NB of Lawrence County/NB of Lawrence County at Newcastle, New Castle, PA (Charter 1156)

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The old First National Bank of Lawrence County, located on the corner of Washington and Mercer Streets, ca2016. Courtesy of Google Maps

NB of Lawrence County/NB of Lawrence County at Newcastle, New Castle, PA (Chartered 1865 - Closed 1926)

Town History

The Bank of New Castle Obsolete $5, Haxby PA-350, with signatures of Samuel E. Neiler, Cashier and Charles Whippo, President, dated Sept. 4, 1855. The $5 features a vignette of an industrial complex by a river flanked by vignettes of a mechanic at left and America seated in a large, ornate 5 at right. A large red FIVE protector completes the design. Courtesy of Heritage Auctions, www.ha.com

New Castle is a city in and the county seat of Lawrence County, Pennsylvania. Located along the Shenango River at the mouth of Neshannock Creek, it is 43 miles northwest of Pittsburgh near the Pennsylvania–Ohio border, approximately 17 miles southeast of Youngstown, Ohio. As of the 2020 census, the city had a population of 21,926. The commercial center of a fertile agricultural region, New Castle is included in the northwestern part of the Pittsburgh metropolitan area.

In 1825, New Castle became a borough, having a population of about 300. The city later became a part of Mercer County. On April 5, 1849, the governor of Pennsylvania signed an act creating Lawrence County, named in honor of U.S. Navy Captain James Lawrence. New Castle became a city in 1869 and was headed by its first mayor, Thomas B. Morgan. At that time, the population had increased to about 6,000.

New Castle had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes.

Bank History

The Bank of Lawrence County Obsolete $5, Haxby PA-345, with signatures of Cyrus Clarke, Cashier and Robert Crawford, President, dated. Nov. 25, 1864. The note features a patriotic vignette of a soldier and sailor by a large cannon draped in the Stars and Stripes. The note, printed by ABNCo, also has twin green "V" protectors and two green and black denominational counters. Courtesy of Heritage Auctions, www.ha.com
  • Organized May 1, 1865
  • Chartered May 16, 1865
  • Succeeded Bank of Lawrence County
  • 2: Closed December 31, 1926
  • 2: Consolidated with 562 December 31, 1926 (FNB/FNB of Lawrence County, New Castle, PA)
  • 2: Circulation assumed by 562 (FNB/FNB of Lawrence County, New Castle, PA)

The Bank of New Castle was incorporated March 30, 1855 with Dr. Charles Whippo, president,[1] and Samuel E. Neiler, cashier. The bank suspended in 1857. It was succeeded by the Bank of Lawrence County in 1858 which converted to a national bank in 1865.

The Bank of New Castle

In November 1856, the stockholders of the Bank of New Castle elected the following directors: Dr. Charles T. Whippo, Joseph Kissick, Robert Cochran, George Pearson, L.L. McGuffin, Robert H. Peebles, John N. Wagonseller, James Raney, William Stewart, Robert Hampson, James Pierce, John W. Ormsby, and David Sankey.[2]

On Friday, March 27, 1857, John N. Wagonseller, cashier of the Bank of New Castle who absconded with $50,000, was arrested in Philadelphia. It was reported that he intended to start for Canada in a few days.[3] In April Wagonseller was brought before Justice of the Peace George C. Morgan, Esq., charged by Joseph Kissick, a director of the New Castle Bank, with having fraudulently embezzled and appropriated to his own use $27,000 of the notes of the bank. Reportedly, $640,000 of the bank's notes were printed, yet the amount remaining in the bank was unknown to Dr. Whippo, stating "I have no idea how much in bills were signed by me when Neiler was cashier." Wagonseller was committed to prison to answer the charges.[4] Dr. Whippo, president of the bank was sworn as a witness and gave a full account of the defendant's connections with the institution and previous officers.[5]

In May, the directors in compliance with the desire of the stockholders to continue the institution and have it placed on a firm basis met and filled the vacancies in the board. Dr. Whippo resigned his position as president and director and David Sankey, Esq., was elected president; Joseph Kissick, vice president; and Cyrus Clarke, cashier. R.W. Cunningham was elected a director instead of John N. Wagonseller and R.W. Stewart replaced Dr. Whippo, resigned. The other members of the board retained their positions. The board planned to resume operations sometime in June.[6]

On May 28th, the Grand Jury returned a true bill against Waggonseller. Wagonseller did not appear and his bail was forfeited.[7] The Bank of Newcastle which failed would resume payment on October 13th under the new name "The Lawrence County Bank."[8]

The Bank of Lawrence County

John Clarke, son of Cyrus Clarke, cashier of the Bank of Lawrence County, was attached to Willard's Chicago Battery and was among the land forces at the taking of Fort Henry and in the very hottest of the battles at Fort Donelson and Pittsburg Landing. In the latter battle, six of his comrades were killed and 38 wounded and they lost 36 horses. Young Clarke was not yet 18 years old.[9]

