American Exchange NB in Saint Louis, MO (Charter 13726)

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American Exchange National Bank, South Kingshighway Boulevard and Gravois Avenue, ca1945
American Exchange National Bank, South Kingshighway Boulevard and Gravois Avenue, ca1945. Courtesy of the Missouri History Museum, N31042

American Exchange NB in Saint Louis, MO (Chartered 1933 - Open past 1935)

Town History

St. Louis is the second-largest city in Missouri. It sits near the confluence of the Mississippi and the Missouri Rivers. In 2020, the city proper had a population of 301,578, while the bi-state metropolitan area, which extends into Illinois, had an estimated population of over 2.8 million, making it the largest metropolitan area in Missouri and the second-largest in Illinois.

The founding of St. Louis was preceded by a trading business between Gilbert Antoine de St. Maxent and Pierre Laclède Liguest in the fall of 1763. St. Maxent invested in a Mississippi River expedition led by Laclède, who searched for a location to base the company's fur trading operations. Though Ste. Genevieve was already established as a trading center, he sought a place less prone to flooding. He found an elevated area overlooking the flood plain of the Mississippi River, not far south from its confluence with the Missouri and Illinois rivers. In addition to having an advantageous natural drainage system, there were nearby forested areas to supply timber and grasslands which could easily be converted for agricultural purposes. This place, declared Laclède, “might become, hereafter, one of the finest cities in America.” He dispatched his 14-year-old stepson, Auguste Chouteau, to the site, with the support of 30 settlers in February 1764. Laclède arrived at the future town site two months later and produced a plan for St. Louis based on the New Orleans street plan. The default block size was 240 by 300 feet, with just three long avenues running parallel to the west bank of the Mississippi. He established a public corridor of 300 feet fronting the river, but later this area was released for private development.

St. Louis was transferred to the French First Republic in 1800 (although all of the colonial lands continued to be administered by Spanish officials), then sold by the French to the U.S. in 1803 as part of the Louisiana Purchase. St. Louis became the capital of, and gateway to, the new territory. Shortly after the official transfer of authority was made, the Lewis and Clark Expedition was commissioned by President Thomas Jefferson. The expedition departed from St. Louis in May 1804 along the Missouri River to explore the vast territory.

St. Louis became a major port on the Mississippi River and from 1870 until the 1920 census, it was the fourth-largest city in the country. It separated from St. Louis County in 1877, becoming an independent city and limiting its political boundaries. In 1904, it hosted the Louisiana Purchase Exposition and the Summer Olympics.

Saint Louis had 42 National Banks chartered during the Bank Note Era, and 37 of those banks issued National Bank Notes.

Bank History

Advertisement for the Anniversary Open House of the American National Bank, March 28-April 1, 1960
Advertisement for the Anniversary Open House of the American National Bank, March 28-April 1, 1960.

On Wednesday, July 12, 1933, the reorganized American Exchange National Bank in Saint Louis opened with 80% of general deposits or about $1,300,000 available. The opening of the bank was made possible through sale of stock for $333,000.[1]

On Tuesday, January 9, 1934, eight directors were elected at a meeting of stockholders. The directorate was composed of Oliver G. Chapman, license collector, Edmond Koeln, city collector, Herman Moellenhoff, Jr., Armin Pfeisterer, Louis Schimmer, Ernest G. Speh, Dr. J. Andrew Youngman, and Paul F. Zacher. The majority of the board members were on the directorate of the old American Exchange National Bank. Two new directors were added, Moellenhoff and Pfisterer. Pfisterer was conservator of the old institution.[2]

At midnight, March 3, 1935, Edmond Koeln relinquished the duties of St. Louis Collector of Revenue after 26 years of continuous service. He was one of the most influential and picturesque figures that stalked the political horizon during the last quarter century. Koeln was born September 10, 1866 at 8300 Vulcan Street, a section of Carondelet then called “The Patch.” He always lived in this locality and derived the bulk of his support from the South Side. Sometimes he had been called facetiously the “Mayor of Carondelet.” At 15 he went to work repairing and rebuilding steamboats. He was a rougher in steel mills, built bridges in the South, worked in steel foundries of Chicago and held a card in the Amalgamated Association of Iron, Steel and Tinplate Workers. He became interested in politics and would establish an impressive resume with the Republican Party, including convention delegate in 1908, 1912, and 1928. Koeln organized the American Exchange National Bank, Gravois Avenue and Kingshighway Boulevard, in 1924, and became its president. The bank did not reopen following the national banking holiday of 1933 but had since paid 100% to depositors and stockholders who received back a considerable portion of their investment. Koeln was president of the reorganized American Exchange National. He had never received a salary from either bank. The retiring Collector was also president of the Mississippi Sand and Gravel Company. He was one of the pioneers of the movie industry in St. Louis, having established with Otto Stifel, Leo Rassieur and William Sievers the old Grand Central Theater in 1907 on the northeast corner of Sixth and Market streets. With profits from this enterprise, the group built the New Grand Central Theater on Grand Boulevard. The house was considered then the finest motion picture theater in the world. They sold the property to the Skouras Brothers in 1917 for $350,000.[3]

