First National Bank of Scottdale, PA (Charter 4098)
First National Bank of Scottdale, PA (Chartered 1889 - Liquidated 1933)
Town History
Scottdale is a borough in Westmoreland County, Pennsylvania, located approximately 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. Because it sits atop major coal deposits, the community flourished due to the surrounding coal mines, as well as ovens for converting coal into coke. 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 July 20, 1889
- Chartered August 26, 1889
- Absorbed 5974 March 18, 1931 (Broadway National Bank, Scottdale, PA)
- Conservatorship March 18, 1933
- Liquidated November 10, 1933
- Succeeded by 13772 (First National Bank of, Scottdale, PA)
- Circulation assumed by 13772 (First National Bank of, Scottdale, PA)
On August 26, 1889,The First National Bank of Scottdale, Pennsylvania received authorization from the Comptroller of the Currency to commence business with capital of $50,000 and A.L. Keister, President.
In July 1896, a new bank building was planned. On December 6, 1897, the Old Meadow Rolling Mill Co. of Scottdale was incorporated at Harrisburg with capital of $125,000. Directors were H.F. McCann, James A. Bennett of Greensburg; John W. Ruth, John S. Parker, M.A. McCoombs, A.C. Overholt, and A.L. Keister, of Scottdale.
A charter was issued by the State Department in Harrisburg on February 25, 1901, to the Scottdale Savings and Trust Co., Scottdale; capital $150,000. The building was located next the the First National Bank which was on the corner. A "1901" is found above the doorway of the three-story Savings and Trust building.
On Tuesday, January 13, 1920, the directors elected were Albert Keister, L.S. Stoner, C.H. Loucks, J.W. Ruth, F.O. Keister, A.C. Overholt, Charles McK. Lynch, B.F. Keister, and George K. Brennen, the last named took the place of J.P. Brennen, deceased.[1] The directors elected the following officers: B.F. Keister, president; A.C. Overholt, vice president; Charles H. Loucks, cashier; J.T. Strickler, Ernest Overholt, and Ben A. Wirtner, assistant cashiers.[2]
On March 18, 1927, state and federal regulators approved the purchase of the Scottdale Trust Company by the First National Bank of Scottdale. Both institutions were located on Pittsburgh Street less than a block apart, and all the cash, securities, books and records of the Trust Company were moved to the banking rooms of the First National where business continued. The Scottdale bank was one of the largest banking institutions in Western Pennsylvania outside of Pittsburgh and the acquisition of the Trust Company made its total resources in excess of $7.8 million.
On January 14, 1931, The First National Bank of Scottdale at a stockholders' meeting elected the following directors: Clay F. Lynch, L.F. Stoner, Charles L. Loucks, Frank P. Rush, Fenton O. Keister, George K. Brennan II, H. Vinton Overhold, C. McKenna Lynch, and B.F. Keister. At the Broadway National Bank the directors chosen were John R. Byrne, Dr. V.P. Pisula, W.W. Seaman, F.W. Byrne, F.S. Byrne, E.C. Reid, and M.E. Reid.
On January 31, 1931, the merger of the Broadway National Bank with the First National Bank of Scottdale was announced. At the close of business, employees of the two institutions started moving records and equipment of the Broadway Bank into the First National building. Beginning Monday, February 2, all business was transacted at the First National. B.F. Keister was president and Charles H. Loucks, vice president and cashier. The acquisition gave the First National assets of more than $8.25 million, making it one of the largest and strongest banks in Western Pennsylvania.
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, 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
1: The First National Bank of Scottdale, PA
Bank Note Types Issued
A total of $977,540 in National Bank Notes was issued by this bank between 1889 and 1933. This consisted of a total of 78,370 notes (68,296 large size and 10,074 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 3x10-20 1 - 3390 1882 Date Back 3x10-20 1 - 293 1902 Date Back 3x10-20 1 - 4200 1902 Plain Back 3x10-20 4201 - 13391 1929 Type 1 6x10 1 - 1294 1929 Type 1 6x20 1 - 385
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1889 - 1933):
Presidents:
- Abraham Lincoln Keister, 1889-1916
- Benjamin Franklin Keister, 1917-1931
- Charles H. Loucks, 1932-1932
Cashiers:
Other Bank Note Signers
Wiki Links
- Pennsylvania Bank Note History
- General information on Scottdale (Wikipedia)
- General information on Westmoreland County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Scottdale, 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://bbdata.banknotehistory.com
- Pittsburgh Dispatch, Pittsburgh, PA, Tue., Aug. 27, 1889.
- The Weekly Courier, Connellsville, PA, Fri., July 10, 1896.
- The Pittsburgh Press, Pittsburgh, PA, Mon., Dec. 6, 1897.
- The Semi-Weekly New Era, Lancaster, PA, Wed., Feb. 27, 1901.
- The Daily Courier, Connellsville, PA, Fri., Mar. 18, 1927.
- The Daily Courier, Connellsville, PA, Mon., Mar. 21, 1927.
- The Daily Courier, Connellsville, PA, Wed., Jan. 14, 1931.
- The Pittsburgh Press, Pittsburgh, PA, Sun., Feb. 1, 1931.
- The Daily Courier, Connellsville, PA, Mon., Feb. 2, 1931
- Warren Times Mirror, Warren, PA, Mon., Feb. 2, 1931.
- The Daily Courier, Connellsville, PA, Tue., July 11, 1933.
- The Evening Standard, Uniontown, PA, Fri., Sep. 15, 1933.