Panhandle National Bank/First NB, Wichita Falls, TX (Charter 3200)

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Buildings found in Wichita Falls, Texas, ca1906
Buildings found in Wichita Falls, Texas, ca1906.[1] Courtesy of DeGolyer Library, Southern Methodist University

Panhandle National Bank/First NB, Wichita Falls, TX (Chartered 1884 - Liquidated 1989)

Town History

Postcard of the First National Bank of Wichita Falls
Postcard of the First National Bank of Wichita Falls, ca1920s. Courtesy of Heritage Auctions, www.ha.com
Building used until about 1909 as City Hall
Building used until about 1909 as City Hall. It was the first domicile of the James Bank, Panhandle Bank,[2] and City National Bank.

Wichita Falls is a city in and the county seat of Wichita County, Texas. It is the principal city of the Wichita Falls metropolitan statistical area, which encompasses all of Archer, Clay, and Wichita Counties. According to the 2020 census, it had a population of 102,316, making it the 43rd-most populous city in Texas.

American settlers arrived in the 1860s, mainly as cattle ranchers. The city was named Wichita Falls on September 27, 1876, as the Wichita River runs through the area and a waterfall was in the river's course in 1876. Just 10 years later in 1886, a flood destroyed the original waterfall on the Wichita River for which the city was named. After nearly 100 years of visitors wanting to visit the no longer existing falls, the city built an artificial waterfall beside the river in Lucy Park. The recreated falls are 54 ft high and recirculate at 3,500 gallons per minute.

A large petroleum reservoir was discovered just west of the city of Burkburnett, a small town in Wichita County in 1912. Burkburnett and its surrounding communities became boomtowns, experiencing explosive growth of their populations and economies. By 1918, an estimated 20,000 new settlers had taken up residence around the lucrative oil field and many Wichita County residents had become wealthy virtually overnight. As people streamed into the local communities in search of high-paying jobs, the nearby city of Wichita Falls began to grow in importance.

In 1941, Texas cattleman, oilman, and philanthropist, Joseph Sterling Bridwell, sold 300 acres of land to the United States Army for one dollar for Sheppard Field. It was officially opened as a United States Army Air Corps training center on 17 October 1941, following the arrival of the first military members on 14 June. As the Army Air Corps became the Army Air Forces, facilities were completed sufficiently to allow the first class of 22 aviation mechanics to enter training that October; the class graduated 23 February 1942. During World War II, then-Sheppard Field conducted basic training, and it also trained glider mechanics, technical and flying training instructors and B-29 Superfortress flight engineers. In addition to the basic flying training, the base also provided advanced pilot training. Sheppard Air Force Base is named in honor of Senator John Morris Sheppard of Texas (1875–1941), chairman of the Senate Military Affairs Committee from 1933 until his death on 9 April 1941. Senator Sheppard helped lead the fight for military preparedness before the attack on Pearl Harbor.

Wichita Falls had eight National Banks chartered during the Bank Note Era, and five of those banks issued National Bank Notes.

Bank History

The old First National Bank of Wichita Falls, Texas
The old First National Bank of Wichita Falls, Texas, at Eighth and Indiana Avenue, ca2022. Courtesy of Google Maps
Photo of Carter McGregor, chairman of the board and Joe B. Wolverton, president
A 1960 photo of Carter McGregor, chairman of the board, and Joe B. Wolverton, president of the newly consolidated First-Wichita National Bank of Wichita Falls going over the statement of condition.[3]
First-Wichita National Bank building
The former Wichita National Bank building acquired in 1959 by the First National Bank of Wichita during a $1,500,000 expansion and remodeling program. The building was renamed to the First-Wichita National Bank building and was known for its time and temperature display as well as its blue color. Courtesy of Google Maps ca2022

In 1882, the Ft. Worth and Denver City Railroad arrived at Wichita Falls and began to transform a small settlement of 400 persons into a full-fledged city. In 1884, Colonel John G. James decided the people of Wichita Falls needed a safe place to keep their money, a way to finance their battle against the elements, and a place to get the capital required to open the kinds of businesses a new town needed. Within a month after its official opening date, May 29, 1884, Panhandle National Bank had deposits of more than $35,000 and loans and discounts totaling $26,158.[4] The Panhandle National Bank was the successor to the private bank of J.G. James. The capital was thought hardly enough to handle the great cattle and wool trade business in the area.[5] The bank began business with paid in capital of $50,000 with authority to increase to $200,000. At a stockholders; meeting, the following officers were elected: John G. James, president; W.A. Knott, vice president; A.S. James, cashier and John G. James, W.A. Knott, A.S. James, T.P. Knott, W.A. McCutchen, and J.E. Roller. All were residents of the Falls except Gen. Roller who was from Virginia.[6] 