In 1864 Robert Crawford who was in the dry good business was elected president of the Bank of Lawrence County.[10]

In September 1866, among the implements and bogus money captured at the beautiful residence in Montgomery County of the king of the Koniakers, Colonel Creager, was an "altering plate" of the Bank of Lawrence County, New Castle, Pennsylvania. By this plate one dollar notes were altered into threes. Also found was a five dollar plate on the National Bank of Pottsville. Some of the specimens of money seized were executed with consummate skill. Altogether about one thousand dollars were captured, a large share of it as five dollar bills of the Bank of Clifton, Upper Canada and on the Bullion Bank of Washington, District of Columbia. Also found were splendid proofs of two dollar notes on the City Bank of Albany and a plate of the Highland Bank of New York.[11]

The National Bank of Lawrence County at New Castle

On January 9, 1866, the following gentlemen were elected directors: Robert Crawford, Joseph Kissick, James R. Shaw, Robert Cochran, D.H. Wallace, Cyrus Clarke, and Charles M. Phillips. The board organized by elected Robert Crawford, president; and Cyrus Clarke, cashier. Mr. P.S. Jack was retained as bookkeeper. The capital stock was $150,000.[12]

On May 28, 1873, fire broke out in the frame row opposite the Leslie House, destroying the whole block. The sufferers were S. Bennet, tin, copper and stove store; D.J. Campbell, jeweler; George Robinson, tobacco, cigars and news depo; Cleveland Chemical paint store; two barber shops; Kockh's liquor store; two dwelling houses; the People's Savings Bank and the National Bank of Lawrence county. The surrounding buildings made a very narrow escape. The Second Presbyterian Church and White Hall were on fire several times, but were saved by the superhuman efforts of the citizens. The hand engine as usual was useless. The usual fire steam engine meeting was expected that night.[13]

On Tuesday, January 12, 1886, the stockholders elected the following directors: Wm. Patterson, Alexander Crawford, R.W. Cunningham, Robert Crawford, D.B. Kurtz, Joseph Kissick, and John Elder, Sr. The directors elected Wm. Patterson, president; A.L. Crawford, vice president; and Robert Crawford, cashier.[14] 

On April 10, 1899, Robert Crawford, cashier of the National Bank of Lawrence county died at Atlantic City.  Mr. Crawford was 77 years old and was born near Tarentum, Pennsylvania.  He was in the dry good business until 1864 when he was elected president of the Bank of Lawrence County.  In 1854 he was married to Miss Olive Winans who died in 1872, leaving one son.  In 1874 Mr. Crawford married Miss Tillie Tate who survived him.[15]

On August 31, 1905, William Patterson, 81, New Castle's first citizen, died at 3:45 in the afternoon. The multi-millionaire and philanthropist did more than any other man in Lawrence County to advance industry in New Castle. He was stricken with an appendicitis about eight weeks earlier and other complications soon set in. He was born in Lawrence County on October 20, 1824. In 1840 he entered the world of business as a boy of 16 in a general store and five years later he went to Pittsburgh to learn the dry goods business, rising in five years to the management of the store.  In 1848 he came to New Castle and entered the wholesale drug and grocer business which he followed until 1852.  He sold out and entered the coal industry. At his death he was heavily interested in a large Big Beaver Township mine. The Lee and Patterson mines at Hotydale were among the oldest in that section. In 1855 he started a banking business at Washington Street and the Public Square.  Eight years later in 1873 he bought a controlling interest in the National Bank of Lawrence County, beginning his career as bank president. The bank would rise to seventh in the U.S. with deposits of over $3,000,000 and a surplus of over $1,000,000. During hard times when many all over the country were forced to suspend, Mr. Patterson found a true friend in J.M. Marie of Philadelphia who gave him permission to draw on him if he needed funds. He never availed himself of his friend's generosity. Some of the positions he held at his death were: President of the New Castle Steel Co.; vice president of the Crawford Iron & Steel Co.; president of the New Castle Wire Nail Co.; vice president and chairman of the board of the Shenango Steel Co.; president of the Beaver Coal & Coke Co.; Chairman of the Penn Coal Co., limited; director in the New Castle and Beaver railroad for 27 years and a director in the Knoxville and Nashville Railroad of Tennessee.[16]
A 1906 advertisement for the National Bank of Lawrence County.

