Valley National Bank, Des Moines, IA (Charter 2886)

Postcard of the Valley National Bank and Valley Savings Bank, Des Moines, Iowa, ca 1930s. The combined capital was $800,000. Courtesy of Adam Stroup

Valley National Bank, Des Moines, IA (Chartered 1883 - Liquidated 1933)

Town History

Des Moines is the capital and the most populous city in Iowa. It is also the county seat of Polk County. A small part of the city extends into Warren County. It was incorporated on September 22, 1851, as Fort Des Moines, which was shortened to "Des Moines" in 1857. It is located on, and named after, the Des Moines River, which likely was adapted from the early French name, Rivière des Moines, meaning "River of the Monks". The city's population was 214,133 as of the 2020 census. In 1870, the population was 12,035, growing to 142,559 by 1930.

Des Moines traces its origins to May 1843, when Captain James Allen supervised the construction of a fort on the site where the Des Moines and Raccoon Rivers merge. Allen wanted to use the name Fort Raccoon; however, the U.S. War Department preferred Fort Des Moines.

Des Moines had nine National Banks chartered during the Bank Note Era, and all nine of those banks issued National Bank Notes.

Bank History

• Organized February 6, 1883
• Chartered February 17, 1883
• Succeeded Valley Bank
• Bank was Open past 1935
• Absorbed March 11, 1933 by Valley Savings Bank of Des Moines.
• Valley NB was Liquidated later on Oct 12,1937
• See Banks & Bankers Database Officer Detail page for this bank for additional details.

The Valley Savings Bank of Des Moines with $50,000 capital paid in was organized in 1872 on the partnership principle, each member being individually liable to the full extent of his property. Deposits were received both with and without interest with six per cent interest paid on savings deposits. A general banking business was transacted. Foreign and Domestic Exchange was bought and sold. Collections were made and accounted for at the lowest rates. J.J. Towne, late cashier of the Keystone National Bank of Erie, Pennsylvania, and George M. Hippee, Des Moines, were the managers.

On Tuesday, February 6, 1883, at the parlors of the Valley Bank, arrangements were completed for converting the well-known and solid Valley Bank with 10 years of honorable record as a co-partnership into the Valley National Bank with a capital of $150,000 and with $30,000 of surplus which would enable the bank to begin declaring dividends at the end of the first half year. Mr. J.J. Town, the president elected had long been known as a prudent, careful and successful banker, having organized the Keystone National Bank of Erie and founded the Valley Bank of Des Moines. Mr. W.W. Lyons, the vice president, was owner of the banks at Brooklyn, Colfax and Story City and had ample capital and a stainless business character. Hon. W.D. Lucas, the cashier, started the first bank at Ames and had a fine record as a successful businessman and honored citizen. The remaining directors were Mr. S.B. Tuttle, chairman of the board of supervisors; Mr. J.A. Ankeny, member of Ankeny Bros., the well-known flax-milling firm; Prof. E.W. Stanton of the State Agricultural College; Mr. F.H. Riseley of the Aborn House management; Mr. Charles Weitz, the well-known builder and contractor; and Mr. Jacob Stark of the long-established firm of Comparet & Stark.

The night of February 9, 1864, the successful opening of Colonel Rose's Tunnel resulted in 109 Union officers escaping from Libby Prison. Dug from a dark corner of the cellar of the prison through fifty feet of solid earth, the only tools available were two broken chisels and a wooden spittoon in which to carry out the dirt.  Colonel Rose, 77th Pennsylvania, whose indomitable will and perseverance was credited with the success of the scheme was in 1888 a Captain in the 16th U.S. Infantry and of the fourteen men who assisted him in digging the tunnel, eleven were still living including Captain M.T. Russell and Captain W.D. Lucas of Des Moines.

In July 1895, the officers were J.J. Town, president; C.H. Dilworth, vice president; R.A. Crawford, cashier; and W.E. Barrett, assistant cashier. The bank had capital $200,000, surplus and undivided profits $130,000.

In January 1923, officers were R.A. Crawford, president; C.T. Cole, Jr., and D.S. Chamberlain, vice presidents; W.E. Barrett, cashier; John H. Ginsberg and Clarence M. Cornwell, assistant cashiers. The directors were D.S. Chamberlain, L.E. Harbach, W.T. Tone, R.A. Crawford, H.T. Rollins, W.E. Barrett, Alfred Hammer, C.T. Cole, Jr., P.J. Mills, and O.F. Schee.

Valley National Bank at Walnut at Fourth Street with Capital and Surplus $750,000. Savings accounts were directed to the Valley Savings Bank under the same management with combined resources of $9,000,000.

