Second National Bank, Richmond, IN (Charter 1988)
Second National Bank, Richmond, IN (Chartered 1872 - Closed (Merger) 1996)
Town History
Richmond is a city in eastern Wayne County, Indiana. Bordering the state of Ohio, it is the county seat of Wayne County. In the 2020 census, the city had a population of 35,720.
The first post office in Richmond was established in 1818 with Robert Morrison as the first postmaster. The town was officially incorporated in 1840, with John Sailor elected the first mayor. Early cinema and television pioneer Charles Francis Jenkins grew up on a farm north of Richmond, where he began inventing useful gadgets. As the Richmond Telegram reported, on June 6, 1894, Jenkins gathered his family, friends and newsmen at his cousin's jewelry store in downtown Richmond and projected a filmed motion picture for the first time in front of an audience. The motion picture was of a vaudeville entertainer performing a butterfly dance, which Jenkins had filmed himself. Jenkins filed for a patent for the Phantoscope projector in November 1894 and it was issued in March 1895. A modified version of the Phantoscope was later sold to Thomas Edison, who named it Edison's Vitascope and began projecting motion pictures in New York City vaudeville theaters, raising the curtain on American cinema.
The history of banking in Richmond is almost coincident with the history of the state. The first bank in Wayne County was opened in Richmond in 1834, its charter having been secured in 1833, just seventeen years after the state was admitted to the union. Richmond's Banker's Row was found within an area of three blocks. In 1916, the Second and Union national banks, along with the Dickinson Trust, occupied three of the corners at Eighth and Main Streets; the First at Seventh and Main; the German-American at Ninth and Main and the building and loan companies in new and remodeled buildings on North Eighth and North Ninth Streets.
Richmond had six National Banks chartered during the Bank Note Era, and all six of those banks issued National Bank Notes.
Bank History
- Organized January 19, 1872
- Chartered May 23, 1872
- Absorbed 3413 July 2, 1928 (Union National Bank, Richmond, IN)
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into Star Bank, N.A. in Cincinnati, OH, June 14, 1996
On May 28, 1872, the Second National Bank of Richmond was organized. Among the original stockholders where some of the most famous families in Indiana, including both George W. Julian and Jacob Julian. George W. Julian represented this section in Congress and Jacob Julian was a writer of some note, both taking active roles in public affairs. Besides the Julians, there were Andrew F. Scott, William G. Scott, Abraham Gaar, Isaac Gaar, William G. Reid, Oliver Jones, John K. Jones, James Forkner, Jesse Cates, Isaac Eliason, F.V. Snider, George W. Vannerman, C.C. Beeler, E.A. Jones, J.M. Yeo, Albert Shoemaker, Joseph Jackson and T. Nordyke. The original officers were Andrew F. Scott, president; John B. Dougan, cashier and James Thomas, teller.[4] The first board of directors consisted of Andrew F. Scott, Jacob B. Julian, Wm. G. Scott, Oliver Jones of Centerville, John M. Gaar, Joseph W. Jackson of Center Township; C.C. Beeler, James Forkner, Robert Forkner, Robert Cox, and Jonas W. Yeo. Within a year or two, the Richmond stockholders bought out the interests of the Centerville stockholders. Andrew F. Scott was president and John B. Dougan, cashier. James E. Thomas was appointed bookkeeper and Albert McNutt was appointed messenger boy, a position at that time was given to the youngest member of the banking family. In 1877 the Farmers' Bank was organized and James E. Thomas who had been serving the bank as bookkeeper, left to become cashier. Mr. McNutt was appointed to West point and Daniel G. Reid, then a young farmer boy, was appointed to the position vacated by Mr. McNutt. Mr. Reid was soon advanced to the position of teller, a position he held for 20 years until he was elected vice president of the bank. He became expert in counting money and in detecting counterfeits and soon acquired a reputation among bankers as an expert.[5]
