First National Bank, Clifton Heights, PA (Charter 6275)
First National Bank, Clifton Heights, PA (Chartered 1902 - Receivership 1934)
Town History
Clifton Heights is a borough in Delaware County, Pennsylvania, located on Darby Creek 5 miles west of downtown Philadelphia. As of the 2010 census the population was 6,652. The population of the borough was 1,820 in 1890, 3,155 in 1910, and reached a maximum of 10,268 in 1960.
Clifton Heights had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized April 17, 1902
- Chartered May 26, 1902
- Opened for business June 11, 1902
- Conservatorship April 5, 1933
- Receivership May 22, 1934
- Succeeded by Clifton Heights NB, (Charter 14122)
In February, 1901, the comptroller of the currency authorized Nathaniel S. Keay of Clifton Heights, Pa., Henry Kent, Bernard Doherty, Henry Vahle and John Benner to organize the First National Bank of Clifton Heights with capital of $50,000. Directors were elected as follows: Henry T. Kent, Henry Vahle, John H. Benner, A.H. Eyles, and B. Doherty of Clifton; M. Cronin, Chester; W.F. English, Lansdowne; and H.H. Haines, Rising Sun, Maryland. Mr. Kent would be the president. On June 11, 1902, The new First National Bank of Clifton Heights opened its doors for business.
Frank Richards, alias Frank Reardon, also known under various other aliases, who was sentenced in March 1903 to ten years' imprisonment in the Eastern Penitentiary after pleading guilty to blowing open the safe of the Atlantic Refining Company in Chester, confessed to a plot which probably saved lives and the new First National Bank of Clifton Heights from being looted. Imbued with revenge because his pals deserted him in his time of trouble, Richards sent for President Henry T. Kent and District Attorney Josiah Smith, to whom he made separate confessions of the proposed burglary, implicating three other men in the conspiracy. Two of the gang operating in the vicinity of Philadelphia were said to be desperate characters from the West, and the third was said to be a resident of Clifton. Richards also stated there were two women in the gang, who rendered valuable assistance. Richards stated the next attack was to be made on Clifton Heights, and was to take place on a stormy night in the latter part of the month or early in April.
He said the officer, Morris Longen, was first to be disposed of, and an attack made on the hotel of Mrs. Mary Young. The bank was next to be attacked and looted, the safe to be blown open by one, while the others stood on guard with rifles to shoot anyone who attempted to molest them. A break would be made for the Delaware River at a point near Essington where a boat would be waiting. After the deed the gang was to separate. He made the confession out of a spirit of revenge. The gang recently spent $1,500 in defense of one of their number at a trial, and as they had $2,000 of ill gotten gains left, they should have assisted him. He proved himself familiar with Mrs. Young's hotel and the bank by producing a diagram and plans of the intended assault. Richards was believed to be one of the gang of professional burglars operating in the Philadelphia area for some time, and were connected with the blowing open of the safes of the Lansdowne and Ardmore banks, as well as at other points in and about Delaware County.
On January 12, 1911, the First National Bank held its annual meeting and election of officers in the directors' room of the banking house, and the depositors and friends of the bank were treated to a banquet served after the business concluded. The menu, served by caterer Storch of Lansdowne, consisted of oyster cocktail, olives, celery, stewed snapper in terrapin style, cicken croquettes, green peas, rasp rolls, fried oysters, chicken salad, ice cream, fancy cakes, salted nuts and cigars. The old officers were again re-elected as follows: Henry T. Kent, president; J. Milton Lutz, vice president; and E.E. Barry, cashier. The directors were H.T. Kent, J. Milton Lutz, H.H. Haines, D.M. Taylor, Frederic Schoff, W. Frank English, John Wolfenden, Nelson Kershaw, William H. Jones, Charles P. Doane, and George T. Wadas.
On April 5, 1933, the bank conservator for the First National was announced by the Federal Reserve Bank of Philadelphia as H.M. Collins.