In October 1958, the American National Bank in St. Louis, at Kingshighway and Gravois, reported plans for a $500,000 expansion and modernization program that would encompass a city block. Initial work of clearing the ground for construction had already begun according to bank president Philip F. Lichtenstein. The project marked the second major expansion in less than 10 years for the south St. Louis bank which was founded in 1924. "Ours is one of five national banks serving St. Louis and not too many years ago was the smallest neighborhood bank in the city," Lichtenstein said. Prior to World War II, assets were just over $3,000,000, while current total assets were approximately $30,000,000. Plans, developed by Bank Building and Equipment Corporation of America were for the partial remodeling of a one-story section of the bank and construction of a new one-story wing at the north end of the existing building. The site of the new building was occupied by a restaurant and grill. The new structure would include a full basement and would provide more than 12,800 square feet of floor space. Features included an enlarged lobby and bookkeeping space, a new officers area, drive-up and walk-up windows, an expanded installment credit department and new safe deposit facilities with more than 5,000 additional safe deposit boxes. The building would have curtain-wall construction of plate glass and porcelain-enameled panels. Slim granite columns would separate the panels. Solid wall areas would be of limestone block set in a vertical pattern. The bank also planned to reface the entire front of its original two-story building in a similar limestone-block pattern to conform with the one-story addition. Along the north wall of the new wing, a driveway would lead from Kingshighway to three new drive-up windows. The driveway wall would be of stacked Norman face brick, accented by several large, fixed windows. Drive-in teller stations would be staggered and at different levels along a graded driveway which would also be equipped with electric snow-melting coils. Twin walk-up windows at the northeast corner of the new wing will serve pedestrians, allowing banking transactions to be made from the sidewalks without entering the bank. A 100-car, off-street, lighted parking lot would extend from the north wing along Kingshighway.[4]

The week of March 28th, 1960, the American National Bank held its Anniversary Open House to show off its many new features that began 18 months earlier as part of its major expansion and modernization program. The board of directors consisted of Jesse E. Bishop, attorney; Martin E. Connelly, Lawton-Byrne-Bruner Insurance Agency; Edward W. Krite, vice president; David B. Lichtenstein, Key Advertising, Inc.; Philip F. Lichtenstein, president; Ray F. McCarthy, Blue Shield; Fred P. Rapp, Fred P. Rapp Realty Co.; Carl C. Sciuto, Stile-Craft manufacturers, Inc.; John W. Snider, Peat, Marwick, Mitchell & Co.; and Lyle S. Woodcock, Liberty Loan Corp. Earlier in January, the American National Bank, Brentwood Bank, and City Bank announced the creation of a new, independent banking alliance to meet the challenge of bank automation. The completion of the American National Bank's modernization program gave the ABC banks three of the finest banking facilities in St. Louis. Brentwood Bank was located at 1401 S. Brentwood Boulevard and City Bank was at One North Euclid.[5]

Thomas H. Schuetz Exchange, an old-time general store was located on the corner of Kingshighway and Gravois.  According to legend, Ulysses S. Grant stopped to have his hair cut and to buy provisions for his cabin home just west of St. Louis.  A sketch of Schuetz's store may be seen as part of the Missouri Historical Society's collection of photos of the American Exchange National Bank's interior.

In December 1982, shareholders of City Bank and American National Bank approved the banks' acquisition by Charter Corp of Kansas City, Missouri. Charter had assets of $2.1 billion on September 30th and would issue about $6.2 million worth of stock to obtain the American National. The Federal Reserve Board had already approved the deals.[6] Philip F. Lichtenstein was one of the four founders of ABC Banks which subsequently sold out to CharterCorp.[7] Boatmen's National Bank acquired CharterCorp in 1985.[8]

Official Bank Title(s)

1: The American Exchange National Bank in St. Louis, MO

Bank Note Types Issued

1929 Type 2 $5 bank note with printed signatures of Paul F. Zacher, Cashier and Edmond Koeln, President
1929 Type 2 $5 bank note with printed signatures of Paul F. Zacher, Cashier and Edmond Koeln, President. Courtesy of Heritage Auctions, www.ha.com

A total of $183,520 in National Bank Notes was issued by this bank between 1933 and 1935. This consisted of a total of 24,794 notes (No large size and 24,794 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 - 16698
1929 Type 2 10 1 - 6189
1929 Type 2 20 1 - 1907

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 Louis, MO, 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
  • Interiors of the American Exchange National Bank ca1950s. Seven photos, accessed Feb. 26, 2024.
  1. St. Louis Post-Dispatch, St. Louis, MO, Wed., July 12, 1933.
  2. St. Louis Globe-Democrat, St. Louis, MO, Wed., Jan. 10, 1934.
  3. St. Louis Globe-Democrat, St. Louis, MO, Sun., Mar. 3, 1935.
  4. St. Louis Post-Dispatch, St. Louis, MO, Sun., Oct. 19, 1958.
  5. St. Louis Globe-Democrat, St. Louis, MO, Wed., Mar. 30, 1960.
  6. St. Louis Post-Dispatch, St. Louis, MO, Dec. 21, 1982.
  7. St. Louis Post-Dispatch, St. Louis, MO, Wed., Feb. 13, 1985.
  8. The Kansas City Star, Kansas City, MO, Sun., Aug. 25, 1985.