National Bank, Pottstown, PA (Charter 608)
National Bank, Pottstown, PA (Chartered 1864 - Open past 1935)
Town History
Pottstown is a borough in Montgomery County, Pennsylvania. Pottstown was laid out in 1752–53 and named Pottsgrove in honor of its founder, John Potts. The old name was abandoned at the time of the incorporation as a borough in 1815. In 1888, the limits of the borough were considerably extended. Pottstown is the center of a productive farming and dairying region. In 1860 the population was 2,380, growing to 19,430 by 1930.
Pottstown is located on the Schuylkill River. It is 29 miles south of Allentown and 40 miles northwest of Philadelphia. It is generally considered part of the Delaware Valley or Philadelphia metropolitan area.
Pottstown had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes. Pottstown also had one Obsolete bank, The Bank of Pottstown, Haxby PA-565, which became the National Bank of Pottstown in 1865.
Bank History
- Organized November 22, 1864
- Chartered December 6, 1864
- Bank was Open past 1935
- Merged with The National Iron Bank of Pottstown (Charter 3494) on March 1, 1952
In February 1836, Mr. Schneider of Montgomery County, and Mr. Fornance introduced a petition in the House for a bank in Pottstown, Montgomery County.[2] Later, Mr. Pennypacker took up the petition for a bank in Pottstown,[3] with Mr. Davies from the committee of banks reporting against its establishment.[4] In December, a petition of citizens of Montgomery, Berks and Chester Counties for a bank in Pottstown was presented by Mr. Schall.[5]
In February 1848, a petition for a bank at Pottstown was presented by Mr. Stetler.[6]
In February 1852, the following appeared in the Philadelphia Ledger: "The bill authorizing a system of free banks based on State stocks, passed Committee of the Whole in the House, but the motion to take it up on second reading was defeated by 45 to 43. This is a wholesome check, and it may be that the friends of the measure will consent to let it rest where it is. It should not and we believe cannot become a law."[7] In April the bill to charter the Bank of Pottstown was defeated.[8]
In March 1855, Gov. Pollock vetoed the bill to establish a bank at Pottstown. The Herald published a list of over 70 bank applications which would increase the banking capital by $19 million. The editor of The Herald stated, "This, with the disposition to grant them all shown by the Legislature, is positively frightful."[9]
In May 1857, a message from the Gov. Pollock was received in the Senate stating that he had approved and signed a number of bills. Also, one stating that the bills to incorporate the Bank of Shamokin, the Bank of Pottstown, the Lebanon Valley Bank, and the supplement to the York County Bank, had become laws without his signature through lapse of time.[10] Books for subscription to the stock of the Bank of Pottstown were opened on June 22d. A general rush was made on the Commissioners, so great the anxiety to procure stock given the general confidence that the investment would be a safe and profitable one. Shares were limited with no person allowed by law to subscribe for more than two shares. On the first day, 145 persons had taken 280 shares, with the entire 2,000 shares ($100 par) expected to be subscribed in 3 or 4 days.[11]
On Monday, October 5, 1857, the Bank of Pottstown commenced business in the banking house formerly occupied by Wm. Mintzer, Esq. A number of the $5 and $10 notes of the bank were exchanged for gold and silver and were now in circulation. Considerable amounts of gold and silver had been placed in the bank by depositors.[12] In November 1857, at the annual election for directors, the following board was chosen: Henry Potts, William D. Evans, James Rittenhouse, J.D. Streeper, of Pottstown; David Potts, Jr., Owen Stover, William Price of Chester County; Joseph Bailey, P.Y. Brendlinger of Berks County; Isaac Linderman, Joshua Place, S. Gross Fry, Perry M. Hunter of Montgomery County. These gentlemen with the exception of Messrs. Rittenhouse and Place, were members of the former board of directors.[13]
On Monday, November 19, 1860, the following directors were elected for the Bank of Pottstown: Henry Potts, Jonas Smith, William Price, Owen Stover, John Baugh, Dr. H.W. Johnson, Benjamin Frick, William L. Williamson, Joseph Bailey, Peter Brownback, Frederic Brendlinger, Benjamin Bean, Daniel D. Hunsicker. The last five gentlemen were ne directors, taking the places of Jos. L. Bailey, Jesse Brownback, Joshua Place, David R. Buckwalter and George Richards.[14]
On Monday, November 18, 1861, the following directors were elected: William Mintzer, Wm. L. Williamson, and Ephraim Hartranft of Pottstown; Frederick Brendlinger, Benjamin Frick, D.D. Hunsicker, and Benjamin Bean of Montgomery County; William Price, Peter Brownback, and John H. Evans of Chester County; Joseph Bailey, Dr. H.W. Johnson, and Henry McKenty of Berks County. Messrs. Henry McKenty, John H. Evans, and Ephraim Hartranft were new directors and were chosen in place of Messrs. John Baugh, Jonas Smith and Owen Stover who retired.[15]
