First National Bank of Davenport, IA (Charter 15-2695-15)
First National Bank of Davenport, IA (Chartered 1863 - Liquidated 1931)
Town History
Davenport is a city in and the county seat of Scott County, Iowa. Located along the Mississippi River on the eastern border of the state, it is the largest of the Quad Cities, a metropolitan area with a population of 384,324 and a combined statistical area population of 474,019, ranking as the 147th-largest MSA and 91st-largest CSA in the nation. According to the 2020 census, the city had a population of 101,724, making it Iowa's third-largest city after Des Moines and Cedar Rapids. Davenport was founded on May 14, 1836, by Antoine Le Claire and named for his friend George Davenport.
The Rock Island Railroad built the first railroad bridge across the Mississippi River in 1856. It connected Davenport to Rock Island, Illinois. This railway connection resulted in significant improvements to transportation and commerce with Chicago, a booming 19th-century city. The addition of new railroad lines to Muscatine and Iowa City, and the acquisition of other lines by the Rock Island Railroad, resulted in Davenport becoming a commercial railroad hub. Steamboat companies rightly saw nationwide railroads as a threat to their business. On May 6, 1856, just weeks after the bridge was completed, a steamboat captain deliberately crashed the Effie Afton into the bridge. The owner of the Effie Afton, John Hurd, filed a lawsuit against the Rock Island Railroad Company. Abraham Lincoln was the lead defense lawyer for the railroad company. The hung jury meant that neither party was awarded damages; the bridge was repaired within the span of a few months, and no further intentional sabotage was pursued. However, further litigation continued for many years, until ultimately the United States Supreme Court upheld the right to bridge navigable streams.
Davenport had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.
Bank History
Charter 15 Bank History:
- Organized Jun 19, 1863
- Chartered Jun 24, 1863
- 1: Liquidated May 9, 1882
- 1: Succeeded by 2695 (First National Bank of Davenport, IA)
- 2: Charter 15 reassigned to 2695 May 22, 1911 (First National Bank of Davenport, IA)
- 2: Liquidated Apr 25, 1931
- 2: Absorbed by Union Savings Bank and Trust Company of Davenport
Charter 2695 Bank History:
- Organized May 1, 1882
- Chartered May 17, 1882
- Succeeded 15 (First National Bank of Davenport, IA)
- Retook Charter 15 May 22, 1911 (First National Bank of Davenport, IA)
Application for a charter for the First National Bank of Davenport was in the treasury department in Washington on February 26, 1863, the day after President Lincoln had approved the National Bank Act. It had been forwarded by Corbin & Dow on the 24th. Subscription books were opened on May 25th and the capital stock of $100,000 was subscribed within three days. Several weeks elapsed before the new comptroller of the currency had perfected rules for national banks and it was well into May before the articles of association were prepared in the comptroller's office and received by the Davenport bank. Austin Corbin, the renowned financier was the moving spirit in the organization of the bank and it was owing to his energy and public spirit that it was the first national bank in operation in the United States under the national banking act of 1863.
The First National Bank of Davenport was opened for business on June 29, 1863. Davenport received the second lot of the original national bank notes, the first lot going to the First National Bank of Washington, D.C. and the second lot came to Davenport on Jan. 21, 1864 as $26,000 in five dollar denomination.
The bank building kept its original form until 1908 when directors voted to increase the size and to remodel the exterior. The new addition of three floors was completed in 1910. The original design of the building was preserved for the first and second stories and the remainder was built of dark matt brick. The building throughout had steel beam construction with reinforced concrete floors. The five floors above the banking rooms contained 49 offices.
In January 1910, the officers were Anthony Burdick, president; Joseph R. Lane, vice president; John P. Van Patten, second vice president; Lew J. Yaggy, cashier; and W.J. Housman, assistant cashier. The directors were A. Burdick, J.R. Lane, J.P. Van Patten, M.N. Richardson, G.W. Cable, Jr., Aug. E. Steffen, W. McClelland, Aug. Reimers, John F. Dow, John L. Mason, Frank W. Mueller. It had capital $200,000 and surplus $180,000.
