Ulysses S. Stewart, vice-president and managing officer of the First National Bank of El Paso, was born in Leavenworth, Kansas, a son of S. B. Stewart, who was born in Indiana. His ancestral history, however, is one of close connection with Virginia. The father became a pioneer settler of eastern Kansas, removing to that locality a short time before the beginning of the border warfare and the Quantrell raids, of which events he was a witness. Subsequent to the close of hostilities between the north and the south he removed with his family to northern Colorado and is now living in Gillette, that state. He was among the prominent and influential citizens of Leavenworth, Kansas, and is remembered by many of the old settlers there.
Ulysses S. Stewart largely acquired his education in the State Agricultural College of Colorado, being ten years of age when his family removed to that state. The year 1887 witnessed his arrival in El Paso, and in 1888 he entered the employ of the First National Bank, since which time he has figured in connection with financial interests of the city. In 1890 he was promoted to assistant cashier, was subsequently chosen cashier and is now vice president and managing officer of the bank. The president is Joshua S. Raynolds, of the well known New Mexico family of Raynolds, who have extensive interests in that territory, mainly of a banking nature. The First National Bank was founded in that territory, mainly of a banking nature. The First National Bank was founded in 1881 by Jefferson Raynolds, brother of the present chief executive of the institution. The First National Bank makes a magnificent showing which clearly points not only to the marvelous success of this institution, but to the expansion of many operations and enterprises in the city and surrounding territory. In the year 1881 El Paso was a beginning to assume importance as a commercial center and a few prominent business men determined to establish a bank to be governed by the banking laws of the national government. The organization was effected and with a capital of fifty thousand dollars the First National Bank in El Paso opened its doors for business on the 29th of May that year in a small adobe building on San Francisco street, then the principal thoroughfare. Within three years the business had increased to such an extent that the corporation was forced to seek larger quarters and the bank was removed to the corner of San Antonio and El Paso streets, since which time the business has been greatly enlarged, while the capital was increased to one hundred thousand dollars, and on the 12th of August, 1901, was again doubled. This did not mark the last step in the growth, however, for on the 3d of March, 1904, the capitalization was increased to three hundred thousand dollars. A general banking business is conducted, exchange, both foreign and domestic is bought and sold and accounts are kept with individuals, firms and corporations. United States, county and city securities are handled, together with corporation bonds, and the bank is a depository for United States disbursing officers and is also a United State depository and serves in this capacity for a number of banking institutions out of the city. For correspondents it has the strongest banks of eastern cities and of the west, as well as connections with show the confidence in which the bank is held abroad. It also has connections with the leading banking institutions of Mexico and special attention is given to the handling of Mexican silver and exchange. The principle of the management has always been to conduct the bank upon the most liberal lines, consistent with conservative methods and it is but just to say that this spirit and liberality have done much for the up building of this section of the state.
Mr. Stewart was united in marriage to Miss Agnes Beattie, of a Virginia family. They have four children, Virginia, Agnes, Helen and Robert. Mr. Stewart is recognized as one of the leading spirits in the life of El Paso and devotes much time, energy and money to furthering the interests and welfare of the town, being financially interested in many of its leading enterprises. He is a prominent member of the chamber of commerce and his cooperation has been a valued factor in many lines of substantial development and improvement. He possesses untiring energy, is quick of perception, forms his plans readily and executes them with determination and with a capable management that cannot fail to produce the result desired.
Source: B. B. Paddock, History and Biographical Record of North and West Texas (Chicago: Lewis Publishing Co., 1906), Vol. II, p. 577-578.