First National Bank, Waterloo, IA (Charter 792)
First National Bank, Waterloo, IA (Chartered 1865 - Liquidated 1931)
Town History
Waterloo is a city in and the county seat of Black Hawk County, Iowa. As of the 2020 United States Census the population was 67,314, making it the eighth-largest city in the state. Waterloo is part of the Waterloo-Cedar Falls Metropolitan Statistical Area, and is the more populous of the two cities. In 1870, the population of Waterloo was 4,337, growing to 12,580 by 1900.
The name Waterloo supplanted the original name, Prairie Rapids Crossing, shortly after Charles Mullan petitioned for a post office in the town. Since the signed petition did not include the name of the proposed post office location, Mullan was charged with selecting the name when he submitted the petition. Tradition has it that as he flipped through a list of other post offices in the United States, he came upon the name Waterloo. The name struck his fancy, and a post office was established under that name.
On June 7, 1934, bank robber Tommy Carroll had a shootout with the FBI when he and his wife stopped to pick up gas. Accidentally parking next to a police car and wasting time dropping his gun and picking it back up, Carroll was forced to flee into an alley, where he was shot. He was taken to Allen Memorial Hospital in Waterloo, where he soon died.
Waterloo had six National Banks chartered during the Bank Note Era, and all six of those banks issued National Bank Notes.
Bank History
- Organized December 26, 1864
- Chartered February 10, 1865
- Liquidated January 13, 1931
- Absorbed by 2910 (Commercial National Bank, Waterloo, IA)
Rensselaer Russell came to Waterloo from New York in 1856 at the age of 19. He had been in the dry goods business before heading west, but in Iowa he prospered in banking and real estate. Russell was first associated with Martin Moore for two years in banking and land. In 1860, he took over the banking business of Hosford and Miller which had been in Waterloo since 1854. Russell operated a wholesale grocery business in Waterloo until 1886.
On Monday, February 20, 1865 the First National Bank of Waterloo opened for business at the banking house formerly occupied by R. Russell. M.H. Moore was president and G.W. Couch, cashier. In May 1865, the directors were John Elwell, Robert Manson, G.W. Couch, H.B. Allen, and M.H. Moore.
In July 1868, the officers were H.B. Allen, president; G.W. Couch, cashier; and Del. Elwell, assistant cashier. The directors were John Elwell, Robert Manson, G.W. Couch, H.B. Allen, and S. Bagg.
In December 1870, John H. Leavitt, E. Johnson, and A.T. Lusch, bankers of Waterloo, bought a controlling interest in the First National Bank of Waterloo. E. Johnson of their firm was elected cashier in place of G.W. Couch, resigned. The officers of the bank were as follows: Robert Manson, president; E. Johnson, cashier; D. Elwell, assistant cashier. The directors were Robert Manson, John H. Leavitt, H.B. Allen, R. Russell, and E. Johnson.
The Report of Condition as of April 19, 1872, showed total resources of $179,960.90. The capital stock was $50,000, surplus $188.42, circulation $41,687.00 and individual deposits $76,186.60. H.B. Allen, R. Russell, and A.T. Lusch were directors attesting to the correctness of the report. E. Johnson was cashier.
In October 1875, the officers were Robert Manson, president; C.A. Farwell, cashier; Robert Manson, Andrew McElhinney, C.A. Farwell, H.B. Allen, and A.T. Lane.
On Tuesday, January 8, 1889, stockholders elected the following directors: H.B. Allen, Rob't Manson, A. McElhinney, L. Alford, P.A. Lane. The officers were H.B. Allen president; Rob't Manson, vice president; and J.W. Krapfel, cashier.
In February 1913, the officers were F.J. Eighmey, president; A.M. Place and James Black, vice presidents; H.M. Cowles, cashier; F.P. Hurst, V.J. Rechtfertig, H.H. Cordes, assistant cashiers; and Miss Donita Tuttle, manager, savings department.
About April 1, 1916, Mr. Humphrey H. Cordes resigned as assistant cashier. He had not decided definitely on his future occupation, but for the time being would be connected with the John Cordes meat company.
On May 17, 1930, Charles A. Marsh, 70, died suddenly from a heart attach in a hotel in Freeport, Illinois. He had stopped off en route home from Chicago after attending the sale of a heard of purebred Guernsey cattle at Hinsdale that belonged to his late brother, Wilbur Marsh. Fred Kohl, Mr. Marsh's chauffeur, was with him when he died. He was the son of Charles and Janet Blair Marsh, natives of New York. C.A. Marsh was born at Utica, New York on June 17, 1859. His father purchased a large tract of land southwest of Jesup, Iowa and Charles went there in 1869. On September 4, 1878, Mr. Marsh married Miss Eva Bailey of Jesup. Mr. Marsh succeeded John W. Rath in 1922 as president, Mr. Rath then devoting his full attention to the Rath Packing Company.
