Sussex National Bank/Sussex and Merchants NB, Newton, NJ (Charter 925)

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The Sussex Bank $50 Obsolete remainder
The Sussex Bank $50 Obsolete remainder, Haxby NJ-390, featuring Ceres with bared breast at rest with a sickle in her hand and cattle in the background. Courtesy of Heritage Auctions, www.ha.com

Sussex National Bank/Sussex and Merchants NB, Newton, NJ (Chartered 1865 - Closed (Merger) 1988)

Town History

NEEDED: a recent photo of the bank or other bank related items.

Newton, officially the Town of Newton, is an incorporated municipality and the county seat of Sussex County in the U.S. state of New Jersey, situated approximately 60 miles northwest of New York City. Newton's land area drains into the watersheds of the Paulins Kill and Pequest River—two rivers that are tributaries of the Delaware River. These watersheds are separated by slate ridges that are part of the Martinsburg Formation. These slate ridges were quarried for slate for roofs and other industrial purposes beginning with a quarry opened by Elijah Blackwell in 1859 that operated under a series of different owners and commercial entities until 1930. As of the 2020 United States census, the town's population was 8,374, its highest decennial population ever. The population in 1860 was 1,824 growing to 5,401 by 1930.

One of 15 municipalities in the state organized as a town, the municipal government operates under a council-manager structure provided by the Faulkner Act, or Optional Municipal Charter Law. Newton was incorporated by an act of the New Jersey Legislature on April 11, 1864, from portions of Newton Township, which was also partitioned to create Andover Township and Hampton Township, and was then dissolved. Additional land was acquired from Andover Township in 1869 and 1927, and from Fredon Township in 1920.

In 1762, Jonathan Hampton, of Elizabethtown, surveyed the location for a county courthouse and town green at the intersection of a military supply road he built during the French and Indian War and a major north–south artery called the King's Highway (present-day New Jersey Route 94). The construction of the courthouse was completed in 1765 and the village that developed around it became known as Sussex Court House. The county courthouse was the site of a raid by British partisan Lieutenant James Moody during the American Revolution.

In 1797, the village's post office was renamed Newtown and later, in 1825, the spelling was altered to Newton.

The Newton Town Plot Historic District is a 17-acre historic district encompassing the Town Plot section of Newton along Church, High, Main, Moran, and Spring Streets; and Park Place. It was added to the National Register of Historic Places on November 12, 1992, for its significance in architecture, commerce, community planning, settlement, and politics from 1762 to 1941. The district includes the Sussex County Courthouse, which was added individually to the NRHP in 1979 and the Hill Memorial, added in 1985. The Sussex and Merchants National Bank was built in 1927 with Georgian Revival style and some Beaux Arts ornamentation.

Newton had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

The Sussex Bank $2-$3 uncut sheet of Obsolete notes
The Sussex Bank $2-$3 uncut sheet of Obsolete notes, Haxby NJ-390. Courtesy of Heritage Auctions, www.ha.com
  • Organized March 6, 1865
  • Chartered March 22, 1865
  • Succeeded Sussex Bank
  • 2: Assumed 876 by consolidation with subsequent title change (Merchants National Bank, Newton, NJ)
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged into Midlantic National Bank, Newark, NJ, April 1, 1988

The Sussex Bank was established in 1818.

On December 15, 1828, Ephraim Green, Esq., president of the Sussex Bank died at Newton, Sussex County.[1] Green Township in Sussex County was named for him.

On Tuesday night, April 11, 1865, Samuel D. Morford, Esq., for 47 years the cashier of the Sussex Bank, died of heart disease in his 75th year.[2] Samuel Denton Morford was born September 20, 1790, at the old homestead in Princeton, New Jersey. He was a clerk in a bank in New York City for several years. On June 25, 1818, he married Elsie, daughter of Samuel de Reimer, and about two months later he came to Newton. Here, he helped organized the Sussex Bank and was made its cashier. He was known to the people of Newton and Sussex County as a safe, prudent, and successful financier, a skillful banker, and an honest man. He was buried at Newton on the afternoon of the day of the assassination of President Lincoln.

