Bank of California, NA, San Francisco, CA (Charter 9655)
Bank of California, NA, San Francisco, CA (Chartered 1910 - Closed (Merger) 1987)
Town History
San Francisco, officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous city in California, with 808,437 residents, and the 17th most populous city in the United States as of 2022.
San Francisco was founded on June 29, 1776, when settlers from New Spain established the Presidio of San Francisco at the Golden Gate, and the Mission San Francisco de Asís a few miles away, both named for Francis of Assisi. The California Gold Rush of 1849 brought rapid growth, transforming an unimportant hamlet into a busy port, making it the largest city on the West Coast at the time; between 1870 and 1900, approximately one quarter of California's population resided in the city proper. In 1856, San Francisco became a consolidated city-county. After three-quarters of the city was destroyed by the 1906 earthquake and fire, it was quickly rebuilt, hosting the Panama-Pacific International Exposition nine years later.
San Francisco and the surrounding San Francisco Bay Area are a global center of economic activity and the arts and sciences, spurred by leading universities, high-tech, healthcare, finance, insurance, real estate, and professional services sectors. As of 2020, the metropolitan area, with 6.7 million residents, ranked 5th by GDP ($874 billion) and 2nd by GDP per capita ($131,082), ahead of global cities like Paris, London, and Singapore.
San Francisco had 21 National Banks chartered during the Bank Note Era, and all 21 of those banks issued National Bank Notes.
Bank History
- Organized January 4, 1910
- Chartered February 5, 1910
- 1: Succeeded Bank of California, San Francisco
- 1: Assumed 5096 by consolidation August 1, 1910 (San Francisco National Bank, San Francisco, CA)
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged and changed institution name to Union Bank of California, National Association, April 1, 1996
Bank of California
The predecessor of the Bank of California was the banking firm of Garrison, Morgan, Fretz & Ralston, established in San Francisco in January 1856 by a group that included W.C. Ralston, Cornelius K. Garrison, Chas. Morgan and R.S. Fretz. The bank had $700,000 capital and advertised selling of exchange with the Manhattan Bank or Charles Morgan & Co., New York.[1]
The Bank of California was organized on July 5, 1864, with Mr. D.O. Mills as president and Mr. William C. Ralston as cashier. It absorbed the banking firms of Donohue, Ralston & Co. of San Francisco and Eugene Kelley & Co. of New York and commenced business with capital of $2,000,000 fully paid up in gold coin.[2] The bank was located at the corner of Washington and Battery Streets, but in 1867 it was moved to its new building at Sansome and California Streets where it remained until January 20, 1906, when the premises were vacated for the purpose of erecting a new, modern structure.
In December 1865, John G. Clark, paying teller of the Bank of California at San Francisco, was presented with a silver pitcher and goblet by his fellow clerks in the bank. The presentation was made by J.H. Morrison. Speeches, a flow of champagne, and wit followed.[3] Mr. Clark would retire in 1905 after 50 years of service.
In May 1866, stockholders of the Bank of California authorized an increase of the capital stock to $5,000,000, gold, effective July 1st. The president and cashier were authorized to receive subscriptions for $2,000,000. D.O. Mills was president and W.C. Ralston, cashier.[4]
On July 19, 1872, The National Gold Bank of D.O. Mills & Co. received its national charter and opened in Sacramento with Edgar Mills as president and D.O. Mills as a director. D.O. Mills retired as president of the Bank of California in October 1873 and was succeeded by W.C. Ralston.