On January 26, 1867, William Mintzer, a well-known and highly respected citizen of Pottstown, died after a few days' illness. When the Bank of Pottstown organized ten years ago, Mr. Mintzer was by common consent designated as its cashier and in this position his remarkable financial ability soon became apparent and contributed to the establishment of the institution as one of the safest and best managed banks in the State. Upon the death of Henry Potts, President of the Bank, Mr. Mintzer was chosen as his successor, which post he continued to fill until his death. He also held the office of President of the Perkiomen and Reading Turnpike Company. In all his dealings he was frank, straight-forward and honorable and benevolence was also a distinguishing trait in his character.[16]
In January 1881, the directors elected were Daniel Price, Mark H. Richards and Ephraim Fritz of Pottstown, Frederick Brendlinger and Benjamin Bean of Montgomery County; Wm. Yocum and George Mull of Berks County and Abraham M. Stauffer and Edwin Morris of Chester County.[17] On Tuesday evening, February 22, 1881, Frederick Brendlinger died at his residence in New Hanover Township, Montgomery County, after a short illness of diphtheria, aged about seventy years. Deceased was a native of New Hanover township, where he lived all his life, and for nearly half a century was engaged in the mercantile business. He was also for many years the part owner and at the time of his death sole proprietor of the extensive iron works at Colebrookdale, in Colebrookdale Township, Berks County. Mr. Breadlinger was one of the oldest postmasters in United States, having had charge of the office at New Hanover for more than forty years, holding the position up to the time of his death.[18]
In December 1916, the National Bank of Pottstown took possession of its new $100,000 building.[19] F.H. Keiser and Co. had been awarded the contract for the building in April 1915.[20]
The morning of March 31, 1923, Nathan E. Bertolet, 81, died at his residence in Pughtown. He was a life-long resident of Pughtown and for many years acted as a director of the National Bank of Pottstown and was very prominent in the vicinity.[21]
On December 11, 1951, the opening of the first bank in the history of Stowe as part of the consolidation of Pottstown's National Bank and National Iron Bank was hailed by West Pottsgrove officials, industrialists and residents. The merger, expected to be completed by February, had been tentatively approved by the Comptroller of the Currency which supervised national banks. The proposed branch would be built on West High Street, just east of the Musical bar, and would have two entrances to its parking lot so that resident could avoid West High Street traffic.[22] C. Fred Herbsleb, president of the National Bank of Pottstown would remain president and Henry A. Bell, president of the National Iron Bank of Pottstown would become chairman of the board of directors. The new bank, The National Bank of Pottstown, would be capitalized at $1,000,000. John W. Healy and Harry C. Gingrich, vice presidents of Iron bank and National Bank, respectively, would remain vice presidents of the consolidated bank. An East End branch would be built at the corner of High and Wilson Streets on the north side across from Firestone Boulevard. The Stowe branch would be built just west of the Pottstown borough line on the north side of High Street. Herbsleb said, "One of the principal reasons is [to] provide better service to the public by having these branches strategically located with sufficient parking facilities. The National Bank of Pottstown was the oldest of the four banks having been organized as a State bank in 1857. It had always been located at its present site and the present building was occupied in 1916. Most of the original details of the building had been retained including the large stained-glass windows at the rear of the building facing Buttonwood Alley. However, a balcony just inside the front entrance where in bygone days executives of large borough plants would spread out forms and funds as they made up the payrolls had been converted into a lounge for women employees. In recent years a balcony was erected at the rear and a large vault installed for records. The National Iron Bank, founded in 1886, had only three presidents in its entire history. The first was Jacob Fegely. For years he also was president of Security Company (now Security Trust Company). Fegely was the Iron bank's president until 1900 when he died of a heart attack in the Iron bank's office. From 1900 until 1938, National Iron's president was John Storb. He had been in the marble and tombstone business and had been a director of Citizens National Bank and Trust Company. The Panic of 1893 had weakened the National Iron Bank as it did most banks in America. Storb was asked to step in and strengthen it. His first step was to set his own salary at $50 a month. Storb retired