On January 19, 1895, Dr. R.A. Sheppard died at his residence in Newton, aged 68.[3] Dr. Sheppard was one of the substantial business men of Newton. Upon the organization of the Merchants National Bank at Newton, he was one of the first subscribers to stock and for many years a director, and for several years he had been a stockholder in the Sussex National Bank and a director at the time of his death.

On September 7, 1896, Ex-Judge Hiram C. Clark of Sussex County died in Newton from the effects of a gunshot wound accidentally received while hunting. He was a member of the New Jersey Assembly in 1868 and 1887, judge of the Court of Common Pleas for nine years and at the time of his death was a director in the Sussex National Bank and a trustee of the Dennis library in Newton.[4]

Samuel Johnson, a brother of Henry W. Johnson, cashier of the Long Branch Banking Company, died on April 25, 1901, aged 68 years. Mr. Johnson was a Freeholder, member of the Township Committee and was for five years Surrogate of Sussex County. At the time of his death he was a member and treasurer of the Water Committee. He was also a director of the Sussex National Bank and of the Newton Library Association.[5]

On Saturday, October 25, 1902, at a meeting of the board of directors, Theodore Morford was elected president in place of David R. Hull, deceased. Lewis M. Morford was appointed cashier and Charles S. Steele, assistant cashier. Theodore Morford was the son of Samuel D. Morford, succeeding him as cashier in 1865. Lewis M. Morford, the new cashier was a son of Theodore Morford. He was an organizer of the Kittatinny Hose Co. of Newton and his experience as a fire fighter led to his appointment as chief of the department only resigning due to his additional responsibilities in connection with his work in the Sussex bank.[6]

On Friday, May 14, 1920, H.C. Kelsey, former Secretary of State of New Jersey, died at his home after an illness of about a week.[7] Henry C. Kelsey, was born in Sparta, Sussex County, New Jersey, on December 4, 1837. His great-grandfather, John Kelsey, was one of the early residents of Newton, where he died; he was a tanner and currier by trade. His grandfather, Henry Cooper Kelsey, was also a tanner and currier, and carried on his business at Sparta. His father, John Kelsey, was born in Sparta, February 15, 1809. For several years he kept a public house in his native place, but for twenty years during the latter part of his life he was a farmer and merchant in Green Township where he died April 5, 1867. His mother was Ellen M., daughter of Peter and Elizabeth (Mills) Vankirk, and granddaughter of Judge Thomas Vankirk of Sparta. She was born October 30, 1815. Mr. H.C. Kelsey was vice president of the Mechanics National Bank of Trenton, a director of the old Sussex National Bank of Newton, a director in the Newton Library Association, and a director of the Citizens' Gaslight Company of Newark. He was named as Secretary of State in 1879. In March, 1881, Governor Ludlow nominated him for a third full term as Secretary of State.

The consolidation of the Sussex National Bank and the Merchants National Bank as the Sussex and Merchants National Bank of Newton became effective on Friday, January 2, 1925. The banking rooms of the later institution would be occupied until alterations started on the building, when the bank would move to the Sussex Bank's rooms across Spring Street. The old Merchants Bank building and the Freeman building adjoining and recently purchased by the bank, would be remodeled. The board of directors of the Merchants bank voted a special cash dividend of 40% payable to stockholders Thursday. The special dividend represented accumulated assets in excess of those required to effect the consolidation.[8]