At a time of volatile trading of Nevada mining stocks, a run on the Bank of California occurred on Thursday, August 26, 1875. The bank failed, and Ralston was ruined. The next morning he executed a deed of trust, turning over everything he owned to Sharon, and the deed was notarized. Ralston then admitted irregularities in banking practices to the board of directors and was ousted as president. He walked to the North Beach to get away from the angry crowds and went to the Neptune Bath House, where he was accustomed to swim in the ocean on summer days. He was carried by the flood tide beyond his powers to return to shore. When his body was recovered, it was found he had died of a stroke.[5]
William Chapman Ralston was born in Ohio near Wellsville and was 49 years old. As a boy he obtained a position as a clerk on an Ohio River steamer and later was purser on a Mississippi steamer running between St. Louis and New Orleans. He went to Panama in 1850 and associated himself with C.K. Garrison, Morgan and Fretz as cashier. Mr. Ralston was entrusted with the management of the Yankee Blade line of steamers. Here he formed the acquaintance of Colonel Peter Donohue, John G. Downey, afterward Governor of California, and several other California pioneers. In 1855, Garrison, Morgan, Fretz and Ralston came to San Francisco and opened a bank on Montgomery Street. Mr. Ralston acted as cashier and soon earned an interest in the concern. By 1874, the dividends paid by the bank amounted to $600,000. Mr. Ralston some years later married the niece of Colonel John D. Fry and four children were born to them. His brother, A.J. Ralston was also in the banking business.[6]
On October 2d, 1875 the bank of California was reopened and two days later, the Nevada Bank of San Francisco opened.[7][8]
In November 1876, the Bank of California had capital of $5,000,000 and had agencies at Virginia City and Gold Hill and correspondents in all the principal mining districts and interior towns of the Pacific Coast. D.O. Mills was president; William Alvord, vice president; and Thomas Brown, cashier.[9]
In February 1905, the business of the London and San Francisco Bank, Ltd., was purchased, the Bank of California acquiring in addition to the San Francisco business of the London and San Francisco Bank, its three branches in Portland, Tacoma and Seattle which were continued as branches of the Bank of California. A new building was in the course of construction with 87 1/2 feet of frontage on California Street and a depth of 124 feet on Sansome Street to Halleck, thus giving frontage on three streets. The design was in the classic Roman style, executed in structural steel faced with white California granite. The one-story building would be 75 feet to the top of the balustrade, the entire area inside comprising the banking room with a ceiling fifty feet in height. A few rooms invisible from the street would be constructed on the roof for the use of the directors, attorneys of the bank, etc. The officers were Homer S. King, president; Charles R. Bishop, vice president; Frank B. Anderson, vice president; Irving F. Moulton, cashier; Sam H. Daniels, William R. Pentz, Arthur L. Black, assistant cashiers; Allen M. Clay, secretary; James D. Ruggles, assistant secretary and G. Howard Thompson, land officer. The directors were James M. Allen, George E. Goodman, Frank B. Anderson, Edward W. Hopkins, William Babcock, Homer S. King, Charles R. Bishop, John E. Merrill, Antoine Borel, Jacob Stern, Warren D. Clark, and Joseph S. Tobin. The northern branches of the bank were under the general management of Mr. William Mackintosh. The Portland branch was conducted by Mr. William MacRae, assisted by Mr. James T. Burtchaell; Tacoma by Mr. Samuel M. Jackson, assisted by Mr. E.J. Cooper; Seattle by Mr. Ernest C. Wagner, assisted by Mr. George T.S. White; while the agency at Virginia City, Nevada, was managed by Mr. John W. Eckley.[10] Additionally, the Bank of California owned control of the Mission Bank of San Francisco and the National Bank of D.O. Mills & Co., Sacramento.[11]
On Wednesday, April 18, 1906, the coast of Northern California was struck by a major earthquake with an estimated moment magnitude of 7.9. As damaging as the earthquake and its aftershocks were, the fires that burned out of control afterward were far more destructive. It has been estimated that up to 90% of the total destruction was the result of the subsequent fires. Within three days, over 30 fires, caused by ruptured gas mains, destroyed approximately 25,000 buildings on 490 city blocks. Since widespread practice by insurers was to indemnify San Francisco properties from fire, but not from earthquake damage, some property owners deliberately set fire to damaged properties. The fires cost an estimated $350 million at the time.