six months before he died at the age of 87 in 1938. From 1938 onward, Bell was president of National Iron bank and would mark his 42nd year on March 1st. Bell came to the bank of March 1, 1910, and was made vice president in 1918. National Iron's name reflected the fact that most of its founders were in the iron industry which then dominated Pottstown. During its first year, National Iron bank was on the southeast corner of High and Hanover Streets in the St. Clair building so named because the home of Arthur St. Clair, American general of the Revolution, had been on that site. For the next 28 years the bank was in the Security building. Security Company had been founded a year after National Iron to handle trusts. The Security Company was on the left of the building's entrance and National Iron was on the right. In 1915 National Iron moved to its own building at its present location which was the dry goods store of Charles W. Rambo before the renovation which included putting in a vault, raising the ceiling and erecting a marble front.[23]
A number of men had served for long periods. John W. Healy, president of Pottstown Rapid Transit Co., had been a director of National Iron Bank for more than 50 years. Frederick W. Ancona, president and general manager of the old Sotter Brothers, Inc., a boiler-making plant, had been a director at National Iron since 1914. Leonard Leaf owned the seniority laurels for the two banks. He went to work for National Iron in 1898. After four years there he went to the National Bank and was its president from 1935 to 1948 when poor health forced his retirement. He remained on the board of directors.[24]
In January 1952, the five officers of National Iron Bank, 229 High Street, were re-elected. President Henry A. Bell and Vice President John W. Healy, veteran borough bankers were senior officers with 14 years service. Re-elected cashier and trust officer was Ralph J. Geisler. Walter A. Orrs and William R. Oberlander were named assistant cashiers.[25]
On February 29, 1952, at the close of business, The National Iron Ban of Pottstown consolidated with the National Bank of Pottstown under the charter and name of The National Bank of Pottstown. The main office would continue to be located at 205 High Street until the contemplated branches were completed, and the Iron branch would continue at its present location at 229 High Street. The plan for consolidation would provide 8 shares of new stock for each share of National Bank stock, while stockholders of the National Iron Bank would receive 1.733 shares of new stock for each share of old stock. The National Bank's 6,000 shares had a $50 par value while the National Iron's 30,000 shares had a $10 par value. The 10 directors of the National Bank and the 11 directors of the National Iron Bank would make up the combined board of the merged institution.[26] The directors of the consolidated bank were Frederick W. Ancona, Henry A. Bell (Chairman), Paul Brooke, Oliver C. Conger, Charles J. Custer, Harry C. Gingrich, William A. Griffith, Edward L. Gruber, John W. Healy, C. Fred Herbsleb, Lewis A. Holmes, Ernest V. Hunter, Wilmer N. Keck, Samuel H. Keiser, Fred H. Kelley, Leonard Leaf, Thos. A. McCaslin, 3rd., Wm. A. O'Donnell, Jr., Abram Pollock, Victor J. Roberts, and Charles L. Schulz. The bank reported total assets of $21,607,878.45, with capital stock ($10 par) $1,000,000, surplus $1,500,000, undivided profits $413,537.40 and deposits of over $18.5 million.[27]
In January 1955, the directors were Frederick W. Ancona, Henry A. Bell, Paul Brooke, Oliver C. Conger, Charles J. Custer, Harry C. Gingrich, William A. Griffith, Edward I. Gruber, C. Fred Herbsleb, Lewis A. Holmes, Ernest V. Hunter, Wilmer N. Keck, Samuel H. Keiser, Fred H. Kelley, Leonard Leaf, Thomas A. McCaslin, 3rd., William A. O'Donnell, Jr., Abram Pollock, Victor J. Roberts, and Charles L. Schulz. The officers were Henry A. Bell, chairman of the board; C. Fred Herbsleb, Harry C. Gingrich, vice president; Joseph Silknitter, cashier; Ralph J. Geisler, trust officer; William E. Fetterolf, assistant cashier; Paul I. Mogel, assistant cashier and manager, Stowe Branch; William R. Oberlander, assistant cashier and manager, East End Branch; Walter A. Orrs, assistant cashier; Raymond S. Elliott, special representative assistant cashier; and Lloyd F. Brownback, auditor. At the end of 1954, the bank reported total assets of $23,256,148.61, with capital $1,000,000, surplus $1,500,000, undivided profits $454,980.82 and deposits $19,910,317.54.[29]
On July 11, 1958, a joint announcement of the merger of the National Bank of Pottstown and the Security Trust Company was made. Directors of both banks agreed to hold separate stockholder's' meetings on October 3rd to vote on the proposal. Securities president Dr. Porter announced he was unalterably opposed to the merger. On September 27, John J. Kessler, secretary and teller at security Trust where he worked for almost 40 years.[30] Stockholders of Security Trust Company would turn down the plan.
