Union National Bank, Richmond, IN (Charter 3413)

Richmond, Indiana, banks in 1928. The Union National Bank at its Eight and Main Street location is in the upper left corner.

Union National Bank, Richmond, IN (Chartered 1885 - Liquidated 1928)

Town History

On Saturday, Jan 1, 1887, the new City Hall was formally dedicated. It had a frontage on North Fifth Street, running back to a depth of 70 feet. The tower was 115 feet above the street. The cornerstone was placed in the southwest corner adjacent to the northwest end of the Union National Bank building. A box was sealed up in the cornerstone and it included documents related to the old Richmond National Bank and lists of officers, directors, stockholders, and forms of commercial paper from all the Richmond banks. The contractor was Thomas H. Harrison and the architect was John A. Hasecoster.

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 November 13, 1885
• Chartered November 21, 1885
• Liquidated July 2, 1928
• Absorbed by 1988 (Second National Bank, Richmond, IN)

On May 20, 1885, the sale of real estate belonging to the Richmond National Bank came off at auction at the court-house this morning at 10 o'clock. Col. W.T. Dennis acted as auctioneer in his usual excellent style. The only parcel of particular interest was the bank building. The building was put up. There was quite a crowd present. Among the bidders were the city council committee, C.C. Binkley, James Stephens, Jesse Cates, David Lovett. Soon all dropped out but Cates and the committee. The latter bid $9,300, Cates raised one, to $9,400, they went to $9,500, he made it $9,600 and got it. Mr. Lovett was president of the Citizens National Bank of Greensburg and wanted to get up a strong stock company and start a new bank, but he bid S8,000 and quit. Mr. Cates haggled it up to $9,600, his last bids were a hundred at a time, and didn't seem overly pleased to get it. There was talk that the Centreville bank wanted to come to Richmond, and wanted the building for that purpose; also, that Mr. Cates wanted it to start a bank of his own. The Item asked him about it. Now, Mr. Cates hasn't liked the Item very well for about four years. Said he, in response to the question, "If I can't get money enough to start one of my own, I will," and immediately went dumb as an oyster.

In October 1885, George Cates said about 3/4 of the proposed $100,000 stock was subscribed and that the opening of the new bank in Richmond was dependent on the rapidity of the success in liquidating the First National Bank at Centreville. The name of the bank was also an uncertainty as the Citizens, the Commercial, and the Third National were under consideration with the latter most in favor. On Wednesday, November 4, 1885, the stockholders met in the bank building on the corner of Main and Fifth Streets, the old location of the defunct Richmond National Bank, and perfected their organization. The name of The Union National Bank of Richmond was adopted for the new bank to take the place of the old Richmond National Bank. The stockholders were Jos. C. Ratliff, Allen M. Harris, Jonathan Roberts, Eli Roberts, Henry S. Roberts, Joseph W. Gilbert, Joseph A. Knabe, Geo. W. Stevenson, M.C. Henley, and Jonathan Baldwin, all of Richmond; John K. Jones, George L. Cates, Mary S. Snyder, and Phillip Jenkins, all of Centreville; Jesse Cates, and Oliver G. Davis of Williamsburg; Alex. Cheesman of Olive Hill; and Daniel W. Harris of Greens Fork. At the meeting, Jesse Cates, John K. Jones, George W. Stevenson, Jonathan Baldwin, O.G. Davis, Eli Roberts, M.C. Henley, Joseph C. Ratliff and D.W. Harris were elected directors. The directors proceeded to elect Jesse Cates, president; Joseph C. Ratliff, vice president; John K. Jones; cashier; and George Cates, assistant cashier.

In December 1885, among the real estate transfers in Richmond were the following:  Augustus D. Lynch, receiver of the Richmond National Bank, by authority of the U.S. Comptroller of the Currency, to Jesse Cates, the Richmond National Bank building at the northeast corner of Fifth and Main Streets; $9,600. Jesse Cates and wife to the Union National Bank, the old Richmond National bank property; $10,000.

In January 1887, the directors were Jesse Cates, Jonathan Baldwin, M.C. Henley, J.C. Ratliff, O.G. Davis, G.W. Stephenson, Allen Jay, D.W. Harris, and J.K. Jones. The officers were Jesse Cates, president; J.C. Ratliff, vice president; J.K. Jones, cashier; and George Cates, assistant cashier. In December 1887, the Union National Bank secured the corner room in the new Kelly building in Richmond located on the southeast corner of Eighth and Main.

