Attracting attention during the 1858-62 Pike’s Peak gold rush, by 1865 Denver was a small town of about 5,000 in the Colorado Territory. Jerome B. Chaffee, who settled in Denver in 1860, sought to grow Colorado’s economic potential and established the First National Bank of Denver in 1865, the first of its kind in the Intermountain region. Chaffee, considered a leading organizer of the Colorado Territory, used his mining interests to establish First National as one of the American West’s premier financial houses.
\nOriginally located on Denver’s first financial district, Fifteenth Street, First National’s initial directors included Walter S. Cheeseman, owner of the Denver City Water Company, and H. A. W. Tabor, one of Colorado’s chief mining barons. David H. Moffat, financier turned railroad magnate, and elected as the bank’s cashier in 1866, became its foremost financial mind, embarking on dozens of speculative prospects to expand First National's portfolio. This strategy paid off. First National held $1.25 million in assets by 1872.
\nBy the mid-1870s, Moffat operated multiple rail lines, notably the Denver Pacific Railway, linking it to the Transcontinental Railway in Cheyenne. This achievement led Denver to become the economic center of the Rocky Mountains, causing its population to explode by 675% from 1870-80. Moffat, and Tabor also owned dozens of mining claims, further enriching First National’s assets, and bolstered by Colorado’s newfound population growth.
\nBy 1880, First National’s assets doubled to $2.4 million. Moffat, taking over from Chaffee in 1880, directly tied his financial interests to the bank’s development and served as First National’s president until he died in 1911. Its location moved twice under Moffat’s tenure, first to the Tabor Building, off Sixteenth and Larimer Streets, (not to be confused with the newer Tabor Center) and later to the Equitable Building. By 1910, First National became one of the United States’s largest banks, and with $21.4 million in assets decided to construct a new building at Seventeenth and Stout Streets, across from their previous headquarters at the Equitable Building.
\nDesigned by Harry Edbrooke and completed in 1911, the new building became one of Denver’s first skyscrapers, reaching thirteen stories high and costing $900,000. First National, occupying the first floor and basement, with the other twelve stories rentable, made Seventeenth Street Denver’s new economic center, nicknamed the “Wall Street of the West” for its concentration of financial establishments. By 1915, H. J. Alexander, another Colorado banker, served as First National's president until 1928. The bank’s board of directors represented multiple industries, including the Midwest Refining Company, Pagosa Lumber Company, and the Colorado Development Foundation. It survived the Great Depression with little difficulty.
\nJohn Evans, H. J. Alexander’s successor, continued First National’s financial dominance, holding $186.3 million in assets by 1950. In 1958, Evans, who owned the International Trust Company, merged both institutions, ending First National’s independence. International Trust moved to a new property, and the American National Bank occupied First National’s old headquarters until 1981, serving as First Interstate Bank until 1984. The First National Bank Building, occupied since 2008 by Magnolia Hotels, continues serving as Seventeenth Street’s focal point.
","sponsor":null,"accessinfo":"As of 2023, the building is open to the public as the Magnolia Hotel.","lede":"The First National Bank of Denver, founded in 1865, was the first national bank in the Intermountain West, and was once one of the United States’s largest financial institutions.","website":"","related_resources":["“American National Bank/Magnolia Hotel.” Renew Denver, July 14, 2017. https://renewdenver.org/projects/magnolia-hotel/.","“Evans Becomes President Of First National,” The Daily Sentinel May 11, 1928. The Daily Sentinel Archives. Courtesy of Newspapers.com","Frank Scherschel. Life. “Great Family: Evans of Denver,” June 15, 1959. https://rb.gy/hyamyx.","Friedberg, Ira S., and Arthur L. Friedberg. Paper Money of the United States: A Complete Illustrated Guide with Valuations. 