On June 29, 1910, the First National Bank of Davenport was celebrating its 47th anniversary. In honor of the occasion, the bank maintained an open house in its fine new building at Second and Main Streets. All checks were paid in new currency and cigars to the men, carnations to the ladies and lead pencils to everybody as souvenirs. Only two months earlier, a savings department was added to the bank and within this short space of time there were over $200,000 on deposit in this department. Located in the heart of Davenport's industrial center, the bank's new building was designed and constructed by Temple, Burrows, & McLain. It was constructed of cut stone and mat finish vitrified brick, standing six stories and a basement. The halls and stairways throughout the building were well-lighted; all woodwork had a Flemish oak finish with marble wainscoting and tiled floors. The safe deposit vaults occupied the basement, the entrance being of marble. The interior decorations of the banking room were arranged by P.W. Dirham, representing the Wollaeger Manufacturing Co. of Milwaukee which completely furnished and installed the entire equipment. The entire vestibule was of carefully selected imported Italian Pavanazo marble which was also used in the wainscoting of the main lobby and customers' room. The grill work was of solid bronze in verde antique finish and the furniture and wood-work was of quarter sawed, fumed white oak.
In January 1911, Hon. A.F. Dawson, Congressman representing the Second District whose term expired at the end of March, was elected a director. Reports suggested he would be made secretary to President Taft, but every indication was the Dawson would come to Davenport to settle and would doubtless assume the responsibilities as president of the First National. Cashier Yaggy said, "But he has not bound himself to this institution, and he is free to act as he sees fit. The increase in salary would hardly be a strong inducement for Mr. Dawson to accept the position. Of course, if he saw a chance to step into something the would have a good future, I believe he would take it and we would be inclined to agree with him, at least so far as he is personally concerned."
The Firm of Cook & Sargent whose general land agency grew into a bank in 1847, later erected its famous Marble Bank building at the southwest corner of Second and Main Streets. The bank was constructed with Athens limestone at a cost of over $75,000 and was first occupied in May 1857. On September 26, 1863, the First National Bank of Davenport purchased this structure for $22,500. Business growth necessitated better facilities and on December 19, 1907, the president gave notice to the Davenport Savings Bank, an institution that had occupied quarters in the same building and originally had the same officers, to vacate. A committee was authorized on March 18, 1909 to close contracts for the construction of a new modern bank and office building with six stories and basement, keeping the first two stories of the existing bank. The building was ready for occupancy in February 1910. The Marble Bank was destroyed by fire on the morning of Feb. 3, 1923 and with the subsequent dismantling of the remaining walls, the first bank ever opened in Davenport and the First National Bank in the United States passed into history.
On February 3, 1923, a blaze broke out shortly before 1 o'clock at the First National with loss estimated at $75,000, insured for $61,000. Firemen were handicapped by freezing weather and high winds. In the morning the bank had the appearance of a pyramid of ice and when the sun rose it glistened like studded with a million diamonds. The fire was discovered by Ed. Miller, night janitor at the bank. He said he saw smoke issuing from one of the windows on Second Street side on the sixth floor as he was leaving the building. He sent in the fire alarm and notified assistant cashier C.F. Schmidt who informed officials of the bank. Through the courtesy of the Davenport Savings Bank, temporary banking facilities were provided in its building on the north side of Second Street. The bookkeeping department of the First National, located in the building directly south of the bank was entirely undamaged. It was only recently announced that the bank directors had decided to replace the six-story building with a modern fire-proof office and bank building.
