First National Bank/First NB & TC, Ridgewood, NJ (Charter 5205)

The old First National Bank and Trust Company of Ridgway, New Jersey, located on the corner of E. Ridgewood Avenue and Prospect Street, ca2021. Courtesy of Google Maps

First National Bank/First NB & TC, Ridgewood, NJ (Chartered 1899 - Liquidated 1934)

Town History

A 1929 advertisement for the First National Bank and Trust Company of Ridgewood, New Jersey.

Ridgewood is a village in Bergen County, New Jersey, and a suburban bedroom community of New York City, located approximately 20 miles northwest of Midtown Manhattan. As of the 2020 United States census, the village's population was 25,979, an increase of 1,021 (+4.1%) from the 2010 census count of 24,958. In 1900 the population was 2,685, growing to 12,188 by 1930.

In 1700, Johannes Van Emburgh built the first home in Ridgewood, having purchased a 250 acres property in 1698.

The Village of Ridgewood was created on November 20, 1894, with the same boundaries as Ridgewood Township, also in Bergen County. The name of the village derives from the characteristics of its terrain.

Ridgewood had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

The old Ridgewood Trust Company located opposite the First National Bank on the corner of E. Ridgewood Avenue and Prospect Street, ca2021. Courtesy of Google Maps

• Organized June 3, 1899
• Chartered July 8, 1899
• 1: Assumed Ridgewood Trust Company by consolidation October 14, 1929 with title change
• 2: Liquidated June 23, 1934
• 2: Absorbed by 11759 (Citizens National Bank, Ridgewood, NJ)

The evening of Monday, May 29, 1899, a preliminary meeting for the organization of the First National bank of Ridgewood was held in the meeting room of the village trustees at the Opera House with upwards of 30 subscribers to the stock present. Mr. L.F. Spencer of Passaic who had been engaged in soliciting subscriptions to the stock reported about $43,000 subscribed. The committee on organization, Messrs. Peter Ackerman, J. Charles Wilkinson and Cornelius Doremus added that it was necessary that the balance to make $50,000 should be subscribed at once as the limit of time for receiving subscriptions was about the expire. The additional amount was immediately made up by the gentlemen present amid much enthusiasm with more offers made then were necessary. After some discussion it was resolved to proceed to organize by the election of eleven directors, the law requiring that each must own in his own name not less than ten shares of stock. The following gentlemen were placed in nomination: Robert D. Kent and L.F. Spencer of Passaic; Frank B. Poor of Hackensack; Peter G. Zabriskie, Peter Ackerman, Frederick E. Palmer, James W. Pearsall, J. Charles Wilkinson, Henry S. Patterson, D.W. La Fetra, George W. Blauvelt, Corneilius Doremus, and W. H. Hendtricson of Ridgewood; and Senator W.M. Johnson of Hackensack. It was suggested that the meeting be adjourned until Saturday evening, June 3rd to complete the organization. The subscribers met Saturday evening with Mr. Patterson in the chair and Mr. Doremus acting as secretary. The election of directors resulted in the following: J. Charles Wilkinson, Peter G. Zabriskie, Frederick E. Palmer, Henry S. Patterson, James W. Pearsall, Cornelius Doremus, Peter Ackerman and Geo. W. Blauvelt of Ridgewood; L.F. Spencer, Robert D. Kent of Passaic; and Frank and B. Poor of Hackensack. This board proceeded to organize by the unanimous election of Mr. Peter Ackerman as president; Mr. J. Charles Wilkinson as vice president; Mr. L.F. Spencer as cashier and Mr. Cornelius Doremus as counsel. It was expected that the bank would open for business around the middle of July.

On July 24, 1899, the First National Bank of Ridgewood opened its doors for the first time. The first day's business included the transfer of several good accounts from Paterson banks to the new one. Cashier Robert D. Kent and other Passaic National Bank stockholders were interested.