On December 17, 1930, the negotiations for the merger of the First National Bank and the Commercial National Bank, having been delayed due to the death of Mr. C.A. Marsh, were completed and the business of both banks was transacted in the banking rooms of the Commercial National. It was planned to improve the banking floor of the First National Bank for use by the rapidly growing Trust Department of the Commercial National Bank, and an up-to-date system of Safety Deposit Vaults would be installed in the basement. The entire ground floor would be used by the Commercial and Savings Departments. The officers of the Commercial National were E.W. Miller, president; James M. Graham, H.A. Maine, A.M. Place, and W.A. Lane, vice presidents; H.W. Wente, cashier; S.C. Kimm, R.L. Penne, and Chas. S. McKinstry, assistant cashiers. The directors were Warren Brown, president, Waterloo Lumber Co.; James M. Graham, president, James Black Dry Goods Co.; Allen H. Head, vice president and general manager of John Deere Tractor Co.; George W. Huntley, president, Cutler Hardware Co.; Alfred Longley, Longley & Ransier, attorneys; E.W. Miller, president; L.D. Miller, president, Crystal Ice & Fuel Co.; H.B. Plumb, president, Associated Manufacturers Corporation of America; Howard H. Rath, treasurer, Rath Packing Co.; J.S. Tuthill, Tuthill, Reed & Beers, attorneys; H.W. Wente, cashier; E.H. Wyant, secretary, Commercial National Co.
The Commercial National Bank went into receivership on July 18, 1932. W.C. Pyle, formerly of Clear Lake, was appointed receiver. He was also in charge of the closed Pioneer National Bank of Waterloo and would combine the work of the two.
Official Bank Title(s)
1: The First National Bank of Waterloo, IA
Bank Note Types Issued
A total of $1,634,400 in National Bank Notes was issued by this bank between 1865 and 1931. This consisted of a total of 69,744 notes (69,744 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 - 3100 Original Series 4x5 1 - 1850 Original Series 3x10-20 1 - 900 Series 1875 4x5 1 - 250 Series 1875 3x10-20 1 - 1020 1882 Brown Back 3x10-20 1 - 5903 1902 Red Seal 50-100 1 - 1900 1902 Date Back 50-100 1 - 1400 1902 Date Back 3x50-100 1 - 2763
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1931):
Presidents:
- Martin Henry Moore, 1865-1867
- Henry B. Allen, 1868-1869
- Robert Manson, 1870-1878
- Henry B. Allen, 1879-1902
- Charles Phillip Bratnober, 1903-1903
- Charles Oliver Balliett, 1904-1904
- Frank Joshia Fowler, 1905-1911
- Frank John Eighmey, 1912-1919
- John Washington Rath, 1920-1920
- Charles Albert Marsh, 1921-1929
Cashiers:
- George William Couch, 1865-1870
- Emmons Johnson, 1871-1873
- Cyrus Augustine Farwell, 1874-1875
- Henry B. Allen, 1876-1878
- John W. Krapfel, 1879-1889
- Frank John Eighmey, 1890-1890
- Frank John Eighmey, 1892-1911
- Harry Mills Cowles, 1912-1913
- Charles Andrew Larson, 1914-1915
- William A. Lane Sr., 1920-1929
Other Known Bank Note Signers
Bank Note History Links
Sources
- Waterloo, IA, 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 Courier, Waterloo, IA, Thu., Feb. 23, 1865.
- The Courier, Waterloo, IA, Thu., May 11, 1865.
- The Courier, Waterloo, IA, Thu., July 16, 1868.
- The Courier, Waterloo, IA, Thu., Dec. 29, 1870.
- The Courier, Waterloo, IA, Thu., May 9, 1872.
- The Courier, Waterloo, IA, Wed., Oct. 20, 1875.
- The Courier, Waterloo, IA, Sat., Feb. 22, 1913.
- The Courier, Waterloo, IA, Sat., Apr. 1, 1916.
- The Courier, Waterloo, IA, Sat., Nov. 13, 1920.
- The Courier, Waterloo, IA, Sat., May 17, 1930.
- The Courier, Waterloo, IA, Wed., Dec. 17, 1930.
- Globe-Gazette, Mason City, IA, Tue., July 19, 1932.