In February 1924, a loan of $350,000 of outside capital obtained from the Massachusetts Mutual Insurance Co. of Springfield, Mass. for financing the bank's new 10-story home and office builing then under construction at the southwest corner of Second and Main Streets. A.F. Dawson, president, said "Instead of taking funds of the bank which are used in transacting local business for the purpose of assisting in the financing of our new building, we are getting this outside capital for the same purpose."
1924 saw two new buildings added to the business section of Davenport, the First National at Second and Main and the Union Davenport Trust and Savings Bank at Third and Brady Streets. These buildings were modern structures carefully designed for bank and office building purposes and occupying excellent locations in the loop business district. Each structure cost in the neighborhood of $1,000,000.
In January 1925, stockholders elected the following directors: George W. Cable, A.F. Dawson, Charles Gilchrist, I.J. Green, George S. Johnson, Frank D. Throop, Joe R. Lane, F.W. Mueller, M.N. Richardson, Carl Richter, and August Steffen.
On Tuesday, January 12, 1926, two new directors were elected at the annual meeting of the stockholders, one to fill the vacancy caused by the death of the late Geo. S. Johnson, president, Iowa Flour Co., and the second to fill a prior existing vacancy. The new members of the board were Edwin J. Bettendorf, well-known young manufacturer and secretary of the Bettendrof Co., and Henry W. Neuman, prominent automobile dealer holding the Jordan, Studebaker, Auburn and El-Car agency in Davenport. Old directors re-elected were Geo. W. Cable, lumberman; A.F. Dawson, president; Chas. Gilchrist of the Alden Coal Co., Irvin J. Green, cashier; Joe R. Lane, vice president and attorney of the bank; F.W. Mueller of the Mueller Lumber Co.; M.N. Richardson, lumberman; Carl Richter of T. Richter's Sons; August E. Steffen, loop property owner; and Frank D. Throop, publisher of the Davenport Democrat.
In March 1931, details of the consolidation of the First National Bank with the Union Savings Bank & Trust Co. were completed, subject to ratification by the stockholders of both institutions at meetings scheduled for April 15th. Actual transfer of the First National to the Union bank would take place immediately after approval by the stockholders and plans for the physical merger of the institution were to be determined. William Heuer would be president of the merged banks. All of the directors of the First National would become directors of the Union Savings Bank & Trust Co., and all of the officers would become officers of that institution. Mr. Irvin J. Green would go to Quincy, Illinois to become president of a recently reorganized Quincy bank, the State Savings, Loan & Trust Co. of Quincy. He had been president of the First National for two and a half years.
The work of moving securities, records, and safety deposit boxes to the Union bank took place on Saturday evening, April 26th. Although the merger went into effect April 15th, when stockholders of both institutions ratified the action of their boards, the First National continued in its old location while preparations for the move went forward. The doors of Davenport's oldest financial institution closed Saturday night. Resources of the combined banks were more than $30 million while the capital stock was increased from $1,250,000 to $1,600,000.
The Union Savings Bank & Trust Co. went into the hands of the receiver, Bert McCulloch, who served from January 1933 until that process was completed in December 1947. The voluntary liquidation was announced on Christmas Eve and brought about the closing of several of the smaller neighborhood banks of the city. Also in January 1933, confessing voluntarily to embezzlement of about $130,000 over a period of 15 years, Roy J. Krabbenhoeft, 40, assistant cashier of the Union Savings Bank & Trust Co. pleaded guilty to making false entries and was sentenced to not exceeding five years in the state penitentiary at Fort Madison and fined $2,500. Krabbenhoeft told how he embezzled about $80,000 from the old Davenport Savings Bank and $50,000 more from the Union bank after the merger in 1923. He lost the money playing the stock market.
