First National Bank of Scottdale, PA (Charter 13772)

ca.1920 postcard of the First National Bank and Scottdale Savings and Trust Company buildings, Scottdale, Pennsylvania. Courtesy of Mark Hotz

First National Bank of Scottdale, PA (Chartered 1933 - Closed (Merger) 1978)

Town History

Old bank buildings from the corner of Pittsburgh and Stoner Streets, Scottdale, Pennsylvania, ca2016. Courtesy of Google Maps

Scottdale is a borough in Westmoreland County, Pennsylvania, 32 miles southeast of Pittsburgh.

Scottdale was incorporated as a borough on February 5, 1874 and at that time named in honor of Thomas A. Scott, who had been president of the Pennsylvania Railroad and served as Assistant Secretary of War during the Civil War.[6] Because Scottdale sits atop major coal deposits, the community flourished due to the surrounding coal mines, as well as ovens for converting coal into coke (fuel). The H. C. Frick Coke Company, controlled by Henry Clay Frick, was headquartered here. Scottdale also had steel and iron pipe mills, brass and silver works, a casket factory, a large milk-pasteurizing plant, and machine shops; all of the aforementioned are presently defunct. Scottdale is notable for its economic decline from a formerly prosperous coke-town into an archetypal Rust Belt town. Duraloy Technologies, "a supplier of specialty high alloy, centrifugal and static cast components and assemblies" is the last remnant of Scottdale's steel related prosperity.

In 1900, 4,261 people lived in Scottdale; in 1910, the population increased to 5,456; and in 1940, 6,493 people lived in Scottdale. The population was 4,384 at the 2010 census.

Scottdale had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.

Bank History

Organized Sep 9, 1933
Chartered Sep 12, 1933
Succeeded 4098 (The First National Bank of Scottdale, PA)
Assumed circulation of 4098
Bank was Open past 1935
For Bank History after 1935 see FDIC Bank History website
Merged into Gallatin NB in Uniontown, PA, Dec 9, 1978

A plan for reopening of the First National Bank of Scottdale was approved by the Comptroller of the Currency in July 1933. The depositors' committee and management of the bank felt the plan would meet the hearty approval and acceptance of depositors and the public in general. A few details included a waiver not to exceed 30% of net unsecured deposits by depositors; obtaining a new charter in order to sell non-assessable common stock; and a capital structure of $300,000 common stock, non-assessable, par value $25, and $60,000 surplus sold at $30 per share, the premium providing the surplus; and shareholders assigning dividends to trustees, the trustees numbering three, two of which were depositors.

On September 15, 1933, the First National Bank of Scottdale was added to the Treasury's list of licensed banks. The new title of the bank dropped the article "The" resulting in the title found on circulating notes for the new bank, "First National Bank of Scottdale."

Official Bank Title(s)

1: First National Bank of Scottdale, PA

Bank Note Types Issued

1929 Type 2 $10 bank note with printed signatures of Eldin G. Daugherty, Cashier and Charles H. Loucks, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $72,170 in National Bank Notes was issued by this bank between 1933 and 1978. This consisted of a total of 6,068 notes (No large size and 6,068 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1929 Type 2	10	1 - 4919
1929 Type 2	20	1 - 1149

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1933 - 1978):

Presidents:

Charles H. Loucks, 1933-1935

Cashiers:

Eldin G. Daugherty, 1933-1935

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Scottdale, PA, Wikipedia, https://en.wikipedia.org/wiki/Scottdale,_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://bbdata.banknotehistory.com
The Daily Courier, Connellsville, PA, Tue., July 11, 1933.
The Evening Standard, Uniontown, PA, Fri., Sep. 15, 1933.