In August 1902, the directors were Peter G. Zabriskie, Henry S. Patterson, Cornelius Doremus, George W. Blauvelt, H.H. Palmer, J. Chas. Wilkinson, Wm. J. Fullerton, Frederick E. Palmer, James W. Pearsall, Wm. B. Hendrickson, and L.F. Spencer. The officers were Frederick E. Palmer, president; Peter G. Zabriskie, vice president; and Lucius F. Spencer, cashier. The bank had capital $50,000 and surplus $15,000.

On Tuesday, January 10, 1911, at the annual meeting of the stockholders, Peter G. Zabriskie, Henry S. Patterson, Cornelius Doremus, Charles H. Lake, Harvey H. Palmer, Frederick E. Palmer, James W. Pearsall, Frederick H. Bogert, S.T. Van Emburgh, Casper T. Zabriskie, and Lucius F. Spencer were re-elected directors. The following officers were re-appointed: F.E. Palmer, president; P.G. Zabriskie, vice president; L.F. Spencer, cashier; A.F. Hall, assistant cashier; Hon. Cornelius Doremus, counsel.

On Saturday, February 26, 1921, the annual dinner for the boards of directors of the Ridgewood Trust Co. and the First National Bank was hosted by Judge Doremus, their president. Dinner was served by the steward and chef of the Country Club in the hall of the Town Club. The members of the two boards were as follows: Frederick H. Bogert, Thomas Boyd, David R. Burbank, James D. Craig, S.T. Van Emburgh, Cornelius Doremus, Frederick K. Hilt, J. Blauvelt Hopper, John V. Knowlton, Edwin B. Lilly, Joseph A. Lynch, Frederick J. Parry, Fred C. Robbins, Albert Shumway, Charles D. Silleck, Lucius F. Spencer, James H. Stout, Geo. H. Stevens, MD, H.S. Willard, MD, Everett L. Zabriskie, Albert H. Boyd, Chas. H. Green, John J. Lannuier, Nathaniel Nicolai, Dr. H.H. Pettit, Wm. L. Platt, H.C. Smith, Henry T. Walthery, H.P. Wilkinson, Hon. J.B. Zabriskie, P.L. Zabriskie, John G. Zabriskie, and W.L. Vroom. The Ridgewood Trust Co. was established in 1906 and had capital, surplus and profits of over $250,000. The officers were Cornelius Doremus, president; Lucius F. Spencer, first vice president; Frederick H. Bogert, second vice president, Edwin B. Lilly, secretary-treasurer, John W. Lucas, assistant secretary-treasurer; and Albert Shumway, trust officer.

In February 1922, Lucius F. Spencer retired as cashier of the First National Bank of Ridgewood. He was born on November 3, 1833, in Altamont, New York. Mr. Spencer came to New York City at the age of sixteen. His business life through no fault of his own was a series of failures. He spent six years in a dry goods house which afterward, as though prophetic, failed. He then took a clerkship in the Metropolitan Bank and remained there 29 years, rising step by step only to be thrown out of employment when the bank failed through illegal acts of its president. He then went to the Hamilton Loan and Trust Co. of which he was secretary for seven years. Some of Passaic's best known and most successful men including Peter Reid, Moses E. Worthen and Henry A. Barry were connected with the company which came to grief in the panic of 1893 as did most concerns engaged in the business of credits for western farmers. Next Mr. Spencer was connected with the Eighth Avenue National Bank of New York, but as no Clearing House connection had been negotiated, the bank died at its birth. It was wound up without much loss and its organizers succeeded in getting subscriptions for the Standard National Bank where Mr. Spencer had several positions. Due to bad loans and mismanagement, this bank paid of its creditors and went into liquidation in 1893 after just three years. He was 66 years old with a wife and family to support. He was jobless and anxious and discouraged by his outlook. One day he called on Robert D. Kent, one of his friends in the Kenilworth Society and told him of his troubles. Mr. Kent had spent a summer in Ridgewood and knew something of the good people there and said, "You go to Ridgewood and start a bank." After some encouraging arguments and information, Mr. Spencer accepted the challenge. He found an old acquaintance, Mrs. Joseph U. White in Ridgewood, and she furnished him a long list of good names and he began at once to secure subscriptions for a national bank of $50,000. In July 1899, the bank was opened and deposits came in rapidly. Mr. Spencer was the cashier and was fully determined that there would be no failure in that bank. His life in Ridgewood would prove to be the happies period of his existence.

