First National Bank, Galeton, PA (Charter 7280)
First National Bank, Galeton, PA (Chartered 1904 - Open past 1935)
Town History
Galeton is a borough in Potter County, Pennsylvania. It is located 20 miles east of Coudersport and about the same distance west of Wellsboro connected by PA Route 6. Light industries, including knitting mills and a tannery have existed in Galeton. The population declined to 993 people in 2020. In 1900 the population was 2,415, surging to 4,027 in 1910 before a gradual decline to today's level.
Galeton had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized April 21, 1904
- Chartered May 31, 1904
- Opened for business June 20, 1904
- Bank was Open past 1935
The First National Bank of Galeton, Potter County, Pennsylvania, was organized in 1904 with a capital of $50,000
In 1917, the bank occupied a fine, two-story brick building on the main street of town, equipped with all facilities for carrying on every department of a banking business with promptness and accuracy. The institution was a member of the Federal Reserve System and a United States Depository and transacted a general banking business including loans, collections and discounts. The First National Bank was especially fortunate in having the best business and professional men of the community among its officials and directors. Dr. James T. Hurd was president; E.L. Dieffenbacher, vice-president; Dudley Humphrey, cashier; and R.C. Straley, assistant cashier. The directors were Dr. James T. Hurd. E.L. Dieffenbacher, Dudley Humphrey, H.T. Albee, M.J. Handwerk, H.E. Seltz, P.A. Meine, H.J. Theis, and Dr. J.G. Steele. Deposits were over $400,000. Dividends had been regularly paid without interruption commencing with the second year of the bank's existence and a total of $35,000 had been returned to the stockholders. Dr. Hurd, the president, had been a life-long resident of Galeton and was one of the oldest medical practitioners in that section. Mr. Humphrey, the cashier, came to this institution from the Citizens National Bank at Towanda. He was also treasurer of the Galeton Chamber of Commerce.
In October 1919, Dudley Humphrey resigned his position as cashier to devote his energies to the Galeton Dairy Products Company.
In November 1919, John C. Gault, son of J.C. Gault of East Henley Street, Olean, New York, resigned as cashier of the First National Bank of Shinglehouse to accept the position of cashier of the First National Bank of Galeton, one of the largest banks in Potter County. Mr. Gault had 12-years experience in the banking business. He was bookkeeper in the bank of Austin, Pa., for three years, teller at the Olean National Bank two years, and seven years with the Shinglehouse bank which he entered as assistant cashier under George B. Scott in 1912. He succeeded Mr. Scott a few months later.
On January 13, 1920, stockholders of the held their annual meeting when directors were elected as follows: James T. Hurd, H.E. Seltz, W.D. Allen, Philip A. Meine, J.G. Steele, H.J. Theis, and R.C. Straley. The Board of Directors elected Jas. Hurd, President; H.E. Seltz, Vice President; J.C. Gault, Cashier; and R.C. Straley, Assistant Cashier.
In December 1920, Dudley Humphreys was charged with 17 counts of embezzlement. Thousands of dollars were involved in the alleged activities, with Humphrey accused of juggling the bank's books. In May 1922, Humphrey would be sentenced to pay a fine of $500 and serve six months in the county jail.
In January 1932, the officers and directors were as follows: W.D. Allen, L.R. Albee, J.C. Gault, Dr. Jas. T. Hurd, P.A. Meine, Carl M. Smith and R.C. Straley. The officers were re-elected as follows: Dr. Jas. T. Hurd, president; John C. Gault, vice president and cashier; R.C. Straley, assistant cashier.
In January 1965, the notice of application to the Federal Deposit Insurance Corporation appeared for the merger of the Tioga County Savings & Trust Company, located on 61 Main Street, Wellsboro, with The First National Bank of Galeton, 39 West Main Street, Galeton; The First National Bank of Lawrenceville, Main Street, Lawrenceville; and Farmers & Traders National Bank of Westfield, 100 East Main Street, Westfield.
The merger of the four banks received Federal and State banking authorities' approval and was effective on March 24, 1965. The resulting institution was named Commonwealth Bank and Trust Company with assets of over $17 million. It would continue to operate as branches the banks in Wellsboro, Galeton, Lawrenceville and Westfield. The officers were J.H. Decker, president; F.M. Maryott, board chairman and senior vice president; D.C. Chamberlain, board vice chairman and senior vice president; R.R. Eaton, treasurer and senior vice president; George Hewitt, secretary and senior vice president; R.G. Fenstermacher, executive vice president; W.E. Shumway, trust officer and senior vice president; M.C. Brucklacher, senior vice president; and A.A. Cool, vice president.
In March 1966, Donald C. Chamberlain retired as senior vice president of Commonwealth Bank and Trust Company after 42 years of service in the Galeton office. In December 1918, Mr. Chamberlain came to Galeton to teach in the high school. Later he was employed in the office of the Buffalo and Susquehanna Railroad. He came to the First National Bank of Galeton as a teller and on Jan. 10, 1933, he was advance to assistant cashier. In January 1943 he was elected a director; January 1945, he was advanced to cashier and on June 18, 1962, he was elected president. Mr. Chamberlain was instrumental in effecting the four-way merger to form Commonwealth Bank and Trust.
Official Bank Title(s)
1: The First National Bank of Galeton, PA
Bank Note Types Issued
A total of $935,960 in National Bank Notes was issued by this bank between 1904 and 1935. This consisted of a total of 75,151 notes (63,056 large size and 12,095 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 - 2873 1902 Date Back 3x10-20 1 - 4600 1902 Plain Back 3x10-20 4601 - 12891 1929 Type 1 6x10 1 - 1298 1929 Type 1 6x20 1 - 392 1929 Type 2 10 1 - 1626 1929 Type 2 20 1 - 329
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1935):
Presidents:
- W. C. Park, 1904-1905
- Dr. James Thompson Hurd, 1906-1935
Cashiers:
- William Brink Layton, 1904-1906
- Dudley Humphrey, 1907-1918
- Rudolph Carl Straley, 1919-1919
- John Clifton Gault, 1920-1931
- Rudolph Carl Straley, 1932-1935
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 Galeton (Wikipedia)
- General information on Potter County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Galeton, PA, 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
- Star-Gazette, Elmira, NY, Wed., July 18, 1917.
- The Potter Enterprise, Coudersport, PA, Thu., Oct. 23, 1919.
- Times Herald, Olean, NY, Fri., Nov. 7, 1919.
- The Wellsboro Gazette Combined with Mansfield Advertiser, Wellsboro, PA, Wed., Jan. 28, 1920.
- The Evening News, Harrisburg, PA, Thu., Dec. 9, 1920.
- Harrisburg Telegraph, Harrisburg, PA, Tue., May 2, 1922.
- The Wellsboro Gazette Combined with Mansfield Advertiser, Wellsboro, PA, Wed., Jan. 20, 1932.
- Mansfield Advertiser, Mansfield, PA, Wed., Jan. 6, 1965.
- The Potter Enterprise, Coudersport, PA, Wed., Mar. 24, 1965.
- The Potter Enterprise, Coudersport, PA, Wed., Mar. 2, 1966.