In 1884 when the old Richmond National Bank failed, Richmond had its first experience of what a run on a bank meant. At that time there were just three banks in Richmond, the First National, the Richmond National and the Second National. With the failure of the Richmond National Bank, all the funds belonging to Wayne County, the city of Richmond and the school board were locked up in the closed bank. The Second National Bank was the only bank in Wayne County that came forward and offered assistance to the County the City and the School Board. The money would eventually be reimbursed from taxes collected the following Spring.[6]
In January 1887, the directors were John M. Gaar, Robert Cox, Thomas W. Roberts, Ellis Thomas, William G. Scott, Howel Grave, Andrew F. Scott, Abram Gaar, John B. Dougan. The officers elected were A.F. Scott, president; and J.B. Douban, cashier.[7]
In January 1900, the officers were John M. Gaar, president; John B. Dougan, first vice president; Daniel G. Reid, second vice president; Samuel W. Gaar, cashier; and George Eggemeyer, assistant cashier. The directors were John M. Gaar, John B. Dougan, D.G. Reid, W.W. Gaar, Ellis Thomas, Howard Campbell and S.S. Strattan, Jr.[8]
In January 1901, the officers were John B. Dougan, president; Daniel G. Reid, vice president; Samuel W. Gaar, cashier; and George Eggemeyer, assistant cashier. The directors were Ellis Thomas, Howard Campbell, S.S. Strattan, Jr., Clem Gaar and C.W. Elmer.[9]
On Tuesday, January 13, 1903, the officers elected were John B. Dougan, president; Daniel G. Reid, vice president; Samuel W. Gaar, cashier; and George H. Eggemeyer, assistant cashier. The directors were Ellis Thomas, Howard Campbell, S.S. Strattan, Jr., C.W. Elmer, Clem A. Gaar, and the officers.[10]
In July 1905, E.H. Cates, cashier of the Union National Bank and George H. Eggemeyer, assistant cashier of the Second National Bank, both of Richmond headed a new national bank to take the place of the wrecked Commercial Bank in Hagerstown. Other officers included John B. Dougan, Samuel Dickinson, S.W. Gaar, G.L. Cates, J.A. Spekenheier, and E.G. Hibberd, all of Richmond, and probably Daniel G. Reid of New York. The capital stock would be between $50,000 and $75,000 and a charter would be applied for immediately.[11]
In April 1907, a warranty deed from Mrs. Helen L. Dougan to D.G. Reid transferring part of the property located on the site where the new Second National Bank building would be built, Eighth and Main Streets, was filed with the county recorder. The consideration given was $12,000.[12]
On March 10, 1910, the Second National Bank occupied temporary quarters on the ground floor of the Vaughan block, Eighth and Main Streets, opposite the present Second National Bank building. Upon moving, work would begin in razing the old building. The new building would be one of the finest bank and office structures in the state. The exterior would be of stone and reinforce concrete with terra-cotta trimmings and absolutely fireproof. The dimensions would be 40 X 100 feet and it would be four stories in height with an elevator. The bank would occupy the entire lower floor. The interior finishings would be in marble and brass with tiled floors. All of the upper stories would be for office use. Each suite of offices would be provided with a fire proof safe built into the walls. The estimated cost of the new structure was $100,000.[13] In December, work on the exterior was practically finished with the exception of the side walk which would be delayed until warm weather. The work on the interior of the building would be pushed as rapidly as possible. Members of the firm of W.F. Stillwell, the contractors, stated that it would take until about February 1st to complete the interior with the exception of the banking room which required more time due to the finishings of this department. The work began in early June, but contractors were delayed 6-8 weeks on account of being unable to get materials. Bank authorities expected to move into the new quarters about the first of April.[14]
