Fredonia National Bank, Fredonia, PA (Charter 13884)

Postcard of The Fredonia National Bank, Fredonia, Pennsylvania ca1911. Courtesy of Adam Stroup

Fredonia National Bank, Fredonia, PA (Chartered 1933 - Open past 1935)

Town History

This could be recent photo of the bank or another postcard. (Set Height x300px)

Fredonia is a borough in Mercer County, Pennsylvania. The population was 502 at the 2010 census. The first resident of the area that became Fredonia was Levi Arnold. Arnold build a grist mill there between 1837 and 1838 and was, over time, joined by several other businesses and residences. William Simmons built the first store in the small village. Based upon the success of his business and the further gains that could be made after the construction of a proposed railroad, Simmons purchased the land that became the borough of Fredonia and had it surveyed and divided into lots. The land came from two “Donation tracts,” which were tracts of land given to Revolutionary War soldiers in an attempt to encourage them to continue to serve. The name “Fredonia” came from Simmon’s “free” donation of the land for the town square and as a nod to the “Donation” tracts from which the land was purchased. The first post office was established in 1870 and Fredonia was officially incorporated in August 1876. The Fredonia Volunteer Fire Department was established in 1934 and has continued to host their “Old Home Week” festival each summer since 1935.

Fredonia was home to the Fredonia Institute, also known as a “normal academy” or “select school.” This higher education institution trained individuals who went on to become physicians, attorneys, teachers, ministers, and enter into other professions. It was incorporated in 1874 and boasted a library established by Andrew Carnegie.

During the Depression, the borough applied for and received Works Progress Administration (WPA) funds. The funds were used to pave streets and construct a water system to provide water service to the town that had previously relied on streams, individual wells, and cisterns. The WPA also provided workers who helped construct Fredonia-Delaware High School. This stone building was built in 1942 on Delaware Road and served first as a high school until 1960 when it began to be used as an elementary school within Reynolds School District. The elementary school was closed by the district in the mid-1990s, and the building was subsequently purchased and converted into a personal care and independent living facility.

Since the 1940s, Fredonia has also been home to a diner created from a trolley car. The trolley car came from the Harmony Line of the interurban trolley line that ran from New Castle, PA to Pittsburgh, PA. Ownership has changed several times, but the diner is still currently open at its original location.

Fredonia is also home to Pennsylvania’s largest Swiss cheese manufacturer. Fairview Swiss Cheese, which opened in 1955, is operated by John Koller and Son, Inc. The company produces over 7 million pounds of Swiss cheese each year.

Fredonia had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

Organized Dec 1, 1933
Chartered Dec 18, 1933
Succeeded 7471 (The Fredonia National Bank, Fredonia, PA)
Assumed circulation of 7471
Bank was Open past 1935

The Fredonia National Bank of Fredonia, Pennsylvania (charter 7471) exited out of Conservatorship on December 20, 1933 and to the extent provided in the reorganization plan, liabilities were assumed by said Fredonia National Bank (charter 13884). Note that the board of directors chose the title of the new bank to match the old bank, only they dropped "The". The Conservator was H.C. Hays; he had been the cashier of the old bank from 1928-1932 and would lead the new bank as its president. Upon reopening, the institution released $253,000 to 1,435 accounts representing 70% of deposits prior to the bank entering conservatorship. The soundness of the bank was such that no depositor was expected to lose any principle, far from the general state of banks at this time, and the public's confidence reflected this as more than $27,000 was deposited during the period of restricted operations which started March 4, 1933.

The directors of the bank were James A. Bower, Elmer C. Foy, W. Milson Hause, William J. Hurley, W.H. Moore, David Morneweek and H.C. Hays with H.C. Hays, president, P.T. Paxton, Cashier and Clayton Morford, bookkeeper. William J. Hurley was elected Vice President in 1935 and would hold that position until an untimely accident in 1939 when his radiator overheated and in the process of getting water, he was struck by another car. Mr. Hurley died three days later in the hospital. James A. Bower was elected vice president to fill the vacancy.

Fredonia National Bank Robbed On October 18, 1933, two well-dressed young men entered the bank, drew revolvers and ordered tellers and customers to "just act natural" and not to raise their hands. Teller Paul Paxton and bookkeeper Clayton Morford and customers Ernest Heckman and George Reinhart said the men were courteous, but lined them up against the wall as they looted the bank. The robbers escaped with more than $4,200 in silver and currency, but overlooked $2,000 in bank notes. This was Mercer County's second bank robbery within two months. Robbers took $6,000 from the S.J. Gully bank at Farrell about 20 miles away. John Dillinger had escaped from the Lima, Ohio jail after a sheriff had been killed and was identified as one of the Farrell robbers. The Fredonia robbers left quietly in an auto with an Ohio license. State police at Mercer and city police at Sharon were notified within minutes, but failed to find any trace of the car.

