First Commerce Bancshares
Encyclopedia
First Commerce Bancshares Inc. was a banking company whose main subsidiary, National Commerce Bank, was the largest bank in Lincoln, Nebraska
. On July 17, 2000, First Commerce's banks became part of Wells Fargo Bank. At the time First Commerce had about 1400 employees and $2.3 billion in assets. National Bank of Commerce had $1.5 billion in assets. Other units of First Commerce included a mortgage
company, an asset management company, and NBC/Computer Services Corporation.
to the United States in 1875 at age 17. After starting the Lincoln Paint and Color Company in 1892, he started the state-chartered The Bank of Commerce in 1902 with $50,000 in capital
. Weil served as president until his death 43 years later, though he had started the bank for his son Carl who worked in another bank in town.
During The Panic of 1907, while many banks failed, Weil's skill kept The Bank of Commerce going. Weil eventually sought a national charter
led to a series of agricultural crises. Yet under Weil's leadership, and the name of the bank changed to The National Bank of Commerce of Lincoln.
One of the keys to Weil's success was Weil's ability to visit and advise small community banks around the state of Nebraska. In addition, about half of his deposits came from the very banks he visited. Weil also attracted many of the businesses operating in Lincoln.
National Bank of Commerce added one of Nebraska's first savings departments in 1911, By 1924, the bank had grown so much that it needed a new headquarters, and a six-story building went up at 13th and O streets. National Bank of Commerce survived The Great Depression, one of the few banks to do so.
In 1945, Byron Dunn, a bank employee since he was 17 years old in 1905, replaced Weil after his death. In the 1920s, Dunn had visited Colorado
in order to collect on cattle
loans, which National Bank of Commerce had arranged through a bank in Denver
. After that bank went under, Dunn and a group of cowboy
s rounded up cattle, though in some cases other banks claimed the cattle did not belong to National Bank of Commerce. Stil, Dunn had determination and the most cowboys, and his bank collected most of the cattle.
Under Dunn, National Bank of Commerce became "a full-service financial services facility". He added more advertising, improved the bank's appearance, added charge accounts, and had checks printed in Braille
. Dunn also became involved in the community, helped to start an employee newspaper, and built a lodge in South Bend
. Dunn retired in 1961 with his bank over $80 million in deposits.
Glenn Max Yaussi, who started as a $55 a month employee in 1934, succeeded Dunn. Yaussi recognized the need for new procedures and hired consultants. He also arranged a merger with Lincoln's First Trust Company, one of the top trust
companies in the state, adding a mortgage
department and a farm
management department.
In 1964, National Bank of Commerce significantly increased deposits by offering one of the highest savings interest rates in the country. That same year, the bank bought a computer
for its accounting and became one of the first banks in the region to computerize its operations, subsequently providing computer services to other banks.
In 1967, Paul Amen succeeded Yaussi, who became chairman and CEO. In 1968, National Bank of Commerce joined with other banks to offer a Master Charge
credit card
through MidAmerica Bankcard Association. That same year, the bank began offering travel services.
In 1972, National Bank of Commerce took over Mutual Savings Company of Lincoln, which had nearly $1 million in assets but grew to $23 million five years later. The next year, the bank added Nebraska Savings Company of Scottsbluff
. Also during the 1970s, the bank took over
the bond
underwriter Robert E. Schweser Company, Inc. and started NBC Leasing
Company. National Bank of Commerce also built a new 12-story headquarters.
James Stuart Jr., who came to National Bank of Commerce from Citibank
, became president in the 1980s and began an affiliate system. The bank holding company First Commerce Bancshares was incorporated in 1985.
During the 1990s, NBC/Computer Software services had 284 banks as customers. First Commerce Mortgage Company had $10 million in new mortgages in 1993.
Also, the BankCard Services division had 90,000 credit cards with $78 million in outstanding credit.
Early in 2000, the purchase of First Commerce Bancshares by Wells Fargo was announced. To complete the deal, First Commerce had to sell City National to Heritage Bank of Aurora
because Wells Fargo would have had two-thirds of the market in Hastings, more than allowed by federal law. National Bank of Commerce sold a Lincoln branch to Pinnacle Bancorp.
The deal gave Wells Fargo over $4 billion in assets in Nebraska, more than twice what the bank had before. Wells Fargo had 900 employees in the state.
