The Phoenix National Bank of Lexington was established in September 1888, locating its banking house on Main Street and Phoenix Alley, next to the Phoenix Hotel (where the Hernando Building stood for years). The bank's New York City correspondent was the Hanover National Bank (now part of Manufacturers Hanover, currently one of First Security's New York City correspondent banks). Initial capital was set at one hundred fifty thousand dollars and the bank was issued charter number 3942. On September 19, 1888, the stockholders met at the Phoenix Hotel and elected the following directors: Milton G. Thompson, Judge Zachariah Gibbons, James C. Rogers, William H. Cassell, Professor Wilbur R. Smith, Dr. Edward M. Norwood, B. Smith Gentry, Colonel Robert E. Edmonson, J. Hull Davidson and Garrett D. Wilson.
National bank Note, Brown Back, Series of 1882
On September 22, 1888, the Board of Directors held its first meeting in the law offices of Rodes & Rogers and elected William H. Cassell, President; James C. Rogers, Vice President; J. Waller Rodes, Cashier and Oliver L. Bradley, Assistant Cashier and Teller. The new bank opened for business on Christmas Eve of the same year.
In May 1894, the bank relocated its offices to the Commercial College Building (now McAdams & Morford Drug Store) on Main Street. After Mr. Cassell became President of the Security Trust and Safety Vault Company in 1901, D. Frank Frazee succeeded him. During March 1906, capital stock was doubled to three hundred thousand dollars. In 1910, J. Waller Rodes became President of the Bank. On February 25, 1911, the Third National and Phoenix National Banks were consolidated into the Phoenix & Third National Bank.
National Bank Note, Plain Back, Series of 1902