In February 1926, John P. Dalton, the secretary and treasurer of the Madison Trust Company, severed his connection with the Madison institution to accept the office of vice president and cashier of the Sussex and Merchants National Bank of Newton. Mr. Dalton lived in Chatham with his family some time before he moved to Madison. He was succeeded in the trust company by Edward B. Miller.[9] In April 1926, Sanford Wilson, retiring vice president and cashier of the Sussex & Merchants National Bank of Newton was given a dinner in the Cochran House by officers and employees of the bank. Mr. Wilson accepted the vice president's position of the Mortgage Title & Trust Co. of Montclair,[10] to open on March 1st. Mr. Wilson began his business career with the Farmers Bank of Sussex going from there to the Asbury Park Trust Company and then to the Newton Trust Company. Later he became a member of the Merchants National Bank of Newton and upon the consolidation of that bank with the Sussex National became the vice president and active head of the enlarged institution.[11]

In January 1949, stockholders re-elected the following directors: Joseph Ayers, William A. Dolan, Dr. John S. Gray, William S. Howell, Harry L. Jones, Henry T. Kays, Ernest S. Roy, Floyd W. Smith, Harvey Snook and Dr. Dorsett L. Spurgeon.[12]

On Tuesday, November 30, 1965, John P. Dalton, a prominent banker for many years, died at the age of 72 years. Mr. Dalton started his banking career at the Guaranty Trust Company, 140 Broadway, New York. He was an officer of the Madison trust Company, Madison and president of the Sussex and Merchants National Bank of Newton. He served as president of the First National Bank of Paterson from 1933-34. Before his retirement, he was with the banking department of Peat, Marwick, Mitchell and Co., New York City. Since that time he had been associated with George H. Beckmann, Inc., in its industrial and investment department. He was a graduate of New York University and attended the New York Institution of Banking.[13] 

On November 10, 1966, The National Newark & Essex Banking Company (Charter 1316) changed its name to the National Newark & Essex Bank. Robert G. Cowan was chairman of the board; and Gustave E. Wiedenmayer, president.[14] A quarterly dividend of 45 cents per share was declared for the period ending December 31st. This represented the 417th dividend paid by the bank since it was established in 1804.[15] On October 1, 1973, the name was changed again to Midlantic National Bank.
A 1973 advertisement for Midlantic Banks Inc.
A 1973 advertisement for Midlantic Banks Inc. with its headquarters at 744 Broad Street, Newark.

In January 1973, Midlantic Banks Inc., New Jersey's first registered bank holding company, reported assets of approximately $1.6 billion. The holding company's seven member banks operated 77 offices in nine counties and a branch office in Nassau, The Bahamas. Lead bank and sponsor of Midlantic was National Newark & Essex Bank, Newark, New Jersey. Affiliated banks had total deposits in excess of $1,375 billion, an increase of 10% during the past year. The past year was one of significant growth for Midlantic Banks which increased total assets by over $600 million and offices from 49 to 77. This was accomplished through the acquisition of Madison National Bank in Morris County and Citizens National Bank in Bergen county, the establishment of Midlantic National Bank in Morris, and the acquisition of Colonial National Bank in Camden and Gloucester counties through consolidation with Elmer Bank & Trust Co. of Salem County, one of the four original banks in the Midlantic System. The original members besides Elmer were National Newark & Essex Bank, Sussex & Merchants National Bank serving Sussex County, and Raritan Valley National Bank in Middlesex County. Ralph E. Slater was president of the Sussex and Merchants National Bank. Gustave E. Wiedenmayer was chairman of the board of Midlantic; Theon L. March was chairman of the board, National Newark & Essex Bank; and Robert Van Buren was president, of National Newark & Essex Bank.[16]

On December 4, 1987, Midlantic National Bank/Sussex & Merchants, 93 Spring Street Newton, filed an application to merge under the charter of Midlantic National Bank with the title of Midlantic National Bank in Newark, New Jersey.[17] The merger was effective on April 1, 1987.

Between 1991 and 1996, PNC purchased more than ten smaller banks and financial institutions, including the $30 billion dollar merger of Midlantic Bank of Edison New Jersey in 1996, that at the time, was one-third the size of PNC.