Lincoln, Nebraska
The City of Lincoln is the capital and the second-most populous city of the US state of Nebraska. Lincoln is also the county seat of Lancaster County and the home of the University of Nebraska. Lincoln's 2010 Census population was 258,379....
. On July 17, 2000, First Commerce's banks became part of Wells Fargo Bank. At the time First Commerce had about 1400 employees and $2.3 billion in assets. National Bank of Commerce had $1.5 billion in assets. Other units of First Commerce included a mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
company, an asset management company, and NBC/Computer Services Corporation.
Banks
- National Commerce Bank, Lincoln
- Western Nebraska National Bank, North PlatteNorth Platte, NebraskaNorth Platte is a city in and the county seat of Lincoln County, Nebraska, United States. It is located in the southwestern part of the state, along Interstate 80, at the confluence of the North and South Platte Rivers forming the Platte River...
- First National Bank & Trust Co., KearneyKearney, NebraskaKearney is a city in and the county seat of Buffalo County, Nebraska, United States. The population was 30,787 at the 2010 census. It is home to the University of Nebraska-Kearney....
- The Overland National Bank, Grand IslandGrand Island, NebraskaGrand Island is a city in and the county seat of Hall County, Nebraska, United States. The population was 48,520 at the 2010 census.Grand Island is home to the Nebraska Law Enforcement Training Center which is the sole agency responsible for training law enforcement officers throughout the state,...
- The First National Bank of McCookMcCook, NebraskaMcCook is a city in Red Willow County, Nebraska, United States. The population was 7,994 at the 2000 census. It is the county seat of Red Willow County...
- The First National Bank of West PointWest Point, NebraskaWest Point is a city in and the county seat of Cuming County, Nebraska, United States. The population was 3,660 at the 2000 census.-History:West Point was first founded in the spring of 1857, when Omaha businessmen formed the Nebraska Settlement Association in order to find suitable townsites in...
- Western Nebraska National Bank, ValentineValentine, Nebraska-Demographics:As of the census of 2000, there were 2,820 people, 1,209 households, and 733 families residing in the city. The population density was 1,401.1 people per square mile . There were 1,373 housing units at an average density of 682.2 per square mile...
- City National Bank & Trust, HastingsHastings, NebraskaHastings is a city in and the county seat of Adams County, Nebraska, United States. It is the principal city of the Hastings, Nebraska Micropolitan Statistical Area, which consists of Adams and Clay counties. The population was 24,907 at the 2010 census...
History
Morris Weil moved from FranceFrance
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
to the United States in 1875 at age 17. After starting the Lincoln Paint and Color Company in 1892, he started the state-chartered The Bank of Commerce in 1902 with $50,000 in capital
Financial capital
Financial capital can refer to money used by entrepreneurs and businesses to buy what they need to make their products or provide their services or to that sector of the economy based on its operation, i.e. retail, corporate, investment banking, etc....
. Weil served as president until his death 43 years later, though he had started the bank for his son Carl who worked in another bank in town.
During The Panic of 1907, while many banks failed, Weil's skill kept The Bank of Commerce going. Weil eventually sought a national charter
led to a series of agricultural crises. Yet under Weil's leadership, and the name of the bank changed to The National Bank of Commerce of Lincoln.
One of the keys to Weil's success was Weil's ability to visit and advise small community banks around the state of Nebraska. In addition, about half of his deposits came from the very banks he visited. Weil also attracted many of the businesses operating in Lincoln.
National Bank of Commerce added one of Nebraska's first savings departments in 1911, By 1924, the bank had grown so much that it needed a new headquarters, and a six-story building went up at 13th and O streets. National Bank of Commerce survived The Great Depression, one of the few banks to do so.
In 1945, Byron Dunn, a bank employee since he was 17 years old in 1905, replaced Weil after his death. In the 1920s, Dunn had visited Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...
in order to collect on cattle
Cattle
Cattle are the most common type of large domesticated ungulates. They are a prominent modern member of the subfamily Bovinae, are the most widespread species of the genus Bos, and are most commonly classified collectively as Bos primigenius...
loans, which National Bank of Commerce had arranged through a bank in Denver
Denver, Colorado
The City and County of Denver is the capital and the most populous city of the U.S. state of Colorado. Denver is a consolidated city-county, located in the South Platte River Valley on the western edge of the High Plains just east of the Front Range of the Rocky Mountains...
