Riverside National Bank, Riverside, NJ (Charter 6823)

Needed: a contemporary postcard or photo of the bank.

Riverside National Bank, Riverside, NJ (Chartered 1903 - Liquidated 1918)

Town History

Riverside Township is a township in Burlington County, New Jersey. As of the 2020 United States census, the township's population was 8,003. Riverside was incorporated as a township by an act of the New Jersey Legislature on February 20, 1895, from portions of Delran Township. A portion of the township was annexed by Delran in 1901. The township was originally named Progress which was changed to Riverside for its location on the Delaware River.

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

Bank History

The Riverside Trust Company succeeded the Riverside National Bank in 1918 and built this banking house located on the corner of East Scott Street and South Pavilion Avenue. Courtesy of Google Maps ca2022

Organized April 22, 1903
Robert D. Kent, vice president 1903...1907, was the founder of more than a dozen banks in New Jersey and the New York City area
Chartered June 8, 1903
Liquidated December 31, 1918
Succeeded by Riverside Trust Company

In April 1903, the Comptroller of the Currency approved the application of Charles Mitsch, Robert D. Kent, R.W.D. Albury, Warren C. Pine and Henry Walter to organize a national bank at Riverside to be known as the Riverside National Bank. The capital stock was $25,000. On April 22nd, the following directors were elected: Colonel R.D.W. Albury, Robert D. Kent, Mitchell B. Perkins, Charles Mitsch, Warren C. Pine, Arthur Pressey and George M. Bacon. The board of directors subsequently organized and elected the following officers: President, Charles Mitsch; Vice President, Robert D. Kent; Cashier, Arthur Pressey; and Bookkeeper, Samuel L. Roberts.

On Tuesday, January 12, 1904, the annual meeting of the stockholders of the Riverside National Bank was held, when the following directors were elected: Robert D. Kent, Col. R.W.D. Alburv, Charles Mitsch, Warren C. Pine, Henry L. Gregg, George M. Bacon, Xaver Walter, and Arthur Pressey. The next day the board organized and elected the following officers: President, Charles Mitsch; vice president, Robert D. Kent; cashier, Arthur Pressey; bookkeeper, Howard G. Pancoast; solicitor, George M. Bacon.

In January 1909, the stockholders elected the following directors: Harry J. Dennis, William T. Baggs, E.M. Brock, Henry Walter, T.J. Donovan, Charles Mitsch, Charles H. Ziegler, and W.C. Pine.

In September 1917, it was announced the riverside National Bank was being reorganized as a trust company with capital stock increased from $50,000 to $100,000.

On August 16, 1918, the Riverside Trust Company of the Town of Riverside, Burlington County, was authorized by Frank H. Smith, Commissioner of Banking and Insurance of the State of New Jersey to commence business.

In February 1919, Riverside would have a new bank building. This was learned when the Riverside Trust Company, recently reorganized from the Riverside National Bank, purchased the corner site occupied by the Pine Pharmacy, at Scott und Pavilion Avenue, from County Collector Warren C. Pine with the intention of erecting thereon an imposing bank building at an estimated cost of $75,000. This corner was considered the best business location in Riverside and the price paid was said to have been $30,000. Mr. Pine was a vice president of the Trust Company, and only consented to sell in order to accommodate the rapidly growing financial institution. In turn, Mr. Pine purchased the August Zurbrugg three-story brick building adjoining the property sold to the Trust Company, and planned to remodel it into an up-to-date pharmacy for his large business. Mr. Pine operated one of the early Rexall Stores.

Official Bank Title(s)

1: The Riverside National Bank, Riverside, NJ

Bank Note Types Issued

1902 Red Seal $20 proof approved June 24, 1903. Courtesy of the Smithsonian Institution Archives

A total of $241,550 in National Bank Notes was issued by this bank between 1903 and 1918. This consisted of a total of 19,324 notes (19,324 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 Red Seal	3x10-20	1 - 1600
1902 Date Back	3x10-20	1 - 2370
1902 Plain Back	3x10-20	2371 - 3231

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1918):

Presidents:

Cashiers:

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Riverside, 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
Courier-Post, Camden, NJ, Fri., Apr. 10, 1903.
Courier-Post, Camden, NJ, Fri., Apr. 24, 1903.
The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 14, 1904.
Trenton Evening Times, Trenton, NJ, Mon., Jan. 18, 1909.
The Daily Record, Long Branch, NJ, Wed., Sep. 5, 1917.
The Mount Holly News, Mount Holly, NJ, Tue., Aug. 27, 1918.
The Mount Holly News, Mount Holly, NJ, Tue., Feb. 25, 1919.