In January 1906, in the executive rooms of the National Bank of Lawrence County a contest was waged over the selection of a leader to succeed the late William Patterson. Mr. Patterson virtually created the bank and it ranked eighth in the United States with respect to the proportion of surplus to its capital, making it one of the greatest banking houses in the State. The officers elected were Edward King, president; D.B. Kurtz, first vice president; Charles Matthews, second vice president; C.F. Montgomery, cashier; and John Elder, Jr., assistant cashier.[17] The directors were Edward King, George Greer, D.B. Kurtz, Chas. Matthews, C.F. Montgomery, John Elder, Jr., R.C. Patterson, Louis N. Crawford, Geo. L. Patterson, Robt. A. Wallace, J. Norman Martin, and John Elder, Sr. The bank's capital stock was $150,000, surplus and profits $1,070,000, and deposits $3,000,000.[18] 

On Sunday, August 4, 1918, Edward King died suddenly at his summer home at Padanaram, South Dartmouth, Mass.  Mr. King was born in Taunton, Mass., June 6th 1843, the son of Job W. and Mary B. Anthony King.  After attending local schools he entered the office of the A. Field Tack Works, leaving their employ to enlist in Co. F., 38th Mass. Volunteers for three years.  For a portion of this time he was detailed for government work in Washington, DC. Upon his return from war he was in newspaper work in New Bedford, but later entered the Machinists National Bank of Taunton and was elected president in 1883, filling the position successfully until 1889 when he resigned to engage in the steel business in New Castle, Pennsylvania.  This enterprise was carried on successfully until the formation of the United States Steel Corporation when it was merged with the later corporation.  At the time of his death, he was president of the National Bank of Lawrence County, widely known as one of the most successful banking institutions in the country, and vice president of the Safe Deposit & Trust Company of Lawrence County.  He retained his membership in the local post of the GAR and as long as he was able, attended the reunions of his regiment. Mr. King married Miss Mary L. Patterson, daughter of William Patterson, late president and founder of the National Bank of Lawrence County.[19]

On Tuesday, January 12, 1926, no changes occurred in the personnel of the directors and officers of the National Bank of Lawrence County, Safe Deposit and Trust Company, and Mahoning Trust Company at the meeting of stockholders. According to John Elder, Jr., cashier of the National Bank of Lawrence County and director of the three banks, the past year was one of the most successful in many years. The officers of the national bank were Rufus C. Patterson, president; Alex. Crawford Hoyt, first vice president; George L. Patterson, vice president; John Elder, Jr., cashier; F.W. Smith, W.A. Pond, and Edgar L. Thompson, assistant cashiers. The directors were Rufus C. Patterson, Alex. Crawford Hoyt, George L. Patterson, J. Norman Martin, John Elder, Jr., James M. Smith, Louis N. Crawford, Dr. R.A. Wallace, W.S. McGinnis, and George A. Carpenter. The officers of the Safe Deposit and Trust Company were Alex. Crawford Hoyt, president; George L. Patterson, first vice president; Rufus C. Patterson, vice president; George A. Carpenter secretary and treasurer; John C. Moore, assistant treasurer; Leo C. Mossman, assistant secretary; and J. Norman Martin, trust officer and solicitor. The directors were the same as the National Bank of Lawrence County. The officers of the Mahoning Trust Company were Alex. Crawford Hoyt, president; George L. Patterson, first vice president; Rufus C. Patterson, vice president; George A. Carpenter, secretary and treasurer; and Ashley H. Hill, assistant treasurer. The directors were the same as those of the National Bank of Lawrence County and the Safe Deposit and Trust Company.[20]

On Wednesday, December 15, 1926, stockholders of the National Bank of Lawrence County approved the agreement under which the consolidation of that institution with the First National Bank was effected. The agreement was approved on November 30th by the stockholders of the First National Bank. For New Castle, it meant the city would have one of the outstanding banking institutions in that section of the country. Steps were being taken toward the erection of a large and handsome bank building on the site of the two national banks. Stockholders of the Safe Deposit & Trust Company also met and approved a change in name to Union Trust Co. of New Castle and the increase of the capital of the institution which was also a part of the agreement for the consolidation. All directors of the two national banks would continue on the directors of the First National Bank of Lawrence County as the combined institutions would be known as in the future.[21]

