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U.S. national banks of Hawaii

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The first $10 National Bank Note issued by The First National Bank of Hawaii at Honolulu, Territory of Hawaii (1900). Signed by Cecil Brown (President) and W.G. Cooper (Cashier)

The first bank established in the Kingdom of Hawaii was Bishop & Co., founded by Charles Reed Bishop and William A. Aldrich in 1858.[1] Almost 25 years later, Spreckels & Co. was founded by Claus Spreckels in partnership with William G. Irwin in 1884.[2] The Kingdom opened the Hawaiian Postal Savings Bank on July 1, 1886.[3] By 1895 the Yokohama Specie Bank opened a branch in Honolulu and the merchant importer/exporter Hackfeld & Co. went into banking.[4] Following the annexation of Hawaii in July 1898, plans were set in motion to establish the First American Bank of Hawaii backed by investors in New York and California.[5] A prospectus soliciting stock subscriptions was released on May 8, 1899,[6] and the bank opened for business on September 5, 1899.[7] The founding board of directors included Cecil Brown (President), B.F. Dillingham (Vice-President), M.P. Robinson, Bruce Cartwright, and G.W. Macfarlane. Additional officers included W.G. Cooper (Cashier), E.M. Boyd (Secretary), and George F. McLeod (Auditor).[8] The expressed purpose for founding the bank was to eventually convert it into a National Bank under the National Bank Act.[6] On April 30, 1900 a special act of Congress extended the National Banking Act to include the Territory of Hawaii.[9]

The First National Bank of Hawaii at Honolulu

First National Bank of Hawaii at Honolulu
(ad on November 30, 1901)

The First National Bank of Hawaii at Honolulu was organized on July 25, 1900 and received operational authorization (bank charter #5550) from the Comptroller of the Treasury on August 23, 1900.[10][11] The bank opened for business on October 1, 1900[10] with $500,000 capital on deposit with the U.S. Treasury.[12]

The founding board of directors included: Cecil Brown (President), Mark P. Robinson[13][14] (Vice-president), Bruce Cartwright,[15] Frank Hustace,[16] and George Macfarlane.[17] By the end of 1901 only Brown and Robinson remained from the founding group, joined by Lincoln L. McCandless, Gilbert J. Waller,[18] and August Dreier.[19]

The initial national bank notes issued in 1900 were signed by bank president Cecil Brown and cashier W.G. Cooper.[20] Cooper was replaced by Levi Tenney Peck[21] in 1905.[22] Due in large part to failing health, in 1915 Brown resigned as president to become Chairman of the Board and Peck became president.[23] Brown died in 1917.

The bank changed titles (name) several times. The First National Bank of Hawaii at Honolulu, the First American Savings Bank, the Army National Bank of Schofield Barracks, and the Baldwin National Bank of Kahului merged to form the Bishop First National Bank of Honolulu[1] on July 6, 1929.[24] On November 3, 1933 the bank’s title was changed to the Bishop National Bank of Hawaii at Honolulu.[25][24] On April 15, 1960 the title dropped “Honolulu” becoming The First National Bank of Hawaii.[24] Finally, on January 2, 1969 the bank gave up its converted from a national to a state bank with the title The First Bank of Hawaii.[24]

During the course of its charter as a U.S. national bank, the First National Bank of Hawaii at Honolulu (first title) issued 977,832 large size banknotes (1900–28), the Bishop First National Bank at Honolulu (second title) issued 696,672 small size banknotes (1929–33), and the Bishop National Bank at Honolulu (third title) issued 149,488 small size banknotes (1933–35).

The First National Bank of Wailuku

The First National Bank of Wailuku
(ad on December 28, 1901)

The First National Bank of Wailuku was organized on September 5, 1901[26] and received charter #5994 from the Comptroller of the Treasury on October 17, 1901.[27] The bank opened for business on November 27, 1901.[28]

The founding board of directors included: Charles M. Cooke (President), Charles D. Lufkin[29] (Cashier), Clarence H. Cooke, Joseph B. Atherton, and Cecil Brown.[30] Four months later Lufkin was the only original director remaining: W.J. Lowrie (President), W.T. Robinson (VP), Charles D. Lufkin (Cashier), F.J. Wheeler, and Ralph A. Wadsworth.[31][32] The bank was initially capitalized at $25,000 in 1902[33] and raised to $35,000 in 1904.[34]

Charles Cooke returned as president in 1903[35] and served until his death (August 27, 1909). He was succeeded by his son Clarence Hyde Cooke.[36]

The First National Bank of Wailuku issued 11,964 large size banknotes for a total of $97,800 in circulating notes. Only two banknotes are currently known to exist.

