First National Bank, Wauseon, OH (Charter 7091)
First National Bank, Wauseon, OH (Chartered 1904 - Receivership 1931)
Town History
Wauseon (WAW-see-on) is a city in and the county seat of Fulton County, Ohio, approximately 31 mi west of Toledo. The population was 7,568 at the time of the 2020 census. In 1900 the population was 2,148, growing to 3,035 by 1920.
Wauseon was platted 1853 when the Michigan Southern Air Railway was extended to that point. Land speculators bought 160 acres of land, which would become the City of Wauseon. The original name for the city was "Litchfield" after Litchfield, New York, where many of the city's new settlers had emigrated from. However, Hortensia Hayes, the daughter of an early settler, suggested that the new village be named after an Ottawa Tribe Chief named Wauseon, who was forced by the federal government to forfeit their land, before moving to Oklahoma in 1839. The village was incorporated in 1859. With the commercial success that the railroad brought, Wauseon would grow larger than the original seat of Fulton County (Ottokee), and in 1869 Wauseon was named the county seat. The Fulton County Courthouse was built in 1871.
Between 1901 and 1939, the community was served by the Toledo and Indiana Railway, an interurban between Toledo and Bryan, Ohio.
Wauseon had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized October 22, 1903
- Chartered January 9, 1904
- Receivership August 22, 1931
On October 22, 1903, the stockholders of the First National Bank of Wauseon met at Toledo and perfected a temporary organization. The officers elected were F.C. Hoehler, president; E.S. Davoll, vice president; and S.O. Rothfuss, cashier. The officers and A.D. Gilmore constituted the bank's board of directors. A banking house was being erected on the corner of Fulton and Beech, Wauseon.[2]
In December 1904, the directors were P.J. Lenhart, C.F.N. Niles, D.K. Shoop, J.M. Longnecker, A.D. Gilmore, F.J. Spencer, F.C. Hoehler, E.S. Savoll, S.O. Rothfuss, and H.S. Hull. The officers were D.K. Shoop, president; F.J. Spencer, vice president; and S.O. Rothfuss, cashier.[3]
In December 1908, the bankers of Fulton County met at the Eager house and organized as an association known as the Fulton County Bankers' Association. The officers elected were: President, Charles P. Grisier, president, Farmers National Bank of Delta; Vice President, Charles M. McLaughlin, vice president, Farmers' and Merchants' Bank, Archbold; Secretary, S.O. Rothfuss, cashier, First National Bank of Wauseon. Those in attendance were I.W. Gotshall, second vice president of Farmers' & Merchants' Bank, Archbold; S.C. Schantz, cashier, Peoples State Bank, Archbold; F. Briggs, vice president, Peoples Savings Bank, Delta; A.B. Lathrop, president, M.J. Linehan, cashier of Bank of Swanton, Swanton; C.J. Brindley, Farmers' & Merchants', Swanton; J.W. Crisman and W.C. Hoch, Farmers National Bank, Delta. Representatives of the following banks could not attend, but had an application presented and became members of the association: Farmers' & Merchants' Bank, Metamora; Bank of Fayette, Fayette; Fayette State Savings Bank, Fayette; Home Savings Bank, Metamora; Farmers State Bank, Fayette. After two hours of work, the gong was sounded for the dining room which received the hearty approval of the bankers, reflecting great credit on the Eager House under the management of E.W. Blizzard.[4]
On July 13, 1928, Samuel O. Rothfuss, 50, organizer and president of the Empire Petroleum Co. of Toledo, oil distributing firm, died in a Toldeo Hospital. Born in Blissfield, Michigan, Mr. Rothfuss came to Toledo 15 years ago. He had been connected with banking firms in Blissfield and Wauseon and later was a member of the Rothfuss Brothers real estate firm.[5] The report of condition as of the close of business, December 31, 1928, showed total resources of $1,184,843.84 with capital stock paid in $50,000, surplus and undivided profits $42,237.32, circulation $50,000, and deposits of $967,733.88. F.H. Weber was cashier and the directors attesting to the correctness of the report were R.C. Rothfuss, F.J. Spencer, and W.J. Weber.[6]
