3054 The First National Bank of PHOENIX

This unique note (issued Oct. 24, 1883) was exhibited at the Memphis Paper Money Show in 2011 (Huntoon).

Prior to this, no photographs or proofs had been observed on Phoenix' first national bank. All notes were of the very popular brown-back $5 variety. The above-pictured note had been most likely kept by a bank officer.

A now broken-link internet article stated that soon after its chartering, the principals began loaning money primarily to a limited circle of associates.

 

These actions drew the scrutiny of national bank examiners. Resultingly, the bank officers decided to reorganize under a looser territorial charter, resuming business as The Valley Bank of Phoenix, which would survive until 1914 before failing. A new Valley Bank was then founded by principals of The Gila Valley Bank and Trust Company, and both banks later merged into what was eventually chartered as Valley National Bank of Phoenix as, #14324, coming just after the currency-issuing era.

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September 21st, 1883:
Chartered with capital of $50,000

November 22nd, 1883:
Bank opens its doors.

March 7th, 1884
Placed in voluntary liquidation, capital of $50,000
Succeded by The Valley Bank

Territorial Issues (Only)
Series 1882 - Brown Back
$5-$5-$5-$5 #1 - 562 = 2248

Total Circulation = $11540
Outstanding in 1910 = $85

Notes known as of 2011 = 1