In August 1958, the National Bank of Pottstown and the Montgomery County Bank and Trust Co. of Norristown agreed to merge. The merged institution, to be known as the Montgomery County Bank and Trust Co., would have assets of 92 million dollars. The merger plans were announced by Gerald M. Anderson, president of the Pottstown bank, and Melvin L. Carl, president of the Montgomery County Bank. Under the merger, subject to approval by stockholders and state and federal authorities, Anderson would become executive vice president, and Carl would remain as president.[31] On Monday, October 20, 1958, the merger of the National Bank of Pottstown with Montgomery Bank and Trust Company announced last August became a reality. Approval of the stockholders and of state and federal authorities paved the way for a larger bank for the community. Montgomery Bank and Trust Company now had nine offices, three of which were in the North Penn area at Lansdale, Hatfield and North Wales,[32] with the addition of the three new offices, two in Pottstown and one in Stowe.[33] The main office of the Montgomery County Bank and Trust Company was located at Main and Swede Streets, Norristown, Pennsylvania.[34] The National Bank was the oldest in Pottstown. It was organized as a State bank in 1857 under the name "The Bank of Pottstown." In 1952, the National Bank of Pottstown consolidated with the National Iron Bank. It later opened the two branch offices. Besides president Anderson, the officers were Stuart B. Webb, executive vice president; William E. Fetterolf, Joseph Silknitter, and John J. Kessler, vice presidents; and Ralph J. Geisler, vice president and trust officer. C. Fred Herbsleb was chairman of the board of directors. After this merger, Security Trust Company remained the only local bank unaffiliated with an outside institution. The Citizens National Bank was consolidated with the Philadelphia National Bank in July 1955, becoming the Citizens office of the Philadelphia National Bank.[35]
The Montgomery County Bank and Trust Company, originally J.W. Albertson and Company was also founded in 1857. It later became the Penn Trust Company and in 1924 the company merged with the Norristown Trust Company to form the Norristown-Penn Trust. In 1953 the Montgomery Trust Company merged with the Norristown-Penn Trust to form the Montgomery Norristown Bank and Trust Company. The merger made it the largest home-owned bank in the county. In 1957 the Penn Valley National Bank of Hatfield merged with the Montgomery Norristown Bank and Trust Company. The name was changed to the Montgomery County Bank and Trust Company.[36][37]
Official Bank Title
1: The National Bank of Pottstown, PA
Bank Note Types Issued
A total of $7,395,020 in National Bank Notes was issued by this bank between 1864 and 1935. This consisted of a total of 623,414 notes (542,362 large size and 81,052 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 400 Original Series 4x5 1 - 6800 Original Series 3x10-20 1 - 5850 Original Series 50-100 1 - 350 Series 1875 4x5 1 - 5400 Series 1875 3x10-20 1 - 6540 1882 Brown Back 4x5 1 - 5635 1882 Brown Back 3x10-20 1 - 8743 1882 Brown Back 50-100 1 - 1197 1902 Red Seal 3x10-20 1 - 13500 1902 Date Back 3x10-20 1 - 27400 1902 Plain Back 3x10-20 27401 - 81949 1929 Type 1 6x10 1 - 8916 1929 Type 1 6x20 1 - 2478 1929 Type 2 10 1 - 11091 1929 Type 2 20 1 - 1597
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1935):
Presidents:
- William Mintzer, 1865-1866
- Daniel Urner Price, 1867-1897
- Horace Evans, 1898-1908
- James H. Morris, 1909-1924
- Newton Kline, 1925-1926
- Percy Williamson, 1927-1934
- Leonard Leaf, 1935-1935
Cashiers:
- Daniel Urner Price, 1865-1866
- William Ives Rutter, 1867-1876
- Horace Evans, 1877-1897
- James H. Morris, 1898-1901
- Newton Kline, 1902-1918
- Percy Williamson, 1919-1926
- Leonard Leaf, 1927-1934
- Russell Hoover Shelly, 1935-1935
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Pottstown, 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
- ↑ The Mercury, Pottstown, PA, Wed., Jan. 5, 1955.
