National Bank of Commerce
Encyclopedia
The National Bank of Commerce was a U.S. bank of the late 19th and early 20th centuries. It first chartered as the Kansas City Savings Bank in 1865. After a controlling interest was acquired by Dr. William Stone Woods in 1881, the bank became active in financing the regional growth of Kansas City
and areas to the southwest, especially in connection with the development of the city as a center of railroad transportation and distribution.
Before establishment of the Federal Reserve System in 1913, business in the United States depended on a system of private banks which in turn used correspondent banks in larger cities to provide credit and liquidity. The National Bank of Commerce was the principal correspondent bank for bank clearings in the area southwest of Chicago and St. Louis. Because of this role, Commerce was at one point among the 20 largest banks in the United States, as measured by assets.
A casualty of the Panic of 1907
, the National Bank of Commerce was placed into receivership by the Office of the Comptroller of the Currency on December 5, 1907, after a six-week series of runs on the bank. The bank paid out its depositors in full and after recapitalization was returned to its previous owners.
The National Bank of Commerce was later merged into the Commerce Trust Company, which became Commerce Bank of Kansas City, now part of Commerce Bancshares
.
Kansas City Metropolitan Area
The Kansas City Metropolitan Area is a fifteen-county metropolitan area that is anchored by Kansas City, Missouri and is bisected by the border between the states of Missouri and Kansas. As of the 2010 Census, the metropolitan area has a population of 2,035,334. The metropolitan area is the...
and areas to the southwest, especially in connection with the development of the city as a center of railroad transportation and distribution.
Before establishment of the Federal Reserve System in 1913, business in the United States depended on a system of private banks which in turn used correspondent banks in larger cities to provide credit and liquidity. The National Bank of Commerce was the principal correspondent bank for bank clearings in the area southwest of Chicago and St. Louis. Because of this role, Commerce was at one point among the 20 largest banks in the United States, as measured by assets.
A casualty of the Panic of 1907
Panic of 1907
The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis that occurred in the United States when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on...
, the National Bank of Commerce was placed into receivership by the Office of the Comptroller of the Currency on December 5, 1907, after a six-week series of runs on the bank. The bank paid out its depositors in full and after recapitalization was returned to its previous owners.
The National Bank of Commerce was later merged into the Commerce Trust Company, which became Commerce Bank of Kansas City, now part of Commerce Bancshares
Commerce Bancshares
Commerce Bancshares, Inc. is a Kansas City, Missouri based U.S. bank holding company with branches of its Commerce Bank in Colorado, Kansas, Missouri, Illinois, and Oklahoma....
.