Broadway National Bank, Scottdale, PA (Charter 5974)
Broadway National Bank, Scottdale, PA (Chartered 1901 - Liquidated 1931)
Town History
Scottdale is a borough in Westmoreland County, Pennsylvania, 32 miles southeast of Pittsburgh.
Scottdale was incorporated as a borough on February 5, 1874 and at that time named in honor of Thomas A. Scott, who had been president of the Pennsylvania Railroad and served as Assistant Secretary of War during the Civil War.[6] Because Scottdale sits atop major coal deposits, the community flourished due to the surrounding coal mines, as well as ovens for converting coal into coke (fuel). The H. C. Frick Coke Company, controlled by Henry Clay Frick, was headquartered here. Scottdale also had steel and iron pipe mills, brass and silver works, a casket factory, a large milk-pasteurizing plant, and machine shops; all of the aforementioned are presently defunct. Scottdale is notable for its economic decline from a formerly prosperous coke-town into an archetypal Rust Belt town. Duraloy Technologies, "a supplier of specialty high alloy, centrifugal and static cast components and assemblies" is the last remnant of Scottdale's steel related prosperity.
In 1900, 4,261 people lived in Scottdale; in 1910, the population increased to 5,456; and in 1940, 6,493 people lived in Scottdale. The population was 4,384 at the 2010 census.
Scottdale had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized July 12, 1901
- Chartered September 20, 1901
- Liquidated March 18, 1931
- Absorbed by 4098 (The First National Bank of Scottdale, PA)
On Monday evening, December 29, 1930, two bandits tied up Cashier Thomas D. Byrne and cleaned out the bank. State police continued their widespread search for the two bank robbers. Chief of Police Frank Ganoe of Scottdale began a new line of investigation to learn why Scottdale police were not notified by officials of the bank. Ganoe said that two night patrolmen of the Scottdale force were standing directly in front of the bank when state troopers from Greensburg and Uniontown arrived to investigate the robbery.[1]
On January 14, 1931, The First National Bank of Scottdale at a stockholders' meeting elected the following directors: Clay F. Lynch, L.F. Stoner, Charles L. Loucks, Frank P. Rush, Fenton O. Keister, George K. Brennan II, H. Vinton Overhold, C. McKenna Lynch, and B.F. Keister. At the Broadway National Bank the directors chosen were John R. Byrne, Dr. V.P. Pisula, W.W. Seaman, F.W. Byrne, F.S. Byrne, E.C. Reid, and M.E. Reid.[2]
On January 19, 1931 two men arrested in Unionville, Missouri in connection with a bank hold-up in that region were overheard by a prison guard to have referred to a "bank at Scottdale down in Pennsylvania" where "loot amounting to 20 grand" was had. Officers in Unionville contacted Chief of Police Frank Ganoe of Scottdale and the Chief replied with details of the robbery of The Broadway National Bank including a description of the two men who at the point of revolvers tied the cashier to a chair and made off with $20,422.[3]
On January 31, 1931, the merger of the Broadway National Bank with the First National Bank of Scottdale was announced. At the close of business, employees of the two institutions started moving records and equipment of the Broadway Bank into the First National building. Beginning Monday, February 2, all business was transacted at the First National. B.F. Keister was president and Charles H. Loucks, vice president and cashier. The acquisition gave the First National assets of more than $8.25 million, making it one of the largest and strongest banks in Western Pennsylvania.[4]
By April 9, 1931, The Broadway National Bank brought suit for $20,422 against the Ocean Accident and Guarantee Corporation which had insured the bank against loss by robbery up to $50,000. The surety firm had not heeded demands for payment the suit alleged.[5]
On November 13, 1931, Thomas D. Byrne, former cashier of the Broadway National Bank and Frank E. Byrne, former bookkeeper were indicted by a Federal grand jury in Pittsburgh. They were charged with embezzlement and misapplication of bank funds, making false entries in the bank records and to the comptroller of the currency. Embezzlement of $20,422 was charged in one of the twelve counts on the date of the robbery. It was alleged that the money involved was used for stock speculations from September 28, 1929 to June 19, 1930. According to Thomas Byrne's account of the robbery, he had gone to the bank at 6:45 PM to work on some books, leaving a side door open so other employees could enter. Byrne told police he entered a vault for some ledgers and when he returned to the banking room met two holdup men and they tied him with Christmas trimmings and looted the safe. Byrne was found a short time later by Ernest Overholt who called at the bank. State police investigated but no arrests were made in the robbery. The Government took the position that the robbery was "framed" by the two defendants.[6][7]
On February 16, 1932, after two weeks of trial before Judge R.M. Gibson and three hours of deliberation, the jury returned a verdict and Thomas D. Byrne and Frank F. Byrne of the Broadway National Bank of Scottdale were acquitted on all 12 counts charging misapplication of funds, embezzlement and false entries.[8]
Official Bank Title(s)
1: The Broadway National Bank of Scottdale, PA
Bank Note Types Issued
A total of $832,350 in National Bank Notes was issued by this bank between 1901 and 1931. This consisted of a total of 66,912 notes (60,900 large size and 6,012 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 3x10-20 1 - 1850 1882 Date Back 3x10-20 1 - 4240 1882 Value Back 3x10-20 4241 - 6790 1902 Plain Back 3x10-20 1 - 6585 1929 Type 1 6x10 1 - 819 1929 Type 1 6x20 1 - 183
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1901 - 1931):
Presidents:
Cashiers:
- Edwin B. Harshaw, 1902-1902
- T. J. Robinson, 1903-1905
- William Thomas Reid Jr., 1906-1906
- Charles Springer Hall, 1907-1918
- Thomas D. Byrne, 1919-1930
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
Sources
- Scottdale, PA, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://bbdata.banknotehistory.com
- ↑ The Morning Herald, Uniontown, PA, Wed., Dec. 31, 1930.
- ↑ The Daily Courier, Connellsville, PA, Wed., Jan. 14, 1931.
- ↑ The Daily Courier, Connellsville, PA, Mon., Jan. 19, 1931.
- ↑ Warren Times Mirror, Warren, PA, Mon., Feb. 2, 1931.
- ↑ The Daily Republican, Monongahela, PA, Thu., Apr. 9, 1931.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Fri., Nov. 13, 1931.
- ↑ Latrobe Bulletin, Latrobe, PA, Sat., Nov. 14, 1931.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Feb. 17, 1932.