Georges National Bank/Thomaston NB, Thomaston, ME (Charter 1142)
Georges National Bank/Thomaston NB, Thomaston, ME (Chartered 1865 - Open past 1935)
Town History
Thomaston, formerly known as Fort St. Georges, Fort Wharf, and Lincoln, is a town in Knox County, Maine, United States. The population was 2,739 at the 2020 census. Noted for its antique architecture, Thomaston is an old port popular with tourists. The town was named after Major General John Thomas.
As early as 1630, a trading post was established on the eastern bank of the St. George River, then considered the boundary between New England and New France. In 1704, Thomas LeFebvre from Quebec bought a large tract of land along the Weskeag River on which he built a gristmill, with a house on the shoreline at what is now South Thomaston. The area became known as Thomas' Town. In 1719–1720, the old trading post was remodeled into Fort St. George, a stockaded fort protected by two blockhouses. But Abenaki Indian tribes protested the encroachment of an English fort on their territory. Instigated by the French, they attacked the garrison twice during Dummer's War in 1722, then again in 1723 with a siege lasting 30 days. In response to this and other provocations, soldiers destroyed the Abenaki stronghold of Norridgewock in 1724.
During the French and Indian War, to avenge the fall of Louisbourg, on August 13, 1758, French officer Boishebert left Miramichi, New Brunswick with 400 soldiers for Fort St. George in Thomaston. His detachment reached there on September 9 but was caught in an ambush and had to withdraw. This was Boishébert's last Acadian expedition. They then went on to raid Friendship, Maine, where people were killed and others taken prisoner. Hostilities of the French and Indian Wars ceased with the 1759 Fall of Quebec.
Mason Wheaton was the first permanent settler in 1763. Located at the heart of the Waldo Patent, Thomaston was incorporated from St. Georges Plantation on March 20, 1777. Many settlers arrived following the Revolutionary War in 1783. General Henry Knox built his Montpelier mansion at Thomaston in 1793–1794.
The town prospered in the early 19th century as a port and ship building center. Around 1840, two of seven recorded millionaires in the United States were Thomaston sea captains. Other industries included two gristmills, two sawmills and planing mills, three sail lofts, brickyards, cask manufacturing and a marble works. Lime had been manufactured here since 1734 in kilns. Thomaston is still home to Jeff's Marine, Inc. and Lyman Morse Boatbuilding, builders of custom power and sailing yachts. Located on St. George River, Lyman Morse Boatbuilding sits on the original site of the General Henry Knox Mansion, where wooden schooners have been built for over 200 years.
Thomaston was home to the Maine State Prison until 2002, when it moved to Warren and the former facility was demolished. The prison was locally famous for its shop featuring handmade wares of prisoners and inspired the prison in the film, The Shawshank Redemption.
Thomaston had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized February 6, 1865
- Chartered May 15, 1865
- Succeeded Georges Bank
- 1: Assumed 890 by consolidation with title change and assumed its circulation (Thomaston National Bank, Thomaston, ME), September 16, 1931
- 2: Conservatorship March 17, 1933
- 2: Licensed June 23, 1933
- Bank was Open past 1935
On Wednesday, February 11, 1852, a bill to incorporate the Georges Bank and the Bangor Savings Bank was finally passed in the Senate.[1] The Georges Bank was incorporated on February 14, 1852, with a capital of $50,000. Edward O’Brien was one of seven original directors and the institution’s first president and largest stockholder.
On December 4, 1855, S.E. Smith, Esq., 34, cashier of the Georges Bank died in Thomaston.[2] John C. Levensaler succeeded Mr. Smith as cashier, a position he would hold for over 50 years.[3]
In November 1881, the Pacific National Bank of Boston failed. Both the Thomaston and Georges National Banks had their funds locked up in that institution.[4] Mr. Edward O’Brien promptly supplied funds to the George's National and offered aid to the Thomaston National Bank.