In the Wichita Falls directory of 1894, P.P. Langford was county treasurer and J.H. Barwise, Jr., well-known attorney of Fort Worth, was county attorney. There were four horse-shoers, several saddlers and livery stables, nine saloons, two barber shops and bath houses.  Of newspapers there were three, The Times with Tabb and Fisher, proprietors at Indiana Avenue and Eighth Street; the Wichita County Democrat and the Wichita Herald. Of the two banks, J.A. Kemp was president and Frank Dorsey was cashier of the City National Bank at Seventh and Ohio.; R.E. Huff was president and W.M. McGregor was cashier of the Panhandle National Bank at the corner of Seventh and Indiana Avenue. J.A. Kemp, R.E. Huff, and J.G. Jones were the officials of the Wichita Valley Mill and Elevator Company. Kemp owned a wholesale grocery company with branches at Seymour and Bowie.[7]

On Tuesday, January 12, 1904, stockholders of the First National Bank held their annual meeting and re-elected the following directors: R.E. Huff, C.A. Allingham, W.M. McGregor, A. Zundelowitz, J.G. Hardin, W.M. Coleman, and D.E. Thomas. The officers re-elected were R.E. Huff, president; C.A. Allington, vice president; and W.M. McGregor, cashier.[8] 

On Tuesday, January 11, 1921, stockholders of the American National Bank voted to increase the capital stock from $200,000 to $300,000. Newly elected directors were S.W. Sibley, W.N. Bonner, T.J. Taylor, Orville Bullington, J.G. Culbertson, Dr. Charles William Wallace, Dr. Everett Jones, Joe A. Kell, T.O. Shappell, Dr. A.C. Parker, I.A. Fine, Roscoe Stayton, Ed Howard, H.G. Burlew, and Homer Lee. The officers elected were T.J. Taylor, chairman of the board; Orville Bullington, president; S.W. Sibley, vice president; Homer Lee, vice president and cashier; Rhea Nixon and H.G. Burley, active vice presidents; and Dr. Chas. William Wallace, inactive vice president.[9] The report of September 6, 1921, showed total resources of $201,144.98. The capital stock was $200,000, undivided profits less expenses $1,144.98, banking house $123,000, furniture and fixtures $19,819.55.[10] The bank was located on the corner of Eighth and Indiana.

On August 30, 1921, The First National Bank with resources of $10,600,000, announced the deposits and assets of the American National Bank had been purchased. Safety deposit box holders were asked to transfer valuables from the American National to the First National.[11]

On Tuesday, January 10, 1922, the directors elected were: R.E. Huff, W.M. McGregor, C.E. McCutchen, L.R. Buchanan, W.D. Cline, F.M. Gates, Carter McGregor, S.L. Fowler, J.S. Bridwell, W.E. Norton, J.F. O'Donohue, J.M. Bland, P.J. Lea, J.T. Montgomery, T.W. Roberts, M.D. Rowe, T.S. Noble, W.M. Coleman, W.P. Ferguson, R.S. Allen, and E.P. Bass. The officers were: R.E. Huff, chairman of the board; W.M. McGregor, president; C.E. McCutchen and L.R. Buchanan, active vice presidents; W.D. Cline and F.M. Gates, vice presidents; Carter McGregor, cashier; A.M. Miller and W.C. McCutchen, assistant cashiers.[12]

On Tuesday, January 14, 1941, three new directors were added to the board of the First National Bank. They were E.A. Denney, William E. Huff, and T.J. Waggoner, Jr. The directors re-elected follow: M.W. Blair, J.M. bland, J.S. Bridwell, L.T. Burns, A.R. Dillard, W.P. Ferguson, R.A. King, P.J. Lea, Homer Lee, W.M. McGregor, C.E. McCutchen, Carter McGregor, A.M. Miller, John F. O'Donohoe, T.W. Roberts, and T.B. Wilson. The officers re-elected were W.M. McGregor, president; C.E. McCutchen and Carter McGregor, vice presidents; A.M. Miller, cashier; W. Kline McGee, assistant cashier and trust officer; and Fred C. Barron, auditor.[13]

On Monday, December 21, 1959, the First National Bank of Wichita Falls and the Wichita National Bank announced plans to merge, the new bank to be called the First-Wichita National Bank. The joint announcement said the bank would have capital of $9 million, total resources of $100 million and a loan limit up to $500,000. The bank would be the largest in the area from Wichita Falls to Denver and would be surpassed in size in Texas only by some of the larger banks in Houston, Fort Worth, Dallas, San Antonio, and El Paso.[14] Offices of the new bank would be in those occupied by Wichita National Bank. Carter McGregor, president of First National Bank would become chairman of the board and Joe B. Wolverton, president of Wichita National, president. Stockholders' meetings were planned for around February 1st.[15]

