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Charter # 6926: First National Bank Of Cowgill, Missouri

 
 
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Pillar of the Community
United States
4409 Posts
 Posted 07/30/2017  1:49 pm Show Profile   Bookmark this topic Add MeadowviewCollector to your friends list Get a Link to this Message
Too much time has passed since I've posted one of these summaries of an institution. Since Missouri nationals are my primary focus and the town name tickles my fancy I'll write about the sole national bank in this town.

I pronounce the name as Cow-gill this may not be the "correct" way but I like saying it this way.

Regardless, the town came into existence in 1887 as a result of the Chicago, Milwaukee, and St. Paul Railroad actively building a line from the Iowa border down to Kansas City. Several towns were founded this year along the rail line not only Cowgill.

On to the bank which began as a state chartered bank called the Cowgill Bank. I have been unable to find the year it was opened; the first listing of the bank in the state's biennial banking report occurred in 1899. Capitalized at $10,000 with James Cowgill as President and J. W. Myers, Cashier.

In 1903, the bankers decided to convert from a state bank to a national bank. They increased their capital from $10,000 to $25,000. The Comptroller approved their application on July 25th. The First National Bank of Cowgill was nationalized.

The first notes printed for the bank were Series 1902 Red Seals. The sheets consisted of three $10's and one $20. The Kelly census shows two $10's reported.



The bank issued the next type of Series 1902 notes, Date Back. An example of which sold in 2003 for $2,760 at a Heritage Auction https://currency.ha.com/itm/nationa...ption-071515

The last large size notes issued by the institution were Series 1902 Plain Backs. The most recent sale was in Lyn Knight Memphis Sale in 2014 where a $10 brought $1,840.

When the small size Series 1929 commenced the banker's continued to issue tens and twenties before liquidating on June 15, 1931 and reorganizing as the First National Bank in Cowgill. Capitalization at the time it liquidated was $35,000.

The succeeding bank had Charter # 13546 but issued no currency. Capital was reduced to $30,000. The bank survived the Depression and WWII years before exiting the banking business on August 2, 1947. (Source 1)

Someday I hope to travel to Cowgill to look for the bank building.

-MV

Source:
Comptroller of the Currency Annual Reports

Source 1: https://fraser.stlouisfed.org/files...945-1949.pdf
I'm slowly building my numismatic library--106 works and counting

With assistance, trying to compile a listing of numismatic reference books & materials available to collectors http://goccf.com/t/174749
Pillar of the Community
United States
4603 Posts
 Posted 07/30/2017  2:21 pm  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
Interesting bank name and story.

Thank you for posting.
Valued Member
United States
158 Posts
 Posted 07/30/2017  3:51 pm  Show Profile   Bookmark this reply Add Money to your friends list Get a Link to this Reply
Very cool note, way to tempting to call it a COWGIRL haha
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United States
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 Posted 07/30/2017  4:37 pm  Show Profile   Bookmark this reply Add SteveInTampa to your friends list Get a Link to this Reply
Great write up MVC

This might be the smallest town with a chartered bank I've ever seen.
The town Cowgill, was named after Judge James Cowgill.
Less than 400 residents at the turn of the century, and less than half of that now.
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 Posted 07/30/2017  5:13 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Nice write-up as always, MVC.
Edited by Coinfrog
07/30/2017 5:15 pm
New Member
United States
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 Posted 03/17/2019  4:34 pm  Show Profile   Bookmark this reply Add cpolen to your friends list Get a Link to this Reply
Here is my FNB of Cowgill note, one of the nicest small size notes on the bank.


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 Posted 03/18/2019  12:07 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Great note with low S/N - congrats!
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 Posted 06/13/2019  7:19 pm  Show Profile   Bookmark this reply Add MvleMO55 to your friends list Get a Link to this Reply
Nice note Cord. Low number!
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