. After that bank went under, Dunn and a group of cowboy
Cowboy
A cowboy is an animal herder who tends cattle on ranches in North America, traditionally on horseback, and often performs a multitude of other ranch-related tasks. The historic American cowboy of the late 19th century arose from the vaquero traditions of northern Mexico and became a figure of...
s rounded up cattle, though in some cases other banks claimed the cattle did not belong to National Bank of Commerce. Stil, Dunn had determination and the most cowboys, and his bank collected most of the cattle.
Under Dunn, National Bank of Commerce became "a full-service financial services facility". He added more advertising, improved the bank's appearance, added charge accounts, and had checks printed in Braille
Braille
The Braille system is a method that is widely used by blind people to read and write, and was the first digital form of writing.Braille was devised in 1825 by Louis Braille, a blind Frenchman. Each Braille character, or cell, is made up of six dot positions, arranged in a rectangle containing two...
. Dunn also became involved in the community, helped to start an employee newspaper, and built a lodge in South Bend
South Bend, Nebraska
South Bend is a village in Cass County, Nebraska, United States. The population was 86 at the 2000 census. As you approach the town on Nebraska Highway 66, a sign announces "South Bend Next 4 Exits"--a reference to the four streets that lead in from the highway. The main landmark is a pedestrian...
. Dunn retired in 1961 with his bank over $80 million in deposits.
Glenn Max Yaussi, who started as a $55 a month employee in 1934, succeeded Dunn. Yaussi recognized the need for new procedures and hired consultants. He also arranged a merger with Lincoln's First Trust Company, one of the top trust
Trust company
A trust company is a corporation, especially a commercial bank, organized to perform the fiduciary of trusts and agencies. It is normally owned by one of three types of structures: an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of...
companies in the state, adding a mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
department and a farm
Farm
A farm is an area of land, or, for aquaculture, lake, river or sea, including various structures, devoted primarily to the practice of producing and managing food , fibres and, increasingly, fuel. It is the basic production facility in food production. Farms may be owned and operated by a single...
management department.
In 1964, National Bank of Commerce significantly increased deposits by offering one of the highest savings interest rates in the country. That same year, the bank bought a computer
Computer
A computer is a programmable machine designed to sequentially and automatically carry out a sequence of arithmetic or logical operations. The particular sequence of operations can be changed readily, allowing the computer to solve more than one kind of problem...
for its accounting and became one of the first banks in the region to computerize its operations, subsequently providing computer services to other banks.
In 1967, Paul Amen succeeded Yaussi, who became chairman and CEO. In 1968, National Bank of Commerce joined with other banks to offer a Master Charge
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
through MidAmerica Bankcard Association. That same year, the bank began offering travel services.
In 1972, National Bank of Commerce took over Mutual Savings Company of Lincoln, which had nearly $1 million in assets but grew to $23 million five years later. The next year, the bank added Nebraska Savings Company of Scottsbluff
Scottsbluff, Nebraska
Scottsbluff is a city in Scotts Bluff County, Nebraska, United States. The population was 15,039 at the 2010 census. Scottsbluff is the largest city in the Nebraska Panhandle, and the 13th largest city in Nebraska....
. Also during the 1970s, the bank took over
the bond
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
underwriter Robert E. Schweser Company, Inc. and started NBC Leasing
Leasing
Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments....
Company. National Bank of Commerce also built a new 12-story headquarters.
James Stuart Jr., who came to National Bank of Commerce from Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
, became president in the 1980s and began an affiliate system. The bank holding company First Commerce Bancshares was incorporated in 1985.
During the 1990s, NBC/Computer Software services had 284 banks as customers. First Commerce Mortgage Company had $10 million in new mortgages in 1993.
Also, the BankCard Services division had 90,000 credit cards with $78 million in outstanding credit.
Early in 2000, the purchase of First Commerce Bancshares by Wells Fargo was announced. To complete the deal, First Commerce had to sell City National to Heritage Bank of Aurora
Aurora, Nebraska
Aurora is a city in Hamilton County, Nebraska in the United States of America. The population was 4,225 at the 2000 census. It is the county seat of Hamilton County.-Geography:...
because Wells Fargo would have had two-thirds of the market in Hastings, more than allowed by federal law. National Bank of Commerce sold a Lincoln branch to Pinnacle Bancorp.
The deal gave Wells Fargo over $4 billion in assets in Nebraska, more than twice what the bank had before. Wells Fargo had 900 employees in the state.