A 1985 advertisement for MBank Wichita Falls
A 1985 advertisement for MBank Wichita Falls and its brokerage arm, MPACT Brokers. MCorp stock traded under the symbol MBK.[16]

On Monday, February 22, 1960, the newly consolidated institution opened for business. Joe B. Wolverton who began his banking career in Vernon in 1939 assumed the presidency of the new First-Wichita National Bank. He joined Waggoner National Bank following his graduation from the University of Texas in 1939, serving in various capacities, finally becoming president in 1950. He was elected president of the Wichita national Bank in November 1956. According to reports on deposits as of December 31, 1959, the First-Wichita National Bank would be the 14th largest bank in Texas and 273rd largest bank in the United States. The stockholders of First-Wichita elected the following directors and advisory directors: Carter McGregor, chairman; Homer Lee and W. Erle White, vice chairmen; Carl T. Anderson, John Biggs, Merrill W. Blair, J.S. Bridwell, Bobby M. Burns, C.B. Christie, Jr., James A. Cullum, W. Daniel, E.A. Denney, A.R. Dillard, Linton H. Estes, H. Steve Ford, George W. Graham, Ralph O. Harvey, Jr., William E. Huff, G.D. Ireland, Edward G. Kadane, R.A. King, Jack H. Martin, Marvin L. McCullough, A.M. Miller, R.J. Moran, D.L. (Dick) Naylor, John F. O'Donohoe, C.H. Parker, Kindel Paulk, Floyd L. Randel, C.D. Shamburger, Jr., Howell E. Smith, Ikard Smith, J.E. Taubert, T.J. Waggoner, Jr., Wayne O. Watts, John H. Wilson, Joe B. Wolverton and Frank M. Wood. The board elected the following officers: Joe B. Wolverton, president; Grady D. Atchley, R.V. Fite, Dick Harris, W.D. Lacy, Hary C. Lane, Carey T. Mayfield, Hudson Meador, Cleo A. Nipper (and trust officer), J.C. Poerter, Lloyd M. Smith, W.R. Terry, and Ray L. Winstead, vice presidents; Forrest Collins, cashier; Malcolm Mills, comptroller; Al C. Flack, Jr., E.J. Goodlett, J. Howard Morgan, Oral Staples, T.S. Thomson, assistant vice presidents; W.F. Boling, Robert brooks, T.J. Campbell, Claude Draper, Pete E. Graham, Harles Hanson, L.F. Kubecka, William Price Lowry, Jr., R.E. Medlinger, Carl Neel, B.R. Orr, Elton E. Welchel, assistant cashiers; John P. League, assistant trust officer; and Lee Arthur, auditor. Upon completion of remodeling, First-Wichita would be located on the corner of Eighth and Scott in the former Wichita National Building. The Wichita National Bank was opened in 1909 as the Wichita State Bank and Trust Company. In 1920 the bank moved to the corner of Eighth and Scott. The Wichita National received its name and national charter in 1933.[17]

In June 1977, First-Wichita Bancshares Inc., parent company of First-Wichita National Bank, owned Ag-Capital Corp., a firm specializing in large agricultural loans ranging from $50,000 to $3 million. Richard Lee was president of Ag-Capital Corp.[18] David Woverton was president and chief executive officer of First-Wichita with executive vice presidents Forrest Collins, Michael T. Higgins, John P. League, Hudson Meador and William R. Terry. First-Wichita reported deposits of $227,297,302 con December 31, 1976, compared to $211,199,289 a year earlier. Directors were Carl T. Anderson, D. Phil Bolin, C.B. Christie, Jr., James A. Cullum, A.R. Dillard, Jr., George W. Graham, Edward G. Kadane, Mike Kelly, Noros H. Martin, R.W. McBride, James W. McDonald, Carter, McGregor, Jr., R.J. Moran, Milburn E. Nutt, C.H. Parker, Ikard Smith, W. Dean Stewart, J.E. Taubert, Lloyd J. Taylor, Jr., Paul Teague, T.J. Waggoner, Jr., Lane T. West, W. Erle White and Wolverton.[19]