In May 1911, the officers and directors were John B. Dougan, president; D.G. Reid and Geo. H. Eggemeyer, vice presidents; S.W. Gaar, cashier; W.G. Seeker, assistant cashier; Howard Campbell, C.W. Elmer, Clem A. Gaar, Henry Gennett, John J. Harrington, E.G. Hibberd, E.G. Hill, John R. Howard, Frank B. Land, Geo. W. Miller, P.W. Smith, Henry C. Starr, and S.S. Strattan, Jr.[15] On Saturday, July 29, the new building and banking room of the Second National Bank opened that afternoon and evening to public inspection.[16]
On Tuesday, January 9, 1912, the following directors were elected for the Second National Bank: J.B. Dougan, Daniel G. Reid, Howard, Campbell, S.S. Strattan, Jr., Elwood McGuire, W.W. Gaar, C.W. Elmer, C.A. Gaar, Henry Gennett, John J. Harrington, E.G. Hibberd, E.G. Hill, George W. Miller, P.W. Smith, H.C. Starr. The officers elected were John B. Dougan, president; Daniel G. Reid, vice president; C.W. Elmer, second vice president; S.W. Gaar, cashier; W.C. Seeker, assistant cashier. The was just one change, Elwood McGuire being named as a director to take George H. Eggemeyer's place.[17] Mr. Eggemeyer was now on the executive committee and a director of the Dickinson Trust Company.[18]
The officers in 1916 were S.W. Gaar, president; Dr. David Dougan and C.W. Elmer, vice presidents; W.C. Seeker, cashier and Dudley Elmer, assistant cashier. The directors were Howard Campbell, C.W. Elmer, S.W. Gaar, Clem A. Gaar, Henry Gennett, John J. Harrington, E.G. Hibberd, E.G. Hill, Elwood McGuire, John R. Howard, R.G. Leeds, Frank B. Land, George W. Miller, Dr. David Dougan, W.C. Seeker, Henry C. Starr, and S.S. Strattan. The bank's total resources on September 12, 1916, were $2,957,116.60. The connection of Daniel G. Reid added prestige to the Second National. He was the millionaire railway magnate of New York City who was long one of the officers and who recently through the operation of the Clayton Act prohibiting any one person from being a director in more than three banks, resigned his position as vice president and director, remaining a stockholder of the institution.[19]
On Friday, June 22, 1928, directors of the Union National Bank agreed to sell all assets to the Second National Bank, making the latter the largest in the city and county. Consolidation was foreseen a few weeks earlier in an announcement by George L. Cates, president in which he said an offer of $300 per share of stock with a par value of $100 was made. The consolidation would result in total resources of $6,767,022.15 according to statement of the two banks on February 28th. June 30th would mark the closing of the Union National's doors and by Monday, July 2d, all deposits, safety boxes and records would be at the Second National bank. In a letter to stockholders, Mr. Cates stated it had been his desire for several years to relieve himself of the responsibilities and obligations connected with management of the bank. However, he would become a vice president of the Second National and be on full time service to aid in handling papers held by the old institution. All of the activity of the Union National bank in Richmond since it opened for business as a reorganization of the old First National Bank of Centreville was around Mr. Cates. After completing work at Earlham College, he became associated in a minor position with the Centreville bank. Hugh V. Miller, vice president and cashier of the union National would be associated temporarily with the Second National Company. The purchase by the Second National included the Union National Bank building, thus giving it two valuable corners at eighth and Main Streets. Purchase of the real estate included a long period lease effected some time ago by the Union National Building Company with the S.S. Kresge Company, operator of chain stores. The Kresge Company would replace the old structure with a new one as soon as the lease became effective on January 1, 1933.[20]
