Watertown National Bank, Watertown, NY (Charter 2657)

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Watertown National Bank Building ca1960s, Washington & Stone Streets, Watertown, New York. At left, statue of Governor Roswell P. Flower
Watertown National Bank Building ca1960s, Washington & Stone Streets, Watertown, New York. At left, statue of Governor Roswell P. Flower. Courtesy of the Library of Congress

Watertown National Bank, Watertown, NY (Chartered 1882 - Open past 1935)

Town History

Key Bank at 200 Washington Street, Watertown, NY, ca2023. This was the location of the Watertown National Bank and later the National Bank of Northern New York
Key Bank at 200 Washington Street, Watertown, NY, ca2023. This was the location of the Watertown National Bank and later the National Bank of Northern New York. Courtesy of Google Maps

Watertown is a city in, and the county seat of, Jefferson County, New York. It is approximately 25 miles south of the Thousand Islands, along the Black River about 5 miles east of where it flows into Lake Ontario. The city is bordered by the town of Watertown to the south, east, and west, and is served by the Watertown International Airport and the Watertown Daily Times newspaper. In the middle of Watertown lies the Public Square Historic District, which was built in 1805 and listed on the National Register of Historic Places (NRHP) in 1984. Watertown is located 13 miles southwest of the U.S. Army base at Fort Drum; it is the service and shopping destination for personnel there and their families. As of the 2020 United States Census, the city has 24,685 residents, making it the largest city in the North Country.

The area was first surveyed in 1795, and was settled in March 1800 due to the abundant hydropower the Black River provided. The city was designated as the county seat of Jefferson County when it was split off from Oneida County in 1805. Watertown was incorporated as a village in 1816, and became a city in 1869. By then, it was booming as an industrial center for Upstate New York. By the early 20th century the city was said to have more millionaires per capita than any other city in the nation. During the mid 1960s, Chicago attracted many of the younger residents from the area along with their businesses, leading to the demolition of many historic buildings and a steady decline in population. By 2000, the city had lost over 7,000 residents.

The city serves as the commercial and financial center for the North Country. Located 30 miles from the Canadian border, shopping by Canadian visitors is important to Watertown's economy. The city also receives numerous tourists and summer residents. Watertown, South Dakota, was named in the city's honor.

Watertown had seven National Banks chartered during the Bank Note Era, and all seven of those banks issued National Bank Notes.

Bank History

On April 12, 1882, the comptroller of the currency authorized the Watertown National Bank with capital of $100,000 to begin business.[1]

On September 1, 1897, State Senator Joseph Mullin of Watertown, New York was found dead in his room at the University Club, Madison Avenue and 26th Street, New York City. Senator Mullin was born in Watertown, May 29, 1848 and received excellent scientific training at the Troy Polytechnic Institute. He began the study of law and was admitted to practice in 1869. His law partner was Daniel G. Griffin, a distinguised Watertown lawyer who was the "Gold" Democratic candidate for Governor. He was elected as Senator in 1891, his only representative service having been as delegate the the National Republican Convention in 1888. He was an intimate friend and business associate of former Governor Roswell P. Flower, and largely identified with railroad interests in the state. He was a director in the Watertown National Bank; Farmers National Bank of Adams, New York, Ontario Paper Co., and Watertown Street Railway Co. Senator Mullin was elected again in 1895 and was chairman of the Senate Finance Committee.[2]

On July 10, 1916, workmen started the installation of a large clock outside the Watertown National Bank. The clock had three faces and could be read from Court, Washington Street and Public Square. The clock weighed between 700 and 800 pounds and work was expected to take ten days. A master clock inside the bank controlled the outside clock. There was no chime attachment.[3]

In September 1963, stockholders of the Watertown National Bank and the Massena Banking & Trust Co. voted in favor of a merger of the two banks, subject to approval by the comptroller of the currency. The merged bank would be called the National Bank of Northern New York and would have total deposits of $48 million.[4] The Massena Bank was founded in 1884, then known as the Massena Banking Company. Brainard C. Rushlow, president of the Watertown National bank and of the new National Bank of Northern New York said all the employees of the Massena bank would be retained. Oral S. Helmer, president of the Massena Bank would become a vice president and director of the new bank and remain in charge of the Massena operation. B.J. Cleary, vice president at Massena, also was named to the board of the new institution. The combined institution had six offices, the main bank at 200 Washington Street, the Plaza, and North Side offices in Watertown; and offices in Lowville; Croghan; and Massena.[5]

In October 1973, a proposal to merge the First National Bank of Dexter with the National Bank of Northern New York received approval from stockholders of both banks. The Dexter officer of the National Bank of Northern New York would continue with no changes in staff or officers.[6]