Official Bank Title(s)
1: The First National Bank of Davenport, IA
2: The First National Bank of Davenport, IA (5/22/1911)
Bank Note Types Issued
Charter 15 Bank Note Types Issued:
A total of $2,924,170 in National Bank Notes was issued by Charter 15 between 1863 and 1931. This consisted of a total of 215,236 notes (185,428 large size and 29,808 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1: Original Series 3x1-2 1 - 3500 1: Original Series 4x5 1 - 3690 1: Original Series 3x10-20 1 - 2400 1: Series 1875 3x10-20 1 - 62 2: 1902 Date Back 3x10-20 1 - 8300 2: 1902 Date Back 3x50-100 1 - 1455 2: 1902 Plain Back 3x10-20 8301 - 34694 2: 1902 Plain Back 3x50-100 1456 - 2011 2: 1929 Type 1 6x10 1 - 3573 2: 1929 Type 1 6x20 1 - 1007 2: 1929 Type 1 6x50 1 - 319 2: 1929 Type 1 6x100 1 - 69
Charter 2695 Bank Note Types Issued:
A total of $1,128,550 in National Bank Notes was issued by Charter 2695 between 1882 and 1911. This consisted of a total of 56,384 notes (56,384 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 1882 Brown Back 4x5 1 - 2300 1882 Brown Back 3x10-20 1 - 2025 1882 Brown Back 50-100 1 - 1811 1902 Red Seal 3x10-20 1 - 3300 1902 Red Seal 50-100 1 - 2127 1902 Date Back 3x10-20 1 - 4500 1902 Date Back 50-100 1 - 4
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1931):
Charter 15 Bank Presidents and Cashiers:
Presidents:
- Austin Corbin, 1863-1865
- George Henry French, 1865-1867
- Ira Merritt Gifford, 1867-1872
- Hiram Price, 1873-1874
- James Thompson, 1875-1875
- Charles Edwin Putnam, 1876-1876
- Tristam Thomas Dow, 1876-1882
- James Thompson, 1882-1882
- Albert Foster Dawson, 1911-1927
- Irvin Judson Green, 1928-1930
Cashiers:
- Ira Merritt Gifford, 1863-1867
- Hugo Oswald Schmidt Sr., 1867-1869
- David Collins Porter, 1870-1872
- William H. Price, 1873-1873
- David Collins Porter, 1873-1876
- Lloyd Glover Gage, 1876-1877
- John Bines Fidlar, 1878-1882
- Lewis Job Yaggy, 1911-1918
- Irvin Judson Green, 1919-1927
- William McKinley Brandon , 1928-1930
Charter 2695 Bank Presidents and Cashiers:
Presidents:
Cashiers:
- John Bines Fidlar, 1882-1894
- Charles Albert Mast, 1895-1903
- George Hoehn, 1904-1905
- Lewis Job Yaggy, 1906-1910
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Iowa Bank Note History
- General information on Davenport (Wikipedia)
- General information on Scott County (Wikipedia)
- General information on Iowa (Wikipedia)
Sources
- Davenport, 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 Bankers' Magazine, Vol. 81, July 1910-Dec. 1910, pp 116-117.
- Quad-City Times, Davenport, IA, Sun., Jan. 2, 1910.
- Quad-City Times, Davenport, IA, Wed., June 29, 1910.
- The Daily Times, Davenport, IA, Sat., Feb. 3, 1923.
- The Daily Times, Davenport, IA, Sat., Feb. 9, 1924.
- Quad-City Times, Davenport, IA, Thu., July 17, 1924.
- Quad-City Times, Davenport, IA, Wed., Dec. 31, 1924.
- The Daily Times, Davenport, IA, Tue., Jan. 13, 1925.
- Quad-City Times, Davenport, IA, Tue., Jan. 12, 1926.
- Quad-City Times, Davenport, IA, Wed., Mar. 11, 1931.
- Quad-City Times, Davenport, IA, Sun., April 26, 1931.
- The Daily Times, Davenport, IA, Sat., Dec. 31, 1932.
- Quad-City Times, Davenport, IA, Tue., Jan. 3, 1933.
- The Daily Times, Davenport, IA, Fri., Dec. 15, 1950.