2639 The First National Bank of TUCSON

1882
  January 24th - Organized
  March 1st - Chartered #2639
  Succeeded the Pima County Bank

1885
   January 31st - Voluntarily liquidated with capital of $100,000.
   Succeeded by the Bank of Tucson

Post
1887
   Bank of Tucson merges with Bank of D. Henderson to form The Consolidated Bank of Tucson. Henderson would later buy out the Jacobs Brothers.

1890
    The Consolidated Bank obtains a federal charter, becoming The Consolidated National Bank (#4287)
    The bought-out Jacobs Family buys control of The Santa Cruz Valley bank, converting it soon after into the The Arizona National Bank (#4440)

The principals of two Tucson mercantile firms, Tully-Ochoa and The Mark I. Jacobs Company organized the Pima County Bank in 1879. Realizing there could be advantages to obtaining a federal charter, they reorganized into The First National Bank of Tucson in 1882. As an offshoot of the Jacobs family's mercantile business, greenbacks had been bought locally for an average 70 cents on the dollar in gold or silver, then transported to San Francisco to be traded for an average of 88 cents on the dollar.  The opportunity led to the family business being shifted into a bullion and exchange company. The sons eventually bought out their father's interest, and along with other stockholders incorporated into The Pima County Bank, on January 1st, 1879. The co-owner of Tully-Ochoa, was brought in as the banks president in 1880, with brothers Lionel and Barron Jacobs as vice president and cashier. The brothers then liquidated their mercantile operations. In early 1882, they decided to nationalize the bank. While initially successful, declining silver prices primarily led the brothers to downsize by early 1885, giving up the national charter in favor of the territorial-chartered Bank of Tucson. Merging two years later with the firm of D. Henderson, Banker, The Consolidated Bank of Tucson was formed. In 1890, Henderson bought out the Jacobs interest, and then applied for a national charter, becoming The Consolidated National Bank. The Jacob's soon after bought control of The Santa Cruz Valley Bank, which they in turn reorganized into The Arizona National Bank of Tucson, Charter # 4440.

   Chartered late in the first charter period, the bank issued "First Charter" AKA "Original Series" notes, the only Arizona bank (state or territory) to do so. The bank opted to issue only five dollar notes. Surprisingly, at least four notes have survived. As shown on the photographs, there is no territorial seal. Instead, the eagle on the right is duplicated. The placement of jurisdictional seals was often an inconsistent practice, and Arizona notes never bore the territorial seal.


Territorial Issues (Only)
First Charter, Series 1875
$5-$5-$5-$5 #1 - 2120

(B)
Total Circulation = $42,400
Outstanding at Close = $28,100
Outstanding in 1910 = $335

Total notes issued = 8480
Notes Known as of 2018 = 4
Last Known Sale: $218,500 in June 2008 (Above Note)