The safe of the Union National Bank was made in 1867 by the Hall Safe and Lock Company to be sent to the World's Exposition at Paris. After being made it was found impossible to get it to Paris. Charles F. Coffin of the Richmond National Bank bought it for $1,400, though the price was originally $10,000. Because of its size, no one would buy it having no use for it.

In March 1895, the officers were Jesse Cates, president; Macajah Henley, vice president; Geo. L. Cates, cashier; and Ed. H. Cates, assistant cashier. The bank had paid in capital of $100,000.

In February 1902, the Union National secured a ten-year lease on their room in the Kelley block, Eighth and Main Streets. A week ago the bank was given notice to vacate the room. Mr. Kelley served the notice because he understood that some of the bank's officers had not supported him in his race for county commissioner. The matter was adjusted satisfactorily and the bank would remain where it was.

In January 1912, on change was made in the directorate of the Union National Bank. Daniel G. Reid of New York was retired and H.J. Hanes named in his place. The directors were: Micajah C. Henley, Elgar G. Hibberd, Elwood McGuire, Charles A. McGuire, William D. Loehr, Irving M. Ridenour, H.J. Hanes, H.H. Cates, George L. Cates. The same officers were re-elected. They were George L. Cates, president; M.C. Henley, vice president; and Edwin H. Cates, cashier.

In January 1920, all the officers and directors of the Union National were re-elected. The directors were M.C. Henley, E.G. Hibberd, C.A. McGuire, E.W. McGuire, George W. hart, George L. Cates, E.H. Cates, W.D. Loehr, and H.J. Hanes. The officers were George L. cates, president; M.C. Henley and E.H. Cates, vice presidents; H.J. Hanes, cashier and Henry J. Koehring, assistant cashier. In February 1920, unable to arrange a lease, the Union National bought the interest of the other owner and now owned the entire building.

In January 1928, the officers elected were G.L. Cates, president; Charles McGuire, vice president; Hugh Miller, vice president and cashier. Members of the board of directors included George L. Cates, Dudley Cates, Elwood McGuire, Charles A. McGuire, Elbert G. Hibberd, George R. Hart, William D. Loehr, Atwood L. Jenkins, Hugh E. Miller, and Harry E. Thornburgh.

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.

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. The Centerville National bank was organized in 1864 by Oliver Jones and associates and did a thriving business for many years. Soon after the death of Mr. Jones in 1874 control of the bank passed into the hands of Jesse Cates and associates. They operated the bank until 1884 when they liquidated it and took out a charter for the Union National Bank of Richmond. The new concern began business in the old Coffin Bank building at Fifth and Main streets and after a few years moved to its present quarters at Main and Eighth streets. John K. Jones, son of Oliver Jones, was cashier for many years. When he retired George L. Cates became cashier and he succeeded to the presidency on the death of his father.

In October 1933, the contract for wrecking the Union National Bank building, Eighth and Main Streets, was awarded to the Shartzel Wrecking Company, Dayton, Ohio. The contract called for clearing the site by November 11th, work of constructing a modern two-story merchandising building to start following that date. O.G. Wood, superintendent of the construction department of S.S. Kresge Corporation, owners of the lease on the property, said the store would be opened the first week in February.

On March 24, 1934, many persons crowded the aisles of the new Kresge store. A feature was the soda fountain and lunch counter with food preparation in a modern kitchen located in the store.

Official Bank Title

1: The Union National Bank of Richmond, IN

Bank Note Types Issued

1902 Plain Back $100 bank note with stamped signatures of Hugh V. Miller, Cashier and George L. Cates, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,042,500 in National Bank Notes was issued by this bank between 1885 and 1928. This consisted of a total of 31,056 notes (31,056 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1882 Brown Back	3x10-20	1 - 4755
1902 Red Seal	50-100	1 - 1000
1902 Date Back	50-100	1 - 1100
1902 Date Back	3x50-100	1 - 1660
1902 Plain Back	3x50-100	1661 - 1959

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1885 - 1928):

Presidents:

• Jesse Cates, 1886-1901
• George L. Cates, 1902-1927

Cashiers:

• John K. Jones, 1886-1892
• George L. Cates, 1893-1901
• Edwin H. Cates, 1902-1909
• Harry Jacob "Jake" Hanes, 1910-1921
• Henry John Koehring, 1922-1922
• Hugh Van Nuys Miller, 1923-1927

Other Known Bank Note Signers

• No other known bank note signers for this bank

Bank Note History Links

• Union National Bank, Richmond, IN History (NB Lookup)
• Indiana Bank Note History (BNH Wiki)

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