In July 1984, two Wichita Falls banks, First-Wichita National Bank and Southwest National Bank announced plans to become MBank Southwest according to David Wolverton, president and chief executive officer at First-Wichita National and Bruce McLain, president and chief executive officer at Southwest Bank. The 69 banks of Mercantile Texas Corp. and Southwest Bancshares Inc. would become MBanks and the parent company adopted the new name MCorp. Name changes were planned to take effect throughout the system by mid-October. The new name was part of a corporate identity move using the "M" with an appropriate word to link the holding company with all of its banking and non-banking subsidiaries and their services. For example, Affiliated Computer Systems, the electronic data processing subsidiary would become MTech. MPACT, the company's automatic teller machine and point of sale system would retain its original name. The company had already extended the MPACT name to MPACT Brokers, the state's largest bank-operated discount brokerage; to MPACT Securities which offered investment advice; and to MPACT Mortgage, the company's entry into residential mortgages. The Mercantile Southwest merger would create the 18th largest banking organization in the United States and third largest in Texas based on total assets of $19.7 billion as of June 30, 1084.[20]

Official Bank Titles

1: The Panhandle National Bank of Wichita Falls, TX

2: The First National Bank of Wichita Falls, TX (10/27/1903)

Bank Note Types Issued

1882 Brown Back $10 bank note
1882 Brown Back $10 bank note with pen signatures of W.M. McGregor, Cashier and Robert E. Huff, President. Courtesy of Heritage Auctions, www.ha.com
1902 Red Seal $20 bank note
1902 Red Seal $20 bank note with stamped signatures of W.M. McGregor, Cashier and Robert E. Huff, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note
1929 Type 1 $10 bank note with printed signatures of A.M. Miller, Cashier and W.M. McGregor, President. Courtesy of Heritage Auctions, www.ha.com

A total of $8,872,150 in National Bank Notes was issued by this bank between 1884 and 1935. This consisted of a total of 818,768 notes (570,746 large size and 248,022 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 3x10-20 1 - 2869
1: 1882 Brown Back 50-100 1 - 983
2: 1882 Brown Back 50-100 1 - 90
2: 1902 Red Seal 3x10-20 1 - 2750
2: 1902 Date Back 4x5 1 - 5500
2: 1902 Date Back 3x10-20 1 - 9400
2: 1902 Plain Back 4x5 5501 - 48500
2: 1902 Plain Back 3x10-20 9401 - 88031
2: 1929 Type 1 6x10 1 - 22820
2: 1929 Type 1 6x20 1 - 6658
2: 1929 Type 2 10 1 - 53254
2: 1929 Type 2 20 1 - 17900

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1884 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Wichita Falls, 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
  1. ↑ Facts about the Wichita Falls country in the great wheat belt of Texas with map of Texas, promotional pamphlet, ca1906.
  2. ↑ Wichita Falls Times, Wichita Falls, TX, Fri., Apr. 9, 1909.
  3. ↑ Wichita Falls Times, Wichita Falls, TX, Sun., Feb. 21, 1960.
  4. ↑ Times Record News, Wichita Falls, TX, Sun., May 27, 1984.
  5. ↑ The Galveston Daily News, Galveston, TX, Tue., Feb. 26, 1884.
  6. ↑ Fort Worth Daily Gazette, Fort Worth, TX, Sat., May 17, 1884.
  7. ↑ Wichita Falls Times, Wichita Falls, TX, Sun., Sep. 18, 1921.
  8. ↑ The Galveston Daily News, Galveston, TX, Sun., Jan. 17, 1904.
  9. ↑ Times Record News, Wichita Falls, TX, Tue., Jan. 11, 1921.
  10. ↑ Wichita Falls Times, Wichita Falls, TX, Fri., Oct. 21, 1921.
  11. ↑ Wichita Falls Times, Wichita Falls, TX, Tue., Aug. 30, 1921.
  12. ↑ Wichita Falls Times, Wichita Falls, TX, Wed., Jan. 11, 1922.
  13. ↑ Times Record News, Wichita Falls, TX, Wed., Jan. 15, 1941.
  14. ↑ The Galveston Daily News, Galveston, TX, Tue., Dec. 22, 1959.
  15. ↑ Fort Worth Star-Telegram, Fort Worth, TX, Tue., Dec. 22, 1959.
  16. ↑ Times Record News, Wichita Falls, TX, Wed., May 22, 1985.
  17. ↑ The Vernon Daily Record, Vernon, TX, Sun., Feb. 21, 1960.
  18. ↑ The Daily Oklahoman, Oklahoma City, OK, Sun., June 12, 1977.
  19. ↑ Times Record News, Wichita Falls, TX, Tue., Feb. 8, 1977.
  20. ↑ Times Record News, Wichita Falls, TX, Fri., July 20, 1984.
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