Farmers and Miners NB, Bentleyville, PA (Charter 9058)
Farmers and Miners NB, Bentleyville, PA (Chartered 1908 - Liquidated 1933)
Town History
Bentleyville is a borough in Washington County, Pennsylvania, and part of the Pittsburgh metropolitan area since 1950. The population was 2,349 at the 2020 census. The borough was incorporated in 1864. In 1900, the population was 613, peaking in 1920 at 3,679.
A post office called Bentleyville has been in operation since 1822. Bentleyville was named for Sheshbazzar Bentley, a pioneer settler who erected the first log cabin in 1777. Shortly after building his cabin, Mr. Bentley built a mill on a site on Pigeon Creek. Mr. Bentley along with all his fellow citizens took part in the Whisky Rebellion. Mr. Bentley's part was apparently a passive one as he was not among the 200 taken into custody by the United States troops, but his two stills were seized. Mr. Bentley was laid to rest in 1800 in the Bentley burying place he had selected.
Bentleyville had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized January 5, 1908
- Chartered March 9, 1908
- Opened for business March 14, 1908
- Absorbed 8196 Jan 9, 1918 (Bentleyville National Bank/First NB, Bentleyville, PA)
- Receivership November 11, 1931
- Restored to solvency February 20, 1933
- Liquidated June 14, 1933
- Absorbed by 13663 (Citizens National Bank, Bentleyville, PA)
- Circulation assumed by 13663 (Citizens National Bank, Bentleyville, PA)
On Tuesday, January 8, 1907, the second financial institution of Bentleyville, the Farmers and Miners National Bank of Bentleyville, was organized with a capitalization of $50,000. The directors elected for the new institution at the meeting of stockholders Tuesday were Joseph A. Herron, J.E. Richardson, J.G. McCormick, P.A. Hetherington, White Wilson, Julius Grable, Joseph Underwood, A.B. Richardson and A.S. Braznell. The directors planned to meet at a later date to decide when the new bank would open its doors for business.
In February 1907, an agreement between the Farmers and Miners National Bank of Bentleyville and the Charleroi Lumber company for the erection of a bank building in the borough of Bentleyville, was filed in the office of the prothonotary at Washington. The agreement calls for the erection of a three story brick building at the corner of Main street and the Washington road. The cost of the building was $18,800, to be paid under terms that require the final payment to be made within thirty days after date of completion. The entire building was to be completed on or before September 1, 1907, with special effort to be made in completing the banking and board rooms. The agreement was signed by Walter Byerly, manager of the lumber company, and Joseph A. Herron, agent for Farmers and Miners National Bank.
In July 1908, it was announced that Mr. Joseph J. Boyle, teller of the First National Bank of Monongahela, would on, or about August 1st, relinquish his duties with the First National Bank to accept the cashiership of the Farmers and Miners National Bank of Bentleyville, vacated by the resignation of Mr. Fell Wickerham who moved to the First National Bank of Elizabeth. Mr. Boyle was one of the rising young, businessmen and was most popular among his acquaintances. For the time being, Mr. and Mrs. Boyle would remain residents of Monongahela.
On January 9, 1918, the First National Bank of Bentleyville entered into voluntary liquidation. It was being liquidated by the Farmers and Miners National Bank. Practically all the stockholders and directors of the bank were men of that place. The affairs of bank were now being handled the Farmers and Miners National bank and all depositors of the First National were being paid by cash by the bank upon presentation of cash books. Bentleyville now had a stronger banking institution, with Farmers and Miners having resources of more than three-quarters of a million dollars. The growth of the the past tivo years was phenomenal. According to the last published statement, the assets were over $600,000.00. The report also showed capital, surplus and profits in excess of S73,000. Herbert H. Hertzog was cashier of the bank.
On October 5, 1931, six Washington County banks closed their doors. The banks that closed were:
- Alexander & Co., Monongahela, private bank
- Monongahela City Trust Company, Monongahela, State bank
- Monongahela City Trust Company, Monongahela, State bank
- Farmers and Miners National Bank of Bentleyville, National bank
- Washington Trust Company, Washington State bank.
- Union Trust Company, Washington, State bank.
On Monday, October 5, 1931, to the end that the resources of the institution and the interests of its patrons might be conserved to the fullest extent, the Washington Trust Company suspended business. The directors at meeting the day day prior voted unanimously to take that step. Simultaneously, it became known that Alexander & Company of Monongahela, the oldest banking house in the Monongahela valley and one the few remaining private banks in the state not affected by state banking commission regulations, had applied to the court late Saturday afternoon for a receivership, and John S.C. Herron and Carl E. Gibson of Monongahela, were named receivers. The Monongahela City Trust Company and the Farmers and Merchants National Bank of Bentleyville, subsidiaries of Alexander and Company, were turned over to the commissioner of banking and the comptroller of the currency and did not open for business this morning. It was stated that the situation at Washington may be only temporary as the Washington Trust Company was one of the oldest and considered one of the soundest institutions in this section of the state. Heavy withdrawals of the previous week affected the bank and the directors elected to close rather than sacrifice all of the resources that could be commanded, thus saving the bulk of its money for distribution to depositors. When the news became public in Washington, there was a heavy run on the Citizens National Bank which continued all day to pay dollar for dollar. Late in the morning, the Union Trust Company, Washington’s third bank, was unable to withstand the heavy demands and was forced to suspend business.
