First National Bank, Ridgway, IL (Charter 9439)
First National Bank, Ridgway, IL (Chartered 1909 - Receivership 1933)
Town History
Ridgway is a village in Gallatin County, Illinois. Located in southern Illinois, it is north of Shawnee National Forest 9 miles northwest of Shawneetown, the county seat. As of the 2020 census, the population was 851. In 1910 the population was 1,054, declining to 930 by 1930.
Ridgway was established in 1866 as a construction camp along what would become the Springfield and Illinois South Eastern Railway. It was named for the railroad's president, Thomas S. Ridgway.
The village, once home to a popcorn plant, is the former self-proclaimed "Popcorn Capital of the World". Popcorn Day continues as part of the Gallatin County Fair and is held the second Saturday in September.
Ridgway had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized May 7, 1909
- Chartered June 10, 1909
- Receivership February 4, 1933
In May 1909, the application to organize the First National Bank of Ridgway by Marion Drone, William McCormick, Alexander and Lewis Drone, H.I. Harrington, and others was approved by the comptroller of the currency.[3] Its first officers were H.I. Harrington, president; Frank Welver, vice president; and Marion Drone, cashier.[4]
At the close of business on December 29, 1920, the bank had capital stock $25,000, surplus and undivided profits 12,305.17, circulation $24,500, and deposits of over $119,000. Marion Drone was cashier and directors attesting to the correctness of the report were Arthur Maloney, H.I. Harrington, and James Doherty.[5]
In January 1921, the stockholders elected the following directors: E.A. Green, Frank Welver, Henry Harrington, Marion Drone, James Doherty, Ed. Drone, Louis Drone, Arthur Maloney, and Joseph Raben.[6]
In January 1925, the First National Bank of Ridgway installed the latest model Burroughs electric bookkeeping machine. Mr. Cole, a representative of the company who set up the machine, said it was precisely the same as that used in the large city banks and was fast taking the place of the old-style adding machine of the ledger type. The machine sold for $1,050.[7]
On February 3, 1933, the First National Bank of Ridgway passed into the hands of receivers. This proved to be a great calamity for the community since many of them were stockholders and many others had deposited their savings in this bank.[8]
In October 1935, Oliver Alden of Benton, receiver for the closed First National Bank of Ridgway, announced that checks were being prepared for the payment of a 40% dividend to depositors. Two dividends were previously paid in the amount of 35% and 20%, thus with this third payment, depositors received 95% of their funds.[9]
Official Bank Title
1: The First National Bank of Ridgway, IL
Bank Note Types Issued
A total of $355,880 in National Bank Notes was issued by this bank between 1909 and 1933. This consisted of a total of 28,630 notes (24,352 large size and 4,278 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Date Back 3x10-20 1 - 2110 1902 Plain Back 3x10-20 2111 - 6088 1929 Type 1 6x10 1 - 568 1929 Type 1 6x20 1 - 145
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1909 - 1933):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Ridgway, IL, 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 Ridgway News, Ridgway, IL, Thu., Mar. 20, 1924.
- ↑ The Messenger, Belleville, IL, Fri., May 8, 1931.
- ↑ The Dispatch, Moline, IL, Sat., May 1, 1909.
- ↑ Francis Murray Huston, Financing an Empire: History of Banking in Illinois (4 volumes) (Chicago: The S. J. Clarke Publishing Company, 1926), Vol. 4, p. 492.
- ↑ The Ridgway News, Ridgway, IL, Thu., Jan. 13, 1921.
- ↑ The Ridgway News, Ridgway, IL, Thu., Jan. 20, 1921.
- ↑ The Ridgway News, Ridgway, IL, Thu., Jan. 29, 1925.
- ↑ The Messenger, Belleville, IL, Mon., Jan. 1, 1934.
- ↑ Alton Evening Telegraph, Alton, IL, Thu., Oct. 17, 1935.