22nd ed. Williston, Vermont: Coin and Currency Institute, 2021. ","“Jerome B. Chaffee.” Biographical Directory of the U.S. Congress. https://bioguide.congress.gov/search/bio/C000271. ","Ralston, Larry. “David. H. Moffat Jr.,” Historic Denver (February, 2018). https://historicdenver.org/wp-content/uploads/2018/02/David-Moffat_Railroad-history.pdf. ","Simmons Laurie R., Simmons, Thomas H., “National Register of Historic Places Registration Form: First National Bank Building” National Parks Service Digital Asset Management System, 1996. https://catalog.archives.gov/id/84126025. ","Stone, Wilbur Fiske. “H. J. Alexander” from History of Colorado, Volume II, 1918 http://files.usgwarchives.net/co/denver/bios/alexande185nbs.txt. ","United States Comptroller of the Currency. “Alphabetical List of National Banks by States” Library of Congress, 1912. https://www.loc.gov/item/12035669/. ","United States Comptroller of the Currency. “Annual Report of the Comptroller of the Currency” Federal Reserve Bank of St. Louis, 1872. https://fraser.stlouisfed.org/title/annual-report-comptroller-currency-56/1872-19088. ","United States Comptroller of the Currency. “Annual Report of the Comptroller of the Currency” Federal Reserve Bank of St. Louis, 1880. https://fraser.stlouisfed.org/title/annual-report-comptroller-currency-56/1880-19096.","“Who’s Who At The First National,” The Colorado Statesman December 10, 1921. The Colorado Statesman Archives. Courtesy of Newspapers.com https://is.gd/Rk4VOR."],"factoids":["The First National Bank of Denver printed several denominations of national bank notes, the $1, $2, $5, $10, $20, $50, and $100, across four distinct printing series: 1863, 1882, 1902, and 1929, with reprinting of the 1863 Series in 1875. The 1902 Series came in two varieties: some displaying red seals and others having blue seals, while the 1929 Series came in two types, each with different charter number placements. Printing series dates do not align with the note’s printing date, rather they determine the bill’s design period. Current estimates conclude that 296 notes exist today, a high number compared to most national banks.
"],"files":{"https://www.intermountainhistories.org/files/fullsize/a566e544819b7c4bda6f61ae85108525.jpg":{"id":3572,"mime-type":"image/png","title":"1910 Exterior Photograph","description":"Exterior photo taken circa 1910 at the intersection of Seventeenth and Stout Streets, soon before the building’s grand opening. Nearly identical to how the structure looks today, the First National Bank Building was one of the first skyscrapers constructed on Seventeenth Street. Many of the signs towards the bottom read “The First National Bank Will Occupy These Quarters On Or About January 1, 1911,” indicating its vacancy during the construction’s finalization. Henry Edbrooke designed the building according to Chicago School principles, a style common for banks, offices, and department stores in the early twentieth century, most noticeable through the large repetitive windows and three-part design, retaining separate ornamentation for the lower, middle and upper levels.
| “MCC-3509,” Louis Charles McClure, 1910-1911. Denver Public Library Special Collections, publisher. Courtesy of the Denver Public Library. https://digital.denverlibrary.org/digital/collection/p15330coll22/id/30260/rec/14. | Louis Charles McClure","thumbnail":"https://www.intermountainhistories.org/files/square_thumbnails/a566e544819b7c4bda6f61ae85108525.jpg"},"https://www.intermountainhistories.org/files/fullsize/9b847a0c49c6dbfafca42672c30ecbb2.jpg":{"id":3573,"mime-type":"image/png","title":"Exterior of American National Bank after redesign","description":"Exterior photo taken circa 1960 at the intersection of Seventeenth and Stout Streets, during the construction of a new façade performed by James S. Sudler, which layered over the original designs. This redesign was completed from 1959-1962 for the American National Bank, who occupied the building until its closure in 1981. After years of vacancy, the property became part of Denver’s Urban Renewal program in 1993, becoming the Holtze Executive Place in 1995 after the removal of the newer façade, and later part of Magnolia Hotels in 2008, the current operator as of 2023.
| “X-23704,” Denver Public Library Special Collections, 1860-1869. Denver Public Library Special Collections. Courtesy of the Denver Public Library. https://digital.denverlibrary.org/digital/collection/p15330coll22/id/34767/rec/20. ","thumbnail":"https://www.intermountainhistories.org/files/square_thumbnails/9b847a0c49c6dbfafca42672c30ecbb2.jpg"},"https://www.intermountainhistories.org/files/fullsize/98b132b6a19401047c4e6d7a7cc63b76.jpg":{"id":3574,"mime-type":"image/png","title":"Sketch of First National Bank Floorplan","description":"Sketch of the First National Bank Building in 1996 as part of the National Register of Historic Places listing, adapted from a 1929-30 Sanborn Fire Insurance Map. In 1962, a specially designated parking garage was constructed for the building, then occupied by the American National Bank, matching the exterior redesign. Both structures now belong to the Magnolia Hotel, the current occupier.