On Tuesday, May 1, 1934, the Clifton Heights National Bank at Clifton Heights, Delaware County, a new institution, opened for business with Charter No. 14122. It succeeded the First National Bank of Clifton Heights which had been operating on a restricted basis since the bank holiday declared in March 1933. The new bank would assume certain assets of the old and would make available to depositors 30% of their funds frozen for over a year. The remaining 70% would be trusteed for liquidation and payments made as funds were realized on the trusteed assets. The three principal industrial corporations in Clifton Heights would be represented in the new bank. Everett L. Kent, president of the Kent Manufacturing Co., was elected president; David H. Pleet, president of the Caledonia Woolen Mills, was vice president; and Joseph N. Susskind, president of the Clifton Yarn Mills, was a director. J. Milton Lutz who had been president of the First National was chosen as a vice president of the new bank and Charles C. Gamble, formerly associated in Philadelphia banking circles would serve as cashier. The Reconstruction Finance Corporation purchased $25,000 of preferred stock which also had $50,000 of common stock and $25,000 surplus. Deposits on opening day approximated $700,000. The directorate consisted of Every L. Kent, Joseph N. Susskind, David H. Pleet, Howard W. Goodall, J. Milton Lutz, J. Walter Jones, Jr., Thomas A. Dougherty, John M. Hutchings, MD, Frederick C. Hoopes, and Thomas F. McNamee, Jr.
In September 1935, S. Herman Holl, receiver of the First National Bank announced a 15% dividend. The bank made a first payment of 30% on May 1, 1934. According to Holl, there were about 1,000 claims that had not been proved and he urged those depositors to present evidence as soon as possible at the bank.
On Tuesday, May 31, 1938, depositors and other creditors of the closed First National Bank of Clifton Heights would receive a 12 1/2% dividend payment, their third payment bringing the total paid so far to 57 1/2%. Checks would be available at the quarters of the Clifton Heights National Bank.
On Tuesday, Feb. 25, 1941, L.M. Reed, receiver for the First National Bank, announced a fourth and final dividend of 8.75%. The fourth divided made the total 66.25% paid to creditors.
Official Bank Title(s)
1: The First National Bank of Clifton Heights, PA
Bank Note Types Issued
A total of $972,130 in National Bank Notes was issued by this bank between 1902 and 1934. This consisted of a total of 78,220 notes (67,520 large size and 10,700 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 - 3900 1902 Date Back 3x10-20 1 - 5000 1902 Plain Back 3x10-20 5001 - 9260 Plate dated 1902 1902 Plain Back 3x10-20 1 - 3720 Plate dated 1922 1929 Type 1 6x10 1 - 1296 1929 Type 1 6x20 1 - 308 1929 Type 2 10 1 - 811 1929 Type 2 20 1 - 265
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1902 - 1934):
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 Clifton Heights (Wikipedia)
- General information on Delaware County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Clifton Heights, 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://spmc.org/bank-note-history-project
- Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., Feb. 20, 1901.
- The Philadelphia Times, Philadelphia, PA, Thu., Feb. 28, 1901.
- Harrisburg Daily Independent, Harrisburg, PA, Fri., June 13, 1902.
- The Philadelphia Inquirer, Philadelphia, PA, Sat., Mar. 7, 1903.
- Delaware County Daily Times, Chester, PA, Fri., Jan. 13, 1911.
- Pottsville Republican, Pottsville, PA, Thu., Apr. 6, 1933.
- The Philadelphia Inquirer, Philadelphia, PA, Sat., Apr. 28, 1934.
- Delaware County Daily Times, Chester, PA, Thu., May 1, 1934.
- The Philadelphia Inquirer, Philadelphia, PA, Thu., Sep. 12, 1935.
- The Philadelphia Inquirer, Philadelphia, PA, Sat., May 28, 1938.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Feb. 26, 1941.