State National Bank, Corsicana, TX (Charter 11022)
State National Bank, Corsicana, TX (Chartered 1917 - Failed (Merger) 1989)
Town History
Corsicana is a city in Navarro County, Texas, United States. It is located on Interstate 45, 56 miles northeast of Waco, Texas. It is the county seat of Navarro County, and an important agribusiness center. Corsicana's population was 25,109 at the 2020 census. In 1900 the population was 9,749, growing to 15,202 by 1930.
Founded in 1848, Corsicana was named by José Antonio Navarro after the Mediterranean island of Corsica, the birthplace of his father. Oil was accidentally discovered in June 1894, by the American Well and Prospecting Company. In October 1895, the first commercial oil well was drilled by the Corsicana Oil Development Company, founded by Ralph Beaton, H.G. Damon, and John Davidson. It was the first commercially significant oilfield find in Texas. A refinery was in operation by January 1899, through the efforts of Joseph S. Cullinan. The Powell oil field was discovered in 1900, a few miles east of Corsicana.
During World War II, an airman flying school called Corsicana Air Field trained thousands of pilots.
Corsicana had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes.
Bank History
- Organized April 27, 1917
- Chartered June 30, 1917
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Failed. Merged with government financial assistance into The Deposit Insurance Bridge Bank, NA, Dallas, TX, March 29, 1989
In July 1917, Mr. E.L. Dupuy, cashier of the State National Bank of Corsicana, moved his family to the city. He was the president of the First National Bank of Purdon where he lived prior to accepting a position with the new bank and had 16 years of banking experience in various sections of Texas prior to his coming to Navarro County. Cuthbert Morgan, one of the very best young men in Frost, was the new assistant cashier. The official opening of the bank was July 5, 1917.
In August 1917, the officers were B.B. Munsey, president; G.C. Dunn and P.D. Williams, vice presidents; E.L. Dupuy, cashier and L.C. Morgan, assistant cashier. The directors were M. Levi, G.C. Dunn, J.E. Christian, P.D. Williams, J.L. Marshall, E.E. Babers, B.B. Munsey, R.L. Harris, L.K.C. Fluker, and E.L. Depuy. The bank had capital of $100,000.
In December 1920, the officers were B.B. Munsey, president; G.C. Dunn and P.D. Williams, vice presidents; E.L. Dupuy, cashier and L.C. Morgan, assistant cashier. The directors were M. Levi, G.C. Dunn, J.E. Christian, P.D. Williams, J.L. Marshall, E.E. Babers, B.B. Munsey, R.L. Harris, and L.K. Fluker. The bank had capital of $100,000.
In January 1921, the officers were B.B. Munsey, president; G.C. Dunn and P.D. Williams, vice presidents; L.C. Morgan, cashier and W.M. Davidson, Otto Lowry, and Suttle Roberts, assistant cashiers.
In April 1921, John W. Hooser, former prominent Corsicana oil operator, now of Dallas, and Gus C. Dunn, a Corsicana man with others, formed the State Trust and Savings Bank of Dallas, a successor to the State Bank and Trust Company. Mr. Hooser would be president and chairman of the board, while Mr. Dunn would be vice president and cashier. The directors were John W. Hooser, G.C. Dunn, Mrs. John W. Hooser, Martin B. Winfrey and J.R. Sharp.
On Wednesday evening, April 21, 1926, the formal opening of the new home of the State National Bank occurred. This eight-story office building located in the heart of the business district on the corner of East Collin and Beaton Streets was Corsicana's first skyscraper. H.O. Blanding of Corsicana and C.D. Hill and Company of Dallas were the architects. The building proper was finished on January 1st and the offices spaces could be used; however, the bank furnishing did not arrive until late and several delays casued postponement of the formal opening. Music was furnished by Ligon Smith's Dallas orchestra. Souvenirs, including noise makers for the kiddies, and other remembrances, red, white and pink carnations, were given out to all. Officers of the bank were I.N. Cerf, president; P.D. Williams and N. Suttle Roberts, vice presidents; W.M. Davidson, cashier; J.C. Sweatmon and H.C. Griffith, assistant cashiers. The directors were E.E. Babers, I.N. Cerf, A.B. Douglass, Jr., L.K.C. Fluker, R.J. Graves, M.L. Levine, C.A. Middleton, Dr. L.C. Polk, N. Suttle Roberts, P.D. Williams, and W.T. Woodruff.
