“A brief history of its progress from the day on which it opened for business, July 1, 1863, to the same half a century later, with which is incorporated a sketch of the First Trust and Savings Bank.” Chicago: Printed for Private Circulation among the stock holders and patrons of the Bank, 1913 by M.A. Donohue and Co., Chicago. The preface written by Guy Wickes Cooke at Chicago, 1913 refers to earlier Board of Directors’ authorized history published in 1902 by Henry C. Morris.

1861

“The total volume of the notes of all the banks having offices in Chicago at the close of 1861 was slightly less than $150,000, a sum utterly insufficient to satisfy the demands of the community; hence bills issued outside of the state, and not redeemable within its boundaries, were necessarily put in circulation.”

1862-1863

To consider the prospects of the proposed National Currency Act pending in Congress, Washington D.C., a group of men met regularly in the offices of Aiken and Norton, room 1, old Board of Trade Building, northeast corner of LaSalle and Water Streets, Chicago.

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  Edmund Aiken, age 50, sole member of private banking firm, Aiken and Norton; the first President of the First National Bank of Chicago, 1863-1867.
  
  
  
  
  
  




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  Samuel M. Nickerson, age 32, recently arrived to Chicago, engaged in the distilling business, the second President of the First National Bank of Chicago, 1867-1891 and a second term, 1897-1900. He served as Vice President, 1863-1867.
  
  
  
  
  




• Byron Rice, a capitalist



• Samuel W. Allerton, a packer



• Benjamin P. Hutchinson, a member of the Board of Trade.

May 1, 1863

Formal articles of association adopted, name of the corporation selected, “The First National Bank of Chicago.” 7 days later the stockholders met in the offices of Aiken and Norton and elected its board of directors “to serve until the second Tuesday in January 1864.” These officers were:

• Samuel W. Allerton
• Tracy R. Bronson
• Samuel M. Nickerson
• Byron Rice
• Benjamin P. Hutchinson
• Edmund Aiken, President
• Samuel G.D. Howard
• James C. Fargo, Vice President
• John B. Sherman

May 27, 1863

Paid-in-capital $30,000 reported to the Comptroller of the Currency, Hugh McCulloch. The bank intended to open June 1 but it was not until June 22 that the Comptroller of the Currency approved their application. The First National Bank of Chicago was the 8th institution to receive approval from the Comptroller of the Currency. Hence the title, charter number 8. June 26, the Board of Directors voted to commence operations on July 1, 1863 in the rooms formerly occupied by Aiken and Norton. Prior to this date James C. Fargo was disqualified from office by reason of having sold his shares; he was succeeded in the Vice Presidency by Samuel M. Nickerson. The Bank opened at “22 La Salle Street, immediately north of Coolbaugh and Co.’s Bank, northwest corner of Lake.”

Union National Bank

“First National Bank of Chicago and the Union National Bank are described as “veterans and old-time rivals in the financial world of Chicago” entered merger negotiations in the spring, 1900. Historical Question for Discussion: Was this merger brought about by the need to consolidate capital to serve the increasing needs of the Chicago commercial and manufacturing community? On July 24, 1900, the First National Bank of Chicago shareholders voted to increase its capital to $5 million and increased the number of directors to accommodate the pending merger with the Union National Bank. “With these proceedings and the purchase of the assets of the Union National Bank-the new stock of the First National Bank of Chicago issued to the stockholders of the retiring institution-the amalgamation was effected September 1, 1900.”

Metropolitan National Bank

In the spring, 1902, the Metropolitan National Bank was absorbed into the First National Bank of Chicago. “Metropolitan – in itself of large proportions - …deemed it for the best interest of those identified with it to seek association with some larger bank. After a prosperous existence of eighteen years it was considered advisable to combine its strength with that of its well-known competitor.” Metropolitan’s last official financial statement was published as at April 30, 1902. The consolidation became effective on June 2, 1902.

First Trust and Savings Bank

On December 18, 1903, the directors of the First National Bank of Chicago “declared a special dividend of $12.50 per share, amounting to $1 million to pay in the capital stock of the First Trust and Savings Bank, a corporation organized under the laws of the State of Illinois.” First Trust and Savings Bank and the First National Bank of Chicago are described as “two banks…separate and distinct as corporations, yet by the close association it seems both logical and fitting that in these pages the progress of one be chronicled with that of the other.” First Trust and Savings Bank received a license from the Comptroller of the Currency on December 24, 1903 and opened for business on December 28, 1903 on the ground floor at 115 Monroe Street, in the completed section of the First National Bank Building.