Overview of the Union Bank
One of the earliest banking institutions before the War Between the States,
was the Union Bank of Tennessee. It was organized by the authority of
the General Assembly in 1832, with a authorized capital of $3,000,000.
The total subscribed was $2,273,000. A large proportion was held by Eastern
capitalists, Philadelphia interests holding the majority. Branches were
operated in various cities of the state. It was liquidated in 1865.
The Chattanooga branch was established by the act of January 2, 1850
but it was not organized until 1857. It had a capital of $150,000 in 1862.
Paul Garland's book indicates cashier was J. Corey, Jr. and the president
is unknown. J. Corey signature is on the $5 Chattanooga note. However,
Zella Armstrong's book on the history of Hamilton County indicates John
G. Glass was president and P. Campbell was cashier. John A. Fisher took
over as cashier in 1863. The Chattanooga branch closed when the Union
army occupied Chattanooga after the Battle of Chickamauga in September
1863.
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