On Thursday, January 3, 1935, at the annual meeting of the stockholders held in the directors' room, the following directors were named: E.E. Babers, J.O. Burke, J.E. Butler, W.M. Davidson, A.B. Douglas, Jr., C.L. Jester, Geo. E. Jester, H.B. Jester, I.T. Kent, C.A. Middleton, W.P. McCammon, N. Suttle Roberts, W.T. Woodruff, I.N. Cerf, and James H. Cerf. The following officers were named by the directors: I.N. Cerf, president; N. Suttle Roberts, George E. Jester, J.E. Butler, and James H. Cerf, vice presidents; W.M. Davidson, cashier; and Hallie G. Hampton, assistant cashier. N. Suttle Roberts was elected president on July 5, 1935 succeeding the late I.N. Cerf. He would serve as president until his death on November 4, 1956.
A trust department was initiated in 1957 with President Jack Young as trust officer and Chester O. Sprinkle, assistant trust officer. [Jack R. Young served as president from January 1, 1957 until January of 1965.]
On July 2, 1981, an agreement in principle for the acquisition of State National Financial Corporation, parent company of the State National Bank of Corsicana, by Mercantile Texas Corp. was announced jointly by Charles Hooser, chairman of the board of State National Financial Corp.; Gene H. Bishop, chairman and chief executive officer of Mercantile Texas; and Karl T. Butz, Jr., president of Mercantile Texas. The agreement called for the issuance of 80,058 shares of Mercantile Texas common stock, trading at $34.125 on the New York Stock Exchange, in exchange for the 60,000 shares of State National outstanding. State National Bank had total assets of $38 million and deposits of $34 million as reported March 31, 1981. Mercantile Texas, the fifth largest banking organization in Texas with total assets of $5.5 billion, had a major presence in the Austin, Corpus Christi, Dallas, Houston and San Antonio markets.
- 05/01/1983 Changed Institution Name to Mercantile Bank Corsicana, National Association.
- 10/15/1984 Changed Institution Name to MBank Corsicana, National Association.
Official Bank Title(s)
1: The State National Bank of Corsicana, TX
Bank Note Types Issued
A total of $2,698,460 in National Bank Notes was issued by this bank between 1917 and 1935. This consisted of a total of 266,656 notes (221,184 large size and 45,472 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 - 29736 1902 Plain Back 3x10-20 1 - 24673 1902 Plain Back 3x50-100 1 - 887 1929 Type 1 6x10 1 - 2798 1929 Type 1 6x20 1 - 684 1929 Type 1 6x50 1 - 380 1929 Type 1 6x100 1 - 118 1929 Type 2 5 1 - 10622 1929 Type 2 10 1 - 5893 1929 Type 2 20 1 - 5077
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1917 - 1935):
Presidents:
Cashiers:
- Edmund Long Dupuy, 1917-1919
- Lindsey Cuthburt Morgan, 1920-1922
- Percy Don Williams, 1923-1924
- William Montgomery Davidson, 1925-1935
Other Bank Note Signers
- Gus Cullen Dunn, Vice President 1917...1922
- P.D. Williams signed notes as Vice President.
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- Texas Bank Note History
- General information on Corsicana (Wikipedia)
- General information on Navarro County (Wikipedia)
- General information on Texas (Wikipedia)
Sources
- Corsicana, TX, 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
- Corsicana Daily Sun, Corsicana, TX, Mon., July 9, 1917.
- Corsicana Daily Sun, Corsicana, TX, Mon., July 16, 1917.
- Corsicana Daily Sun, Corsicana, TX, Fri., Aug. 17, 1917.
- The Jewish Monitor, Dallas, TX, Fri., Dec. 17, 1920.
- Corsicana Daily Sun, Corsicana, TX, Thu., Jan. 27, 1921.
- Corsicana Daily Sun, Corsicana, TX, Thu., Apr. 8, 1926.
- Corsicana Daily Sun, Corsicana, TX, Thu., Apr. 22, 1926.
- The Waco News-Tribune, Waco, TX, Fri., Apr. 23, 1926.
- Corsicana Daily Sun, Corsicana, TX, Fri., Jan. 4, 1935.
- Corsicana Daily Sun, Corsicana, TX, Sun., Jan. 25, 1970.
- Corsicana Weekly Light, Corsicana, TX, Thu., July 2, 1981.