Maximilian Bethune Wellborn (January 22, 1862, in

Lewisville, Arkansas Lewisville is a city in Lafayette County, Arkansas, United States. The population was 1,280 at the 2010 census. It is the county seat of Lafayette County. Geography Lewisville is located in northern Lafayette County. U.S. Route 82 passes thr ...

– November 28, 1957, in

Anniston, Alabama Anniston is a city and the county seat of Calhoun County, Alabama, Calhoun County in Alabama, United States, and is one of two urban centers/principal cities of and included in the Anniston–Oxford metropolitan area, Anniston–Oxford Metropo ...

) was the first chairman of the board and a governor of the

Federal Reserve Bank A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve A ...

Atlanta Atlanta ( ) is the List of capitals in the United States, capital and List of municipalities in Georgia (U.S. state), most populous city in the U.S. state of Georgia (U.S. state), Georgia. It is the county seat, seat of Fulton County, Georg ...

. He also served as a county commissioner and state senator from Calhoun County, Alabama. Wellborn was a banker and also involved in the railroad, real estate and insurance businesses.

Early life

His family had longtime roots in

Eufaula, Alabama Eufaula is the largest city in Barbour County, Alabama, United States. As of the 2010 census the city's population was 13,137. History The site along the Chattahoochee River that is now modern-day Eufaula was occupied by three Muscogee Cre ...

and

Charleston, South Carolina Charleston is the List of municipalities in South Carolina, most populous city in the U.S. state of South Carolina. The city lies just south of the geographical midpoint of South Carolina's coastline on Charleston Harbor, an inlet of the Atla ...

. He was born during the

American Civil War The American Civil War (April 12, 1861May 26, 1865; also known by Names of the American Civil War, other names) was a civil war in the United States between the Union (American Civil War), Union ("the North") and the Confederate States of A ...

in Arkansas and reared in Eufaula. As a young man he moved to Anniston and participated in the town's rapid growth during the ensuing years.

Business career

Wellborn was a self-taught businessman. He learned to be a banker from experience and as the first bank he started became successful, he not only expanded his efforts in the banking business(starting five separate banks) and becoming the longtime chairman of the First National Bank of Anniston, but he entered the railroad, real estate, and insurance businesses as well.

The Federal Reserve

After a protracted political struggle, the act creating the Federal Reserve System was finally signed into law late in 1913. President

Woodrow Wilson Thomas Woodrow Wilson (December 28, 1856February 3, 1924) was the 28th president of the United States, serving from 1913 to 1921. He was the only History of the Democratic Party (United States), Democrat to serve as president during the Prog ...

appointed Max Wellborn to be the first chairman of the Atlanta Federal Reserve bank. Wellborn served in this capacity until 1919 when he accepted the appointment of governor of the bank, a position he held until 1927 when he retired. His daughter-in-law's father, Eugene R. Black, was his hand-picked successor as governor.

Political career

Prior to his service with the Federal Reserve, he had served as a commissioner in

Calhoun County, Alabama Calhoun County is a county in the east central part of the U.S. state of Alabama. As of the 2020 census, the population was 116,441. Its county seat is Anniston. It is named in honor of John C. Calhoun, a US Senator from South Carolina. Cal ...

and had been a delegate to the Democratic national convention of 1912. Wellborn returned to Alabama from Atlanta in 1928, retiring to his farm outside of Anniston. In 1934 he decided to run for the

Alabama State Senate The Alabama State Senate is the upper house of the Alabama Legislature, the state legislature of the U.S. state of Alabama. The body is composed of 35 members representing an equal number of districts across the state, with each district conta ...

and was elected from Calhoun County. He served until 1937 when he did not seek re-election.

Family

Max Wellborn's family had long be involved in public service. He was a student of his heritage and presented many of his family papers to

Auburn University Auburn University (AU or Auburn) is a Public university, public Land-grant university, land-grant research university in Auburn, Alabama, United States. With more than 26,800 undergraduate students, over 6,100 post-graduate students, and a tota ...

, including those of naval hero Commodore John H. Dent, his great grandfather.AU Archives - Guide to the Wellborn Family Papers, RG 50
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References

{{DEFAULTSORT:Wellborn, Max 1862 births 1957 deaths American bankers Alabama state senators County commissioners in Alabama People from Eufaula, Alabama People from Lewisville, Arkansas Politicians from Anniston, Alabama Federal Reserve Bank of Atlanta presidents 20th-century members of the Alabama Legislature