Bank of California, National Association
On Tuesday, January 4, 1910, at a special meeting, stockholders authorized the Bank of California to convert into a national institution to be known as the Bank of California National Association with the same capital directors, officers and branches.[12] On Saturday, February 5, 1910, the comptroller of the currency issued a certificate authorizing the Bank of California, NA, to begin business with capital of $4,000,000. F.B. Anderson was president; Charles R. Bishop, vice president; I.F. Moulton, vice president and cashier; S.H. Daniels, William R. Pentz, W.O. Cullen, and A.L. Black, assistant cashiers.[13] As one of the oldest and strongest banks on the Pacific slope, known all over the world, the management wanted to retain its name. The certificate was delayed until it was decided to permit the retaining of the original name with the words "National Association" added.[14]
In January 1915, the directors were Frank B. Anderson, William Babcock, Charles R. Bishop, Warren D. Clark, Joseph D. Grant, Edward W. Hopkins, William Pierce Johnson, Homer S. King, Charles K. McIntosh, Irving F. Moulton, Edwin W. Newhall, J. Leroy Nickel, George A. Pope, Jacob Stern, and Joseph S. Tobin. The officers elected were Frank B. Anderson, president; Charles R. Bishop, vice president; Irving F. Moulton, vice president and cashier; Charles K. McIntosh, vice president; Sam H. Daniels, William R. Pentz, Arthur L. Black, William O. Cullen, Francis W. Wolfe, assistant cashiers; Allen M. Clay, secretary; James D. Ruggles, assistant secretary; and William Mackintosh, general manager, northern branches.[15]
On January 25, 1822, Charles R. Bishop was born at Glens Falls, New York. He came from sturdy New England stock, his maternal grandfather having fought in the Revolutionary War. Orphaned in his early childhood, he went to live with his grandparents. At 15, he left home for a neighboring village and worked in a country store. At 20, he became a salesman and bookkeeper in a store at Sandy Hill where he formed a friendship with William L. Lee, a graduate of the University of Norwich and later Harvard Law School. In 1846, the two departed Newburyport on a little brigantine named Henry bound for Oregon. The voyage was a stormy one and upon reaching St. Colbermies, Brazil, the Henry put in for safety. In October, 8 months after sailing, the ship reached Honolulu and with the weather still bad, Bishop and Lee decided to remain in Hawaii until the following Spring. Before a week had passed, Lee started practicing law and soon became Superior Judge and later Chief Justice of the Supreme Court. The United States Consul needed a secretary and Mr. Bishop got the job. This he held until the word went out in 1849 that California's mountains and valleys were 'fairly reeking' with gold. Mr. Bishop got the mining fever, but here is where Judge Lee did his friend a great service, persuading him to remain in the islands. Shortly afterward he became Collector-General of Customs for the Kingdom. For the next five years, business was carried on, but Mr. Bishop saw the need for a banking institution, so the firm of Bishop & Company was organized. A small room was rented and Mr. Bishop acted as bookkeeper, cashier, paying teller and janitor. The business prospered and Mr. Bishop decided that Hawaii would be his home. On June 4, 1850, he married Princess Bernice Pauahi Paki, a beautiful descendant of King Kamehameha the First of Hawaii. He was offered the place of Minister of Finance which he declined. Subsequently he took a seat in the lower branch of the Legislature and in 1860 was made a nobleman and member of the upper house of the Legislature for life. Upon the death of King Kamehameha the Fifth in 1872, Mrs. Bishop was offered the throne, but did not accept. Lunalilo was elected King and Mr. Bishop was placed at the head of the ministry, a position he occupied when the United States was making its bid for the cession of Pearl Harbor. Mr. Bishop with his royal wife went abroad in 1876-8 and was presented at the courts of Queen Victoria, Pope Pius IX and other European royalties. Mrs. Bishop died in 1884, leaving an estate valued at $3,000,000 which was turned over to the Kamehameha Schools. Mr. Bishop, also widely known for his philanthropy, built the famous Bishop Museum at Honolulu. His fortune had come from banking and plantations. Mr. Bishop began making frequent trips to the United States and in 1894, he sold his interests in Hawaii, moved to San Francisco, and became interested in the Bank of California.[16] On June 7, 1915, Mr. Bishop, the 93-year-old vice president of the Bank of California, NA, died in the Hotel Shattuck, Berkeley. He left no immediate relatives, but was survived by nephews Edgar and George Bishop, both of Oakland.[17]
In 1919, the absorption of the Fidelity Trust Company of Tacoma, Washington, by the Tacoma Branch of the Bank of California greatly added to its ability to render banking service in that part of the Pacific Northwest. It gained the use of banking facilities in the Fidelity Building which afforded much needed space for a growing business. The Fidelity Trust Company was one of Tacoma's oldest and largest financial institutions with capital, surplus and profits of near $1,000,000 and deposits of more than $7,000,000. It was organized in 1889 by John S. Baker and associates. Its first president was Thomas B. Wallace who was succeeded by the late Col. C.W. Griggs who remained president up to January 1901, when John S. Baker purchased the control and was elected president. The Tacoma Branch of the Bank of California was purchased from the London and San Francisco Bank in 1911. The Tacoma branch was established in 1890 by Samuel M. Jackson who continued as manager of the bank under the ownership of the Bank of California. The bank had a modest beginning in a storeroom of the Mason Block on A Street. G.H. Raleigh, who started as a messenger in 1893 for the old London and San Francisco Bank, Ltd., and H.V. Alward, the former vice president and cashier of Fidelity Trust Co., were the assistant managers.[18]
In January 1971, Inland Bancorp, holding company for the Pomona-based bank, said it agreed to sell all its shares of Inland Bank at $37/share to the Bank of California, San Francisco. With 114,380 shares outstanding, the transaction would amount to a $4.2 million cash payment. Inland Bank had assets of $37 million on December 31st.[19] On August 2d, 1971, the Inland Bank became part of the Bank of California, N.A.[20]
On Monday, April 1, 1996, the merger of two Japanese banking giants sent ripples into California banking as Union Bank and Bank Cal Tri-State Corp. and its subsidiary, The Bank of California, joined ranks. About 81% of the new bank, Union Bank of California, N.A., was owned by the Bank of Tokyo-Mitsubishi Ltd. The new bank with headquarters in San Francisco had $27.5 billion in assets, becoming the state's third largest commercial bank. About 850 positions were expected to be eliminated mostly through attrition with all employees finding positions within the bank. Two branches in North Country were expected to close as would the Escondido Union Bank branch and in San Marcos, the Bank of California Branch.[21]
- 12/18/2008 Changed Institution Name to Union Bank, National Association.
