; Richard Applegate, first vice president; Lewis S. Thompson, second vice president; Philip S. Walton, treasurer and trust officer; and Ralph S. Pearce, secretary.

In January 1952, the stockholders voted to change the corporate title to The Second National Bank of Red Bank. In 1956, The Monmouth County National Bank was formed through the consolidation of the Second National Bank of Red Bank and the Keyport Banking Company. Later that same year, the Monmouth County National Bank and the First National Bank of Englishtown consolidated. In 1960, the Monmouth County National Bank consolidated with the Atlantic Highlands National Bank using the name of the Monmouth County National Bank, making Monmouth County's largest bank with its principal office in Red Bank with a branch office in Atlantic Highlands.

National Bank and Trust Company of Red Bank (Charter 12520)

The National Bank and Trust Company of Red Bank, New Jersey was organized and authorized to take over the business of the Red Bank Trust Company on April 1st, 1924. This was the first step necessary to comply with the legal requirements in effecting consolidation with The Second National Bank of Red Bank, New Jersey. The new institution was a National Bank with charter number 12520 under the control and supervision of the Treasury Department, and it took over the assets and assumed all the liabilities of the Red Bank Trust Company.

In 1914, the Red Bank Trust Company absorbed The First National Bank of Red Bank, which was chartered in 1864 with No. 445.

The Second National Bank and Trust Company of Red Bank (Charter 2257, second title)

On July 1, 1924, the officers of the consolidated bank which took the name of the Second National Bank and Trust Company of Red Bank were as follows: Frank McMahon, president; Benjamin John Parker, Thomas Voorhis, Richard Applegate, Charles Allen, Jr., and Lewis S. Thompson, vice president; Philp S. Walton, cashier; A. Alvin Whiting, Ralph Pearce, Alphonso M. Gaskill, and William B. Lyman, assistant cashiers; J. Trafford Allen, Charles Allen, Jr., Richard Applegate, Harry G. Borden, Marcus M. Davidson, Sigmund Eisner, John Enright, George C. Hopping, Frank McMahon, Benjamin J. Parker, George Hance Patterson, and Lewis S. Thompson, directors. Business went on as usual in the old quarters of the Second National Bank while the Red Bank Trust Company building was being readied for occupancy. The consolidation of the banks and the silver jubilee of Sigmund Eisner as bank director were celebrated by officers and employees of the two banks at the Shrewsbury River Country Club the week before opening day.

Official Bank Title(s)

1: The Second National Bank of Red Bank, NJ

2: The Second National Bank and Trust Company of (7/1/1924), Red Bank, NJ

Bank Note Types Issued

Series of 1875 $5 bank note with pen signatures of I.B. Edwards, Cashier and J.A. Throckmorton, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

1882 Date Back $5 bank note with pen signatures of Thomas Voorhis, Cashier and I.B. Edwards, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

1902 Plain Back $5 bank note with printed signatures of Charles H. Throckmorton, Cashier and Frank McMahon, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

1929 Type 2 $10 bank note with printed signatures of Wm. B. Lyman, Cashier and Frank McMahon, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $2,528,990 in National Bank Notes was issued by this bank between 1875 and 1935. This consisted of a total of 345,341 notes (316,204 large size and 29,137 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	4x5	1 - 3375
1: Series 1875	4x5	1 - 19657
1: 1882 Brown Back	4x5	1 - 14000
1: 1882 Brown Back	3x10-20	1 - 5000
1: 1882 Date Back	4x5	1 - 6775
1: 1882 Date Back	3x10-20	1 - 4912
1: 1902 Date Back	4x5	1 - 1250
1: 1902 Date Back	3x10-20	1 - 1000
1: 1902 Plain Back	4x5	1251 - 10700
1: 1902 Plain Back	3x10-20	1001 - 6660
2: 1902 Plain Back	4x10	1 - 7972
2: 1929 Type 1	6x10	1 - 3788
2: 1929 Type 2	10	1 - 6409

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1875 - 1936):

Presidents:

Cashiers:

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Red Bank, NJ, 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
Intelligencer Journal, Lancaster, PA, Mon., May 17, 1875.
Monmouth Democrat, Freehold, NJ, Thu., Jan. 18, 1877.
The Daily Register, Red Bank, NJ, Wed., Dec. 18, 1889.
The Daily Record, Long Branch, NJ, Wed., Jan. 22, 1913.
The Daily Register, Red Bank, NJ, Wed., Aug. 15, 1923.
The Daily Record, Long Branch, NJ, Wed., Dec. 26, 1923.
The Daily Register, Red Bank, NJ, Wed., Jan. 9, 1924.
The Daily Register, Red Bank, NJ, Wed., Mar. 26, 1924.
The Daily Register, Red Bank, NJ, Wed., July 2, 1924.
The Daily Register, Red Bank, NJ, Thu., Dec. 20, 1951.
Matawan Journal, Matawan, NJ, Thu., Apr. 21, 1960.