Punxsutawney National Bank, Punxsutawney, PA (Charter 5702)

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In 1976, the Punxsutawney National Bank moved its headquarters to this location, 200 E. Mahoning Street, Punxsutawney. Courtesy of Google Maps, ca2023

Punxsutawney National Bank, Punxsutawney, PA (Chartered 1901 - Closed (Merger) 1996)

Town History

A 1973 advertisement for the Keystone National Bank, 116 E. Mahoning Street, Punxsutawney.

Punxsutawney is a borough in southern Jefferson County, Pennsylvania. Punxsutawney is known for its annual Groundhog Day celebration held each February 2, during which thousands of attendees and international media outlets visit the town for an annual weather prediction by the groundhog Punxsutawney Phil. The actual prediction location, Gobbler's Knob, is in adjacent Young Township.

The borough, located 84 miles northeast of Pittsburgh and 50 miles northwest of Altoona, was incorporated in 1850. The population in 1880 was 674 ad peaked in 1920 at 10,311. With a population of 5,769 in 2020, Punxsutawney is the largest incorporated municipality in Jefferson County.

Shawnee wigwam villages once occupied this site on the Mahoning Creek. The first settlement that included non-indigenous people was established in 1772, when Reverend John Ettwein, a Moravian Church missionary, arrived with a band of 241 Christianized Lenape. Swarms of gnats plagued early settlers and their livestock for years, and are blamed for Ettwein's failure to establish a permanent settlement there. The clouds of biting gnats eventually drove the indigenous people away. The indigenous people called the insects ponkies (living dust and ashes), and called their village Ponkis Utenink (land of the ponkies), from which the present name Punxsutawney evolved. One legend about the origin of the term ponkies concerned an old indigenous sorcerer-hermit who was said to have long terrorized indigenous people in the region. Eventually he was killed, his body burned, and his ashes were cast to the wind. According to the story, the ashes were transformed into minute living things that infested the swamp land.

In 1907, the Punxsutawney and Claysville boroughs were consolidated and incorporated as Greater Punxsutawney, resulting in a combined population of 9,058 in 1910. A high-grade bituminous soft coal was mined in the surrounding region. Shortly after 1850, mining was being supplanted by factories which included brickworks, glassworks, tanneries, foundries, ironworks, machine shops, and wood planing, flour, feed, and silk mills. By the 1930s these were mostly gone, and townspeople were dependent largely on the Baltimore & Ohio Railroad repair shops north of town, and a meat packing plant, in addition to the remaining coal mining and batteries of beehive coke ovens. Punxsutawney is located in Jefferson County.

Punxsutawney had four National Banks chartered during the Bank Note Era, First National Bank of Punxsutawney, (Charter 3030), Punxsutawney National Bank (Charter 5702), Farmers National Bank of Punxsutawney (Charter 5965), and County National Bank of Punxsutawney (Charter 9863), and all four of those banks issued National Bank Notes.

Bank History

Organized on January 9, 1901, the Punxsutawney National Bank opened its doors for business March 12th with $100,000 capital. The original officers were as follows: W.W. Winslow, president; S.A. Rinn, vice president; F.C. Lang, cashier; and J.L. Kurtz, assistant cashier. A year later W.W. Winslow retired and was succeeded by L.W. Robinson, who in 1908 declined re-election and was succeeded by S.A. Rinn. Will H. Tyson of Big Run was elected to succeed Mr. Winslow in the directorate, the only change made in the official family until the consolidation with the First National.[1] It began business in temporary quarters in the Building and Loan room moving to elegant quarters for it in the Kurtz building by March 1901.[2]

In January 1909, the directors were John B. Bair, T.M. Kurtz, L.W. Robinson, W.S. Blaisdell, J.W. Osterhout, Will H. Tyson, H.G. Bowers, S.A. Rinn, and J.A. Weber. The officers were S.A. Rinn, president; J.A. Weber, vice president; F.C. Lang, cashier; and J.L. Kurtz, assistant cashier. The bank had capital $100,000, surplus and undivided profits $130,000, and resources of $1,044,000.[3]