- ↑ Harrisburg Chronicle, Harrisburg, PA, Thu., Feb. 26, 1835.
- ↑ Harrisburg Chronicle, Harrisburg, PA, Thu. Mar. 5, 1835.
- ↑ The Patriot, Harrisburg, PA, Tue., Mar. 17, 1835.
- ↑ Pennsylvania Intelligencer, Harrisburg, PA, Thu., Dec. 24, 1835.
- ↑ The Record, West Chester, PA, Tue., Mar. 7, 1848.
- ↑ York Gazette, York, PA, Tue., Feb. 24, 1852.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Tue., Apr. 20, 1852.
- ↑ The Key Stone, Harrisburg, PA, Wed., Mar. 28, 1855.
- ↑ Harrisburg Telegraph, Harrisburg, PA, Fri., May 22, 1857.
- ↑ The Record, West Chester, PA, Tue., June 30, 1857.
- ↑ The Jeffersonian, West Chester, PA, Sat., Oct. 10, 1857.
- ↑ The Record, West Chester, PA, Sat., Nov. 21, 1857.
- ↑ The Record, West Chester, PA, Sat., Nov. 24, 1860.
- ↑ The Record, West Chester, PA, Sat., Nov. 23, 1861.
- ↑ The Record, West Chester, PA, Sat., Feb. 2, 1867.
- ↑ The Record, West Chester, PA, Sat., Jan. 15, 1881.
- ↑ Reading Times, Reading, PA, Fri., Feb. 25, 1881.
- ↑ Daily Local News, West Chester, PA, Tue., Dec. 26, 1916.
- ↑ The Daily News, Lebanon, PA, Fri., Apr. 30, 1915.
- ↑ The Daily Republican, Phoenixville, PA, Sat., Mar. 31, 1923.
- ↑ The Mercury, Pottstown, PA, Wed., Dec. 12, 1951.
- ↑ The Mercury, Pottstown, PA, Tue., Dec. 11, 1951.
- ↑ The Mercury, Pottstown, PA, Tue., Dec. 11, 1951.
- ↑ The Mercury, Pottstown, PA, Thu., Jan. 17, 1952.
- ↑ The Mercury, Pottstown, PA, Thu., Jan. 31, 1952.
- ↑ The Mercury, Pottstown, PA, Fri., Apr. 4, 1952.
- ↑ The Reporter, Lansdale, PA, Mon., Oct. 20, 1958.
- ↑ The Mercury, Pottstown, PA, Wed., Jan. 12, 1955.
- ↑ The Mercury, Pottstown, PA, Tue., Jan. 7, 1958.
- ↑ Sunday News, Lancaster, PA, Sun., Aug. 10, 1958.
- ↑ The Reporter, Lansdale, PA, Tue., Oct. 21, 1958.
- ↑ The Reporter, Lansdale, PA, Mon., Oct. 20, 1958.
- ↑ The Mercury, Pottstown, PA, Wed., Oct. 22, 1958.
- ↑ The Mercury, Pottstown, PA, Wed., Sep. 17, 1958.
- ↑ The Reporter, Lansdale, PA, Mon., May 20, 1957.
- ↑ The Mercury, Pottstown, PA, Wed., Sep. 17, 1958.