On Saturday morning, August 22, 1931, the First National Bank of Wauseon was closed by a vote of the directors in order to conserve the assets of the bank and to give all depositors the same protection. The bank was caught in the financial depression like hundreds of other banks. A few weeks earlier a reorganization of the bank was perfected in an attempt to strengthen the institution. At that time Judge Fred H. Wolf accepted the presidency of the bank and County Treasurer Floyd Barden was elected assistant cashier and executive vice president. Neither of these two gentlement wanted these positions and only accepted them on demand of those deeply interested in trying to save the bank. Judge Wolf had been a director of the bank only a few months and Mr. Barden never was connected with it before being elected to his positions. When three of the largest banks in Toledo closed, this caused a large number of depositors to list for withdrawal, thus making it impossible to continue business. Judge Wolf and Mr. Barden stated they did not make a single payment to those who listed for withdrawal to protect other depositors. The bank reported on June 30th resources of $832,269.15 with demand deposits of $177,836.83 and time deposits of $457,121.57. The capital stock was $50,000 and surplus was given as $25,000.[7]
On Saturday, July 9, 1932, Rolland C. Rothfuss of Detroit, at one time a director of the First National Bank in Wauseon, Ohio, was found dead in a hotel room in Ann Arbor. He had registered in the hotel the previous evening and when he was found, his body was hanging by a strap which had been taken from his suitcase, which had not been opened. Funeral services were held in Adrian, Michigan, Tuesday afternoon. He is survived by Mrs. Rothfuss, and one daughter, Mrs. Lisle Retter of Pittsburgh. Two brothers who survive were George F. Rothfuss of Blissfield and Herman W. Rothfuss of Sylvania. Mr. Rothfuss was prominent in the National Bank of Commerce in Adrian of which he was president when he retired in 1930. He also was associated with the Mutual Oil Company and other banks in Blissfield, Jasper and the People's Bank of Ottawa.[8]
On Monday, July 11, 1938, at 10:30 p.m., Fitch J. Spencer, 83, a well-known retired Wauseon businessman, died suddenly. Although in failing health for several years, Mr. Spencer was active until the end. Mr. Spencer came to Wauseon as a young man in 1883 from Albion, Indiana, and became engaged in the dry-goods business as a partner in the firm, Spencer and Steumpel. He was deeply conscious of civic duties and served several terms as a village councilman and for years was a member of the board of public works. His activity, however, extended beyond service as a public official for he was active as a member of the fair board and was a moving spirit in the establishment of the Detwiler Memorial Hospital here. He was one of the organizers of the First National Bank which he served as a vice president and then as president.[9]
Official Bank Title
1: The First National Bank of Wauseon, OH
Bank Note Types Issued
A total of $759,640 in National Bank Notes was issued by this bank between 1904 and 1931. This consisted of a total of 90,866 notes (80,432 large size and 10,434 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 3x10-20 1 - 1960 1902 Date Back 4x5 1 - 3280 1902 Date Back 3x10-20 1 - 2120 1902 Plain Back 4x5 3281 - 10905 1902 Plain Back 3x10-20 2121 - 7243 1929 Type 1 6x5 1 - 1063 1929 Type 1 6x10 1 - 527 1929 Type 1 6x20 1 - 149
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1931):
Presidents:
Cashiers:
- Samuel Otto Rothfuss, 1904-1911
- Henry F. Davis, 1912-1916
- Wayne B. Harris, 1917-1919
- Frank Herman Weber, 1920-1930
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Wauseon, OH, 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
- ↑ Fulton County Tribune, Wauseon, OH, Fri., Nov. 6, 1903.
- ↑ Fulton County Tribune, Wauseon, OH, Fri., Nov. 6, 1903.
- ↑ Fulton County Expositor, Wauseon, OH, Thu., Dec. 29, 1904.
- ↑ Fulton County Expositor, Wauseon, OH, Thu., Dec. 3, 1908.
- ↑ The Cincinnati Enquirer, Cincinnati, OH, Sat., July 14, 1928.
- ↑ The Republican, Wauseon, OH, Fri., Jan. 25, 1929.
- ↑ The Republican, Wauseon, OH, Fri., Aug. 28, 1931.
- ↑ Fulton County Expositor, Wauseon, OH, Thu., July 14, 1932.
- ↑ Fulton County Expositor, Wauseon, OH, Thu., July 14, 1938.