Welden National Bank in Saint Albans, VT (Charter 13800)
Welden National Bank in Saint Albans, VT (Chartered 1933 - Open past 1935)
Town History
St. Albans is the county seat of Franklin County, Vermont. At the 2020 census, the city population was 6,877. St. Albans City is surrounded by the town of Saint Albans which is incorporated separately from the city of St. Albans. The city is located in Northwestern Vermont, 29 miles north of Burlington, the state's most populous city which is located in Chittenden County.
One of the New Hampshire grants, St. Albans was chartered by Colonial Governor Benning Wentworth on August 17, 1763, to Stephen Pomeroy and 63 others. Named after St Albans, Hertfordshire, England, it was first settled during the Revolution by Jesse Welden. The war delayed further settlement until 1785, when many others began to arrive. Farmers found the rich, dark loam suitable for cultivation, as well as for the raising of cattle, horses and sheep. Butter and cheese were produced in great quantities. St. Albans also became known as "Railroad City," home to a major depot, operations center and repair shop of the Vermont and Canada Railroad. When the village was incorporated in 1859, it had an iron foundry, a manufacturer of freight cars, and a large number of mechanic shops.
The northernmost engagement of the Civil War, known as the St. Albans Raid, occurred here on October 19, 1864. In 1902, the City of St. Albans was incorporated, comprising two square miles within the town of St. Albans.
Saint Albans had four National Banks chartered during the Bank Note Era, and all four issued National Bank Notes. Saint Albans also had two Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized September 14, 1933
- Chartered October 11, 1933
- Bank was Open past 1935
- Notation on Organization Report: Will succeed 3482, The Welden National Bank of St. Albans, Vermont, now in the hands of a conservator (E.C. Smith)
In August 1933, the Reconstruction Finance Corporation announced purchase of $50,000 worth of preferred stock of the Welden National Bank in St. Albans, contingent upon the sale by the managers of an equal amount of common stock to depositors and the public. The Welden National Bank in St. Albans, Charter No. 13800, would succeed the Welden National Bank of St. Albans, opening on an unrestricted basis on Saturday, October 14th, with E.C. Smith as president.
On Tuesday, January 9, 1934, stockholders elected the following directors: E.C. Smith, Edmund Deschenes, P.E. Sullivan, W.O. Wise, H.H. Powers, and H.E. Raymond. The directors elected E.C. Smith, president; J.W. Redmond, counsel; D.L. McGarey, cashier and secretary; E.B. McGinn, assistant cashier and trust officer. The report of condition of the Welden National Bank in St. Albans at the close of business on December 30, 1933, showed total assets of $1,027,314.04 with loans and discounts $252,326.36, US Government securities $152,937.50, other bonds, stocks and securities $158,575.75, banking house $52,830.88, reserve with Federal Reserve Bank $75,620.17, and Cash in vault and balances with other banks $318,275.58. The bank had capital stock of $100,000 divided into 500 shares of Class A preferred stock and 500 shares of common stock and a surplus of $20,000.
On Tuesday, January 14, 1936, Judge John W. Redmond of Newport was elected president and counsel of the Welden National Bank of St. Albans at a meeting of the directors following the annual stockholders meeting. Judge Redmond succeeded the late former Gov. E.C. Smith as president. Directors elected at the stockholders' meeting were: Edmund Deschenes, P.E. Sullivan, W.O. Wise, H.E. Raymond, J.W. Redmond, C.B. Eastburn and A.W. Peterson. Other officers elected by the directors were: E. Deschenes, managing director; D.L. McGarey, cashier and secretary; E.B. McGinn, assistant cashier and trust officer.
On February 28, 1939, stockholders elected new directors as follows: George L. Loiselle of Swanton, Robert W. Ready and F.S. Bedard, Jr. Other directors were P.E. Sullivan, H.E. Raymond, J.W. Redmond, and C.B. Eastburn. The same officers were re-elected as follows: P.E. Sullivan, president; J.W. Redmond, counsel; D.L. McGarey, cashier; and Edward B. McGinn, assistant cashier and trust officer.
On Feb. 1, 1940, Peoples Trust Co. of St. Albans assumed the deposit liability of the Welden National Bank and bought the Welden Building, which it then occupied. As the character of the business of State and National banks had become practically indistinguishable, the directorates of the two banks decided to merge to reduce operating costs. P.E. Sullivan was president of the Welden National and Edward F. Smith was president of the Peoples Trust Company.
Peoples Trust Company of St. Albans was incorporated by an act of the General Assembly of the state of Vermont on November 18, 1886. The first stockholders meeting was held January 1, 1887 and the first officers were: President, John Gregory Smith; vice president, D.D. Ranlett; treasurer and clerk, John Branch. The first banking rooms were on Maiden Lane in part of the old Welden House. In January 1895, land on Kingman Street was purchased for a bank building and the Prouty Building Co. of Swanton contracted to construct a building and have it ready for occupancy by October 1, 1895. It was considered the most modern bank building in New England at the time. An addition was constructed in 1916. It was voted to deed the land west of the bank building free of charge to the city for a fire station and the gift was accepted by the City Council in October 1898. E.C. Smith was elected president in 1892 and served in that capacity or as chairman of the board until his death in 1935. John Branch Sr., Edward F. Smith and Charles D. Watson, all served as presidents or chairmen of the board. James E. Manahan took office as president on April 1, 1942, served as mayor in 1945, and previously served in the General Assembly from 1937-1941. On November 1, 1947 the Trust Company bought the Vermont Agricultural Credit Corp. and since that time carried on an agricultural loan department.
Official Bank Title(s)
1: The Welden National Bank in St. Albans, VT
Bank Note Types Issued
A total of $70,430 in National Bank Notes was issued by this bank between 1933 and 1935. This consisted of a total of 7,231 notes (No large size and 7,231 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1929 Type 2 5 1 - 2976 1929 Type 2 10 1 - 2955 1929 Type 2 20 1 - 1300
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1933 - 1935):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Saint Albans, VT, 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
- Hardwick Gazette, Hardwick, VT, Thu., Aug. 3, 1933.
- St. Albans Daily Messenger, St. Albans, VT, Wed., Jan. 10, 1934.
- St. Albans Daily Messenger, St. Albans, VT, Fri., Jan. 12, 1934.
- The Burlington Free Press, Burlington, VT, Thu., Jan. 16, 1936.
- The Burlington Free Press, Burlington, VT, Wed., Mar. 1, 1939.
- St. Albans Daily Messenger, St. Albans, VT, Tue., Jan. 30, 1940.
- St. Albans Daily Messenger, St. Albans, VT, Fri., Aug. 9, 1963.