Central National Bank at Battle Creek, MI (Charter 13858)

The Central National Bank building located at Michigan Avenue and North McCamly Street, Battle Creek, Michigan. Courtesy of Google Maps, ca2019

Central National Bank at Battle Creek, MI (Chartered 1933 - Open past 1935)

Town History

An advertisement from July 1947 for the Central National Bank.

Battle Creek is a city in northwestern Calhoun County, Michigan, at the confluence of the Kalamazoo and Battle Creek rivers. As of the 2020 census, the city had a total population of 52,731. It is the principal city of the Battle Creek metropolitan statistical area, which encompasses all of Calhoun County. In 1860 the population was 3,509, growing to 45,573 by 1930.

Nicknamed "Cereal City", it is best known as the home of WK Kellogg Co. and the founding city of Post Consumer Brands.

The C.W. Post Office Building was constructed for C.W. Post as part of his complex known as the "Post Block." The original building was constructed in conjunction with the Post Tavern, both designed by R.T. Newberry of Chicago. Post's objective in constructing the building was to provide the first structure solely dedicated to office and commercial use in Battle Creek. The fifth and sixth floors of the six-story building consisted of a ballroom and offices which were occupied by the Athelstan Club. The first floor and basement were occupied by the L.W. Robinson Dry Goods Company, purported to be the most elaborate and advanced store in the State of Michigan. The intermediate floors were occupied by physicians, dentists, lawyers, insurance offices, beauty parlors, and many other similar businesses. The Post Building, located at the intersection of West Michigan Avenue (formerly Main Street) and McCamly Street is the last remaining building of the C.W. Post complex. The Post Tavern, the Garage, the Marjorie Block, and the Post Theater have been demolished.

Battle Creek had eight National Banks chartered during the Bank Note Era, and seven of those banks issued National Bank Notes.

Bank History

• Organized November 10, 1933
• Chartered December 4, 1933
• Succeeded 7013 and assumed its circulation (Central National Bank of Battle Creek, MI)
• Bank was Open past 1935
• Absorbed by the Michigan National Bank September 2, 1947

On Tuesday, September 19, 1933, the Central National Bank announced that its campaign for stock subscriptions would be closed that night with a set up of $1,000,000 in capital and surplus. The name of the new institution would be Central National Bank at Battle Creek. The Central National Bank at Battle Creek would make available 100% of deposits of the old institution immediately upon the opening of the new bank. Under the new stock arrangement, the bank would have a new paid in cash capital and surplus of $1,000,000 and deposits of approximately $4,500,000. A definite statement could not be made until government officials representing the Reconstruction Finance Corporation (RFC), the Federal Reserve Board and the Comptroller of the Currency had worked out the details with the bank. However, the bank would not have a dollar of borrowed money and would be in a very high state of liquidity. The bank had been 100% open all through the trying period since the bank holiday with the exception of a restriction requiring 90 days notice on withdrawals from the savings department. William Taylor, chief bank examiner for the district, representing the comptroller of the currency and Howard H. Stoddard of the RFC would work out details with officials of the Central National. A new charter would be taken out with the name slightly changed. A holdings company under the old name was merely to hold the slower, but sound assets which would be liquidated or sold leisurely without sacrifice. All the quick liquid assets would go into the new bank.

On Tuesday, December 5th, the Central National Bank at Battle Creek opened, but the familiar 90-day notice was missing and the bank was functioning 100% in all departments. Late yesterday afternoon, notice arrived from the comptroller of the currency authorizing the institution to proceed under its new capitalization and corporate setup with the government as heaviest stockholder. The bank enjoyed the average day's business and instead of a clamor for cash, there came some heavy deposits. There was no change in the slate of major officers and the first annual stockholders' meeting was scheduled for January 9th. The first new savings account was placed for Margaret Elizabeth Smith, week-old daughter of Winona Margaret Smith and Herbert Floyd "Brick" Smith. The first new commercial account was that of the Food City Brewing Co. which transferred a portion of its account from the National Bank of Detroit. On Friday, December 8th, formal transfer of the properties of the Central National Bank and Trust Company to the new Central National Bank at Battle Creek was effected at the office of Frank M. Eddy, register of deeds. The document required revenue stamps in the sum of 4973.50, each dollar representing $1,000 of property value. The deed was dated December 4th for lots 47 and 61 of block 3 of the village (now the city) of Battle Creek.