Official Bank Titles

1: The Sussex National Bank of Newton, NJ

2: The Sussex and Merchants National Bank of Newton, NJ (1/2/1925)

Bank Note Types Issued

Original Series $10 bank note
Original Series $10 bank note with a blue treasury SN and a pen signature of Theo. Morford, Cashier. Courtesy of Lyn Knight Auctions, www.lynknight.com
1882 Brown Back $10 bank note
1882 Brown Back $10 bank note with pen signatures of L.M. Morford, Assistant Cashier and David R. Hull, President. Courtesy of Heritage Auctions, www.ha.com
1902 Red Seal $10 bank note
1902 Red Seal $10 bank note with pen signatures of L.M. Morford, Cashier and Theo. Morford, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $20 bank note
1902 Plain Back $20 bank note with stamped signatures of John P. Dalton, Cashier and Henry T. Kays, President. Courtesy of the NBNCensus.com
1929 Type 2 $5 bank note
1929 Type 2 $5 bank note with printed signatures of Frank B. Boss, Cashier and Henry T. Kays, President. Courtesy of Heritage Auctions, www.ha.com

A total of $6,774,680 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 634,641 notes (478,346 large size and 156,295 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 - 4300
1: Original Series 3x10-20 1 - 3090
1: Original Series 50-100 1 - 544
1: Series 1875 4x5 1 - 2750
1: Series 1875 3x10-20 1 - 5021
1: Series 1875 50-100 1 - 135
1: 1882 Brown Back 4x5 1 - 15277
1: 1882 Brown Back 3x10-20 1 - 19108
1: 1902 Red Seal 3x10-20 1 - 7700
1: 1902 Date Back 3x10-20 1 - 19690
1: 1902 Plain Back 3x10-20 19691 - 42290
2: 1902 Plain Back 3x10-20 1 - 19711
2: 1929 Type 1 6x5 1 - 6160
2: 1929 Type 1 6x10 1 - 7828
2: 1929 Type 1 6x20 1 - 2874
2: 1929 Type 2 5 1 - 35308
2: 1929 Type 2 10 1 - 19191
2: 1929 Type 2 20 1 - 624

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Newton, 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
  1. ↑ The Village Herald and Weekly Advertiser, Woodbury, NJ, Wed., Dec. 31, 1828.
  2. ↑ Monmouth Democrat, Freehold, NJ, Thu., May 4, 1865.
  3. ↑ The Sun, New York, NY, Mon., Jan. 21, 1895.
  4. ↑ Passaic Daily News, Passaic, NJ, Tue., Sep. 8, 1896.
  5. ↑ Long Branch Record, Long Branch, NJ, Fri., May 17, 1901.
  6. ↑ The Morris County Chronicle, Morristown, NJ, Fri., Oct. 31, 1902.
  7. ↑ The News of Cumberland County, Bridgeton, NJ, Sat., May 15, 1920.
  8. ↑ The Courier-News, Bridgewater, NJ, Sat., Jan. 3, 1925.
  9. ↑ The Chatham Press, Chatham, NJ, Sat., Feb. 13, 1926.
  10. ↑ The Montclair Times, Montclair, NJ, Wed., Mar. 3, 1926.
  11. ↑ The Montclair Times, Montclair, NJ, Sat., Jan. 16, 1926.
  12. ↑ The Morning Call, Paterson, NJ, Thu., Jan. 20, 1949.
  13. ↑ Ridgewood Herald-News, Ridgewood, NJ, Thu., Dec. 2, 1965.
  14. ↑ The Star-Ledger, Newark, NJ, Wed., Jan. 5, 1966.
  15. ↑ The Montclair Times, Montclair, NJ, Thu., Dec. 8, 1866.
  16. ↑ The Star-Ledger, Newark, NJ, Sun., Jan. 28, 1973.
  17. ↑ The Star-Ledger, Newark, NJ, Sun., Jan. 3, 1988.
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