It has often been said that the banks of a community are a fair index of its commercial, industrial and financial prosperity. Especially is this true of the First National Bank of Oakland which dates its origin from a time when the city was a mere country village and which has since that time been one of the important factors in the financial development of the community. The institution was founded on a policy of progressiveness, tempered by a safe conservatism, and this has been adhered to steadily through the years, the results being seen in the excellent condition of the bank, which is today one of the leading financial enterprises in the country.
The First National Bank of Oakland began its existence in 1874 and was the outgrowth of the Alameda County Savings & Loan Society. In 1875 the bank was reorganized under the national system as the First National Gold Bank of Oakland. This was one of the few gold banks created, there being only nine in the entire United States--eight in California and one in Boston. A peculiarity of the gold banks was that they were permitted to take out circulation redeemable in gold coin by the deposit of United States bonds bearing interest payable in gold. All of the other national banks in the United States at that time were making no attempt to redeem their currency in gold, and consequently all currency was depreciating and could be exchanged for gold only at a great discount. After the government resumed specie payments, thereby restoring greenbacks to a parity with gold, there was no longer any reason for the special character of the gold banks, and they became like other national banks. Consequently in 1880, the word "gold" was dropped from the title of the First National Gold Bank of Oakland and thereafter it was known simply as the First National Bank of Oakland. Affiliated with it is the First Trust and Savings Bank which, although a separate institution, is owned by the stockholders in the First National and managed by the same board of directors.
Although this was organized only in 1908 it has now total deposits amounting to more than two million dollars and it is constantly expanding its resources and widening its sphere of influence.
The officers of the two banks are as follows: P. E. Bowles, president; George D. Metcalf, vice president; L. G. Burpee, vice president; O. D. Jacoby, cashier; and J. F. Lange, assistant cashier. The board of directors is as follows: L. C. Morehouse, E. L. Dow, H. C. Morris, E. A. Heron, W. H. Taylor, L. G. Burpee, O. D. Jacoby, P. E. Bowles and George D. Metcalf. The capital and surplus of the First National Bank are six hundred thousand dollars, and its total resources are more than four million dollars. The First Trust and Savings Bank has a capital of five hundred thousand dollars and resources of over four million dollars.
The present management took control in 1893 and under this administration the present modern building was erected at the intersection of San Pablo Avenue, Broadway and Fourteenth streets. Believing that the function of the modern bank is to supply any banking need that any customer may possibly desire, the First National Bank has provided a fine and up-to-date safe deposit department, in which boxes for the keeping of valuable papers, jewelry and other things may be rented at a low price. The safe deposit vaults are unique in being situated on the street floor, so that customers are not obliged to climb stairs in reaching their boxes. A storage vault in the basement provides facilities for the safekeeping of rugs, silverware, fine paintings and other valuables of a bulky nature. The officers and directors of the First National Bank are all men of insight and ability, many of whom are proving their capabilities in other fields of endeavor. They have steadily adhered to the excellent policy upon which the institution was founded and their intelligent and able management has kept the First National a power in financial circles of this part of the state.
Past and Present of Alameda County California, Vol. II
Published in Chicago by The S. J. Clarke Publishing Company
1914
Pages 431-432
Transcribed by Linda Jackson 7/7/2008
Alameda County Biographies ~ Archive Biography Index ~ Archive Index
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