- 07/01/2014 Changed Institution Name to MUFG Union Bank, National Association.
- 05/26/2023 Merged and became part of U.S. Bank National Association (6548) in Cincinnati, OH.
Official Bank Titles
1: The Bank of California, National Association, San Francisco, CA
2: The Bank of California National Association, San Francisco, CA [1929]
Bank Note Types Issued
A total of $45,348,490 in National Bank Notes was issued by this bank between 1910 and 1935. This consisted of a total of 5,569,547 notes (4,483,500 large size and 1,086,047 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1: 1902 Date Back 4x5 1 - 409165 1: 1902 Date Back 3x10-20 1 - 302334 1: 1902 Date Back 3x50-100 1 - 8000 1: 1902 Plain Back 4x5 409166 - 675438 1: 1902 Plain Back 3x10-20 302335 - 437437 2: 1929 Type 1 6x5 1 - 93620 2: 1929 Type 1 6x10 1 - 32690 2: 1929 Type 1 6x20 1 - 11178 2: 1929 Type 2 5 1 - 188586 2: 1929 Type 2 10 1 - 53707 2: 1929 Type 2 20 1 - 18826
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1910 - 1935):
Presidents:
Cashiers:
Other Known Bank Note Signers
Bank Note History Links
- Bank of California, NA, San Francisco, CA History (NB Lookup)
- California Bank Note History (BNH Wiki)
Sources
- San Francisco, CA, 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
- Bank of California with photos of branches of this bank, accessed Mar. 7, 2024.
- ↑ The Empire County Argus, Coloma, CA, Sat., Jan. 5, 1856.
- ↑ The Bankers' Magazine, Vol. 98, Jan. 1919-June 1919, p. 482.
- ↑ The Sacramento Bee, Sacramento, CA, Tue., Dec. 26, 1865.
- ↑ The San Francisco Examiner, San Francisco, CA, Thu., May 17, 1866.
- ↑ Santa Cruz Weekly Sentinel, Santa Cruz, CA, Sat., Sep. 11, 1875.
- ↑ The San Francisco Examiner, San Francisco, CA, Sat., Aug. 28, 1875.
- ↑ San Francisco Chronicle, San Francisco, CA, Sat., Oct. 2, 1875.
- ↑ Weekly Trinity Journal, Weaverville, CA, Sat., Aug. 16, 1879.
- ↑ The San Francisco Examiner, San Francisco, CA, Wed., Nov. 15, 1876.
- ↑ The Bankers' Magazine, Vol. 72, Jan. 1906-June 1906, pp 702, 728-729.
- ↑ The Sacramento Star, Sacramento, CA, Sat., Jan. 21, 1905.
- ↑ San Francisco Bulletin, San Francisco, CA, Tue., Jan. 4, 1910.
- ↑ The San Francisco Call and Post, San Francisco, CA, Sun., Feb. 6, 1910.
- ↑ The Fresno Morning Republican, Fresno, CA, Mon., Feb. 7, 1910.
- ↑ The San Francisco Journal and Daily Journal of Commerce, San Francisco, CA, Wed., Jan. 13, 1915.
- ↑ San Francisco Chronicle, San Francisco, CA, Sat., Jan. 16, 1915.
- ↑ San Francisco Bulletin, San Francisco, CA, Tue., June 8, 1915.
- ↑ The Bankers' Magazine, Vol. 98, Jan. 1919-June 1919, pp 481-5.
- ↑ The Los Angeles Times, Los Angeles, CA, Thu., Jan. 28, 1971.
- ↑ Progress Bulletin, Pomona, CA, Fri., July 30, 1971.
- ↑ The Californian, Temecula, CA, Tue., Apr. 2, 1996.