First National Bank, Red Bank, NJ (Charter 445)

Postcard of The Second National Bank and Trust Company of Red Bank, New Jersey, ca1930s. This bank was built by the First National Bank in 1913 and the Red Bank Trust Company acquired it in 1914 upon liquidation of the First National Bank. Courtesy of Adam Stroup

First National Bank, Red Bank, NJ (Chartered 1864 - Liquidated 1914)

Town History

Photo, ca2021, of the building erected by the First National Bank which was bought by the Red Bank Trust Company in 1914. In 1924 it was acquired by The Second National Bank upon its merger with the Red Bank Trust Co. The location is the corner of Wallace and Broad Streets, Red Bank, New Jersey. Courtesy of Google Maps

Red Bank is a borough in Monmouth County, New Jersey. Incorporated in 1908, the community is on the Navesink River, the area's original transportation route to the ocean and other ports. Red Bank is in the New York Metropolitan Area and is a commuter town of New York. As of the 2020 United States Census, it had a population of 12,936. Red Bank is the 5th most densely populated town in Monmouth County. In 1870, the population was 2,086.

Red Bank was formed as a town on March 17, 1870, from parts of Shrewsbury Township. On February 14, 1879, Red Bank became Shrewsbury City; this lasted until May 15, 1879, when Red Bank regained its independence. On March 10, 1908, Red Bank was formed as a borough by an act of the New Jersey Legislature and was set off from Shrewsbury Township. The borough was named for the red soil along the Navesink River.

Red Bank had five National Banks chartered during the Bank Note Era, and four of those banks issued National Bank Notes.

Bank History

Chartered May 30, 1864
Liquidated May 23, 1914
Absorbed by Red Bank Trust Company, Red Bank, New Jersey

At the meeting of the board of directors in April 1898, resolutions of condolence and respect were passed in connection with the recent death of James H. Peters who was president of the bank at the time of his death. James L. Terhune, the cashier of the bank, was elected president to succeed Mr. Peters and Harry Campbell was elected cashier to succeed Mr. Terhune.

In January 1913, solicitation of bids was expected for the construction of the new home of the First National Bank on the corner of Broad and Wallace Streets, the former site of the First Prebyterian Church. The plans were prepared by Architect Warrington G. Lawrence of New York with a classic style building of white marble.

At the annual meeting of the stockholders of the First National Bank, the following officers were re-elected: Newton Doremus, president; C.G. Applegate, vice president; Harry Campbell, cashier. Directors were A.T. Doremus, Richard Applegate, George C. Hopping and Uzal H. McCarter.

The officers of the Red Bank Trust Co. were Newton Doremus, Pres., Henry Campbell, vice president; Jesse Minot, Sec. and Treas.; and Robert F. Parker, Asst. Sec. and Treas. Directors were Clarence G. Applegate, M.M. Davison, Newton Doremus, Fred W. Egners, Thomas N. McCarter, Uzal H. McCarter, Jesse Minot, John W. Mount, Lewis Thompson, and Clarence White.

A special meeting of the shareholders of the First National Bank was called by the directors for May 23 to vote on a proposition to consolidate with the Red Bank Trust Company. The trust company would purchase all of the liquidated assets of the First National including the new bank building. The plan was approved.

On May 25, 1914, The officers of the Red Bank Trust Co. announced the opening of its new building at Broad and Wallace Streets, Red Bank, New Jersey. The bank had capital of $300,000, a surplus of $300,000, and undivided profits of $150,000. The new quarters were on the site formerly occupied by the old Presbyterian Church. The building was fifty feet in height and had a frontage of fifty feet on Broad Street and 100 feet on Wallace Street.

Official Bank Title(s)

1: The First National Bank of Red Bank, NJ

Bank Note Types Issued

Original Series $2 bank note with pen signatures of A. Chadwick, Cashier and A.S. Parker, President. Courtesy of Heritage Auctions, www.ha.com

1882 Brown Back $10 bank note with pen signatures of J.L. Terhune, Cashier and A.S. Parker, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,248,100 in National Bank Notes was issued by this bank between 1864 and 1914. This consisted of a total of 119,396 notes (119,396 large size and No small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
Original Series	3x1-2	1 - 3000
Original Series	4x5	1 - 3645
Original Series	3x10-20	1 - 2200
Series 1875	3x10-20	1 - 2174
1882 Brown Back	3x10-20	1 - 6185
1902 Red Seal	3x10-20	1 - 6400
1902 Date Back	3x10-20	1 - 6245

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1914):

Presidents:

Cashiers:

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Red Bank, NJ, 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
The Daily Register, Red Bank, NJ, Wed., Apr. 20, 1898.
The Daily Record, Long Branch, NJ, Wed., Jan. 22, 1913.
The Daily Record, Long Branch, NJ, Sat., Jan. 24, 1914.
Asbury Park Press, Asbury Park, NJ, Fri., Apr. 17, 1914.
The Daily Record, Long Branch, NJ, Mon., May 25, 1914.