In July 1909, the consolidation of the First National Bank and the Punxsutawney National Bank occurred with the business to be done in one banking room. There would be no change in the management, F.C. Lang remaining cashier and S.A. Rinn, president, except to add several directors of the First National to the board of the Punxsutawney National. The capital stock of the consolidated banks stood at $200,000, surplus $250,000, and deposits of over $1 million. All the books and other property of the First National would be transferred to the other bank in the course of the next 30 days. Miss Ruth Sprankle, teller of the First National would be retained, while Lon Pantall, the efficient cashier of the First National Bank would retire to recuperate his health. This consolidation was no surprise to many as it had been talked about for some time. The First National held a lease on its banking rooms for a period of six years more and it was thought likely the room with the vault would be sublet.[4]

On Tuesday, January 12, 1915, at the annual election, the only change was the election of Irwin Simpson as vice president to succeed Senator T.M. Kurtz who declined re-election due to the demands of his official duties at Harrisburg. The officers were S.A. Rinn, president; Irwin Simpson, vice president; F.C. Lang, cashier. The directors were B.M. Clark, T.M. Kurtz, F.C. Lange, J.B. Phelan, S.T. North, Will H. Tyson, T.E. Bennis, W.W. Winslow, J.W. Osterhout, and Dr. T.R. Williams.[5]

On Tuesday, January 10, 1922, at the annual election, 10 directors were re-elected and two new members, George C. Brown and W.C. Tibby were named. B.M. Clark who moved to Indiana tendered his resignation as member of the board. The directors organized by electing S.A. Rinn president; Irwin Simpson, vice president; Frank C. Lang, cashier and B.W. Young, assistant cashier. At the end of 1921, the capital stock was $200,000, surplus $300,000, undivided profits $91,629.60 and a reserve for depreciation $35,000. The deposit total was $2,773,531.14.[6]

On Tuesday, January 9, 1923, stockholders re-elected the former board of directors as follows: T.E. Bennis, George C. Brown, T.M. Kurtz, F.C. Lang, Gilbert McGregor, J.B. Phelan, S.A. Rinn, Irwin Simpson, W.C. Tibby, E.H. Winslow and W.W. Winslow. Following the election, the board met and re-elected S.A. Rinn, president; Irwin Simpson, vice president; F.C. Lang, vice president and cashier; and B.W. Young, assistant cashier.[7]

On February 6, 1926, the Punxsutawney National Bank celebrated its 25th anniversary. The officers and directors were Irwin Simpson, president; E.H. Winslow, vice president; F.C. Lang, vice president and cashier; T.E. Bennis, George C. Brown, Gilbert McGregor, W.H. Tyson, J.B. Phelan, W.C. Tibby, J.L. Fisher, T.M. Kurtz, and W.W. Winslow, directors. The working force included Banks W. Young, assistant cashier; J.L. Kurtz, Robert T. Rowland, J.E. McCreight, Matthew R. Tibby, Martin W. Boering, J.F. Crosby, Misses Elizabeth Adelson, Nora Callanan, and Jane Davies in other positions.[8] 

On Wednesday, December 5, 1928, Irwin Simpson, 79, president of the Punxsutawney National Bank, lumberman and coal operator, a resident of Punxsutawney and its environs since his birth, died at 7:20 o'clock in the Adrian Hospital after an illness of several months. Mr. Simpson had been ailing for some time with a diabetic condition. The deceased was born April 5, 1850, the son of John H., and Elizabeth Simpson, in Young Township, just south of the present Punxsutawney borough. He attended the schools of that township and in 1870 was united in marriage to Miss Mary Sutter, daughter of Mr. and Mrs. Phillip Sutter. They resided for a time in Young Township, where Mr. Simpson served as a member of the school board. Later he erected a home in Lindsey borough, now West End, Punxsutawney. He served two terms as burgess of Lindsey, several terms as a member of the Lindsey school board and of the Lindsey borough council. The consolidation of Lindsey borough and Punxsutawney into a single borough was brought about largely through the influence of the deceased. He engaged in the lumbering business early in life and later became active as a coal operator. His banking experience went back 35 years. He was first a director and stockholder in the Citizens Bank and when that institution was consolidated with the First National Bank he was made a director of the consolidated banks. In 1909 when the First National and the Punxsutawney National banks were consolidated, he was retained as a director. In 1915 he was elected to the vice presidency of the Punxsutawney National Bank and in September 1924, was elected president of that institution. Mr. Simpson took an exceptional interest in sports. He was an enthusiastic baseball, football and basketball fan, an ardent golfer and served as president of the Punxsutawney Country Club with exceptional efficiency.[9]

