Glenside National Bank, Glenside, PA (Charter 9668)

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Opened in 1929, the Glenside Bank and Trust Company building located at the corner of Easton Road and Glenside Avenue.  In 1925 the Glenside National Bank was absorbed by the Glenside Bank and Trust Company. 
Opened in 1929, the Glenside Bank and Trust Company building located at the corner of Easton Road and Glenside Avenue.  In 1925 the Glenside National Bank was absorbed by the Glenside Bank and Trust Company.  Courtesy of Google Maps

Glenside National Bank, Glenside, PA (Chartered 1910 - Liquidated 1925)

Town History

Glenside is a census-designated place (CDP) located in Cheltenham Township and Abington Township in Montgomery County, Pennsylvania. It borders Northwest Philadelphia. The population was 7,737 at the 2020 census on a land area of 1.3 square miles. Glenside is most notable for its entertainment, such as the Keswick Theatre, restaurants, recreational facilities and parks. The Glenside station is one of the busiest in the SEPTA system.

Glenside is located approximately six miles from Center City Philadelphia. It is bordered to the south by Wyncote, the east by Jenkintown, west by Laverock and Cheltenham Township section of North Hills, and to the north by the Abington Township neighborhoods of North Hills, Ardsley, Roslyn, and Abington.

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

Bank History

  • Organized August 24, 1909
  • Chartered February 18, 1910
  • Liquidated June 30, 1925
  • Absorbed by Glenside Bank and Trust Company

In December 1909, the Glenside National Bank purchased one of the most desirable building sites in the business heart of the town, being the southwest corner of Glenside Avenue and Willow Grove Pike, 50 by 143 feet, sold by Harry I. Wright as a site for their new banking institution. The bank planned to erect a new banking house and work would go forward immediately. The purchase price of the lot was reported as $3,500, and the completed edifice was estimated to cost close to $17,000. The bank had recently purchased a site 32 by 100 feet, on Willow Grove Pike near Glenside Station. Ground had lately been broken at this location, but owing to the inability to secure straight lines at this site, and the fact that the necessary land adjoining had been held at prohibitive figures, this site was abandoned and would be offered for sale. Both the old and the new sites were in Cheltenham township section of Glenside.

On December 13, 1923, Julius E. Nachod, partner in the brewing firm of Class & Nachod, died suddenly at his home, Rosemont Avenue and Easton Road in Glenside. Mr. Nachod was 78. He was president of the Glenside National Bank and the Glenside Title & Trust Company.

On June 29, 1925, the Glenside Bank and Trust Company became a member of the Federal Reserve System. The trust company had $125,000 capital, $55,000 surplus and undivided profits and $870,000 in total resources. As of June 30, the trust company would take over the business of the Glenside National Bank, giving the combined institution $300,000 capital, $115,000 surplus and undivided profits and $350,000 in total resources.

On December 14, 1929, marking completion of the new $250,000 banking house of the Glenside Bank and Trust Company, a public reception and inspection of the new building at Easton Road and Glenside Avenue attracted thousands of suburban residents, and several hundred banking officials and directors from Montgomery County and Philadelphia. The new building was located at the intersection of two highways, with frontage of forty-eight feet on Easton Road, and a frontage of 140 feet on Glenside Avenue. It was of brick and granite construction, designed and erected by the Tilghman-Moyer Company of Allentown, Pennsylvania, and was equipped to meet the requirements of a rapidly-growing suburban area for many years to come. It would be the third banking house used by the Glenside Bank and Trust Company since organization in 1910. As the Glenside National Bank, it was the first bank in the Easton Road area immediately north of Philadelphia. Later, larger quarters were obtained at the present location, and the Glenside Title and Trust Company was formed, the business of the two corporations being conducted under the one roof. In 1925 an application for a merger was approved, under the existing corporate title of "Glenside Bank and Trust Company." During the entire history of the banking organization there had been but two presidents. The first was Julius E. Nachod, former Philadelphia businessman, who died in 1923. He was succeeded by Fritz Quittner, a Philadelphia manufacturer living in Glenside. Associated with President Quittner in executive positions were: vice presidents, Thomas B. Smith, former Mayor of Philadelphia, and George N. Whitaker of Glenside; Edward H. Effing, secretary-treasurer; Frank D. Love, assistant secretary, R. Frank McIlroy, assistant treasurer; J. Ernest Nachod, solicitor and trust officer; H. Vaughn Mitchell, manager of the Elkins Park Branch Department; John R. Henrie, title officer, and assistant trust officer. Members of the Board of Directors were: C. Carter Bond, William A. Brecht, William E. Caveny, Edward H. Effing, John H. Geltz, Ramond C. Green, Amos H. Horting, George W. Kritler, Charles F. Mebus, Elwood W. Miller, J. Ernest Nachod, Fritz Quittner, William L. Raiser, Forrest H. Roberts, Thomas B. Smith, George N. Whitaker and Dr. W. Howard Wilson. Conduct of regular business began in the new quarters on Monday morning, December 16, 1929.

Official Bank Title(s)

1: The Glenside National Bank, Glenside, PA

Bank Note Types Issued

1902 Date Back $10 bank note with pen signatures of G.C. Rittenhouse, Cashier and Fritz Quittner, Vice President.
1902 Date Back $10 bank note with pen signatures of G.C. Rittenhouse, Cashier and Fritz Quittner, Vice President. Courtesy of Heritage Auctions, www.ha.com
The back of the note pictured above. A 1902 Date Back $10 bank note with check number 204 and selvage included at top. Multiple printers' initials indicate each use of the plate to print backs.
The back of the note pictured above. A 1902 Date Back $10 bank note with check number 204 and selvage included at top. Multiple printers' initials indicate each use of the plate to print backs. Courtesy of Heritage Auctions, www.ha.com

A total of $533,250 in National Bank Notes was issued by this bank between 1910 and 1925. This consisted of a total of 30,356 notes (30,356 large size and No small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1902 Date Back 3x10-20 1 - 1100
1902 DB/PB 3x10-20 1101 - 1220 Type uncertain
1902 DB/PB 3x10-20 1221 - 1340 Type uncertain
1902 Plain Back 3x10-20 1341 - 6820
1902 Plain Back 3x50-100 1 - 769

A note about Printers' Initials. Each printer used a steel punch with his initials to stamp them into the margin of a plate when he checked the plate out from the plate vault. The initials were applied prior to using the plate on a press. The pressman would set the punch against the plate and with a sharp blow from a suitable hammer impress his initials into the plate. The first initials generally were placed to the left in the top margin, and from there walked across the top of the plate to the right. In the extreme, the initials kept right on walking down the right margin. Many proofs and sheets exhibit a pair of fine parallel lines across the top margin that served as guides for the placement of the initials. The last initials revealed to inspectors who printed a given sheet most recently. Encyclopedia of National Bank Notes, Chapter N05, "Initials in the Margins of Large Size Proofs and Sheets," published jointly by the National Currency Foundation and Society of Paper Money Collectors.

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1910 - 1925):

Presidents:

  • Julius E. Nachod, 1910-1923
  • Fritz Quittner, 1924-1925

Cashiers:

Other Bank Note Signers

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

Wiki Links

Sources

  • Glenside, PA, Wikipedia, https://en.wikipedia.org/wiki/Glenside,_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 Philadelphia Inquirer, Philadelphia, PA, Sun., Dec. 19, 1909.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Dec. 15, 1923.
  • The Philadelphia Inquirer, Philadelphia, PA, Tue., June 30, 1925.
  • The Philadelphia Inquirer, Philadelphia, PA, Sun., Dec. 15, 1929.