In January 1933, the officers of the Valley Banks were J.H. Cownie, president; R.A. Crawford, chairman of the board; C.W. Enyart, C.T. Cole, Jr., D.S. Chamberlain, vice presidents; W.E. Barrett, assistant vice president; and Marion D. Woods, cashier, Valley Savings Bank. On Saturday, February 4, 1933, Vincent W. Berney, 42, former teller who pleaded guilty to embezzlement of $3,308 from the Valley National bank was sentenced to three years in the federal prison at Leavenworth, Kansas. Berney who worked two years at the bank entered a guilty plea. On Saturday, March 11, 1933, consolidation of the Valley National Bank with the Valley Savings Bank was voted by directors and stockholders of the two institutions. The Valley Savings bank would assume all deposits of the Valley National Bank and take over sufficient assets of the national bank to cover the liability for the deposits assumed. The Valley Savings Bank would operate under Senate File 111, the new Iowa law for state banks as laid down by the Governor's proclamation. Under the terms of Senate File 111, the state banking department had full control of the bank. New deposits would be held in trust by the bank and could be withdrawn without restriction. Old deposits were subject to the state banking department's control which may or may not allow withdrawals pending reorganization. Officers of the Valley Savings Bank were R.A. Crawford, chairman of the board; J.H. Cownie, president; C.H. Enyart, C.T. Cole, Jr., and Alfred Hammer, vice presidents; and Marion Woods, cashier. These men, Mr. Wood excepted and E.R. Brown, E.W. Brown, D.S. Chamberlain, F.O. Green, F.W. Lehmann, Jr., C.H. Weitz, and W.E. Barrett formed the board of directors.

Officers of the Valley Savings Bank of Des Moines, ca1937

On Wednesday, January 13, 1937, R.A. Crawford, veteran Iowa banker, was elected president of the Valley Savings bank to succeed John H. Cownie. Mr. Crawford was chairman of the board and had been connected with the Valley banks nearly 50 years. He had served as president many years when he retired in favor of Mr. Cownie in January 1932. He was also vice president of the University State Bank. The stockholders at the annual meeting just before the board met abolished the office of chairman of the board. Mr. Cownie was not re-elected to the board, but retained his stock holdings. Mr. Cownie was a director of the Iowa-Des Moines National Bank & Trust Co. and president of the J.H. Cownie Co., manufacturer of gloves. The board was reduced from 13 to 11 members. L.S. (Steve) Hill, Des Moines postmaster, was elected to the board as a new member while, in addition to Mr. Cownie, Marion D. Woods and W.E. Barrett were retired from the board. Re-elected directors were Mr. Crawford, Mr. Cole, John N. Hughes, Arthur S. Kirk, F.W. Lehmann, Jr., George Mahnke, H.A. Metcalfe, Hans Pauli, J.E. Tone, and Allen Whitfield. Mr. Crawford came to Iowa in the pioneer days and originally operated a general store and post office at Altoona, Iowa. He became affiliated with the Valley National Bank during the 1890s when it was located at Fourth Street and Court Avenue.

Statement of Condition for the Valley Savings Bank of Des Moines, as of September 24, 1941.

In January 1938, Frederick M. Morrison was elected president of the Valley Savings Bank. Mr. Morrison was bank examiner of the Peoples State Bank and banks in Nichols, Downey and Atalissa. He had been in the banking business in Iowa for 21 years, going to the Des Moines bank in March 1937 as executive vice president. He succeeded the late C.T. Cole, Jr. as president.

In September 1941, the officers were Frederick M. Morrison, president; Winfield W. Scott, vice president; J.R. Astley, cashier; Edward P. Kautzky, assistant vice president; and Frank M. Thompson, assistant cashier. The directors were Robert A. Brown, Walter P. Davis, Lucius W. Fitch, Harold J. Howe, Arthur S. Kirk, George Mahnke, Frederick M. Morrison, Winfield W. Scott, J.E. Tone, and Allen Whitfield. The bank had total resources of $6,942,729.87.

In January 1946, The Valley Savings Bank re-elected its officers and voted a change in its name. The bank's new name was The Valley Bank & Trust Co., one more descriptive of the financial services offered. The directors re-elected were Robert A. Brown, Walter P. Davis, Lucius W. Fitch, Arthur S. Kirk, George Mahnke, J.E. Tone, Allen Whitfield, Frederick M. Morrison and Winfield W. Scott. The officers were Frederick M. Morrison, president; Winfield W. Scott, senior vice president; J.R. Astley, Edward P. Kautzky, and Roy Huber, vice presidents; Frank M. Thompson, cashier; Ray Thompson, Carl W. Altman, and George W. Gill, assistant cashiers. The Iowa district of the Veterans Administration announced the purchase of the 10-story Valley Bank building in Des Moines for $602,000. All regional offices with the exception of the hospital facilities would be moved to the new location. The VA would take over the entire building except the first floor which was retained by the Valley Bank and Trust Company.