On Tuesday, January 8, 1929, the annual election of directors of the First National Bank resulted as follows: Fred'k H. Bogert, Albert H. Boyd, Cornelius Doremus, Walter J. Flynn, Charles H. Green, John V. Knowlton, John J. Lannuier, Robert W. Muns, Dr. H.H. Pettit, Wm. L. Platt, W.B. Remey, C.C. Van Emburgh, S.T. Van Emburgh, Dr. W.L. Vroom, Henry T. Walthery, Dr. H.S. Willard, H.P. Wilkinson, P.L. Zabriskie, and John G. Zabriskie. The directors re-elected the following officers: Cornelius Doremus, president; S.T. Van Emburgh, vice president; H.S. Willard, vice president; Albert H. Boyd, vice president; Albert G. Griffiths, cashier; David E. Roman; assistant cashier; John J. Lannuier, Trust Officer; and Robert W. Muns, auditor.

On Tuesday, October 15, 1929, the comptroller of the currency approved the merger of the old First National Bank and the Ridgewood Trust Company with business conducted under the name of The First National Bank and Trust Company of Ridgewood. The new institution had assets around $8,000,000 making it one of the strongest financial institutions in the county, ranking third behind The Hackensack Trust Company and The People's Trust & Guaranty of Hackensack. The old First National Bank would be torn down and a magnificent new structure would occupy its site together with the site of the old post office building. The First National Bank & Trust Company would temporarily occupy the Ridgewood Trust Company building which was being enlarged. When the new building becomes ready, The Fidelity Title & Mortgage Guaranty Company then on Prospect Street, would move into the vacated Trust Company building. Around 1896, the future site of the First National Bank and the former location of the old Post Office and of the Ferguson and Fishbein establishment, was sold for $5,000. The block on which the Ridgewood Trust Company building and the Opera House stood was surrounded by a post rail fence and in the 1870s was used for pasture for horses and cows.

On Tuesday, October 22, 1929, at a joint meeting of the directors of the First National Bank and of the Ridgewood Trust Company, the following officers were elected: Cornelius Doremus, president; John V. Knowlton, Fred'k H. Begert, S.T. Van Emburgh, H.S. Willard, MD, and Albert H. Boyd, vice presidents; Albert G. Griffiths, cashier; Henry E. Schmults, assistant cashier and trust officer; John A. Ryland, G. Edwin Rees, and William G. Griffiths, assistant cashiers; and Robert W. Muns, auditor. Before the election, Albert G. Griffiths was elected a member of the new directorate. The directors of the merged institutions, all directors of the former boards, were as follows: Fred'k H. Bogert, Albert H. Boyd, Cornelius Doremus, Walter J. Flynn, Charles H. Green, John V. Knowlton, John J. Lannuier, Robert W. Muns, Dr. H.H. Pettit, William L. Platt, W.B. Remey, C.C. Van Emburgh, S.T. Van Emburgh, Dr. W.L. Vroom, Henry T. Walthery, Dr. H.S. Willard, H.P. Wilkinson, P.L. Zabriskie, John G. Zabriskie, Kenneth Chisholm, James D. Craig, Frederick K. Hilt, H.S. Marx, George H. Nickerson, Frederick J. Parry, Fred O. Robbins, W.H. Sheffield, Oliver B. Surpless, and S.S. Walstrum.

