THE FIRST NATIONAL BANK OF MCCONNELSVILLE

The First National Bank of McConnelsville in southeastern Ohio is the oldest national bank still operating under the same name and the same OCC charter—number 46, to be exact.

As of the first quarter of 2013, the bank had $141 million in assets and several branches in neighboring towns. But the town remains about the same size—under 2000 inhabitants—as in 1863. Bank accounts and shares of stock have been handed down through families from the time the bank was launched.

 
1880 View of the courthouse and bank on the McConnelsville town square

The bank opened its doors in the same year Congress created the national bank system and the North defeated the South in the battle of Gettysburg. Founded with capital of $75,000, the bank greeted customers at its original location—32 East Main Street, on the town square—for more than a century. A Greek Revival-style courthouse, standing across the street from the bank in 1863, is still there today.

Also on Main Street is the Evelyn True Button House, a red brick house built in 1836 and now the site of a historical society. It displays an artifact from Morgan's Raid—the northernmost uniformed Confederate attack on the north—that struck McConnelsville in July 1863, the same month the bank opened on the town square.

On April 19, 1864, a federal examiner visited the newly-created bank and wrote a report to Comptroller of the Currency Hugh McCulloch in the Washington headquarters: "Dear Sir, I have today examined The First National Bank of McConnelsville." He found assets of $224,744.67, a "stone and brick vault" and a "burglar-proof safe." "The directors are mostly in active business and are men of moderate means." The examiner said he instructed the bank on matters involving lending and record-keeping.

The entire report resided on two handwritten sheets of paper. A sheet of about eight-by-eight inches listed the bank's assets and liabilities; another of about eight by ten contained the comments. Two pages, one man, one day—that was the typical community bank exam in the 1860s.

The McConnelsville bank has outlived the first entry on the national bank charter list, the First National Bank of Philadelphia. The Philadelphia bank was founded by another Ohio native, financier Jay Cooke, and had six times the assets of its counterpart in McConnelsville. After the Civil War, the McConnelsville bank helped market railroad bonds issued by Cooke and his new business partner, Hugh McCulloch—the same McCulloch who, as the first Comptroller, oversaw the bank's supervision at its inception.

First National Bank of McConnelsville has grown exponentially since 1863. But its name and number remain the same.

To read the complete article, see:
Longest-Lived: Ohio Community Bank Has Same Name and Charter Number after 150 Years (https://www.occ.gov/about/who-we-are/history/1863-1865/1863-1865-longest-lived.html)

The First National Bank of McConnelsville, charter number 46
chartered: July 31, 1863
liquidated: May 31, 1882

The cause for the liquidation was that the original corporate life chosen by the bankers was less than 20 years (probably 19 years) as per the terms of the Act of February 25, 1863 under which the bank was organized, so the bankers had no choice but to liquidate because the Act of July 12, 1882, which provided for a first 20-year extension, was not passed in time to allow for the bank to be extended.

 
McConnelsville OH banknote 1865 $1 Original Series Charter 46

The bankers reorganized their bank with the same title under new charter number 2712
organized: Apr 12, 1882
chartered: May 31, 1882

 
McConnelsville OH banknote 1902 $10 Charter 2712

After the turn of the 20th century, the Comptroller of the Currency's office provided a procedure whereby bankers whose banks were caught in this dilemma could petition to have their early charter number restored; however, that restoration was totally cosmetic allowing them to use their original charter number, but the organization date associated with the bank would remain the date associated with the higher charter number. Thus, they forever lost the first 20 years of their corporate life.

Restoration of charter 46 to 2712 using the same title
restoration: June 8, 1911

 
McConnelsville OH banknote 1922 $10 Charter 46

 
McConnelsville OH banknote 1929 $20 Charter 46

For more information on the bank, see:
https://www.first-national.com/about/

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