On December 31, 1926, an announcement was made that on the opening of business, January 3rd, 1927, the First National Bank of New Castle and the National Bank of Lawrence County would be consolidated under the title of First National Bank of Lawrence County with capital of $1,000,000, surplus and profits $1,400,000, and resources in excess of $10,000,000. The Safe Deposit & Trust Co. of Lawrence County would open for business on January 3rd, 1927 as the Union Trust Co. of New Castle with an authorized capital of $1,350,000 and a large surplus of an equal amount and would be closely affiliated with the First National Bank of Lawrence County. The directorate of both the national bank and the trust company would be composed of the following: George D. Blair, George A. Carpenter, John D. Chapman, John Elder, Jr., Samuel Foltz, Stewart P. Foltz, J.F. Genkinger, Alex Crawford Hoyt, Robert C. Love, J. Norman Martin, T.F. Morehead, W.S. McGinnis, George L. Patterson, Rufus C. Patterson, David S. Pyle, James W. Smith, and Dr. R.A. Wallace.[22] The comptroller of the currency approved the consolidation. The election of officers resulted as follows: Rufus C. Patterson, chairman of the board of directors; Samuel Foltz, president; Alex Crawford Hoyt and Robert C. Love, vice presidents; John Elder, Jr.,. cashier; H.L. Ailey, F.W. Smith, W.A. Pond, and E.L. Thompson, assistant cashiers. The Union Trust Company elected the following officers: Alex Crawford Hoyt, president; Rufus C. Patterson and Robert C. Love, vice presidents; George A. Carpenter, secretary and treasurer; John C. Moore, assistant treasurer; L.C. Mossman, assistant secretary; and J. Norman Martin, trust officer and solicitor. The banking houses of the First National and National Bank of Lawrence County which adjoined each other for many hears were connected by openings in the wall separating them making one large banking room for the merged institution.[23]

Official Bank Titles

1: The National Bank of Lawrence County at New Castle, PA

2: The National Bank of Lawrence County at Newcastle, New Castle, PA [5/2/1905]

Bank Note Types Issued

Original Series $10 bank note with pen signatures of Cyrus Clarke, Cashier and William Patterson, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $100 bank note with pen signatures of Charles Montgomery, Cashier and William Patterson, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $20 bank note with pen signatures of Jno. Elder, Cashier and Charles Matthews, Vice President. Courtesy of Heritage Auctions, www.ha.com

A total of $3,108,200 in National Bank Notes was issued by this bank between 1865 and 1926. This consisted of a total of 233,836 notes (233,836 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
1: Original Series 4x5 1 - 3250
1: Original Series 3x10-20 1 - 3000
1: Series 1875 3x10-20 1 - 4482
1: 1882 Brown Back 3x10-20 1 - 6415
1: 1882 Brown Back 50-100 1 - 3282
2: 1902 Red Seal 4x5 1 - 3750
2: 1902 Red Seal 3x10-20 1 - 2600
2: 1902 Red Seal 50-100 1 - 700
2: 1902 Date Back 4x5 1 - 4250
2: 1902 Date Back 3x10-20 1 - 8200
2: 1902 Date Back 50-100 1 - 200
2: 1902 Plain Back 3x10-20 8201 - 28621

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1926):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • New Castle, 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://spmc.org/bank-note-history-project
  1. ↑ "Biographical Sketches of Leading Citizens of Lawrence County, Pennsylvania," Biographical Publishing Company, Buffalo, NY, 1897.
  2. ↑ The Pittsburgh Post, Pittsburgh, PA, Thu., Nov. 27, 1856.
  3. ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Sat., Mar. 28, 1857.
  4. ↑ The Daily Evening Express, Lancaster, PA, Fri., Apr. 10, 1857.
  5. ↑ Monongahela Valley Republican, Monongahela, PA, Thu., Apr. 19, 1857.
  6. ↑ The Daily Evening Express, Lancaster, PA, Wed., May 13, 1857.
  7. ↑ Western Reserve Chronicle, Warren, OH, Wed., June 10, 1857.
  8. ↑ Carbondale Advance, Carbondale, PA, Sat., Sep. 19, 1857.
  9. ↑ The Pittsburgh Post, Pittsburgh, PA, Mon., May 5, 1862.
  10. ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., Apr. 12, 1899.
  11. ↑ Harrisburg Telegraph, Harrisburg, PA, Wed., Sep. 12, 1866.
  12. ↑ The Pittsburgh Commercial, Pittsburgh, PA, Mon., Jan. 15, 1866.
  13. ↑ The Somerset Herald, Somerset, PA, Wed., May 28, 1873.
  14. ↑ The Daily City News, New Castle, PA, Wed., Jan. 13, 1886.
  15. ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., Apr. 12, 1899.
  16. ↑ New Castle Weekly Herald, New Castle, PA, Wed., Sep. 6, 1905.
  17. ↑ New Castle Herald, New Castle, PA, Tue., Jan. 9, 1906.
  18. ↑ New Castle Herald, New Castle, PA, Tue., Feb. 6, 1906.
  19. ↑ New Castle News, New Castle, PA, Thu., Aug. 8, 1918.
  20. ↑ New Castle News, New Castle, PA, Wed., Jan. 13, 1926.
  21. ↑ New Castle News, New Castle, PA, Thu., Dec. 16, 1926.
  22. ↑ New Castle News, New Castle, PA, Fri., Dec. 31, 1926.
  23. ↑ New Castle News, New Castle, PA, Sat., Jan. 1, 1927.
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