The Lahaina National Bank

The Lahaina National Bank
(ad on March 31, 1906)

The Lahaina National Bank was organized (approval given) on April 17, 1903 with the following directors: Charles D. Lufkin, Ralph A. Wadsworth, W.T. Robinson, David C. Lindsay,[37] and Clarence H. Cooke.[38] A charter for the bank (#8101) was not issued by the Treasury Department until February 1906,[39] (capitalized at $25,000)[40] by which time the board consisted of Charles M. Cooke (President), Charles D. Lufkin (Vice-president), Frank C. Atherton[41] (Cashier), Peter C. Jones, and Clarence H. Cooke.[42] When the bank opened for business on April 2, 1906[43] the roster of directors had some additional changes: Charles M. Cooke (President), William Henning (Vice-president), Charles D. Lufkin (Cashier), Ralph A. Wadsworth, and L. Barkhausen.[44]

The Lahaina National Bank issued 1,772 large size banknotes for a total of $22,150 in circulating notes. Only one banknote is currently known to exist.

The Baldwin National Bank of Kahului

The Baldwin National Bank of Kahului was organized on February 20, 1906[45] and received charter #8207 from the Comptroller of the Treasury on May 5, 1906.[46] The bank was initially capitalized at $40,000,[40] but increased the amount to $50,000 the following year.[47]

The founding board of directors was made up of Henry Perrine Baldwin (President), Joseph P. Cooke (Vice-president), David C. Lindsay (Cashier), John N.S. Williams, and Samuel M. Damon.[48] Henry Perrine Baldwin died in 1911 and was succeeded as bank president by his son, Henry Alexander Baldwin.[49]

The Baldwin National Bank issued 19,964 large size banknotes for a total of $161,950 in circulating notes. Five banknotes are currently known to exist. The bank gave up its national charter in 1921 to become the Baldwin Bank Limited, capitalized at $100,000 with George S. Waterhouse (president) and G.D. Baldwin (cashier) as officers.[50]

The First National Bank of Paia

The First National Bank of Paia
(ad on October 25, 1913)

The First National Bank of Paia was organized in March 1913[51] and received charter #10451 from the Comptroller of the Treasury on September 26, 1913[52] capitalized at $25,000.[53] The bank opened for business on October 20, 1913.[43]

The founding board of directors was made up of Clarence H. Cooke (President), Charles D. Lufkin (Cashier),[54] Ralph A. Wadsworth, Daniel H. Case,[55] and Joaquin Garcia.[56][57]

The First National Bank of Paia initially ordered 2,200 banknotes (in 10s and 20s) from the Office of the Comptroller of the Currency but amended the order to 800 notes for a total of $10,000 in circulating notes.[58] There are no known examples and it is suspected that the notes were never issued by the bank and returned to the Comptroller upon liquidation.[59]

The Army National Bank of Schofield Barracks

The United States Army gave Bishop & Company permission (June 24, 1914) to construct a temporary building to serve as a banking facility at Schofield Barracks.[60] During the week of January 8, 1917, the Bishop & Company branch office submitted an application to organize as a National Bank.[61]

On June 5, 1917, the Department of Justice issued a favorable opinion on the application,[62] and the Army National Bank of Schofield Barracks received charter #11050 from the Comptroller of the Treasury on August 3, 1917.[63] capitalized at $100,000.[64]

The founding board of directors was made up of Ernest H. Wodehouse[65] (President), Allen W.T. Bottomley[66] (Vice-president), Orville N. Tyler[67] (Cashier), James D. Dole, John Waterhouse,[68] Harold G. Dillingham,[69] and Joseph O. Carter.[70]

The Army National Bank did not issue banknotes.

Bank of Maui

The National banks in Wailuku, Lahaina, and Paia were all organized by Charles Dexter Lufkin, generally in partnership with the Cooke family (either Charles or Clarence as president), and Lufkin as cashier. The National Banking Act did not allow chartered banks to have branches so Lufkin et al. opened separate banks but under the same management. In essence, The Lahaina National Bank and The First National Bank of Paia were functioning as branches of the First National Bank of Wailuku.[43] National banking laws also prohibited the use of real estate as loan collateral. Citing this in three separate bank shareholder meetings (all held the same day),[71] the management of the three banks proposed relinquishing their charters as national banks and incorporating under the laws of the Territory of Hawaii.[72]

On April 30, 1917 the Bank of Maui, Limited, was chartered by the Territorial Treasurer with Clarence Cooke as president.[73] The Office of the Comptroller of the Currency lists all three banks as going into liquidation on May 1, 1917.[74]