On February 1, 1937, the Punxsutawney National Bank purchased the assets, except real estate, of the County National Bank of Punxsutawney. This left Punxsutawney with just two banks, the Punxsutawney National and the Farmers and Miners Trust Company. The addition would give the Punxsutawney National over $3,400,000 in deposits.[10] P.L. Brown was president of the County National Bank.[11] Also in 1937 the assets of the Community Loan Company operated by Punxsutawney Board of Trade were purchased, thus Punxsutawney National was one of the first banks in the district to enter the installment loan field.[12] On Friday, March 19, 1937, eight directors were added to the board of the Punxsutawney National, bringing the membership to 17 with the addition of eight directors, seven of which were formerly directors of the County National. The newly elected directors were P.L. Brown, Paul W. Wehrle, A.L. Light, J. Boyd Hunger, Ned L. Brown, O.C. Hoffman, Robert Hamil, former County National board members, and P.L. Smith.[13]

On Tuesday, January 14, 1941, the annual meeting of shareholders was held in the banking house at 116 E. Mahoning Street. The 15 directors were re-elected as follows: George C. Brown, P.L. Brown, Alva L. Cole, J.E. Doran, George P. Grube, Robert L. Hamill, A.L. Light, Jesse P. Long, James McLeavy, William McGregor, Charles R. Moore, Earl E. North, P.L. Smith, E.H. Winslow, and B.W. Young. The officers of the bank were P.L. Brown, president; George C. Brown, George P. Grube, vice presidents; Eugene H. Winslow, chairman of the board; Banks W. Young, cashier; Joseph L. Kurtz, Ray M. Chilcotte, M.R. Tibby, assistant cashiers; and Vincent M. Casey, solicitor.[14]

Four men played important roles in negotiations leading to the recent purchase of the First National Bank of Dayton by the Punxsutawney National Bank: George P. Grube, president, and Eugene P. Curry, cashier of the Punxsutawney National; William Marshall, former cashier of the Dayton bank and new manager of the branch; and F.L. Travis, former president of the Dayton Bank.[15] On Wednesday, January 14, 1953, stockholders ratified the purchase agreement. The Dayton bank came under management of the board of directors and officers of the Punxsutawney National on January 2d.[16]

On February 26, 1953, announcement was made of an agreement for the Punxsutawney National Bank to take over the First National Bank in Sykesville and operate it as a branch bank. The agreement was subject to approval by stockholders with a planned date for the take-over of May 29th. The directors of the Sykesville bank were L.H. Reed, president; Amerigo Torretti, vice president; Ruth Sykes Wells, cashier and C.L. Buhite, D.A. Barletta, W.H. Semple, and B.R. Evans. The bank had assets of $1,300,000. Punxsutawney National had assets of over $10,000,000 and an exceptionally strong capital structure. The personnel of the Sykesville bank, Ruth Sykes Wells, cashier; Harry F. Kellar, assistant cashier and Ronald L. Shugarts, clerk, would remain the same.[17] The First National Bank of Sykesville officially became a branch of the Punxsutawney National Bank on Friday, May 29th and began operation under its new parent organization on Monday, June 1st, 1953. The consolidation raised the Punxsutawney National Bank's assets to $11,300,000.[18]