| “5DV1727OAHP” History Colorado. Office of Archaeology and Historic Preservation, c. 1960. Denver Public Library Special Collections. Courtesy of the Denver Public Library. https://digital.denverlibrary.org/digital/collection/p16079coll2/id/972/rec/17.","thumbnail":"https://www.intermountainhistories.org/files/square_thumbnails/98b132b6a19401047c4e6d7a7cc63b76.jpg"},"https://www.intermountainhistories.org/files/fullsize/66abf0dae8bcdf29fd3e5422c4b8513e.jpg":{"id":3575,"mime-type":"image/png","title":"1870 Exterior Photo","description":"Exterior photo taken in c. 1870 facing the intersection of Fifteenth and Blake Streets, near the current Palace Loft Apartments. This image represents the earliest location the First National Bank of Denver occupied starting in 1865. Notice that “First National Bank” is printed above the bank’s entrances. Below the main sign is smaller text reading “Designated Depository of the United States” meaning that the national government could store any assets of financial value, like precious metals, there, instead of having to transport it to a federally operated facility, like Fort Knox.
| “96000165” National Register of Historic Places, January 25, 1996. National Park Service Digital Asset Management System. https://catalog.archives.gov/id/84126025.","thumbnail":"https://www.intermountainhistories.org/files/square_thumbnails/66abf0dae8bcdf29fd3e5422c4b8513e.jpg"},"https://www.intermountainhistories.org/files/fullsize/3902b8dfe0576d10ad690c5bf0045157.jpg":{"id":3576,"mime-type":"image/png","title":"Bank With A Strong Bank","description":"A newspaper advertisement from the Denver Jewish News from 1921, advertising its ethical business practice through regular payout of bank deposits and their interest in supporting local businesses through loans. At the bottom left, also advertised, is a 4% interest rate, or the level at which deposited money grows in a savings account. A frequent advertising symbol was their clock, hanging over the building’s entrance, which still exists today. |“Bank With A Strong Bank,” The Denver Jewish News, March 2, 1921. Denver Jewish News Archive. Courtesy of Newspapers.com. https://rb.gy/ykqnww.
\n","thumbnail":"https://www.intermountainhistories.org/files/square_thumbnails/3902b8dfe0576d10ad690c5bf0045157.jpg"},"https://www.intermountainhistories.org/files/fullsize/5f3dba14cae664eb5191216902d37458.jpg":{"id":3577,"mime-type":"image/png","title":"David H. Moffat, Jr.","description":"
Photograph of David H. Moffat Jr. from 1898, during his tenure as president of the First National Bank of Denver, a position he acquired in 1880 after Jerome Chaffee’s retirement. Moffat held the presidency until his death in 1911, presiding over the bank’s largest growth period, thanks to his considerable mining and railroad operations in Colorado and across the American West.
| “H-123” Rose & Hopkins, c. 1898. Denver Public Library Special Collections. Courtesy of the Denver Public Library. https://digital.denverlibrary.org/digital/collection/p15330coll22/id/71670/rec/23.","thumbnail":"https://www.intermountainhistories.org/files/square_thumbnails/5f3dba14cae664eb5191216902d37458.jpg"},"https://www.intermountainhistories.org/files/fullsize/6f79d9857f35d4ffe21f63f4b4bd830c.jpg":{"id":3578,"mime-type":"image/png","title":"1863 $1 national bank note","description":"An 1863 series of $1 national bank notes from the First National Bank of Denver, photographed by Heritage Auctions. This printing series represents the first issues of national bank notes and are some of the hardest to find today. In these early notes, printing style was not universal, as this bill lacks its charter number (#1016). The vignette in the center, entitled “Concordia,” existed on all $1 national bank notes printed from 1863-1878. While all banknotes are unique, this one is especially rare, as indicated by the red serial number “1,” located at the top right, above the Treasury seal, meaning it was the first note printed for First National. Also observe Moffat’s and Chaffee’s signatures towards the bottom. In 1929, the Treasury decreased the size of bank notes from 7.375 x 3.125 inches to 6.14 x 2.61 inches. Owned by the Moffat family before its sale, this note sold for $126,500 in 2007.
| Heritage Auctions. $1 Original Fr. 380 The First NB Ch. # 1016,” available at https://rb.gy/b8lf5j.","thumbnail":"https://www.intermountainhistories.org/files/square_thumbnails/6f79d9857f35d4ffe21f63f4b4bd830c.jpg"}}}