First National Bank, West Newton, PA (Charter 5010)
First National Bank, West Newton, PA (Chartered 1895 - Open past 1935)
Town History
West Newton is a borough in Westmoreland County, Pennsylvania, located 24.5 miles southeast of Pittsburgh. The population was 2,633 at the 2010 census.
The town traces its roots to 1788, when a group of American pioneers to the Northwest Territory led by Gen. Rufus Putnam traveled overland from Massachusetts and stopped at this location to build boats. They then set out down the Youghiogheny River to the Monogahela and Ohio Rivers, ending their journey and founding the town of Marietta, Ohio. Former names of the town are Simeral's Ferry (also, Sumrill's Ferry) and Robbstown.
The Simerals were the first family to operate in this area and operated a small ferry on the Youghiogheny River halfway between Connellsville and McKeesport. A New Jersey native and whiskey rebel named Isaac Robb, laid out the town of West Newton, however, it was originally called "Robbstown". The town grew slowly as the community served as a trading outpost where the Old Glades Indian trail met the Youghiogheny River. West Newton's fortunes changed during the mid 19th century. River commerce increased with the construction of slack water dams in the 1830s. The introduction of the Pittsburgh, Connellsvile, and Markles Paper Mill provided early economic developments.
West Newton had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized July 8, 1895
- Chartered July 17, 1895
- Bank was Open past 1935
- Absorbed by the Peoples Union Bank of McKeesport in 1955
On June 15, 1895, the Comptroller of the Currency authorized the organization of the First National Bank of West Newton and on July 17 the bank was given authority to begin business with $50,000 in capital, and H. Croushore as president.
On January 27, 1903, the public was invited to inspect the new banking room and building on Main and Second Streets, West Newton. The building cost over $50,000 with the post office occupying part of the ground floor, business offices on the second floor and the Youghiogheny club, a social organization, occupying the third floor.
On January 10, 1905, stockholders elected the following directors: Henry H. Croushore, R.H. Stevenson, W.F. Cummings, H.B. Goldsmith, C.P. Lorimer, J.M. Shaner, West Newton; G.C. Blackmore, J.G. Patterson, Pittsburgh. The board was the same as the previous year except in the case of Mr. Blackmore who succeeded the late D.H. Williams of Smithton.
In Dec. 1906, word was received that "The First National Bank of West Newton," Newton, Mass. changed its title to "The First National Bank of West Newton, Newton." Its corporate existence was extended.
In January 1935, stockholders elected the following directors: A.W. Croushore, W.F. Cummings, W.S. Finney, Harry E. Goehring, E.T. Greenawalt, S.F. McDonnell, R.H. Stevenson, Frink O. Streicher, and F.M. Williams. The officers were Harry Goehring, president; W.S. Finney, vice president and cashier; and J.C. Beattie, assistant cashier.
In March 1953, J.C. Beatty, a native of New Alexandria and associated with the First National Bank since August 13, 1920, was elected its president to succeed Wilfred Croushore who resigned effective April 1. He became cashier in 1939. Harry E. Goehring was chosen vice president.
On December 2, 1955, the State Banking Board at Harrisburg approved a branch at West Newton for the Peoples Union Bank of McKeesport as a result purchase and absorption of the First National Bank of West Newton. C.E. Palmer, president of the Peoples Union Bank, announced that the West Newton bank would be known as the West Newton Office of the Peoples Union Bank of McKeesport. The Peoples Union Bank had deposits of $64 million and the West Newton bank had deposits of $5.1 million. After the acquisition, the Peoples Union Bank had seven branch offices including a drive-in branch.
Official Bank Title(s)
1: The First National Bank of West Newton, PA
Bank Note Types Issued
A total of $1,149,190 in National Bank Notes was issued by this bank between 1895 and 1935. This consisted of a total of 140,518 notes (118,584 large size and 21,934 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 4x5 1 - 3875 1882 Brown Back 3x10-20 1 - 3630 1882 Date Back 4x5 1 - 4215 1882 Date Back 3x10-20 1 - 2829 1902 Plain Back 4x5 1 - 8892 1902 Plain Back 3x10-20 1 - 6205 1929 Type 1 6x5 1 - 1740 1929 Type 1 6x10 1 - 944 1929 Type 1 6x20 1 - 272 1929 Type 2 5 1 - 2224 1929 Type 2 10 1 - 1573 1929 Type 2 20 1 - 401
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1895 - 1936):
Presidents:
- Henry Croushore, 1895-1916
- David Peter Van Meter Larimer, 1917-1917
- John Gilfillan Patterson, 1918-1930
- James Patterson, 1930-1931
- Robert Hornish Stevenson, 1932-1933
- Harry Elmer Goehring, 1934-1935
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 West Newton (Wikipedia)
- General information on Westmoreland County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- West Newton, PA, Wikipedia, https://en.wikipedia.org/wiki/West_Newton,_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 Evening Democrat, Warren, PA, Sat., June 15, 1895.
- The Philadelphia Times, Philadelphia, PA, Fri., July 19, 1895.
- The Pittsburgh Press, Pittsburgh, PA, Fri., Jan. 23, 1903.
- The Pittsburgh Weekly Gazette, Pittsburgh, PA, Mon., Feb. 23, 1903.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 11, 1905.
- The Wall Street Journal, New York, NY, Wed., Dec. 5, 1906.
- The Daily Courier, Connellsville, PA, Wed., Jan. 9, 1935.
- The Daily Courier, Connellsville, PA, Mon, Mar. 16, 1953.
- The Daily Republican, Monongahela, PA, Mon., Nov. 21, 1955.
- The Daily Courier, Connellsville, PA, Thu., Dec. 8, 1955.