Peoples National Bank, Somerset, PA (Charter 13900)

The Peoples National Bank of Somerset, Pennsylvania, opened December 23, 1933 in the former room used by The Farmers National Bank. Courtesy of Adam Stroup

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

Town History

1933 advertisement for The Peoples National Bank of Somerset.

Somerset is a borough in and the county seat of Somerset County, Pennsylvania. The borough is surrounded by Somerset Township. Somerset is just off Exit 110 of the Pennsylvania Turnpike (I-70 and I-76). The population was 6,046 at the 2020 census. In 1880 the population was 1,197 increasing to 4,395 by 1930.

Somerset was a central stage for the Whiskey Rebellion of 1794. Several rebellion leaders, including Harmon Husband, lived in Somerset. The federal militia sent to put down the rebellion worked from its headquarters in the nearby town of Berlin. The Whiskey Rebellion was the first major test of the federal authority under the newly adopted U.S. Constitution and under President George Washington.

A major fire on the afternoon of May 9, 1872, destroyed a significant portion of the town within just a few hours.

Somerset had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes. The national banks were the First National Bank (Charter 4100), The Somerset County National Bank (Charter 4227), the Farmers National Bank, (Charter 5452), and the Peoples National Bank (Charter 13900).

Bank History

Organized Dec 11, 1933
Chartered Dec 22, 1933
Succeeded 5452 (Farmers National Bank, Somerset, PA)
Assumed circulation of 5452
Bank was Open past 1935
Merged with the United States National Bank of Johnstown, October 1960

Ever since the old Farmers National Bank opened under restrictions following the banking holiday of March 1933, Somerset had been interested in getting it open on an unrestricted basis. There was such a long list of institutions similarly situated in charge of the comptroller of the currency, many of them in communities without banking facilities, that it was autumn before the officers of the Farmers were able to find out what they might do. Once they found out, it did not take long for them to act. It was decided to organize a new bank to take over the assets of the Farmers and in conformity with that decision, The Peoples National Bank of Somerset was organized. Determination to release the half million dollars of Farmers National Bank funds involved in the transaction as promised, brought into play reserve forces that achieved what seemed to be impossible. On Saturday, December 23, 1933, The Peoples National Bank of Somerset opened for business in the room the Farmers National Bank had occupied, the crowning achievement of a series of brilliant achievements of President John H. Beerits and his loyal and efficient co-workers. Their efforts made Christmas much merrier for a lot of folks than it would have otherwise been The officers of the new institution were John H. Beerits, president; Miles A. Varner, vice president; James F. Collins, cashier; James H. Seibert, Assistant Cashier; and Josiah Swank, Warren G. Ferner, John Y. Barkman, trustees. Directors were John H. Beerits, Miles A. Varner, M.G. Shoemaker, D.W. Rhoads, Fred B. Shaffer, A.J. Lohr, and John Y. Barkman. In that first day, $32,071.53 were received in new deposits.

On Tuesday, January 14, 1941, the directors elected were Fred B. Shaffer, M.D., John H. Beerits, John Y. Barkman, A.J. Lohr, Carl H. Hoffman, W.H. Kretchman, Ross I. Pyle. The officers elected were Fred B. Shaffer, president; A.J. Lohr and Carl H. Hoffman, vice presidents; J.F. Collins, cashier; and Clarence H. Schrock and B.E. Matthews, assistant cashiers.

In January 14 1953, John Y. Barkman was elected president to succeed Dr. Fred Shaffer who resigned after serving 16 years. Other officers were A.J. Lohr and Carl H. Hoffman, vice presidents; J.F. Collins, cashier; and Bruce E. Matthews and Clarence H. Schrock, assistant cashiers. The bank paid 8% in dividends the previous year. Its capital was $50,000, surplus $200,000 and undivided profits approximately $48,000.

In July 1960, The U.S. National Bank of Johnstown and the Peoples National Bank of Somerset announced plans to merge into what would be the largest bank between Pittsburgh and Harrisburg. As of June 15, the two banks had combined assets of more than $57 million. On Wednesday, September 28, 1960, a special meeting of the shareholders was held at the banking house at No. 108 West Main Street for the purpose of considering and determining by vote whether or not to ratify an agreement to consolidate with the United States National Bank in Johnstown. Clarence H. Schrock was cashier. The stockholders approved the merger and on October 15th, the Peoples National opened as the Somerset branch of the U.S. National Bank.

In March 1961, Clarence H. Schrock was appointed to succeed James A. O'Donnell as manager of the Somerset branch of the United States National Bank, according to an announcement by Owen D. Griffith, president of the Johnstown banking institution. O'Donnell, director, vice president, member of the Somerset advisory board and manager of the local office, resigned to become a vice president of the First National Bank and Trust Company, Elm Grove, West Virginia. He was president and a director of the Peoples National Bank, Somerset, until the merger with the U.S. National Bank. Schrock, in addition to his appointment as manager, would also fill O'Donnell's vacancy on the advisory board, E. Charles Kaufman would take over Schrock's office as assistant manager. Kaufman was also named as assistant cashier for the firm.

Official Bank Title(s)

1: The Peoples National Bank of Somerset, PA

Bank Note Types Issued

1929 Type 2 $5 bank note with printed signatures of J.F. Collins, Cashier and John H. Beerits, President.

A total of $27,890 in National Bank Notes was issued by this bank between 1933 and 1935. This consisted of a total of 3,805 notes (No large size and 3,805 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	5	1 - 2414
1929 Type 2	10	1 - 1200
1929 Type 2	20	1 - 191

Bank Presidents and Cashiers

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

Presidents:

John Henry Beerits, 1933-1935

Cashiers:

James Francis Collins, 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

Somerset, PA, Wikipedia, https://en.wikipedia.org/wiki/Somerset,_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 Daily American, Somerset, PA, Sat., Dec. 23, 1933.
The Daily American, Somerset, PA, Tue., Dec. 26, 1933.
The Daily American, Somerset, PA, Wed., Jan. 15, 1941.
The Republic, Meyersdale, PA, Thu., Jan. 15, 1953.
Latrobe Bulletin, Latrobe, PA, Fri., July 8, 1960.
The Daily American, Somerset, PA, Thu., Sep. 22, 1960.
The Indiana Gazette, Indiana, PA, Thu., Sep. 29, 1960.
The Daily American, Somerset, PA, Mon., Mar. 27, 1961.