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GARFIELD
COUNTY, COGENWEB PROJECT
The
First National Bank of Rifle was one of about 7,000 National
Banks that issued National Bank Notes.
That is, they
printed money. Between 1901 and 1925, the Rifle bank printed
$282,350 dollars worth of national currency.
The money
was printed by the goverment then each bank overstamped it
with their name and bank number.
Here is a photo copy of
a $5 dollar Rifle bank note. A member of this group has it
in his collection. They are quite rare and none seem to be
available for purchase.
A Brief history of the Rifle First National Bank
The First
National Bank was organized in March 1902 in a small new building on the SW
corner of 4th and Railroad.
In 1916, the bank moved into the McLearn
building, the entrance being on the SE corner.
On December 18, 1925, this
First National Bank closed its doors.
August 16. 1930, the final assets were
sold and the bank was finally ended.
The other Rifle Bank, Union State,
closed November 13, 1930, so for a time Rifle had no bank.
On April 11, 1931,
a new First National Bank was chartered, so Rifle regained a bank. Fortunately
on January 1. 1934, this version of the bank became FDIC chartered and insured.
On May 2, 1982, now known as black Sunday, Exxon suddenly closed its oil shale
ptoject. The next day, FNB ran out of money.
This second version of the First
National Bank then also failed, principally because of real estate loans and the
subsequent devaluation of those properties. August 21, 1986 was its final day.
When it was in the McLearn building
Check written by Cora Bumgardner from her account at First
National Bank in Rifle
August 21, 1986 was closing day.
Alpine Bank remains in operation today serving Rifle and many
other communities throughout Colorado.
Union State Bank - I believe the article has an error stating
union bank moved to 4th and Railroad in 1912. Think it was 3rd and Railroad.
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