The consolidation of the Union National Bank of Richmond with the Second National Bank of that city recalled the fact that the Union National was the successor of the Centreville National Bank, one of the first national banks organized in Indiana under the national banking law, receiving charter 37.[21]
In January 1929, the officers were S.W. Gaar, president; A.G. Matthews, George L. Cates, Geo. W. Miller, and C.W. Elmer, vice presidents; D.N. Elmer, cashier; E.G. Crawford, assistant cashier and A.L. Smith, trust officer. H.W. Gilbert was the farm loan manager. The bank had at the close of business for 1928, total resources of $6,603,168.41 with capital $300,000, surplus $300,000, undivided profits $133,257.99, circulation $294,150, and deposits $5,275,760.42.[22]
On May 31, 1932, Samuel W. Gaar, 69, chairman of the board of directors of the Second National Bank and former president, died at his home, 114 South Eighteenth Street. Mr. Gaar was a member of one of the oldest pioneer families of Richmond, a family whose interests centered from the early days of the community around the old firm of Gaar, Scott & Co., threshing machinery manufacturers. His father, Abram Gaar, was one of the founders and for many years was president of the company. The Gaars were instrumental in founding the Second National Bank. Samuel Gaar started with the bank as its messenger when he was 21 years old.[23]
On Tuesday, January 8, 1935, D.N. Elmer was re-elected president of the Second national bank. Other officers were W.Z. Carr and George L. Cates, vice presidents; E.G. Crawford, cashier; J.O. Parshall, V.A. Monroe, and A.E. Morel, assistant cashiers; A.L. Smith, trust officer; and H.W. Gilbert, mortgage loan department.[24]
The Dickinson Trust Company was founded by Joseph Dickinson in 1870 and was originally known as J. Dickinson & Co., occupying modest quarters in the Dickinson building at the southeast corner of Ninth and Main streets. Mr. Dickinson, an Englishman by birth, established a first mortgage loan business in the 1860s with his two sons, Samuel and Joseph J. Dickinson and his sons-in-law, Charles A. Francisco and Paul V. Washburn. The business of J. Dickinson & Co. was merged with the incorporated firm of Dickinson Loan Co. which continued under this name until 1900 when it was changed into Dickinson Trust Co. Charles A. Francisco was the first president; Samuel Dickinson, vice president; Joseph J. Dickinson, secretary and Edgar F. Hiatt, treasurer.[25]
On Monday, January 14, 1946, a plan for merging the Second Trust Company and the Second National Bank was discussed by the stockholders of the trust company at their annual meeting. The main reason given by President D.N. Elmer was the necessity for a quick expansion of banking room space facing the Second National. Prohibitive building costs and scarcity of building materials was making it impossible to expand facilities quickly. If the merger was approved the Second National would occupy all of the banking space in the Second Trust Company's building on the northeast corner of Main and Eighth Streets. This would be in addition to space already occupied in the Second National Bank building. The merger had already been approved by directors of both banks. In financing the merger, the capital of the Second National would be increased from $300,000 to $400,000. The shares with a par value of $100 would be split up into 40,000 shares at $10 par value. Second National Bank stockholders would receive 11 2/3 shares of the new stock for each share of the old stock. Second Trust Company stockholders would receive 3 1/3 shares of the new tock for each share of their trust company stock. The directors of the Second Trust Company were H.W. Bockhoff, F.J. Bartel, D.N. Elmer, W.C. Hibberd, Joseph H. Hill, B.N. Johnson, H.R. Lontz, C.A. McGuire, E.K. Quigg, and E.R. Lemon.[26] On Monday, February 25th, stockholders approved the merger of the two institutions. Notice of the approval was sent to the comptroller of the currency with the effective date of the merger estimated as March 11th.[27] The Second Trust Company, which had succeeded the Dickinson Trust Company when it was liquidated in 1945.
