El Banco Yucateco
Yucatán was one of the few states that supported more than one bank, as they were established within months of one another by two competing groups of businessmen. The group headed by Eusebio Escalante Bates were traditional businessmen, linked by family networks with their strength in the south and west of the state. The second group, headed by Olegario Molina Solís, was composed of more recent arrivals, who had benefitted from the concessions and railroad contracts, and used these as a beachhead to increase their commercial and financial influence. Both groups were driven by loyalty to their own and aggression towards members of the other group.
The Banco Yucateco was financed by the trading house of Olegario Molina. The Secretaría de Hacienda granted a concession to establish the bank to Nicanor Ancona on 7 September 1899. It opened to the public on 1 February 1890, with a capital of 350,000 pesosBesides Nicanor Ancona as president, the board had, as vocales, Olegario Molina, Alonso de Regil y Peón and Florencio Laviada; as secretary, Fernando Cervera, and, as comisario, Eloy Haro..
The board agreed to increase its share capital to $1,250,000 and to open a branch in Campeche in January 1898Semana Mercantil, 10 January 1898. The branch opened on 1 January 1898 with Manuel García Gual as managerEl Correo Español, 12 January 1898.
Following the Ley General the bank renounced all its rights and was granted a new concession on 18 September 1897.
By 1903 the bank's capital had reached 8,000,000 pesos. In 1905 it merged with the Banco Mercantil de Yucatán to form the Banco Peninsular Mexicano.
American Bank Note Company print runs
The American Bank Note Company produced the following notes.
In July 1891 the ABNC engraved a special portrait of an Indian girl (C 442).
In 1897 the bank added a $1000 note.
For the April 1899 run the serial letters spelt BANCO YUCATECOO.
For the December 1899 run the serial letters spelt MERIDA DE YUCATA.