Officers authorized to sign National bank notes

References

Notes

  1. ^ a b Wright and Sylla 2015, p. 34.
  2. ^ Kuykendall 1967, p. 85.
  3. ^ Thrum 1886, p. 67.
  4. ^ Williams 1895, p. 508.
  5. ^ "First American Bank". The Hawaiian Star. 18 April 1899. p. 1. Retrieved 1 March 2016 – via Newspapers.com. Open access icon
  6. ^ a b "Prospectus of New Bank". Evening Bulletin (Honolulu). 8 May 1899. p. 1. Retrieved 1 March 2016 – via Newspapers.com. Open access icon
  7. ^ "Will Open Today". The Hawaiian Gazette. 5 September 1899. p. 1. Retrieved 1 March 2016 – via Newspapers.com. Open access icon
  8. ^ "Election of Officers". Evening Bulletin (Honolulu). 8 September 1899. p. 6. Retrieved 1 March 2016 – via Newspapers.com. Open access icon
  9. ^ Office of the Comptroller of the Currency (1908). The National Bank Act. Washington: Government Printing Office. p. 102. {{cite book}}: Invalid |ref=harv (help)
  10. ^ a b Wilkinson 1900, p. 87.
  11. ^ "The "First-American" to Close its Doors". The Honolulu Republican. 7 September 1900. p. 6. Retrieved 17 February 2016 – via Newspapers.com. Open access icon
  12. ^ a b c Comptroller 1901, p. 108.
  13. ^ http://files.usgwarchives.net/hi/statewide/bios/robinson59bs.txt
  14. ^ https://upload.wikimedia.org/wikipedia/commons/archive/9/9a/20130702164323%21Mark_P._Robinson_%28Hawaiian_Gazette%29.jpg
  15. ^ "Men of Hawaii".
  16. ^ "Men of Hawaii".
  17. ^ Logan 1903, p. 34–35.
  18. ^ "Men of Hawaii".
  19. ^ "[Ads]". Evening Bulletin (Honolulu). 30 November 1901. p. 42. Retrieved 18 February 2016 – via Newspapers.com. Open access icon
  20. ^ "They Made Money". The Honolulu Republican. 16 November 1900. p. 2. Retrieved 18 February 2016 – via Newspapers.com. Open access icon
  21. ^ "Men of Hawaii".
  22. ^ "New Cashier for the First National". The Hawaiian Gazette. 29 August 1905. p. 1. Retrieved 18 February 2016 – via Newspapers.com. Open access icon
  23. ^ "L.T. Peck New President of First National". Honolulu Star-Bulletin. 10 April 1915. p. 1. Retrieved 22 February 2016 – via Newspapers.com. Open access icon
  24. ^ a b c d Warns 1974, p. 16.
  25. ^ Wright and Sylla 2015, p. 35.
  26. ^ "First National of Wailuku". The Honolulu Republican. 20 September 1901. p. 2. Retrieved 17 February 2016 – via Newspapers.com. Open access icon
  27. ^ "Treasury Department – Office of the Comptroller of the Currency". The Maui News. 25 January 1902. p. 3. Retrieved 17 February 2016 – via Newspapers.com. Open access icon
  28. ^ Kelly 1997, p. 45.
  29. ^ "Men of Hawaii".
  30. ^ "New National Bank – The Second One to be Formed in the Territory". The Hawaiian Star. 21 October 1901. p. 3. Retrieved 17 February 2016 – via Newspapers.com. Open access icon
  31. ^ "Men of Hawaii".
  32. ^ "The First National Bank of Wailuku". The Maui News. 28 December 1901. p. 3. Retrieved 17 February 2016 – via Newspapers.com. Open access icon
  33. ^ a b c Comptroller 1902, p. 120.
  34. ^ Comptroller 1904, p. 145.
  35. ^ "The First National Bank of Wailuku". The Maui News. 30 May 1903. p. 4. Retrieved 17 February 2016 – via Newspapers.com. Open access icon
  36. ^ "The First National Bank of Wailuku". The Maui News. 22 January 1910. p. 1. Retrieved 23 February 2016 – via Newspapers.com. Open access icon
  37. ^ "Men of Hawaii".
  38. ^ "Lahaina is Given a New Bank Charter". The Hawaiian Gazette. 1 May 1903. p. 2. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  39. ^ "Treasury Department – Office of the Comptroller of the Currency". The Maui News. 10 March 1906. p. 5. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  40. ^ a b Comptroller 1906, pp. 580–81.
  41. ^ "Men of Hawaii".
  42. ^ "New National Bank at Wailuku [Lahaina]". Hilo Tribune (Hawaii). 23 January 1906. p. 1. Retrieved 17 February 2016 – via Newspapers.com. Open access icon
  43. ^ a b c Kelly 1997, p. 46.
  44. ^ "The Lahaina National Bank [Ad]". The Maui News. 31 March 1906. p. 2. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  45. ^ "Two National Banks for Territory of Hawaii". The Hawaiian Gazette. 6 March 1906. p. 2. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  46. ^ "Treasury Department – Office of the Comptroller of the Currency". The Maui News. 26 May 1906. p. 5. Retrieved 23 February 2016 – via Newspapers.com. Open access icon
