South Side National Bank, Saint Louis, MO (Charter 13264)
South Side National Bank, Saint Louis, MO (Chartered 1928 - Receivership 1933)
Town History
St. Louis is the second-largest city in Missouri. It sits near the confluence of the Mississippi and the Missouri Rivers. In 2020, the city proper had a population of 301,578, while the bi-state metropolitan area, which extends into Illinois, had an estimated population of over 2.8 million, making it the largest metropolitan area in Missouri and the second-largest in Illinois.
The founding of St. Louis was preceded by a trading business between Gilbert Antoine de St. Maxent and Pierre Laclède Liguest in the fall of 1763. St. Maxent invested in a Mississippi River expedition led by Laclède, who searched for a location to base the company's fur trading operations. Though Ste. Genevieve was already established as a trading center, he sought a place less prone to flooding. He found an elevated area overlooking the flood plain of the Mississippi River, not far south from its confluence with the Missouri and Illinois rivers. In addition to having an advantageous natural drainage system, there were nearby forested areas to supply timber and grasslands which could easily be converted for agricultural purposes. This place, declared Laclède, “might become, hereafter, one of the finest cities in America.” He dispatched his 14-year-old stepson, Auguste Chouteau, to the site, with the support of 30 settlers in February 1764. Laclède arrived at the future town site two months later and produced a plan for St. Louis based on the New Orleans street plan. The default block size was 240 by 300 feet, with just three long avenues running parallel to the west bank of the Mississippi. He established a public corridor of 300 feet fronting the river, but later this area was released for private development.
St. Louis was transferred to the French First Republic in 1800 (although all of the colonial lands continued to be administered by Spanish officials), then sold by the French to the U.S. in 1803 as part of the Louisiana Purchase. St. Louis became the capital of, and gateway to, the new territory. Shortly after the official transfer of authority was made, the Lewis and Clark Expedition was commissioned by President Thomas Jefferson. The expedition departed from St. Louis in May 1804 along the Missouri River to explore the vast territory.
St. Louis became a major port on the Mississippi River and from 1870 until the 1920 census, it was the fourth-largest city in the country. It separated from St. Louis County in 1877, becoming an independent city and limiting its political boundaries. In 1904, it hosted the Louisiana Purchase Exposition and the Summer Olympics.
Saint Louis had 42 National Banks chartered during the Bank Note Era, and 37 of those banks issued National Bank Notes.
Bank History
- Organized December 5, 1928
- Chartered December 7, 1928
- Conversion of South Side Trust Company of St. Louis, MO
- Conservatorship March 13, 1933
- Receivership August 19, 1933
Banks on the south-side of St. Louis with roles in the history of the South Side National Bank:
- Lafayette-South Side Bank and Trust Company, founded 1876 and succeeded by the Manufacturers Bank and Trust Co. in 1933
- Farmers and Merchants Trust Company, founded 1907
- Southside Trust Company, founded 1916
- Southside National Bank in St. Louis (Charter 14128 (no issue)), chartered May 1, 1934
Henry R. Rehme would retire in 1929 after 47 years in banking. He began his career in 1882 with the old Continental National Bank and later was associated with the former St. Louis Trust Co., the Wellston Bank, and the City National Bank. In 1912 he became secretary of the Farmers & Merchants Trust Co., and when the South Side Trust Co. and the Farmers & Merchants Trust Co. were merged in 1929, he became vice president and trust officer.
On September 28, 1928, it was learned that the entire capital stock of the Farmers and Merchants Bank at the southeast corner of Grand Boulevard and Gravois Avenue was purchased by Col. Ben G. Brinkman, owner of Forest Park Highlands and head of the National Exhibition Company, which was constructing the buildings for the National Dairy Show. The consideration was $1,600,000, or $400 a share for the 4,000 shares of capital stock. The negotiations for the purchase had been under way for some time. About 200 stockholders were said to have figured in the transfers and the transaction was one of the largest recent bank deals in St. Louis. The capital of the Farmers and Merchants Bank was $400,000, and the surplus was approximately $1,000,000, while the deposits were about $6,500,000. Brinkman yesterday admitted be had negotiated and closed for the purchase of all the capital stock, but said he had no plans and was not yet ready to make an announcement. A future merger, however, seemed probable from the deal for while Brinkman said he made the purchase for himself and not for any group, he is the largest stockholder in the South Side Trust Company, which was located on the southwest corner of Grand Boulevard and Gravois Avenue. The trust company was putting up at that corner a new twelve-story building at a cost of more than $500,000, and Brinkman yesterday said the name would be changed to the South Side National Bank as the present trust company would become a national bank. When asked if any merger was contemplated, Brinkman said he had no plans now and could say nothing with regard to a merger with the South Side Trust Company. He added, however, that the same owners would not be likely to have two banks on the same corner. The South Side Trust Company was an associate member of the St. Louis Clearing House Association, and had capital of $200,000 with a surplus of $137,966, deposits were more than $2,500,000, and resources of $2,998,250, as of June 30th. The stockholders of the South Side Trust Company and those of the Lafayette South Side Bank and Trust Company were largely the same and Brinkman was a very extensive stockholder in the Lafayette South Side institution. F.J. Wiget, president of the Farmers and Merchants Bank admitted negotiations for the purchase of the stock of that bank had been under way for some time.
In December, invitations were sent to the depositors and friends of the Farmers and Merchants Trust Company and the South Side Trust Company, which consolidated recently to form the South Side National Bank, to attend the formal opening of the building at Grand Boulevard and Gravois Avenue which was constructed to house the new bank. The opening, followed by a private inspection of the building, was held at 2 PM on Saturday, December 29, 1928. A.C.F. Meyer was president of the South Side National.
In January 1930, Joseph L. Rehme was elected vice president, succeeding H.R. Rehme, resigned. All other officers were re-elected.