On Thursday, January 11, 1934, Edwin R. Morton was elected chairman of the board and Frank C. Evans was elected president at the organization meeting of the directors of the Central National Bank. Only three other officers were elected, including Owen A. Rossman, vice president; Philip J. Ross, cashier; and Ernest J. Fisk, assistant cashier. Mr. Rossman became executive vice president of the Central bank on January 12, 1932. After several years' experience as a bank examiner, he came to Battle Creek in 1908 becoming identified with the City National Bank. He was vice president of that institution when he resigned to accept the position with the Central National Bank. Mr. Morton was a past president of the Michigan Bankers' Association. Mr. Evans had been president of the Central National since the death of H.B. Sherman in 1928. He was one of the organizers of the bank and had previously served as cashier and vice president. The new vice president, Mr. Rossman, became identified with the bank on December 6, 1915, and after serving as stenographer, general bookkeeper and teller, became assistant cashier in January 1926. He was elected a member of the board at the annual stockholders meeting on Tuesday. The new directors of the bank were E.R. Morton, Frank G. Evans, P.J. Ross, O.A. Rossman, J. William Murphy, Maxwell B. Allen, D.P. Ordway, E.D. Strain, George S. Turner and Frank Wolf.

At the close of 1946, the Central National Bank reported total assets of $19,120,941.29, preferred capital stock $400,000 and common stock $400,000, surplus $300,000, undivided profits $138,024.93, and total deposits $17,493,606.85. D.P. Ordway was president and directors attesting to the correctness of the report were Ezra W. Clark, Norman C. Kolb, and O.A. Rossman. On Monday, August 11, 1947, Howard J. Stoddard of Lansing, president of the Michigan National Bank said, "It is contemplated that in the near future the Central National will be merged into and become part of the Michigan National System." Michigan National's Battle Creek branch, occupying a nine-story building a the corner of Michigan and Capitol, was offering $35 per share for all of the 40,000 outstanding shares of Central National common stock. The Central National Bank tower was also included in the proposed sale. Donald P. Ordway, president of the Central National announced that owners of approximately two-thirds of the stock already had signified informally their willingness to sell.

Michigan National Bank was founded in Lansing, Michigan, on December 31, 1940 upon consolidation of six Michigan banks including the First National Bank of Battle Creek (formerly City National Bank and Trust Company of Battle Creek). 

As of Tuesday, September 2, 1947, the banking business of the Central National was absorbed into the Michigan National chain. The price offered in the purchase was $1,400,000, or $35 per share for all outstanding shares of common stock. A spokesman for the Michigan National said there were no definite plans for the Central National building which was acquired in the transaction. He said it probably would continue in use as an office building, but that banking quarters in the structure would not be used as such. The Michigan National system had branches in Battle Creek, Flint, Grand Rapids, Lansing, Marshall, Port Huron, and Saginaw.

Wolverine Insurance Co. began in 1920 at Lansing as a general fire company and was amalgamated in 1927 with the Michigan Employer Casualty Co., using the latter's charter to enter the field of general casualty insurance. The firm moved to Battle Creek in 1950, buying the Central Tower, formerly occupied by the old Central National Bank at Battle Creek, for $1,085,000.

Official Bank Title

1: The Central National Bank at Battle Creek, MI

Bank Note Types Issued

1929 Type 2 $10 bank note with printed signatures of P.J. Ross, Cashier and F.G. Evans, President. Courtesy of Heritage Auctions, www.ha.com

A total of $73,180 in National Bank Notes was issued by this bank between 1933 and 1935. This consisted of a total of 5,968 notes (No large size and 5,968 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	10	1 - 4618
1929 Type 2	20	1 - 1350

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1933 - 1935):

Presidents:

• Frank Gould Evans, 1933-1935

Cashiers:

• Philip J. Ross, 1933-1935

Other Known Bank Note Signers

• No other known bank note signers for this bank

Bank Note History Links

• Central National Bank at Battle Creek, MI History (NB Lookup)
• Michigan Bank Note History (BNH Wiki)

Sources

• Battle Creek, MI, 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