On Tuesday, January 9, 1934, stockholders met and re-elected the following directors: Albert H. Boyd, Kenneth Chisholm, Walter J. Flynn, Albert G. Griffiths, Frederick K. Hilt, John V. Knowlton, H.S. Marx, George H. Nickerson, Frederick J. Parry, Dr. H.H. Pettit, William L. Platt, Frederick C. Robbins, C.C. Van Emburgh, Dr. W.L. Vroom, S.S. Walstrum, Henry T. Walthery, Dr. H.S. Willard and P.L. Zabriskie. The officers were: Dr. H.S. Willard, chairman of the board; John V. Knowlton, president; Albert H. Boyd, Walter J. Flynn, vice presidents; Albert G. Griffiths, cashier; H.E. Schmultz, assistant cashier and trust officer; John A. Ryland, E. Edwin Rees, and William G. Griffiths, assistant cashiers.

In May 1934, the boards of directors of the Citizens National Bank and Trust Company and the First National Bank and Trust Company announced plans for combining the two banks in order to substantially increase the financial strength of the combined institutions through assistance of the Reconstruction Finance Corporation (RFC). The new institution would be Citizens First National Bank and Trust Company with preferred stock of $400,000 owned by the RFC, convertible preferred stock of $100,000, and common stock of $200,000. Deposits would be approximately $7 million with about $2.5 million of trust funds and the institution would occupy the ample facilities of the First National Bank and Trust Company building. The merger of the Citizens National Bank and Trust Company and the First National Bank and Trust Company was consummated on June 25th. The new institution had deposits of over $7 million, capital, surplus and undivided profits over $700,000, and was located at East Ridgewood Avenue at Prospect Street. The officers were Harry S. Willard, chairman of the board; Fred Z. Board, president; John V. Knowlton, vice president and trust officer; J.H. Dunning, George I. Kemble, S.R. Glassford, Walter J. Flynn, and Harry S. Marx, vice presidents; Stanley S. Hazzard, cashier; George H. Rateau, Henry E. Schmultz, and W.V.C. Westervelt, assistant cashiers.

Official Bank Title(s)

1: The First National Bank of Ridgewood, NJ

2: First National Bank and Trust Company of (10/14/1929), Ridgewood, NJ

Bank Note Types Issued

1882 Brown Back $5 bank note with pen signatures of L.F. Spencer, Cashier and Peter Ackerman, President. Courtesy of the NBNCensus.com

1902 Plain Back $10 bank note with printed signatures of A.G. Griffiths, Cashier and Cornelius Doremus, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 1 $10 bank note with printed signatures of A.G. Griffiths, Cashier and Cornelius Doremus, President. Courtesy of Heritage Auctions, www.ha.com

A total of $841,670 in National Bank Notes was issued by this bank between 1899 and 1934. This consisted of a total of 106,425 notes (82,964 large size and 23,461 small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1: 1882 Brown Back	4x5	1 - 1530
1: 1882 Brown Back	3x10-20	1 - 1168
1: 1882 Date Back	4x5	1 - 2625
1: 1882 Date Back	3x10-20	1 - 1900
1: 1882 Value Back	4x5	2626 - 3925
1: 1882 Value Back	3x10-20	1901 - 2500
1: 1902 Plain Back	4x5	1 - 7103
1: 1902 Plain Back	3x10-20	1 - 4515
2: 1929 Type 1	6x5	1 - 2196
2: 1929 Type 1	6x10	1 - 1046
2: 1929 Type 1	6x20	1 - 288
2: 1929 Type 2	5	1 - 1354
2: 1929 Type 2	10	1 - 715
2: 1929 Type 2	20	1 - 212

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1899 - 1934):

Presidents:

• Peter Ackerman, 1899-1900
• Frederick Eugene Palmer, 1901-1913
• Peter G. Zabriskie, 1914-1917
• Judge Cornelius Doremus, 1918-1931
• John V. Knowlton, 1932-1933

Cashiers:

• Lucius Foote Spencer, 1899-1919
• John V. Knowlton, 1920-1920
• Albert Gallatin Griffiths, 1921-1933

Other Known Bank Note Signers

• No other known bank note signers for this bank

Bank Note History Links

• First National Bank/First NB & TC, Ridgewood, NJ History (NB Lookup)
• New Jersey Bank Note History (BNH Wiki)

Sources

• Ridgewood, 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