In June 1991, the Valley Bank, the oldest continuous name in Polk County banking ceased to exist after 119 years of doing business in downtown Des Moines. Effective June 3rd, the new name of Valley National Bank was Firstar Bank of Des Moines. Valley and the 11 other banks that made up the former Banks of Iowa Inc. chain were being rebranded with the name of their new corporate parent, Firstar Corp., a Milwaukee holding company that acquired the $2.6 billion Iowa chain in April. In addition to Valley which was founded in 1872, the name conversion also affected Council Bluffs Savings Bank which held the oldest continuous bank charter in Iowa dating from 1856; and 110 year old Merchants National Bank in Cedar Rapids, Iowa's third largest bank. In recent years, Banks of Iowa had remained alone among the major bank holding companies in the state in not branding its banks with a single corporate name. Norwest Corp. of Minneapolis renamed its banks nine years earlier.

The Valley Bank that became Firstar Bank of Des Moines was two banks with a similar name. Valley Savings Bank was organized in 1872 by pioneer bankers George M. Hippee and John J. Town at the northwest corner of Third Street and Court Avenue; Valley National Bank was incorporated 11 years later. For years both banks operated from the same locations, initially at Fourth Street and Court Avenue and later at Walnut and Fourth Streets, with essentially the same stockholders. Only Valley Savings Bank survived the Bank Holiday declared by President Roosevelt on March 6, 1933. Later that year the failed national bank was folded into the savings bank amid a storm of controversy and the surviving institution didn't complete paying off customers of both banks at 100 cents on the dollar until four years later. That was one month after R.A. Crawford had died. He had declared in his will that if necessary, the final repayments should come from his estate, but officials at the time said that was not required. The Valley Savings Bank changed its name to Valley Bank & Trust Company in 1946 and in 1975 the name was changed again, resurrecting the Valley National Bank name.

Official Bank Title(s)

1: The Valley National Bank of Des Moines, IA

Bank Note Types Issued

1882 Brown Back $10 bank note with pen signatures of R.A. Crawford, Cashier and C.H. Dillworth, Vice President. Courtesy of the Heritage Auctions, www.ha.com

1902 Red Seal $5 bank note with SN 2 and pen signatures of W.E. Barrett, Cashier and R.A. Crawford, President. This is a replacement note. Courtesy of the NBNCensus.com

1902 Plain Back $20 bank note with engraved signatures of W.E. Barrett, Cashier and R.A. Crawford, President. Courtesy of the Heritage Auctions, www.ha.com

1929 Type 1 $20 bank note with printed signatures of W.E. Barrett, Cashier and R.A. Crawford, President. Courtesy of Heritage Auctions, www.ha.com

A total of $4,839,340 in National Bank Notes was issued by this bank between 1883 and 1933. This consisted of a total of 584,714 notes (542,480 large size and 42,234 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	4x5	1 - 3375
1882 Brown Back	3x10-20	1 - 10539
1902 Red Seal	4x5	1 - 8500
1902 Red Seal	3x10-20	1 - 7400
1902 Date Back	4x5	1 - 17250
1902 Date Back	3x10-20	1 - 13000
1902 Plain Back	4x5	17251 - 63862	The IJKL plate with engraved signatures was approved May 28, 1924
1902 Plain Back	3x10-20	13001 - 41944	The GHIC plate was altered to add engraved signatures and approved May 28, 1924
1929 Type 1	6x5	1 - 4347
1929 Type 1	6x10	1 - 2050
1929 Type 1	6x20	1 - 642

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1883 - 1933):

Presidents:

• John J. Town, 1883-1898
• Nicholas William Johnson, 1899-1900
• Robert A. Crawford, 1901-1931
• John Henry Cownie, 1932-1933

Cashiers:

• William Dennis Lucas, 1883-1891
• Miles McInnes Crookshank, 1892-1892
• Robert A. Crawford, 1893-1900
• William Edwin Barrett, 1901-1931
• Charles Thomas Cole, Jr., 1931-1933

Other Known Bank Note Signers

• Clarence Mae Cornwell (Asst Cashier 1929...1931)
• Charles Henry Dillworth (VP 1895...1903)
• Allen Roy Thompson (VP 1929)

Bank Note History Links

• Valley National Bank, Des Moines, IA History (NB Lookup)
• Iowa Bank Note History (BNH Wiki)

Sources

• Des Moines, IA, 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