On May 6, 1882, Hon. Edward O'Brien, Thomason's foremost businessman and most distinguished citizen, died at his residence on West Main Street. Mr. O'Brien was born in Warren, Maine on July 24, 1793. At the time of his death he was probably the oldest ship builder engaged in actual building in the United States. Early in life he went to work in a ship yard and became a master builder in 1823, building in Warren until 1847, in which year he went to Thomaston where he continued ship building ever since. He amassed a large fortune in this industry and was probably the largest individual ship owner in this country, owning the whole of ten ships, besides an interest in others. In commercial circles he was known the world over, and his word was respected in both hemispheres. His wife was Mary Starrett of Warren, to whom he was married in 1820. His son, Edward Ellis O'Brien, was president of the Georges National Bank, and his daughter, Mary, was the wife of Wm. A. Campbell of Thomaston. Mr. O' Brien was of fine physique, a tall, robust man, and must have been powerful in early life. He was genial, kind and pleasant to all, and fond of social conversation. He served as representative in the legislature from both Warren and Thomaston, and three terms in the State Senate. He was the first president of the Georges Bank, and held the position until he resigned in 1879. He was one of the first directors in the Maine Telegraph Company. He was a large owner of real estate in Boston, Brooklyn, New York and the territory of Dakota.[5]
In 1888 The George's National Bank bought an undivided half of the eastern apartment of the Union Block from Sanford Delano, saloon keeper, and moved its quarters from the Carr O'Brien Block.
On Wednesday, March 7, 1900, Capt. Samuel Watts died at his home on Newbury Street, Boston at the age of 87 years. Watts was born in St. George, Maine, in 1812. At a very early age he began to go to sea and followed that vocation until about 1851. On leaving the sea he went into business in Thomaston where he also made his home. He began with Edward O' Brien as partner and built several vessels in the O'Brien yard across the river just below the bridge, and they also ran a store at the Upper Corner. After dissolving partnership in this firm, he built vessels with Barnabas Webb and also with William Stetson. He afterwards built vessels on his own responsibility and. with the following gentlemen: John T. Berry, Niven C. Mehan, William M. Hyler, Alfred Watts and E.B. Watts. In 1837 he married Clarissa Mills of St. George, to whom eight children were born, two of whom survived their father, Mary Jane Watts of Boston and Mrs. Emma Lewis of Brookline. In 1884 he married Emily Robbing of Boston, a former Thomaston lady. The latter survived him, also a sister, Mrs. Elizabeth Teel of St. George, aged 97. years, and a half-brother, Capt. John R. Watts of East Boston. In 1890 he built and gave to Thomaston the large brick block on the corner of Main and Knox streets. He was president of the Georges National Bank and went as senator to the Maine legislature.[6]
On November 26, 1928, Associate Justice William R. Pattangall of the supreme court signed a decree permitting the Georges National Bank of Thomaston to take over the business of the Thomaston Savings Bank. The national bank purchased all the securities owned by the savings bank which would go out of business on November 30th.[7]
In January 1930, the Georges National Bank organized with the following results: R.O. Elliot, president; R.E. Dunn, vice president; Miss L.S. Levensaler, cashier; Charles M. Starrett, assistant cashier; R.O. Elliot, R.E. Dunn, F.B. Hills, F.D. Elliot, H.E. McDonald, Levi Seavey and E.A. Morse, directors.[8]
On Tuesday, January 13, 1931, at the annual stockholders' and directors' meetings, the following officers were elected: R.O. Elliot, R.E. Dunn, Frank D. Elliot, Elmus A. Morse, Henry E. McDonald, and Levi Seavey, directors; R.O. Elliot, president; R.E. Dunn, vice president; L.S. Levensaler, cashier; C.M. Starrett, assistant cashier.[9]
On March 3, 1931, W.G. Washburn announced the Thomaston National Bank was sold to Financial Institutions, Inc. The bank was the oldest in Knox County having been established as a State bank in 1825 and made a national bank in 1865. The new owners bought the stock at $340 a share, the highest price previously paid for it being $150 a share. There would be no change in the personnel of the bank.[10] Financial Institutions, Inc. was a Maine Corporation owning a majority of the capital stock of 15 Maine banks having total resources of more than $90,000,000. Over 85% of the common stock of Financial Institutions, Inc., was owned by Maine capital and the corporation was managed by Maine men who had long and successful experience in banking and financial operations. Fidelity Trust Company, the largest banking institution in Maine with its main office on Monument Square, Portland, and branch offices at 87 Exchange Street and Woodfords Square, Portland, South Portland, Westbrook, Fryeburg, Harrison, South Windham, Yarmouth, Cumberland Mills, Sanford and Limerick was a member of Financial Institutions, Inc.[11]
On Friday, April 10, 1931, announcement was made that the Fidelity Trust Company of Portland purchased the assets and assumed the liabilities of the Sanford National Bank. Petition to buy the bank and operate it as a branch of the Fidelity Trust was granted by Sanger N. Annis, State Banking Commissioner. With the purchase of the Sanford National and the Limerick National this week, the Fidelity Trust Company now had total assets in excess of $34 million.[12] NOTE: more information about the Fidelity Trust Company is available on the bank history page for the Sanford National Bank.
