First National Bank, Schellburg, PA (Charter 10666)
First National Bank, Schellburg, PA (Chartered 1914 - Open past 1935)
Town History
Schellsburg is a borough in Bedford County, Pennsylvania. The population was 329 at the 2020 census. In 1910 the population was 314 and it declined slightly to 300 by 1930.
Schellsburg was so named after John Schell who settled and founded the community. John Schell's grandfather Michael Schell first arrived in Philadelphia from the Palatinate by way of Rotterdam in 1727, after which more family members arrived in 1732 and again in 1738. In 1732 when he returned with other members of his family, Michael Schell purchased a substantial tract of land where he settled with his family in the Perkiomen Valley northwest of Philadelphia, an area in Upper Hanover Township later known as East Greenville, in what was then Philadelphia County, becoming Montgomery County in 1760. The adjoining community of Hillegassville was named after its founder Johann Frederick Hillegass. His granddaughter Elizabeth Barbara Hillegass married John Schell Jr., who was born in 1725 at the family homestead granted to his father John Schell Sr., the youngest son of Michael Schell.
At an early age, John Schell Jr. became possessed of considerable means after his patriotic service in the Revolutionary War and his father's death in 1777. For many years he traveled extensively on business through Bedford County, western Pennsylvania and Kentucky. He was impressed by the climate and fertile soil in Kentucky, decided to remove there and select land to establish his own community for his family and friends. In the spring of 1800, John Schell and his family, consisting of his wife, eight young children and his widowed mother, left their home in Montgomery County and traveled west. When they arrived at the Ohio River, he realized that it would be unsafe for his family to traverse the river by boat due to the Indians. He returned through Napier Township in Bedford County and decided instead to settle in what is the present location of Schellsburg.
Schellburg (later Schellsburg) had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized November 6, 1914
- Chartered December 15, 1914
- Bank was Open past 1935
- Merged with First National Bank in Bedford (Charter 14284 (no issue)) May 1956
On December 15, 1914, The First National Bank of Schellburg in the borough of Schellburg, in the County of Bedford and State of Pennsylvania was authorized by John Skelton Williams, Comptroller of the Currency, to commence the business of banking. The new bank opened its doors on January 30, 1915, and saw a continual stream of patrons and curiosity seekers who completely filled the lobby and banking room from early morning until after dark. W.C. Keyser, cashier, opened the bank under the direction and guidance of F.W. Eicher, former cashier of the First National Bank of Portage, Pennsylvania. The directors were J.A. Scheller, W.V. Taylor, John E. Garlinger, Millard Colvin, W.C. Keyser, John Rock, and Dr. T.S. Taylor. The officers were J.A. Scheller, president; W.V. Taylor, vice president; and W.C. Keyser, cashier.
On Tuesday, January 11, 1916, at the annual election of directors the following were elected for the coming year: J.A. Scheller, W.V. Taylor, W.C. Keyser, John E. Garlinger, John Rock, Dr. T.S. Taylor, and Willard Colvin. The new board organized by electing the following officers, J.A. Scheller, president; W.V. Taylor, vice president; W.C. Keyser, second vice president and cashier. As of the close of business on June 30, 1916, the bank reported total resources of $96,441.56, including loans and discounts $35,642.68, U.S. Bonds to secure circulation $24,884.54, Furniture and fixtures $1,760. The capital stock was $25,000 with demand deposits of $17,376.33 and time deposits of $27,799.56.
In January 1946, Dr. J.H. Knisely was elected to the board, succeeding the late Albert Ritchey. Other directors, all re-elected were C.G. Culp, Mrs. L.T. Keyser, C.A. Scheller, and W.C. Keyser. Mr. Scheller was re-elected as president with Mr. Keyser as vice president and cashier. Donald Hanks succeeded Mr. Ritchey as assistant cashier.
In October 1955, Donald N. Hanks accepted a position on the staff of the First National Bank of Everett. He resigned as cashier of the first national Bank of Schellsburg, a post he held for the past 10 years. Mr. Hanks was a directors and served as secretary of the board of the Schellsburg bank. He was a past president of the Bedford County Bankers' Association and was serving as vice president.
In January 1956, the directors were W.C. Keyser, Wilson Duppstadt, Harvey H. Zeigler, Laurene T. Keyser, and T.J. Lucas. The officers were W.C. Keyser, president and chairman of the board; T.J. Lucas, executive vice president and secretary; Ethel E. Yankanich, assistant secretary. On May 7, 1956, W.C. Keyser resigned as president of the First National Bank. Keyser had been an officer and a director of the Bedford County institution since it was founded. He told the board he was going to take a vacation--a long one. He added that it would be his first vacation since organizing the bank.
On Saturday May 19, 1956, the First National Bank of Bedford and the First National Bank of Schellsburg merged and began operations as a single institution. Approval of the merger by the comptroller of the currency was expected within a few days. The merged bank would be the largest in Bedford County.
In 1978 Johnstown Bank and Trust Company reported assets at the end of the year of $215,481,751, showing a growth of $14,004,531. The growth included a merger of the bank on April 17, 1978, with the First National Bank of Bedford.
Official Bank Title(s)
1: The First National Bank of Schellburg, PA
2: The First National Bank of Schellsburg, PA (1/27/1933) (Town Renamed)
Bank Note Types Issued
A total of $313,700 in National Bank Notes was issued by this bank between 1914 and 1935. This consisted of a total of 25,317 notes (18,904 large size and 6,413 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1: 1902 Date Back 3x10-20 1 - 300 1: 1902 Plain Back 3x10-20 301 - 4726 1: 1929 Type 1 6x10 1 - 652 1: 1929 Type 1 6x20 1 - 170 2: 1929 Type 1 6x10 1 - 106 2: 1929 Type 1 6x20 1 - 32 2: 1929 Type 2 10 1 - 538 2: 1929 Type 2 20 1 - 115
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1914 - 1935):
Presidents:
Cashiers:
Other Known Bank Note Signers
Bank Note History Links
Sources
- Schellburg/Schellsburg, 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
- Bedford Gazette, Bedford, PA, Fri., Jan. 15, 1915.
- Bedford Gazette, Bedford, PA, Fri., Feb. 12, 1915.
- Bedford Gazette, Bedford, PA, Fri., Jan. 14, 1916.
- Bedford Gazette, Bedford, PA, Fri., Jan. 18, 1946.
- Everett Press, Everett, PA, Fri., Oct. 14, 1955.
- Everett Press, Everett, PA, Fri., Jan. 13, 1956.
- The Daily American, Somerset, PA, Tue., May 8, 1956.
- Everett Press, Everett, PA, Fri., May 18, 1956.
- The Daily American, Somerset, PA, Fri., Apr. 20, 1979.