Today’s post is by John LeGloahec, Archivist in the Electronic Records Division at the National Archives in College Park, MD.
Are you saving enough? Is it in a nice traditional bank building? Is it historic? There are more than eight hundred properties that are retuned when you search for “banks and banking” in the files of the National Register of Historic Places (National Archives Identifier 20812721) and more than six thousand when you search for just “banks.” You can also search for “National Bank”, “Savings Bank”, or other kinds of financial institutions that you bank at to see if where you keep your money is historic – but your mattress probably doesn’t qualify!
In New York City, sitting among the skyscrapers of lower Manhattan sits the Federal Reserve Bank of New York (National Archives Identifier 75319483) and “maintains the appearance of stability and sturdiness which its architects intended. The building occupies an entire city block and until the Chase Manhattan Bank with its open plaza was constructed recently, the entire bank was visible only at an oblique angle from the street, thus enhancing the sense of massiveness of the structure . . . Flanking the main entrance on Liberty Street are two superb wrought-iron lamps. These, along with the window grilles and bronze window frames, are the work of the Philadelphia craftsman, Samuel Yellin.”
“The Federal Reserve Bank of New York, constructed 1918-24, is one of the most impressive buildings in the city, displaying fine proportions and masonry, together with beautifully executed ironwork details. The prominent architectural firm of York & Sawyer used Italian Renaissance detailing in this fortress-like building to create a handsome and imposing edifice. The building covers an entire city block, making it one of the largest banks in the world. It houses the largest and richest district bank of the Federal Reserve system, with assets totaling over 37 billion dollars.”
In Pottsville, Arkansas, the Citizens Bank (National Archives Identifier 26143213), “is a simple one story commercial building located in downtown Pottsville that was constructed in 1913 . . . The bank shares a party wall with an adjoining building to the east that was constructed circa 1920 . . . As is the case with many commercial buildings, a higher quality brick was used for the elevations that are most clearly visible to the public. A bell used as the alarm still sits atop the building’s roof . . . The facade is relatively simple, but has been changed only slightly since the building was constructed. An original corrugated metal awning shelters the facade of the building. A single doorway provides access to the building with the word “BANK” stamped into the sidewalk leading up to the door. The original door has been removed and the entryway made smaller to fit the new door. A transom light above the doorway has also been infilled. A large single-pane window has “CITIZENS BANK” and “CAPITAL STOCK $15,000” painted on the window.”
“A bank building was erected across the street from the Kirkbride Potts home and opened for business on September 2, 1913 . . . The bank was opened with $15,000.00 capital stock, a surplus of $1,250.00 and deposits totaling $140,000.00. Mr. Neil Bell was the first cashier, next Mr. Roy Falls, and then last, Mr. Cicero Owens. An eleven-year-old boy, Wade A. Oates, watched for the bank to open on that first morning from a storefront bench across the street so he could make the first transaction at the new bank. The newspaper article announcing the opening of the Pottsville Citizen’s Bank was not the last time the local bank made the news. On December 13, 1926, a robber with a Santa Claus mask entered the bank, greeted everyone with “Merry Christmas” and then told them to put up their hands. Mr. Roy Falls, the cashier, thought that it was one of the locals playing a prank. According to the article, Mr. Falls “returned the salute cheerfully and told the man he would wait on him in a minute.” Mr. Falls finished with the customer and then proceeded to wait on two others. The masked man once again told Mr. Falls and the other customers to put up their hands and was then joined by a second robber wearing a handkerchief over his face. It was then that Mr. Falls and the customers realized the robbers were real. The robbers took a total of $4,200. A $1,000 reward was issued for their arrest. The robbers were eventually caught in Oklahoma, after they had already spent most of the money paying bills in Russellville. One robber gave part of his money to his wife while the other gave part of his to his mother.”
“The Pottsville Citizen’s Bank Building closed its doors as a bank in 1992. Mr. Wade A. Oates, who made the first transaction, was on hand to make the final transaction at 4 p.m. on Tuesday, June 30, at the age of 90. Worthen Bank, which replaced People’s Bank & Trust, donated the Pottsville Citizen’s Bank building to the town of Pottsville to be used for municipal purposes.”
On “the southwest corner of Main and Center Streets in Collinsville, Illinois, is the State Bank Building (National Archives Identifier 28893534), which was built in 1916. The building has been at this location since it was constructed . . . The State Bank Building is . . . in the area of the city known as Collinsville Old Town. The building is a two-story building with Amicoloa marble facades on the north and east . . . Six columns couple to encase each bay. The columns are topped with ornate Ionic capitals. Above the capitals is a traditional Greek marble entablature with dentil molding along the cornice. A marble parapet lines the roof with two short balustrades directly above the left and right fenestrations with a simple marble inlay pattern running the width of the parapet.”