On Monday, September 21, 1931, at a directors' meeting held in the banking rooms of the new Thomaston National Bank, the following officers were elected: Richard O. Elliot, president; Frank D. Elliot, executive vice president; Richard E. Dunn, vice president; Lizzie S. Levensaler, cashier; Charles M. Starrett and Frances A. Shaw, assistant cashiers; Mary McPhail and Gladys Doherty, bookkeepers. The new organization was formed by the consolidation of the Georges National Bank and the Thomaston National Bank, doing business under the name of the latter and occupying the banking rooms which were enlarged and remodeled a few years ago, the effects of the Georges National Bank having been removed while four State Policemen stood guard.[13]
In January 1932, the entire board was re-elected as follows: Richard O. Elliot, Richard E. Dunn, Frank D. Elliot, Elmus R. Morse, Levi Seavey and Henry E. McDonald.[14]
In October 1933, Harold F. Dana, for the past six years treasurer with the Maine Trust and Banking Co. in Gardiner, was named cashier of the Thomaston National Bank and would assume his new position on November 1st. Mr. Dana was born in Auburn and following high school entered the First Auburn Trust Company. During the World War, he resigned to enter the Army and served overseas. After the war he rejoined the trust company and except for a short period in a business house in Boston was with the bank until he entered the State Banking Department as examiner which he filled until going to Gardiner.[15]
In October 1933, an investigating committee appointed by Chief Justice William R. Pattangall concluded its probe and prepared a report charging the directors and officers of the Fidelity Trust Company of Portland with "carelessly allowing the affairs of the trust company to be mismanaged so that the assets of the bank were wasted and lost. Chief Justice Pattangall appointed Frank H. Haskell of Portland, John E. Nelson of Augusta, and James P. Perkins of Boothbay Harbor to investigate charges and prosecute any liabilities of officials or others connected with the bank. The detailed loss of $3,500,000 suffered by Fidelity Trust was blamed entirely on the directors of the bank. Directors were held responsible for the loss to the bank of $190,000 paid in dividends of stock during 1931, 1932, and 1933. The dividends were declared to have been paid illegally. Some cases highlighting losses charged included: $100,000 loan to Cumberland Share Corp., Jan. 19, 1932 made at a time with the Fidelity Trust Co. had no surplus and no undivided profits and when its capital stock was seriously impaired. Cumberland Co. had only $10,000 in assets. Security for the loan was 1,000 shares capital stock of Casco Mercantile Trust Co. which was then insolvent. $15,000 "donated" to Houlton Trust Co. of Houlton in 1932 at a time that it was reported in an insolvent condition. $298,946.96 loss from purchase of 1,500 shares of Forest City Trust Co., October 1930, $72,564.90 paid in excess of its real value. Merger of Forest City Trust with Fidelity Trust caused an additional loss of $40,352.23 on loans charged off, $9859.89 on loans considered bad, $168,270.44 on loans considered doubtful. $348,188.70 loss from purchase of Security Trust Co. of Rockland in 1930 at a time that Rockland Trust was in danger of insolvency and that $278,988.70 paid for the stock in excess of its true value. $163,609.49 loss from purchase of Georges National Bank of Thomaston, June 1930 and subsequent merger with Fidelity Trust. Purchase of 479 shares of this stock made in an illegal manner and at a price far in excess of its true value. The loss included $25,000 commission paid for the purchase