The condensed statement of the Washington Trust Company released as of June 30, 1931, showed the following: Resources--Cash and due from banks, $973,762.21; loans and investments $6,690,852.02; bank building, vaults, furniture and fixtures, $1,130,000; other resources, $89,457.59; total $8,884,089.82. Liabilities--Capital stock, $500,000; surplus and profits, $1,850,141.70; deposits, $6,333,948.12; other liabilities, $200,000; total, $8,884,089.82. Trust Department--Trust funds invested, $8,671,635.28; trust funds un-invested, $246,297.56; total, $8,917,932.84.
Following the receivership appointed by the court for Alexander and Company at Monongahela, W.H. Alexander, who together with former State Senator, Joseph A. Herron, owned the bank and the subsidiary institutions, ended his life at his home at that place. Mr. Alexander, 66 years of age and the last of the Alexander family which established the bank and had controlled it for more than 80 years. He had been in poor health for some time and the grief and shock was believed to have affected his mind and caused him to take his life. His partner, Joseph A. Herron, was also in ill health. The Alexander bank was organized in 1850 and had been in business for 81 years. Its president was Former State Senator Joseph A. Herron, who was also president of the Monongahela Trust Company and the Farmers and Miners National Bank of Bentleyville. The Alexander Bank had resources of over $2,500,000 and deposits of about the same amount. The Monongahela Trust Company had a capital of $150,000, surplus and profits of $340,000, resources of $2,200,000 and deposits of $1,250,000. W.H. Alexander, who committed suicide early Sunday morning, was one of the partners of the Alexander Company Bank and assistant secretary of the Monongahela City Trust Company. The Farmers and Miners National Bank of Bentleyville had a capital of $100,000, surplus and profits of $45,000, deposits of over $800,000 and total resources of $1,100,000. Herbert Herzog was cashier of the bank.
On February 2, 1933, it was announced that a new bank, the Citizens National Bank, would open later that month in Bentleyville, which had been without banking facilities for 16 months. The new bank, with assets of more than $500,000, planned to open February 20 in the rooms formerly occupied by the closed Farmers and Miners National Bank. It had capital of $50,000 and $25,000 surplus. Depositors and creditors of the Farmers and Miners National Bank, which failed In 1931, waived 50 per cent of their claims to permit the opening. The new bank had assets of $568,000. A board of trustees had taken charge of frozen assets of the old bank. Returns from these accounts would go to those who waived their claims.
On February 20, 1933, the Citizens National Bank opened its doors for business making it the second financial institution of Washington County able to reorganize and reopen its doors, a distinction no other county in the State is believed to hold. Like the Washington Union Trust Company, of Monongahela, which was established through reorganization of the Union Trust Company, the Citizens National Bank of Bentleyville used a large part of the holdings and assets of the Farmers and Miners National Bank as a foundation on which to build the new structure. No formal celebration attended the reopening of the Bentleyville bank, but the day promised to be a "red letter" day in the history of the community. The new bank was 100 per cent liquid and thoroughly solid. The Citizens National would last until July 1950 when it was sold to the Peoples City Bank of McKeesport; it would continue to operate as a branch of the McKeesport bank in order to provide banking services to Bentleyville.
Official Bank Title(s)
1: The Farmers and Miners National Bank of Bentleyville, PA
Bank Note Types Issued
A total of $1,012,640 in National Bank Notes was issued by this bank between 1908 and 1933. This consisted of a total of 81,142 notes (66,472 large size and 14,670 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 3x10-20 1 - 375 1902 Date Back 3x10-20 1 - 1420 1902 DB/PB 3x10-20 1421 - 1580 Type uncertain 1902 Plain Back 3x10-20 1581 - 16243 1929 Type 1 6x10 1 - 1861 1929 Type 1 6x20 1 - 584
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1908 - 1933):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Bentleyville (Wikipedia)
- General information on Washington County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Bentleyville, PA, Wikipedia, https://en.wikipedia.org/wiki/Bentleyville,_Pennsylvania
- 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://spmc.org/bank-note-history-project
- The Daily Republican, Monongahela, PA, Wed., Jan. 9, 1907.
- Monongahela Valley Republican, Monongahela, PA, Thu., Feb. 14, 1907.
- The Daily Republican, Monongahela, PA, Fri., July 17, 1908.
- The Valley Independent, Monessen, PA, Sat., Jan. 12, 1918.
- The Daily Notes, Canonsburg, PA, Mon., Oct. 5, 1931.
- The Daily Republican, Monongahela, PA, Tue., Oct. 6, 1931.
- The News-Herald, Franklin, PA, Thu., Feb. 2, 1933.
- Intelligencer Journal, Lancaster, PA, Mon., Feb. 20, 1933.
- The Daily Republican, Monongahela, PA, Mon., Feb. 20, 1933.
- The Daily Republican, Monongahela, PA, Tue., Feb. 16, 1938.
- The Daily Notes, Canonsburg, PA, Fri., July 21, 1950.