First National Bank of Electra, TX (Charter 10050)

Real Photo Postcard of Trades Day, Main Street in Electra, Texas, November 18, 1912. Postmark is 1912. Courtesy of DeGolyer Library, Southern Methodist University

First National Bank of Electra, TX (Chartered 1911 - Liquidated 1929)

Town History

Electra is a city in Wichita County, Texas. It is part of the Wichita Falls metropolitan statistical area. The population was 2,292 at the 2020 census., down from 2,791 in 2010. Electra claims the title of Pump Jack Capital of Texas, a title made official by the state in 2001, and has celebrated an annual Pump Jack Festival since 2002. It was named in honor of Electra Waggoner, an heiress to the Waggoner Ranch. Electra is also known for its Grand Theatre which was refurbished and now a functioning theater.

Daniel Waggoner started a ranch in present-day Electra in 1852. Around 30 years later, the Fort Worth and Denver Railway was built, and its railroad tracks ran through the area. In 1885, Waggoner's son, William Thomas Waggoner, successfully lobbied railroad executives to build a railroad station at the site. By this time, the Waggoner ranch covered a half-million acres. Until this time, the town was called Waggoner, but following the building of the station and a post office in 1889, it was dubbed Beaver Switch, after the nearby Beaver Creek. The opening of 56,000 acres of land north of the railroad station brought more farmers to the area. The town was renamed again in 1907, this time after Waggoner's daughter, Electra Waggoner.

Water can be scarce in this region of Texas, so Waggoner started drilling for water for the town's new residents. Most of these drilling sites were befouled by crude oil, which made the water unfit for drinking. Three years later, a developer from Fort Worth named Solomon Williams bought the land from Waggoner. Soon thereafter, he annexed nearby land, subdivided the land, and placed advertisements in national media trying to increase the population. His efforts were successful, and the town grew from a population of 500 to 1,000 between 1907 and 1910. The Waggoner family still owns much of the same land they did in the beginning and still drills for oil there.

On 1 April 1911, the Clayco Oil gusher brought in an oil strike at a depth of 1,600 feet, producing 260 barrels of oil per day. Word spread quickly, and the population increased to over 1,000, with many more oil workers commuting from Wichita Falls. The town soon had brick buildings, cement sidewalks, and a telephone exchange. In 1936, Electra had well over 6,000 residents, but by the 1960s, the population had decreased to just over 5,000.

Electra had three National Banks chartered during the Bank Note Era, and one of those banks issued National Bank Notes.

Bank History

• Organized June 9, 1911
• Chartered July 6, 1911
• Assumed 11928 by consolidation February 21, 1924 (Security National Bank (No Issue), Electra, TX)
• Liquidated April 15, 1929
• Succeeded by 13284 (First National Bank in (No Issue), Electra, TX)

In April 1911, a new bank was organizing at Electra. W.W. Brown, one of the leading citizens of that place was the lead and it was reported that practically all of the capital stock of $25,000 had been subscribed. The institution to be known as the First National Bank of Electra was expected to open for business around June 1st. In June, the comptroller of the currency approved the application to organize the First National Bank of Electra. The applicants were J.W. Stringer, G.B. Arkel, J.H. Marriott, R.E. Huff and W.W. Brown, Mr. Brown of Electra was the correspondent. In September 1911, the First National Bank was soliciting bids for the erection of a second story to the bank at Electra.

In September 1913, the officers were D.T. Cross, president; Will W. Brown, vice president; J.W. Stringer, vice president; T.M. Hoxie, cashier and J.E. Meador, assistant cashier. The bank had capital of $25,000.

On January 12, 1923, Reuben R.R. Cook and J.A. Wise, vice presidents of the First National Bank of Electra attended a banquet at the Kemp Hotel in Wichita Falls. Directors of the banks and adjoining counties were invited guests. In May 1923, Fred C. Barron, formerly of Wichita Falls was elected cashier of the First National Bank succeeding Reuben R.R. Cook. Mr. Cook resigned to become active vice president of the Security National Bank. Mr. Barron had been a vice president of the National Bank of Commerce, Wichita Falls, and before that an assistant cashier of the First National Bank of Wichita Falls.

In January 1924, D.T. Cross was elected president of the newly consolidated First National Bank; R.R.R. Cook, vice president; C.R. Miller, vice president and cashier. The following directors were elected in addition to the above officers who also were elected directors: Edward Schlaffke, R.P. Prince, A.L. Robb, S.B. Marchant, A.T. McDannald, G.F. LeBus, W.P. Lincoln, and Fred C. Barron.

On Saturday, March 2, 1929, announcement was made of a complete reorganization of the First National Bank of Electra, effective Monday. The officers were J.A. Coker, active president; J.N. Fulcher, active vice president; A.T. McDannald, G.M. Douglas, vice presidents; Edward Schlaffke, chairman of the board; G.D. Ezell, cashier; C.F. Suggs, and A.F. Haaf, assistant cashiers. The directors included the president, vice presidents and chairman of the board and Reece S. Allen, A.L. Robb, R.Y. Smith, G.F. LeBus, W.P. Lincoln. Stockholders other than directors were C.F. Kolp, G.B. Ancell, Sr., Mrs. Annie Powell, R.P. Prince, G.D. Ezell, G.H. Marriott, Sr., Otto Schlaffke, and L.P. Douglas of Electra; and R.E. Huff of Wichita Falls. The capital stock was $100,000. J.A. Coker who succeeded Edward Schlaffke as president, came to Electra from Bowie where he had been president of the First National Bank for several years. J.N. Fulcher used to teach school in Vernon, served as County Superintendent, later engaging in the variety store business. He went to Oklaunion, Texas, to become a banker. Mr. Fulcher was associated with Mr. Coker as cashier of the First National Bank of Bowie. A.T. McDannald had been a successful oil operator in Electra for a number of years. C.F. Kolp was manager of the Waggoner Refining Co. and an independent oil operator. The new bank, The First National Bank in Electra, received charter No. 13284.

Official Bank Title

1: The First National Bank of Electra, TX

Bank Note Types Issued

1902 Plain Back $10 bank note with pen signature of G.D. Ezell, Vice President and stamped signature of D.T. Cross, President. Courtesy of Heritage Auctions, www.ha.com

A total of $344,250 in National Bank Notes was issued by this bank between 1911 and 1929. This consisted of a total of 27,540 notes (27,540 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
1902 Date Back	3x10-20	1 - 2080
1902 Plain Back	3x10-20	2081 - 6885

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1911 - 1929):

Presidents:

• James Willis Stringer, 1911-1911
• William Thomas Waggoner, 1912-1912
• Daniel T. Cross, 1913-1913
• John Henry Marriott, 1914-1917
• Edward Schlaffke, 1918-1923
• Daniel T. Cross, 1924-1925
• Edward Schlaffke, 1926-1928

Cashiers:

• Will W. Brown, 1911-1912
• Thomas Mitchell Hoxie, 1913-1915
• John Albert Wise, 1916-1919
• Reuben Rogers Rountree Cook, 1922-1922
• Fred Carlton Barron, 1923-1923
• Charles Richard Miller, 1924-1927
• George D. Ezell, 1928-1928

Other Known Bank Note Signers

• No other known bank note signers for this bank

Bank Note History Links

• First National Bank of Electra, TX History (NB Lookup)
• Texas Bank Note History (BNH Wiki)

Sources

• Electra, TX, 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