of the stock. $357,795.82 loss following merger of Sanford National Bank of Sanford with Fidelity Trust. Merger was approved at a time that Sanford bank had no capital, surplus or undivided profits, but did have a deficit of $243,000, facts readily ascertainable had directors wished. $257,607.79 loss from creating Limerick National Bank, an affiliate of Fidelity Trust April 1931. Loss sustained principally because note given Fidelity Trust was practically worthless. Agreement made by Fidelity Trust officers without proper authority. $258,940.90 loss following purchase of 409 shares of Brunswick National Bank stock, December 1931. $422,200 loss following merger of North National Bank of Rockland with Fidelity Trust, May 1930, insolvent at the time of the merger.[16]
A conservator was appointed for Fidelity Trust on March 18, 1933. At that time, the bank, in addition to what it owed its depositors, had borrowed in round numbers $2,144,000 from the Reconstruction Finance Corporation and from other banks. On June 30, 1933, the conservator borrowed a further sum of $3,760,000 from the RFC. This money with the available cash on hand was used to pay the initial dividend of 20%. Of these loans aggregating $5,905,000, the conservator had repaid $3,218,000, leaving a balance due of $2,686,000. Help came from the citizens of Westbrook who re-established their own bank which assumed a portion of the obligations to Westbrook depositors in return for a proportional part of the assets of the Fidelity Trust Co. Depositors were advised that that valuable assets remained and the liquidation of which would yield further substantial returns to depositors who should take care before disposing of their rights for inadequate consideration.[17]
The Fidelity Trust Company was chartered by the Maine Legislature in 1905 and organized in Portland with Hon. Edward P. Ricker of Poland Spring as president.[19] Among those interested in the new company were Louis B. Goodall and Fred J. Allen of Sanford and Justin M. Leavitt of Kennebunkport, who were also directors.[20] The trust company had capital $150,000 and surplus $150,000 and was located on 478 Congress Street.[21]
On Tuesday, January 13, 1959, Richard O. Elliot, 85, was elected president of the Thomaston National Bank for a 40th term. Other officers elected were Lionel F. Jealous, vice president; Harold F. Dana, cashier; and Miss Ethel J. Upham, assistant cashier. Directors elected were Fred C. Black of Rockland, Willis R. Vinal of Warren, Lionel F. Jealous, Richard O. Elliot, John H. Miller, Harold F. Dana, and Foster D. Jameson all of Waldoboro.[22]
At the start of business, Saturday, June 25, 1960, the merger of the First National Bank of Bath with the First National Bank at Portland (Charter 13716) became effective after final approval from the office of the Comptroller of the Currency. The merger was part of a three-way banking transaction which also saw the Thomaston National Bank merge with the Bath and Portland banks. Donald N. Small, president of the Bath bank would become a member of the advisory board of the First National Bank at Portland. Frederick M. Haggett, cashier of the Bath bank was elected a vice president of the new institution. Other officers of the First National Bank at Portland in Bath included William Skelton, senior vice president; John Coombs, vice president; and George Nugent, assistant vice president, all of the former Bath Trust Co. The merger gave the First National Bank at Portland two branches in the Shipbuilding City. Earlier the Portland institution, now the largest national bank in Maine, took over the former Bath Trust Co., giving it the largest trust department in Northern New England.[23]
