Origins of The Middletown National Bank

Back in the day when all banks were local, The Middletown National Bank was one of our city's most prominent. It was also the fifth-ever bank incorporated in the United States.

On Jan. 12, 1801, a group of prominent Middletown residents met at Mrs. Sarah Godwin's tavern and, over a few mugs of stout, voted to find other Middletown residents who would buy shares in support of organizing the Middletown National Bank.

They managed to pull together $75,000 subscriptions for capital, and Nehemiah Hubbard Jr. agreed to provide a space in his house on Main Street for use by the bank. His house was between Court and College streets on the west side, where Farmers and Mechanics' north addition stands today. Its banking hours were from 10 a.m. to 12 p.m. and from 2 p.m. to 4 p.m. ... typical banking hours until modern times.

The bank built its own headquarters in 1813 on the site today occupied by Bank of America. It was a brick structure, shown here, that exhibited typical Federal-style features of its day, including half-round arches and fanlights.

Middletown National Bank managed to survive through many significant crises in the country, and continued to thrive, starting in 1802 with a 3 percent semi-annual dividend. In some instance, it was necessary for the bank to issue its own currency. They issued paper currency with the bank's name on it in the early years, and during the war of 1812, issued "Notes payable two years after the War" to extend credit for local businessmen.

Stay tuned: More on Middletown National Bank tomorrow morning ...