The Monmouth inquirer., 1924-06-12
First National Bank
In Monmouth County

sl1Iy IeeG IN the rear OF the First Nat
ional Bank, on West Main Street,
Freehold, marks an epoch in the
financial facilities of Freehold, that
should not go by without notice. The
brick addition to the rear which ID
entirely fire proof, the building now
being 20 125feet, makes it one OF the
most commodions and conveniently
arranged banking institutions in the
state. This bank is the first National
Bank to commence business in
Monmouth County and racks
among the first of the Nat onal Banks
In the State, commencing business April
1864. :
To show with what care the busi-
ness has been conducted the old books
are models of neatness and careful
ness and the ink with which the books
were written are as black and leeible
aline st as the day they were penned
and are still handy for reference.
The first Board of Directors, DIR.
Arthur Y. Conover. John Dorrance.
Joseph ID. Bedle (Ex-Governor) Hon.
Charles Haight. j. seph T. Laird.
Charles Allen, Sheriff for two terms;
Hon. O.. A. Bennett, Jacob B. Rue
and James p. Ryall, took the oath of
Office April 16, 1884. They elected
Jacob b. Rue president, and James T.
Fountain Cater OF Matawan) cashier.
Upon the death of Jacob B. Rue,
Joseph L. Laird was elected president
and upon the latter's death and that OF
William I'll. Vredenburgh, they were
succeeded by James w. S. Campbell
who had succeeded Isaac B. Edwards
as cashier, who resigned to accept a
like position IN the newly organized
Second National Bank of Red Bank.
The names of these early fnanciers
OF Freehold awaken memories
OF historical things and events that are
fast passing away Two doors from
the present site OF the Fir,t
National Bank building was the birth
place of Freehold's first banking
institution, the old Monmouth Bank
started in 1929. In this frs venture
OF Freehold banking all the books,
securities and cash and the Office. which
consisted of the front room, was at the
residence Of William j. Bovine, who
acted as it's manager, bookkeeper and
clerk and later was the assignee appoint
ed by the Court to wind up it's affairs.
Mr.. Bovine procured large iron fire
proof strong box, which opened with
q large iron key. with brass lock
guard, in which to keep the valuables.
Later he had a vault built from the
side of the Office made Of iron, and stone,
with&wo large iron doors. The strong
box was one of the things saved out
OF the Bovine, Ryall, Col. Vought
residence, when it was pulled down to
stop the progress Of the flames in the
fire of1873 and the strong box remained
at the rear Of the lot for some time. The
vault iron doors with it's iron work and
stone had been removed to build a
vault at the west side for the Monmouth
Bank, where the mute evidence still re-
mains in the tracing under the caves
when the paint is fl.
1t is recorded that before this vault
was built. Mr.. Bovine stored the
valuables in q cell at the County
Jail.
Feb. 16. 1886, the first Monmouth
Bank was sold at public auction at the
house Of B. Hendrickson in Freehold,
the vault consisting of stone and iron,
two iron doors and one fire proof iron
chest, three copper bank ote plates
and bank note paper.
This bank was later resuscit ated
under the same name, with DR..
John u. Woodruff as president and
James H. Earl as cashier and business
was conducted in the Christopher
Holmes building, and until capitalists
from New York City, assumed charge,
but soon failed.
Incontras to these crude efforts of
banking with the present up to date
methods we note the massive armor-
plate steel vault that has been
installed In the new portion Of the First
National Bank. The massive nickls
steel doors weighing II tons, the vault
walls II feet thick, with the latest FIRE
and burglar proof time lock,
with an electric light ON the ins de
shown thru small glass that can be
lighted from within in case anyone is
in it when the time lock operates.
The addition has commodious well
lighted bookkeeper's room, directors
room, storage room. lavAtory. and
perfect ventilation FROM it's high
ceilings and very large steam heating
plant. There Is also an hydraulic
pump in the basement to get rid of
water that may be in the cellar.
Security Is also afforded by steel sashes
and trimming and wire glass window
phuWSs Ot0ol tdkOlCS 1911 ID also ubSU
in the construction Of sides and
ceiling and there is substantial con-
crete floor. These Improvements make
this bank an ideal one in which to
transact your business and gives you
the satisfaction of knowing that all Of
your property and funds, and securities
are adequately protected from burgers
and fire.
In 1876 the plain brick building that
was first erected on the present site, ow-
ing to increase in business hsd to be
widened FROM 10 to 26 feet and the
present substantial looking front adj
ded. making the size of the building 25x
90 feet.
Following is a list of presidents and
cashiers since the starting Of this bank.
PRESIDENTS.
Jacob B. Rue, LIST President.
Joseph L. Laird, I'd President.
William H. Vredsnburgh, Srd Presi.
dent.
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