“An addition was added on the south side of the building in 1964. It has modern and unadorned stucco and gravel exterior. The addition is sensitive to the architectural style of the original building but with a modem approach and is considered contributing . . . An area with a smaller rectangular fenestration separates the three bays from the original building. The first floor is open with three driving lanes for drive-up bank teller windows.
In Chicago, Illinois is the Belmont-Sheffield Trust and Savings Bank Building (National Archives Identifier 28892278), which once contained a bank, a residential hotel, offices and stores, stands six stories at the southwest corner of Belmont and Sheffield Avenues . . . The Belmont-Sheffield Trust and Savings Bank is primarily significant as the only remaining bank building built in Lakeview before the Depression that retains its architectural integrity; all others have been demolished or extensively altered. Its stylistic characteristics, reflecting a combination of Neo-Classicism typical of bank design and Art Deco refinements typical of the period, have not been lost. In addition, the building is important as an early multi-use structure. The prominently-located six story corner building was unusual if not unique in Chicago for combining a bank, offices, stores and a residential hotel under a single roof.”
During the shakiest period in banking history, the Belmont-Sheffield Trust and Savings Bank survived four years of operation. From 1929 to 1932, the bank was thriving and doubled its capital investment from $100,000 to $200,000. It showed promise. The bank held its own through the March 1933 bank holidays until July 6, 1933 when it closed, Cyril James points out that of the 318 banks organized within the city limits of Chicago between 1921 and 1935, 263 had gone out of existence by failure or consolidation. According to Clarence Schwartling, Vice President of the original Board of Directors, there was never a run on the Belmont-Sheffield Bank, it was forced to close after the bank holidays because it did not have sufficient net capital. Ultimately, when bank assets were sold in 1942, investors got 90.5 cents on the dollar.
Within the records of the National Register are several bank towers, including the Capital Bank Tower in Lansing, Michigan (National Archives Identifier 25337971), which is “the tallest building in downtown Lansing, [and] was completed in 1931 and is significant as one of the few remaining buildings closely associated with Ransom E. Olds. Olds was one of Lansing’s most important residents and is best known for his role in creating the Olds Motor Car Company and the REO Motor Company, and for holding a number of patents for his mechanical inventions. In addition to manufacturing, Olds was interested in banking and real estate investments and held property in Michigan and Florida. He created the R.E. Olds Company to manage those investments for his family. The company’s offices were in the Capital Bank Tower, which owned the building until 1954, four years after Olds’ death.”
“On January 17, 1931, it was announced that the first tenants of the building, Miller Bailey & Co., certified public accountants, had moved into the ninth floor of the tower, and on January 26, it was announced that the R.E. Olds Company had moved into the tenth floor. Construction of the building was officially completed on March 2, 1931. During the month of March R.E. Olds personally hosted meetings, tours, and luncheons for many of Lansing’s civic clubs including the Lansing Art Club, the Exchange Club, the Rotary, the Kiwanis, the Lions, the American Business Club, and two woman’s service organizations, the Zonta Club and the Business and Professional Women. The Durant Motor Car Company never moved in, the company having gone out of business before the building was completed. However, Olds continued to promote the building to out of town businesses, enticing any companies locating from outside of Lansing with four free months of rent in the Capital National Tower. Olds was certain that he could assist in the growth of Lansing despite the difficult economic times.”
“On Saturday, March 28, much publicity was made of the moving of the safety deposit boxes from the old Capital National Bank offices in the Hollister Building, at the corner of Allegan and Washington, the one block distance to the vault located in the basement of the new tower. Armed guards and policemen supervised the move, which was done by hand truck. On March 31, R.E. Olds hosted Governor Brucker and two hundred other state officials for a luncheon and tour where, “Mr. Olds told the guests of his pride in the buildings and his and the bank’s pride in the fact that it had been constructed during the time of economic depression when men needed the work.” On Monday, April 6, when the bank was closed for an official bank holiday, financial leaders from Chicago, Cleveland, Detroit, and New York toured the new bank and building. The bank was promoted as having the most modern conveniences for banking. One of these features was the two story windows in the main banking hall which were touted as not needing awnings because the adjustable casings and panes were combined with deep reveals of ornamental Caen stone and the use of Venetian blinds. On Tuesday, April 7, 1931, the Capital National Bank officially opened for business in its new headquarters.”
Following his presidency, Harry Truman worked out of an office in the Federal Reserve Bank Building in Kansas City, Missouri.
This post is part of an ongoing series featuring records from the National Register of Historic Places (NRHP) and National Historic Landmarks Program Records, 2013 – 2017 (National Archives ID 20812721), a series within Record Group 79: Records of the National Park Service.