Maximilian Bethune Wellborn (January 22, 1862, Lewisville, Arkansas

Lewisville, Arkansas

Lewisville is a city in Lafayette County, Arkansas, United States. The population was 1,285 at the 2000 census. The city is the county seat of Lafayette County.-Geography:Lewisville is located at ....

 – November 28, 1957, Anniston, Alabama

Anniston, Alabama

Anniston is a city in Calhoun County in the state of Alabama, United States.As of the 2000 census, the population of the city is 24,276. According to the 2005 U.S. Census estimates, the city had a population of 23,741...

) was the first chairman of the board and a governor of the Federal Reserve Bank

Federal Reserve Bank

The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of...

 of Atlanta. He also served as a county commissioner and state senator from Calhoun County

Calhoun County

Calhoun County is the name of several counties in the United States of America, mostly named after Senator John C. Calhoun:* Calhoun County, Alabama* Calhoun County, Arkansas* Calhoun County, Florida* Calhoun County, Georgia* Calhoun County, Illinois...

, Alabama. Wellborn was a banker and also involved in the railroad, real estate and insurance businesses.

Early life

His family had long time roots in Eufaula, Alabama

Eufaula, Alabama

Eufaula is a city in Barbour County, Alabama, United States. At the 2000 census the population was 13,908.-Geography:Eufaula is located at 31°53'21.732" North, 85°9'13.586" West ....

 and Charleston, South Carolina

Charleston, South Carolina

Charleston is the second largest city in the U.S. state of South Carolina. It was made the county seat of Charleston County in 1901 when Charleston County was founded. The city's original name was Charles Towne in 1670, and it moved to its present location from a location on the west bank of the...

. He was born during the Civil War

Civil war

A civil war is a war between organized groups within the same nation state or republic, or, less commonly, between two countries created from a formerly-united nation state....

 in Arkansas and reared in Eufaula. As a young man he moved to Anniston

Anniston

Anniston may refer to:* Places:** Anniston, Alabama** Anniston, Missouri* Anniston Munitions Center* Anniston * USS Anniston, a.k.a. USS Montgomery See also:* Aniston...

 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 long time 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 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

Eugene R. Black

Eugene Robert Black was the Chairman of the Federal Reserve from May 9, 1933 to August 15, 1934. His namesake, Eugene "Gene" Robert Black, Sr., was the first in the family to use the "Sr." designation; Gene's son became Eugene Robert Black, Jr.-Biography:He was born in Atlanta, Georgia, and...

, 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, Alabama

Calhoun County is a county in the U.S. state of Alabama. Its name is in honor of John C. Calhoun, famous member of the United States Senate from South Carolina. As of 2010 the population was 118,572. It is included in the Anniston-Oxford Metropolitan Statistical Area...

 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 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

Auburn University is a public university located in Auburn, Alabama, United States. With more than 25,000 students and 1,200 faculty members, it is one of the largest universities in the state. Auburn was chartered on February 7, 1856, as the East Alabama Male College, a private liberal arts...

, including those of naval hero Commodore John H. Dent

John H. Dent

John Herbert Dent was an officer in the United States Navy during the Quasi-War, the First Barbary War, and the War of 1812. He was acting Captain on the USS Constitution" during the attacks on Tripoli in 1804.-Early years:Born in Charles County, Maryland, Dent was the son of Congressman George...

, his great grandfather.