FIrst National City Bank

FIrst National City Bank
Item# 4916
$8.00

The City Bank of New York was founded on June 16, 1812. The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood, ownership and management of the bank was taken over by Moses Taylor, a protégé of John Jacob Astor and one of the giants of the business world in the 19th century. During Taylor's ascendancy, the bank functioned largely as a treasury and finance center for Taylor's own extensive business empire.

In 1863, the bank joined the US's new national banking system and became The National City Bank of New York. By 1868, it was considered one of the largest banks in the United States, and in 1897, it became the first major US bank to establish a foreign department. When the Federal Reserve Act allowed it, National City became the first US national bank to open an overseas banking office when its branch in Buenos Aires, Argentina, was opened in 1914.

Charles E. Mitchell was elected president in 1921 and in 1929 was made chairman, a position he held until 1933. Under Mitchell the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. The policies pursued by the bank under Mitchell's leadership are seen by historical economists as one of the prime causes of the stock market crash of 1929, which led ultimately to the Great Depression. In 1933 a Senate committee, the Pecora Commission, investigated Mitchell for his part in tens of millions dollars in losses, excessive pay, and tax avoidance. Senator Carter Glass said of him: "Mitchell more than any 50 men is responsible for this stock crash."

On December 24, 1927, its headquarters in Buenos Aires, Argentina, were blown up by the Italian anarchist Severino Di Giovanni, in the frame of the international campaign supporting Sacco and Vanzetti.

In 1952, James Stillman Rockefeller was elected president and then chairman in 1959, serving until 1967. Stillman was a direct descendant of the Rockefeller family through the William Rockefeller (the brother of John D.) branch. In 1960, his second cousin, David Rockefeller, became president of Chase Manhattan Bank, National City's long-time New York rival for dominance in the banking industry in the United States.

Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York, then shortened it to First National City Bank in 1962.

The company organically entered the leasing and credit card sectors, and its introduction of US dollar denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888. Later to become part of MasterCard, the bank introduced its First National City Charge Service credit card – popularly known as the "Everything Card" – in 1967.

In 1976, under the leadership of CEO Walter B. Wriston, First National City Bank (and its holding company First National City Corporation) was renamed Citibank, N.A. (and Citicorp, respectively).




Certificate: Convertible Capital Note, issued in the 1960’s

Printer: American Bank Note Company

Dimensions: 8” (h) x 12” (w)

State: NY-New York

Subject Matter: Finance and Related | Banks and Credit Unions | Under $10

Vignette Topic(s): Company Logo Featured

Condition: Vertical fold lines, punch hole cancels in the signature areas and body, some toning and edge faults from age.





All certificates are sold only as collectible pieces, as they are either canceled or obsolete. Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. Unless otherwise indicated, images are representative of the piece(s) you will receive.