In January 1954, George P. Grube was elected to his ninth consecutive term as president of the Punxsutawney National Bank. Other officers re-elected were E.H. Winslow, chairman of the board, Alva L. Cole, and J.E. McCreight, vice presidents; Eugene P. Curry, cashier and G. Emery Schwarts, Harold F. Divelbiss and John T. Ashenfelter, assistant cashiers. Attorney Jesse P. Long was re-elected solicitor. During the past year the First National Bank of Dayton and the First National Bank in Sykesville were taken over as branch banks. Ruth Sykes Wells was named manager and Harry F. Keller, assistant manager of the Sykesville branch.[19]

Effective March 1, 1972, the Punxsutawney National Bank was officially changed to Keystone National Bank. The bank had offices in Punxsutawney, Sykesville, and Dayton.[20] In April, Jesse P. Long, president of the Keystone National announced that the comptroller of the currency authorized it to establish a banking office in DuBois. This would be the first new bank in DuBois in more than 50 years. Plans were being prepared for a new, modern bank building on North Brady Street opposite the post office. Temporary quarters were acquired at the corner of North Brady and East Park Avenue with opening planned in a few months. Eugene P. curry was vice president and cashier of the Keystone National.[21]

In April 1986, Union National Corporation controlled a total of 92 community offices with in excess of 55 automated teller machines and was approaching $3 billion in total assets. George F. Kesel, president and chief executive officer, told reporters before the Union National's annual meeting, "Our presence in Western Pennsylvania is starting to be rather real. We've always felt it was, but it's starting to get to the size that is of considerable pleasure to me." Along with the Pittsburgh-based Union National Bank, the holding company owned Keystone National Bank of Punxsutawney, McDowell National Bank of Sharon and the newly acquired First National Bank & Trust Co. of Washington. Completion of previously announced acquisitions of Valley National Bank of Freeport and Citizens National Bank of Big Run later in 1986 would push the corporation's assets over the $3 billion mark. Branches ran from Mercer County to West Virginia. Interstate banking speculation and a possible takeover boosted the stock price by 83% in a year's time, and management wouldn't rule out that prospect.[22] On December 22, 1986, Keystone National Bank, a wholly owned subsidiary of the Union National Corp., completed the acquisition of Citizens National Bank of Big Run (Charter 5667).[23]

  • 02/17/1976 Main Office moved to 200 East Mahoning Street, Punxsutawney, PA 15767.
  • 12/22/1986 Acquired The Citizens National Bank of Big Run (FDIC #7839) in Big Run, PA.
  • 11/08/1991 Changed Organization Type to TRUST COMPANY.
  • 11/08/1991 Changed Institution Name to Integra Trust Company, National Association.
  • 05/31/1996 Merged and became part of National City Bank, Pennsylvania (FDIC #7948) in Pittsburgh, PA.
  • 05/24/2000 Changed Institution Name to National City Bank of Pennsylvania.
  • 07/22/2006 Merged and became part of National City Bank (FDIC #6557) in Cleveland, OH.
  • 11/06/2009 Merged and became part of PNC Bank, National Association (FDIC #6384) in Wilmington, DE.

Official Bank Title

1: The Punxsutawney National Bank, Punxsutawney, PA

Bank Note Types Issued

1882 Date Back $20 bank note with stamped signatures of F.C. Lang, Cashier and S.A. Rinn, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $10 bank note with SN 1 and stamped signature of F.C. Lang, Cashier. Courtesy of the NBNCensus.com
1929 Type 1 $20 bank note with printed signatures of B.W. Young, Cashier and E.H. Winslow, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $2,177,840 in National Bank Notes was issued by this bank between 1901 and 1935. This consisted of a total of 175,185 notes (142,744 large size and 32,441 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 3x10-20 1 - 2140
1882 Date Back 3x10-20 1 - 13000
1882 Value Back 3x10-20 13001 - 18028
1902 Plain Back 3x10-20 1 - 15518
1929 Type 1 6x10 1 - 3420
1929 Type 1 6x20 1 - 1000
1929 Type 2 5 1 - 324
1929 Type 2 10 1 - 4522
1929 Type 2 20 1 - 1075

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1901 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Punxsutawney, 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 Punxsutawney Spirit, Punxsutawney, PA, Fri., July 9, 1909.
  2. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Wed., