National Bank, Coatesville, PA (Charter 3990)

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Postcard of the National Bank of Coatesville
Postcard of the National Bank of Coatesville, Pennsylvania, postmarked 1917. Courtesy of Adam Stroup

National Bank, Coatesville, PA (Chartered 1889 - Open past 1935)

Town History

The old National Bank of Coatesville
The old National Bank of Coatesville, 235 E. Lincoln Highway, Coatesville, Pennsylvania. Courtesy of Google Maps, ca2022

Coatesville is a city in Chester County, Pennsylvania. Coatesville is approximately 39 miles west of Philadelphia. It developed along the Philadelphia and Lancaster Turnpike beginning in the late 18th century. It spans U.S. Route 30, the "Main Line" highway that runs west of Philadelphia. The population was 13,350 at the 2020 census. In 1890 the population was 3,680, peaking in 1930 at 14,582.

William Fleming, originally from Scotland, is one of the earliest landowners on record. He built a log cabin in the area of Harmony Street and 5th Avenue and owned about 207 acres of land bordering the Brandywine River. Moses Coates, a prosperous farmer and the namesake of Coatesville, bought the cabin from Fleming's son in 1787. With the economy rising in the years after the United States gained independence, Moses Coates' son-in-law, Jesse Kersey, came up with a plan to develop the area by selling frontage on the recently completed Lancaster Turnpike which crossed through their land. The Lancaster Turnpike was the first toll road in the U.S., authorized in 1792 and completed in 1795. A tollgate was located within the present-day Coatesville city limits. Because Coatesville was located roughly halfway between Philadelphia and Lancaster on the turnpike, it became a popular stopping place.

Coatesville developed in the early 20th century with the growth of the Lukens Steel Company and other industry. Its population declined after industrial restructuring, which reduced these jobs. Lukens was bought by the Bethlehem Steel Corporation in 1997. In 2002, Bethlehem was bought by the then Ohio-based International Steel Group (ISG). Mittal Steel Company acquired ISG and merged with Arcelor to form ArcelorMittal. In 2020, Cleveland-Cliffs acquired the United States operations of ArcelorMittal.

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

Bank History

  • Organized March 9, 1889
  • Chartered March 13, 1889
  • Bank was Open past 1935

In January 1889, Samuel Greenwood, William Worth, Richard Shrack, J.B. Beale and James B. Wright were the prime movers for the establishment of a new National Bank in Coatesville with a capital of $100,000.[1] In February, the National Bank of Coatesville organized as follows: William P. Worth, John W. Boyle, Samuel Greenwood, Joseph Beale, J. Sharpless Worth, John Gilfillan, C.B. Mitchell, Richard W. Schrack, and James B. Wright, directors; Samuel Greenwood was chosen president and M.W. Pownall, cashier. The new bank planned to begin business around the middle of March.[2]

On Saturday, January 13, 1900, Samuel Greenwood, senior member of Greenwood's Milling Company and President of the Coatesville National Bank, passed away at his handsome home at Mt. Airy near West Chester at 5:20 P.M. Mr. Greenwood was born in England and was a weaver by trade. He came to America in the early 1850s and started up a small mill in Rock Run on the Brandywine which he conducted until the outbreak of the Civil War when he turned his whole time and attention to the manufacture of shawls for the government which netted him considerable wealth. Since then his business had so increased as to enable him to build the Valley Woolen Mills. Mr. Greenwood held the position of Justice at the Peace of Valley for forty years and had always been connected with State politics as a strong Democrat. In 1888 when the National Bank of Coatesville was organized he was elected President. He was always around at his desk except when sickness kept him away. A wife and two children, Mrs. Eachus and James Greenwood who ran the Valley Woolen Mills at that time, survived him. Mr. Greenwood was always regarded as one of the shrewdest financiers of the State.[3]

In May 1906, the National Bank of Coatesville secured a lease for 10 years for the post office and decided to change the quarters and have a $100,000 building constructed in the heart of the town where the bank and post office would be combined.[4] Mr. Richard W. Schrack, one of the original directors, sold his beautiful Main Street home as a site for the new building and moved to a home at 586 Chestnut Street.[5] In June, Ellis Stern, son of John W. Stern of Compassville, accepted a position in the National Bank of Coatesville.[6] In July the town clock was about to be removed and the committee on that reported progress saying that the National Bank of Coatesville was willing to have the clock installed on its new building.[7] In September, Contractor Thompson had the excavations for the cellars almost completed and the old house removed. He planned to push the work as fast as possible.[8] P.J. McCormick & Son, West Chester contractors, had the contract for the new stone work on the National Bank. The stone was to be of Avondale limestone.[9]

In December 1907, the handsome $130,000 building for the National Bank of Coatesville was nearing completion and when finished it would be one of the finest buildings of the kind in Chester County. The contractor, W.A.P. Thompson, had erected more fine buildings in Coatesville than any other contractor. The front of the building was of Indiana limestone, terra cotta trimmings with a granite base. At the east side was the bank room the dimensions being 40x55 feet. The room had six semi-circular windows ornamented with pilasters. The entrance to the bank was through a vestibule with a sliding door front. Each window was finished with architraves with a circle at top with ornamented cartouche. The wood work was finished in mahogany. In the rear were two large safe deposit vaults. The semi-circle partitions were finished with Italian marble and the balance finished in mahogany. At the northeast side of this room was the President's and Cashier’s rooms and a large room for the directors. To the west of the building was a 13 foot corridor which extended 100 feet deep to the entrance to the post office. Entering the corridor to the left were three alcoves each having a skylight, the walls being finished In tinted plaster. The floor was laid in tile and the wainscoting was that of highly polished Italian marble. Two large columns middle-way in the corridor were ornamental. The building being five stories high, an electric elevator was installed in the center of the corridor on the east side. The five floors contained fifty rooms which would be used for offices with closets. Each room was equipped with gas, electric lights, steam heat, telephones, etc. The fourth floor would be used for offices for the Coatesville Boiler Works. The building was surmounted by a tower in which a town clock would to be placed. The building occupied a central place in town it being on Main Street adjoining the Hotel Taylor. The structure was fireproof throughout.[10]

In September 1908, the officers and directors of the National Bank of Coatesville announced the move to their new bank building on September 21st and extended an invitation to the public to visit the bank in its new home.[11]

In January 1918, the following were elected directors: W.P. Worth, J.S. Worth, C.W. Ash, Joseph Beale, M.W. Pownall, W.S. Harlan, and B.W. Schrack.[12] The officers were William P. Worth, president; W.S. Harlan, vice president; M.W. Pownall, cashier; and E.H. Doan, assistant cashier. The bank had total resources of $2,999,853.78 with capital $100,000, Surplus and undivided profits $545,050.81, circulation $100,000, and deposits $2,254,802.97.[13] In June 1918, Ellis E. Stern tendered his resignation as City Clerk of Coatesville. Mr. Stern had taken a night school course in wireless telegraphy and would leave for further training at Dallas, Texas, on the 17th.[14] In December, Mr. Stern, former paying teller in the National Bank of Coatesville who had been in the service for more than six months was visiting. He was stationed at Camp Dodge and was a Sergeant First Class in the Supply Department. He expected to be in the service a few months longer before being released.[15]

In May 1919, the officers were William P. Worth, president; W.S. Harlan, vice president; M.W. Pownall, cashier; Robert T. Ash and Ellis E. Stern, assistant cashiers. The bank had total resources of $3,763,470.07.[16]

On Monday, February 14, 1923, William Penn Worth, aged 67, died at his apartment in the St. James hotel, Philadelphia. He was one of the pioneer iron and steel manufacturers of Coatesville. He was president of the Worth Steel Company with a plan in Claymont, Delaware, opened in 1918. His brother, J. Sharpless Worth, who was vice president of this concern, died six months earlier at his home in Coatesville. Prior to launching into business at Claymont, Mr. Worth and his brother operated Worth Brothers' Steel Company in Coatesville. This plan was sold in 1916 to the Midvale Steel and Ordnance Company and was one of the largest of its kind east of Pittsburgh. It was an outgrowth of a venture of the Worth Brothers into the steel business in 1881 when they purchased the Viaduct and Valley Mills formerly operated by their father, S.B. Worth, and Hugh E. Steel. Mr. Worth was president of the National Bank of Coatesville. His palatial home at the corner of Third and Main Streets was part of extensive real estate holdings including several fine farms.[17]

On Tuesday, January 13, 1925, Benjamin Aronsohn of the firm of S.J. Aronsohn, Inc., silk manufacturers, was added to the board of directors of the National Bank of Coatesville as the annual meeting of stockholders. Stockholders re-elected the following members of the board: R.W. Schrack, O.A. Boyle, M.W. Pownall, Edward H. Worth, Ellis H. Doan, H. Graham Rambo, Herbert Ash, and Penrose M. Davis. The election of Mr. Aronsohn filled the place on the board made vacant by the death of W.S. Harlan.[18] The officers in December were M.W. Pownall, president; E.H. Doan, vice president; Robert T. Ash, cashier; Ellis E. Stern, assistant cashier; W.E. Greenwood, solicitor.[19]

The report of condition as of June 30, 1928, showed total resources of $3,289,654.53 with capital $100,000, Surplus and undivided profits $691,971.44, circulation $100,000, and deposits $2,397,683.09. The officers were M.W. Pownall, president; Penrose M. Davis, vice president; Robert T. Ash, cashier; and Ellis E. Stern, assistant cashier.[20]

On February 24, 1934, S. Leon Mallalieu, assistant cashier of the National Bank of Coatesville, who disappeared on January 8th and later was found injured at Mobile, Alabama, was returned home. Mallalieu was brought to Philadelphia by train and then to Coatesville by ambulance. The cause of his disappearance had not been explained.[21]

In January 1962, The Industrial Valley Bank & Trust Co., with which the former Perkiomen National Bank of East Greenville merged, held its annual meeting at the main bank in Philadelphia.[22] Samuel Weinrott was chairman of the board; Elmer S. Carll, vice chairman of the board; and Richard W. Havens, president. IVB had total resources at the end of 1961 of $90,844,407.47 and operated 14 offices in Philadelphia and Montgomery County.[23] In May 1962, directors of the National Bank of Coatesville and the Industrial Valley Bank and Trust Co. voted to merge, subject to approval by stockholders and by state and federal regulatory agencies. Industrial Valley, the surviving bank, would have total assets of $115 million and deposits of more than $100 million. It would have nine offices in Philadelphia, six in Montgomery County and two in Chester County.[24] On Monday, July 16, 1962, shareholders of the Industrial Valley Bank and Trust Company of suburban Jenkintown and of the National Bank of Coatesville approved the merger, according to a joint announcement by Richard W. Havens, president of Industrial Valley and Ellis E. Stern, president of the Coatesville bank.[25] Under the merger agreement, each share of the Coatesville bank would be exchanged for 40 shares of Industrial Valley.[26]

On January 2, 1963, the Industrial Valley Bank & Trust Co. announced it had completed a merger with the National bank of Coatesville. This marked the third merger in 1962 for Industrial Valley. The bank had assets of approximately $135 million, deposits in excess of $115 million and capital funds and reserves approaching $15 million. Ellis E. Stern, formerly president of the Coatesville bank, was now vice chairman of the board for the Coatesville region.[27] The main office of the National Bank of Coatesville was at 235 E. Lincoln Highway with its Thorndale branch located at 3500 Lincoln Highway.

On December 30, 1979, Ellis E. Stern, 87, a retired banker and civic leader, died at Coatesville Hospital. Mr. Stern had been president of National Bank of Coatesville and later was vice chairman of Industrial Valley Bank & Trust Co. (IVB). He retired in 1968. He served as a member of the Coatesville School Board for 20 years, and was treasurer of Coatesville Hospital, director and treasurer of the Coatesville YMCA, director and treasurer of the Coatesville Chamber of Commerce, treasurer of Chester County Mutual Insurance Co. and chairman of the Chester County Planning Commission. He began his banking career in 1906 at National Bank of Coatesville and became its vice president in 1929 and president in 1947. He was named vice chairman of IVB when National Bank of Coatesville merged with it in 1962. During his career, Mr. Stern served as treasurer of the Pennsylvania Bankers' Association, president of Group Two of the Pennsylvania Bankers' Association and president of the Chester County Bankers' Association. Mr. Stern was a 33d degree Mason and a member of the Committee on Masonic Homes.[28]

Official Bank Title

1: The National Bank of Coatesville, PA

Bank Note Types Issued

1882 Brown Back $100 bank note
1882 Brown Back $100 bank note with pen signatures of M.W. Pownall, Cashier and W.P. Worth, President. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $50 bank note
1902 Date Back $50 bank note with pen signatures of M.W. Pownall, Cashier and W.P. Worth, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $100 bank note
1902 Plain Back $100 bank note with pen signatures of Ellis E. Stern, Assistant Cashier and Penrose M. Davis, Vice President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $100 bank note
1929 Type 1 $100 bank note with printed signatures of Robert T. Ash, Cashier and Penrose M. Davis, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,531,500 in National Bank Notes was issued by this bank between 1889 and 1935. This consisted of a total of 22,689 notes (20,102 large size and 2,587 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 50-100 1 - 3535
1902 Date Back 50-100 1 - 1000
1902 Date Back 3x50-100 1 - 2200
1902 Plain Back 3x50-100 2201 - 2758
1929 Type 1 6x50 1 - 312
1929 Type 1 6x100 1 - 104
1929 Type 2 50 1 - 67
1929 Type 2 100 1 - 24

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1889 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Coatesville, 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. ↑ The Oxford Press, Oxford, PA, Wed., Jan. 16, 1889.
  2. ↑ Daily Village Record, West Chester, PA, Mon., Feb. 11, 1889.
  3. ↑ Daily Local News, West Chester, PA, Mon., Jan. 15, 1900.
  4. ↑ Reading Times, Reading, PA, Mon., May 14, 1906.
  5. ↑ Coatesville Record, Coatesville, PA, Thu., Apr. 15, 1926.
  6. ↑ Daily Local News, West Chester, PA, Thu., June 21, 1906.
  7. ↑ Daily Local News, West Chester, PA, Tue., July 3, 1906.
  8. ↑ Daily Local News, West Chester, PA, Thu., Sep. 13, 1906.
  9. ↑ Daily Local News, West Chester, PA, Wed., Sep. 26, 1906.
  10. ↑ The Record, West Chester, PA, Thu., Dec. 5, 1907.
  11. ↑ Daily Local News, West Chester, PA, Sat., Sep. 19, 1908.
  12. ↑ Daily Local News, West Chester, PA, Thu., Jan. 10, 1918.
  13. ↑ Coatesville Record, Coatesville, PA, Thu. Jan. 10, 1918.
  14. ↑ Coatesville Record, Coatesville, PA, Thu., June 6, 1918.
  15. ↑ Coatesville Record, Coatesville, PA, Sat., Dec. 28, 1918.
  16. ↑ Coatesville Record, Coatesville, PA, Thu., May 15, 1919.
  17. ↑ Intelligencer Journal, Lancaser, PA, Thu., Feb. 17, 1923.
  18. ↑ Coatesville Record, Coatesville, PA, Wed., Jan. 14, 1925.
  19. ↑ Coatesville Record, Coatesville, PA, Sat., Dec. 26, 1925.
  20. ↑ Coatesville Record, Coatesville, PA, Thu., July 5, 1928.
  21. ↑ Lancaster New Era, Lancaster, PA, Sat., Feb. 24, 1934.
  22. ↑ The Morning Call, Allentown, PA, Wed., Jan. 10, 1962.
  23. ↑ The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 8, 1962.
  24. ↑ The Evening News, Harrisburg, PA, Fri., May 4, 1962.
  25. ↑ The Philadelphia Inquirer, Philadelphia, PA, Wed., July 18, 1962.
  26. ↑ Lancaster New Era, Lancaster, PA, Tue., July 17, 1962.
  27. ↑ Lancaster New Era, Lancaster, PA, Wed., Jan. 2, 1963.
  28. ↑ The Philadelphia Inquirer, Philadelphia, PA, Tue. Jan. 1, 1980.
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