Effective, close of business, Friday, January 31, 1975, the First National Bank in Gouverneur merged with the National Bank of Northern New York. Robert D. Hayden was named vice president and manager of the Gouverneur office at a January board of directors meeting and Albert R. Desormeaux and Joseph A. Netto, Sr., of Gouverneur were appointed directors. Glenn A. Cole who served the First National Bank in Gouverneur for 51 1/2 years, would remain with the merged institution as chairman of the advisory committee composed of former directors of the Gouverneur bank.[7]

FDIC history

  • 11/16/1973 Acquired The First National Bank of Dexter (Charter 8463) in Dexter, NY.
  • 01/31/1975 Acquired First National Bank in Gouverneur (Charter 2510) in Gouverneur, NY.
  • 05/27/1977 Acquired The First National Bank of Mexico (Charter 5293) in Mexico, NY.
  • 11/28/1980 Changed Institution Name to Key Bank of Northern New York N.A.
  • 08/13/1982 Changed Institution Name to Key Bank of Northern New York National Association.
  • 08/13/1982 Acquired The Lyons Falls National Bank (Charter 1027) in Lyons Falls, NY.
  • 10/01/1982 Acquired Farmers National Bank of Malone (Charter 598) in Malone, NY.
  • 01/01/1988 Merged and became part of Key Bank of Central New York, National Association (FDIC #27214) in Syracuse, NY.
  • 07/26/1991 Merged and became part of Key Bank of New York, National Association (FDIC #6937) in Albany, NY.
  • 07/26/1991 Changed Institution Name to Key Bank of New York, National Association.
  • 06/17/1992 Changed Institution Name to Key Bank of New York.
  • 01/13/1997 Changed Institution Name to Keybank National Association.
  • 06/30/1997 Merged and became part of KeyBank National Association (FDIC #17534) in Cleveland, OH.
  • 06/30/1997 Merged and became part of KeyBank National Association (FDIC #1254) in Salt Lake City, UT.

Official Bank Title(s)

1: The Watertown National Bank, Watertown, NY

Bank Note Types Issued

Series of 1875 $20 bank note with pen signatures of N.P. Wardwell, Cashier and G.W. Knowlton, President
Series of 1875 $20 bank note with pen signatures of N.P. Wardwell, Cashier and G.W. Knowlton, President. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $5 bank note with stamped signature of W.W. Rice, Cashier and pen signature of S.R. Cleveland, Vice President.
1902 Date Back $5 bank note with stamped signature of W.W. Rice, Cashier and pen signature of S.R. Cleveland, Vice President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note with a 1922 plate date and stamped signatures of R.G. Hannahs, Cashier and G.W. Knowlton, President
1902 Plain Back $5 bank note with a 1922 plate date and stamped signatures of R.G. Hannahs, Cashier and G.W. Knowlton, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 2 $5 bank note with printed signatures of R.A. Van Deusen, Cashier and R.G. Hannahs, President
1929 Type 2 $5 bank note with printed signatures of R.A. Van Deusen, Cashier and R.G. Hannahs, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $4,320,800 in National Bank Notes was issued by this bank between 1882 and 1935. This consisted of a total of 512,227 notes (406,584 large size and 105,643 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
Series 1875 3x10-20 1 - 6307
1902 Red Seal 3x10-20 1 - 7800
1902 Date Back 4x5 1 - 10000
1902 Date Back 3x10-20 1 - 10300
1902 Plain Back 4x5 10001 - 25750 Plate dated 1902
1902 Plain Back 3x10-20 10301 - 20000 Plate dated 1902
1902 Plain Back 4x5 1 - 28200 Plate dated 1922
1902 Plain Back 3x10-20 1 - 13589 Plate dated 1922
1929 Type 1 6x5 1 - 7806
1929 Type 1 6x10 1 - 4078
1929 Type 1 6x20 1 - 1396
1929 Type 2 5 1 - 15320
1929 Type 2 10 1 - 7884
1929 Type 2 20 1 - 2759

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1882 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Watertown, NY, 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
  • Historic American Buildings Survey, Watertown National Bank Building, Washington & Stone Streets, Watertown, Jefferson County, NY. Photograph, retrieved from the Library of Congress.
  1. ↑ The New York Times, New York, NY, Thu., Apr. 13, 1882.
  2. ↑ The Standard Union, Brooklyn, NY, Thu., Sep. 2, 1897.
  3. ↑ Buffalo Courier, Buffalo, NY, Mon., July 10, 1916.
  4. ↑ The Buffalo News, Buffalo, NY, Fri., Sep. 20, 1963.
  5. ↑ The Post-Standard, Syracuse, NY, Tue., Oct. 1, 1963.
  6. ↑ The Post-Standard, Syracuse, NY, Sat., Oct. 13, 1973.
  7. ↑ The Post Standard, Syracuse, NY, Thu., Jan. 30, 1975.
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