In 1947, the bank celebrated its 75th Anniversary. In June 1947, managers for the Hagerstown and Greensfork branches of the Second National Bank were announced by Dudley N. Elmer, president of the Second National Bank. Thurman W. Stoner would manage the Hagerstown branch while Paul J. Austerman would manage the Greensfork branch. The Second National Bank would take over the Union Trust Company in Hagerstown and the First National Bank of Greens Fork on July 1st. Mr. Austerman was employed by the Second National for the past 10 years. Mr. Stoner, employed by the Richmond bank for the past two years, previously was cashier of the Saratoga State Bank in Randolph County.[28]
In 1953, the East Main branch opened for business. In 1956, new, enlarged quarters were opened after 84 years of progress. The bank was serving 35,000 Second National patrons.[29]
Official Bank Title
1: The Second National Bank of Richmond, IN
Bank Note Types Issued
A total of $4,925,330 in National Bank Notes was issued by this bank between 1872 and 1935. This consisted of a total of 475,132 notes (407,600 large size and 67,532 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 - 2000 Original Series 4x5 1 - 4000 Original Series 3x10-20 1 - 2000 Series 1875 4x5 1 - 3250 Series 1875 3x10-20 1 - 4780 1882 Brown Back 4x5 1 - 9915 1882 Brown Back 3x10-20 1 - 7494 1882 Brown Back 50-100 1 - 1220 1882 Date Back 4x5 1 - 1935 1882 Date Back 3x10-20 1 - 6000 1882 Date Back 50-100 1 - 28 1902 Date Back 4x5 1 - 6000 1902 Date Back 3x10-20 1 - 10000 1902 Plain Back 4x5 6001 - 16310 1902 Plain Back 3x10-20 10001 - 43592 1929 Type 1 6x10 1 - 8024 1929 Type 1 6x20 1 - 2386 1929 Type 2 10 1 - 4257 1929 Type 2 20 1 - 815
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1872 - 1935):
Presidents:
- Andrew Finley Scott, 1872-1894
- William George Scott, 1895-1897
- John Milton Gaar, 1898-1899
- John Bartley Dougan, 1900-1914
- Samuel W. Gaar, 1915-1929
- Albert Gallatin Matthews, 1930-1932
- Dudley Northrup Elmer, 1933-1935
Cashiers:
- John Bartley Dougan, 1872-1897
- Samuel W. Gaar, 1898-1913
- William C. Seeker, 1914-1916
- Dudley Northrup Elmer, 1917-1932
- Edwin G. Crawford, 1933-1935
Other Known Bank Note Signers
- George H. Eggemeyer, Assistant Cashier 1900...1905, Vice President 1907...1911
- George L. Cates, Vice President 1928...1935
Bank Note History Links
Sources
- Richmond, IN, 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
- ↑ Palladium-Item, Richmond, IN, Wed., May 17, 1911.
- ↑ Palladium-Item, Richmond, IN, Sun., May 13, 1956.
- ↑ Palladium-Item, Richmond, IN, Sun., May 13, 1956.
- ↑ The Richmond Item, Richmond, IN, Mon., Oct. 16, 1916.
- ↑ Palladium-Item, Richmond, IN, Fri., July 28, 1911.
- ↑ Palladium-Item, Richmond, IN, Fri., July 28, 1911.
- ↑ Richmond Weekly Telegram, Richmond, IN, Thu., Jan. 13, 1887.
- ↑ The Richmond Item, Richmond, IN, Tue., Jan. 9, 1900.
- ↑ The Richmond Item, Richmond, IN, Tue., Jan. 8, 1901.
- ↑ The Indianapolis Journal, Indianapolis, IN, Wed., Jan. 14, 1903.
- ↑ The Indianapolis News, Indianapolis, IN, Fri., July 7, 1905.
- ↑ Palladium-Item, Richmond, IN, Mon., Apr. 8, 1907.
- ↑ Palladium-Item, Richmond, IN, Wed., Mar. 2, 1910.
- ↑ The Richmond Item, Richmond, IN, Thu., Dec. 22, 1910.
- ↑ Palladium-Item, Richmond, IN, Wed., May 17, 1911.
- ↑ Palladium-Item, Richmond, IN, Fri., July 28, 1911.
- ↑ The Richmond Item, Richmond, IN, Tue., Jan. 9, 1912.
- ↑ The Richmond Item, Richmond, IN, Mon., Apr. 1, 1912.
- ↑ The Richmond Item, Richmond, IN, Mon., Oct. 16, 1916.
- ↑ Palladium-Item, Richmond, IN, Fri., June 22, 1928.
- ↑ Palladium-Item, Richmond, IN, Mon May 28, 1928.
- ↑ The Richmond Item, Richmond, IN, Wed., Jan. 9, 1929.
- ↑ Palladium-Item, Richmond, IN, Wed., June 1, 1932.
- ↑ Palladium-Item, Richmond, IN, Wed., Jan. 9, 1935.
- ↑ The Richmond Item, Richmond, IN, Mon., Oct. 16, 1916.
- ↑ Palladium-Item, Richmond, IN, Tue., Jan. 15, 1946.
- ↑ Palladium-Item, Richmond, IN, Tue., Feb. 26, 1946.
- ↑ Palladium-Item, Richmond, IN, Thu., June 19, 1947.
- ↑ Palladium-Item, Richmond, IN, Sun., May 13, 1956.