  47. ^ Comptroller 1907, pp. 616–17.
  48. ^ "National Banks for Maui". Hilo Tribune (Hawaii). 20 March 1906. p. 4. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  49. ^ Annual Report of the Comptroller of the Currency to the Third Session of the Sixty-Second Congress of the United States (PDF), Washington: Government Printing Office, 1912, p. 450, archived from the original (PDF) on 23 November 2015 {{citation}}: Invalid |ref=harv (help)
  50. ^ Warns 1974, p. 19.
  51. ^ "National Bank News". The Wall Street Journal. 25 March 1913. p. 8. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  52. ^ "Treasury Department – Office of the Comptroller of the Currency". The Maui News. 11 October 1913. p. 2. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  53. ^ Comptroller 1914, pp. 412–13.
  54. ^ a b c d e f g Comptroller 1914, p. 412.
  55. ^ "Men of Hawaii".
  56. ^ "Men of Hawaii".
  57. ^ "Shares of New Bank at Par (1/2)". The Maui News. 17 May 1913. p. 1. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  58. ^ Huntoon 1997, p. 70.
  59. ^ Huntoon 1997, p. 69.
  60. ^ United States Army, Quartermaster Corps, ed. (1913). Report of the Quartermaster Corps to the Secretary of War – 1913. Washington: Government Printing Office. p. 99. {{cite book}}: Invalid |ref=harv (help)
  61. ^ "The Financier – National Bank News". 109. The Financier Publishing Co. 1917: 88. {{cite journal}}: Cite journal requires |journal= (help); Invalid |ref=harv (help)
  62. ^ Kearney, George, ed. (1920). Official Opinions of the Attorneys General of the United States…. Vol. 31. Government Printing Office. p. 120. {{cite book}}: Invalid |ref=harv (help)
  63. ^ "Treasury Department – Office of the Comptroller of the Currency". The Hawaiian Gazette. 5 October 1917. p. 3. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  64. ^ Comptroller 1917, p. 26.
  65. ^ http://files.usgwarchives.net/hi/statewide/bios/wodehous689bs.txt
  66. ^ "Men of Hawaii".
  67. ^ "Biographical Register of the Officers and Graduates of the U.S. Military ..."
  68. ^ "Men of Hawaii".
  69. ^ "Men of Hawaii".
  70. ^ "Bishop Bank at Schofield Now is National Institution". Honolulu Star-Bulletin. 16 October 1917. p. 6. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  71. ^ "Special Shareholders Meeting". The Maui News. 23 February 1917. p. 5. Retrieved 29 February 2016 – via Newspapers.com. Open access icon
  72. ^ "Maui Banks May Give Up Federal Charters". The Maui News. 23 February 1917. p. 1. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  73. ^ "Bank of Maui, Ltd. Gets New Charter". The Maui News. 4 May 1917. p. 1. Retrieved 20 February 2016 – via Newspapers.com. Open access icon
  74. ^ Comptroller 1917, p. 56.
  75. ^ a b c d e f Comptroller 1906, p. 580.
  76. ^ a b Comptroller 1915, p. 600.
  77. ^ a b c d Comptroller 1919, p. 494.
  78. ^ Comptroller 1920, p. 498.
  79. ^ a b Comptroller 1929, p. 30.
  80. ^ Comptroller 1933, p. 22.
  81. ^ Bankers’ Magazine 1900b, p. 642, volume 61.
  82. ^ a b c d Bankers and Attorneys Publishing Co. 1912, p. 179.
  83. ^ a b Steurer Publishing Co. 1917, p. 933.
  84. ^ a b Rand McNally & Company 1918, p. 194.
  85. ^ Bankers’ Magazine 1902a, p. 125, volume 64.
  86. ^ a b Bankers’ Magazine 1907b, p. 992, volume 75.
  87. ^ a b Bankers’ Magazine 1908a, p. 642, volume 76.
  88. ^ a b Bankers’ Magazine 1906a, p. 490, volume 72.
  89. ^ Bankers’ Magazine 1906a, p. 992, volume 72.
  90. ^ Comptroller 1910, p. 498.
  91. ^ Comptroller 1911, p. 492.
  92. ^ a b Comptroller 1912, p. 450.
  93. ^ Comptroller 1916, p. 542.
  94. ^ Comptroller 1917, p. 522.
  95. ^ Bankers’ Magazine 1906a, p. 987, volume 72.
  96. ^ a b Warns 1982, p. 17.
  97. ^ http://files.usgwarchives.net/hi/statewide/bios/aiken79bs.txt
  98. ^ a b Comptroller 1918, p. 474.
  99. ^ Comptroller 1925, p. 30.
  100. ^ a b Rand McNally & Company 1919, p. 200.

Sources

Annual Report of the Comptroller of the Currency

The Bankers’ Magazine

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