That night Mercer County Detective Sam Leyshock and State police raided a house in Greenville and took Joe Markley, 24, in for questioning. Markley had been stopping at the house for several days. The two bank employees identified Markley as one of the bandits. Police also traced ownership of an auto in a Greenville garage to Markley. The Ohio license was issued in his name in Canton, Ohio. The machine was also identified by bank employees as the one used in the getaway. Markley admitted that he was Angelo Ferruccio, whom authorities said was wanted in Ohio in connection with robberies there of the Muir Drug Store in Canton and a bank at Waynesburg, Ohio. Police said he was under indictment for the Waynesburg robbery.

By November 1, 1933, Charles J. Margiotti, noted criminal lawyer of Punxsutawney, and Robert McWade of Pittsburgh had been engaged to defend Angelo and his younger brother, Patsy Ferruccio of Canton, Ohio. The brothers were held without bail by Justice T.W. McLain of Mercer after George Reinhart identified the two as the bandits. Three sisters of the pair were released on $1,000 bail. On December 14, 1933, after his plea of guilty in connection with the robbing of the Fredonia National Bank, Angelo Ferruccio, of Canton, Ohio was sentenced at Sharon to 9 to 18 years in the Western Penitentiary. Patsy, his 16 year old younger brother, was convicted on larceny charges and sentenced later to 5 to 10 years. Angelo Ferruccio, age 29, was known as Canton, Ohio's Public enemy Number 1.

Here's where it gets interesting. On January 3, 1934, Corporal James Brooks of the Mercer Barracks was awakened by a knock at the door. Answering it he found Rose Ferruccio, 21, and Constance Ferruccio, 22, standing in the doorway with Joe Spano. One of the girls said "here's a man who wants to make a statement." The trio came in and Spano told the state police that he was implicated in the robbery of the Fredonia Bank. Later he said he had made the statement in fear of his life. Still later it was found the Spano family in Greenville said that two gunmen had come into their home, shoved a gun in Joe's ribs and ordered him to come with them. He was put into an auto with the two girls and two cars headed for Mercer. In Mercer the gunmen waited until the two girls and Spano went into the State Police barracks and then left.

Corporal Brooks ordered Spano and the two girls held on an open charge as the case was being investigated. Threats were heard from one of the girls in the Mercer court room to "get somebody" after her 16 year old brother was sentenced to two years for larceny and from 5-10 years for robbery to be served in the Western Penitentiary. Angelo Ferruccio at one time stayed in the Spano home. Angelo was captured but pleaded guilty. Later the younger brother Patsy was captured but insisted that he was not in Fredonia the night of the robbery. In spite of an alibi he was convicted and sentenced.

By March 23, 1934, Fines of $200 each were assessed against Constance and Rose Ferruccio of Canton, Ohio for attempting to force Joe Spano of Greenville to confess to the Fredonia National Bank Robbery last October. Their brothers Patsy and Angelo were serving terms for the robbery.

The Mercer County State Bank acquired its Fredonia Branch on November 9, 1987.

Official Bank Title(s)

1: Fredonia National Bank, Fredonia, PA

Bank Note Types Issued

Small size bank note here. Example: 1929 Type 1 $10 bank note with printed signatures of John Doe, Cashier and Jill Smith, President. Courtesy of... (Set Height x220px)

A total of $11,190 in National Bank Notes was issued by this bank between 1933 and 1935. This consisted of a total of 940 notes (No large size and 940 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 - 761
1929 Type 2	20	1 - 179

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1933 - 1936):

Presidents:

Harry Clayton Hays, 1933-1935

Cashiers:

Paul Theodore Paxton, 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

Fredonia, PA, Wikipedia, https://en.wikipedia.org/wiki/Fredonia,_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 News-Herald, Franklin, PA, Wed., Oct. 18, 1933.
The Evening News, Harrisburg, PA, Thu., Oct. 19, 1933.
The Republican and Herald, Pottsville, PA, Thu., Oct. 19, 1933.
The Conneautville Courier, Counneautville, PA, Wed., Nov. 1, 1933.
The News-Herald, Franklin, PA, Thu., Dec. 14, 1933.
The Record-Argus, Greenville, PA, Tue., Dec. 19, 1933.
New Castle News, New Castle, PA, Wed., Jan. 3, 1934.
Altoona Tribune, Altoona, PA, Fri., Mar. 23, 1934.