In July 1930, a group of South Side businessmen, including several officers of the Lafayette-South Side Bank & Trust Co., applied for incorporation papers for the Lafayette National Bank & Trust Co. of Luxemburg, Missouri. The new bank would have an authorized capital of $30,000 and a paid-up surplus of $25,000. It would be in Luxemburg on the east side of Lemay Ferry Road, south of River Des Peres, and would operate independently of the Lafayette South Side Bank. Its new building was expected to be completed by November 1, although it planned to open sooner if suitable temporary quarters could be obtained. Among those interested in the new depository were: A.C.F. Meyer, president of the Lafayette-South Side Bank; Joseph Rehme, vice president; Erwin P. Stupp, a director; Charles F. Betz, a director; John P. Meyer, vice president of the South Side National Bank; William Ruprecht of the Ruprecht Sand and Material Co.; T.W. Felsch, assistant cashier of the Southern Commercial & Savings Bank. Felsch, would resign from his present position Aug. 1, to become the cashier of the new Lafayette National Bank & Trust Co.
On March 16, 1933, there were only 6 St. Louis banks whose applications to reopen had not been acted upon as 21 had federal licenses to carry on normal business. Four banks were in the hands of the government. The four banks had total deposits, exclusive of government funds, of $11,437,870 as of December 31, 1932. The four banks and their conservator were: American Exchange National Bank with Armin Pfisterer, the bank's cashier; Cherokee National Bank with Henry P. Mueller, the bank's president; Grand National Bank with John W. Snyder of the Treasury Department and South Side National Bank with Edwin S. Coombs of the Treasury Department. Both Coombs and Snyder had been serving as receivers for closed national banks, including the St. Louis National and Twelfth Street National which closed last January. Coombs was in charge of the former and Snyder of the latter. William Reimann, vice president of the South Side National Bank , said, "The conservator has made an audit of our institution and it has been forwarded to Washington. I fully expect our bank to be reopened. In the meantime we are not doing any business other than serving our safe deposit box customers."
On January 22, 1934, the committee to solicit subscriptions to stock of he new bank to take over the closed South Side National Bank met in Rubicam Hall, Grand Boulevard and Potomac Street. The total capital sought was $540,000 and $300,000 had been subscribed. The bank was open from 9 AM to 8 PM daily to receive subscriptions.
Reorganization was completed in March with the new bank to be known as the South Side National Bank in St. Louis. The old bank was the South Side National Bank of St. Louis. The new bank would take over selected assets of the old and assume 70% of its deposit liabilities. Assets not acquired by the new bank would be liquidated by the receiver. The reorganization plan involved the sale of $500,000 of common stock which was sold for $50,000 to create a surplus of $140,000. In addition the Reconstruction Finance Corporation (RFC) had subscribed for $300,000 of preferred stock. The old bank was capitalized at $600,000 and had deposits of about $6 million. Some 2,500 depositors used part of the 70% of their balances made available by the new bank to subscribe for its stock. The new bank would have no connection with the Manufacturers Bank & Trust Co., or its predecessor, the Lafayette-South Side Bank & Trust Co., which owned all the $600,000 capital stock of the old bank. The Lafayette, as the owner of that stock, settled its double liability by the payment of $300,000 in cash, and for 8% gave preferred stock in the Manufacturers' Bank, and 42% participation certificates against segregated assets. Edwin S. Coombs was the receiver of the old Bank. Officers of the new bank were Frank J. Wiget, president; Adolph Etling, cashier; W.R. Schery, trust officer; and Albert A. Rehme, assistant cashier. All except Wiget held similar jobs with the old bank. Five directors had been chose with others to follow. The five directors were Fred L. Hofmann, lumber man; Joseph H. Mueth, president, Mueth Plastering Co.; A.L. Petersen, secretary-treasurer, Petersen Planing Mill Co.; Calvin R. Yeckel, vice president, Yeckel, Earickson & Co.; and F.R. Wiget.
On October 18, 2001, the South Side National Bank in St. Louis merged and became part of Allegiant Bank in St. Louis, Missouri.
Official Bank Title(s)
1: South Side National Bank of St. Louis, MO
Bank Note Types Issued
A total of $1,092,770 in National Bank Notes was issued by this bank between 1928 and 1933. This consisted of a total of 218,554 notes (47,668 large size and 170,886 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Plain Back 4x5 1 - 11917 1929 Type 1 6x5 1 - 28194 1929 Type 2 5 1 - 1722
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1928 - 1933):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Missouri Bank Note History
- General information on Saint Louis (Wikipedia)
- General information on St. Louis County (Wikipedia)
- General information on Missouri (Wikipedia)
Sources
- Saint Louis, MO, 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
- Margolies, John, photographer. South Side National Bank, Grand Boulevard, South Saint Louis, Missouri. United States South Saint Louis Missouri, 1991. Photograph.
- St. Louis Globe-Democrat, St. Louis, MO, Sat., Sep. 29, 1928.
- St. Louis Globe-Democrat, St. Louis, MO, Tue., Dec. 25, 1928.
- The St. Louis Star and Times, St. Louis, MO, Fri., Jan. 4, 1929.
- St. Louis Post-Dispatch, St. Louis, MO, Thu., Jan. 16, 1930.
- St. Louis Post-Dispatch, St. Louis, MO, Wed., July 23, 1930.
- The St. Louis Star and Times, St. Louis, MO, Thu., Mar. 16, 1933.
- The St. Louis Star and Times, St. Louis, MO, Tue., Jan. 23, 1934.
- St. Louis Post-Dispatch, St. Louis, MO, Fri., Mar. 9, 1934.
- The St. Louis Star and Times, St. Louis, MO, Wed., Apr. 1, 1936.