On Friday, March 5, 1976, Richard Elliot, 103, former state senator and the oldest living alumnus of the Massachusetts Institute of Technology, died at his Thomaston home. Burial followed in the Village Cemetery. A native of Thomaston, he was the retired president of Dunn and Elliot Co., sail makers and shipbuilders of Thomaston, and also served as president of the Thomaston National Bank until his retirement in 1960. In the 1920s he served as a representative and later as a senator in the Maine Legislature. He was a former selectman, town moderator and school board member in Thomaston. Mr. Elliot was a member of the Knights of Pythias and the Orient Masonic Lodge in Thomaston for about 80 years. He was a 51-year member of the Kora Temple Shrine in Lewiston.[24]
Official Bank Titles
1: The Georges National Bank of Thomaston, ME
2: The Thomaston National Bank, Thomaston, ME (9/16/1931)
Bank Note Types Issued
A total of $1,439,500 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 176,756 notes (144,980 large size and 31,776 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 4x5 1 - 2500 1: Original Series 3x10-20 1 - 1800 1: Series 1875 4x5 1 - 2070 1: Series 1875 3x10-20 1 - 2362 1: 1882 Brown Back 4x5 1 - 3776 1: 1882 Brown Back 3x10-20 1 - 2807 1: 1902 Red Seal 4x5 1 - 1050 1: 1902 Red Seal 3x10-20 1 - 720 1: 1902 Date Back 4x5 1 - 2650 1: 1902 Date Back 3x10-20 1 - 2100 1: 1902 Plain Back 4x5 2651 - 11425 1: 1902 Plain Back 3x10-20 2101 - 7735 1: 1929 Type 1 6x5 1 - 1352 1: 1929 Type 1 6x10 1 - 666 1: 1929 Type 1 6x20 1 - 178 2: 1929 Type 1 6x5 1 - 944 2: 1929 Type 1 6x10 1 - 672 2: 1929 Type 1 6x20 1 - 212 2: 1929 Type 2 5 1 - 5130 2: 1929 Type 2 10 1 - 1977 2: 1929 Type 2 20 1 - 525
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1935):
Presidents:
- Edward O'Brien, 1865-1876
- Capt. Samuel Watts, 1877-1877
- Edward O'Brien, 1878-1880
- Edward Ellis O'Brien, 1881-1897
- Edwin Smith, Jr., 1898-1903
- William E. Vinal, 1904-1918
- Richard Oliver Elliot, 1919-1935
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- Georges National Bank/Thomaston NB, Thomaston, ME History (NB Lookup)
- Maine Bank Note History (BNH Wiki)
Sources
- Thomaston, ME, 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
- ↑ Eastern Times, Bath, ME, Thu., Feb. 19, 1852.
- ↑ Portland Press Herald, Portland, ME, Mon., Dec. 17, 1855. Mon., Dec. 17, 1855.
- ↑ Rockland Free Press, Rockland, ME, Wed., Nov. 21, 1888.
- ↑ The Portland Daily Press, Portland, ME, Mon., Nov. 21, 1881.
- ↑ Portland Press Herald, Portland, ME, Mon., May 8, 1882.
- ↑ Sun-Journal, Lewiston, ME, Fri., Mar. 9, 1900.
- ↑ The Times Record, Brunswick, ME, Mon., Nov. 26, 1928.
- ↑ Portland Press Herald, Portland, ME, Thu., Jan. 16, 1930.
- ↑ Portland Press Herald, Portland, ME, Thu., Jan. 15, 1931.
- ↑ The Boston Globe, Boston, MA, Wed., Mar. 4, 1931.
- ↑ Evening Express, Portland, ME, Mon., Apr. 13, 1931.
- ↑ Portland Press Herald, Portland, ME, Sat., Apr. 11, 1931.
- ↑ Portland Press Herald, Portland, ME, Wed., Sep. 23, 1931.
- ↑ Portland Press Herald, Portland, ME, Thu., Jan., 14, 1932.
- ↑ Kennebec Journal, Augusta, ME, Sat., Oct. 7, 1933.
- ↑ The Bangor Daily News, Bangor, ME, Tue., Oct. 3, 1933.
- ↑ Portland Press Herald, Portland, ME, Sun., Dec. 17, 1933.
- ↑ Evening Express, Portland, ME, Mon., Jan. 1, 1917.
- ↑ The Industrial Journal, Bangor, ME, Mon., Jan. 1, 1906.
- ↑ Biddeford-Saco Journal, Biddeford, ME, Mon., Jan. 22, 1906.
- ↑ Biddeford-Saco Journal, Biddeford, ME, Tue., May 1, 1906.
- ↑ Portland Press Herald, Portland, ME, Wed., Jan. 14, 1959.
- ↑ The Times Record, Brunswick, ME, Sat., June 25, 1960.
- ↑ The Daily Item, Lynn, MA, Mon., Mar. 8, 1976.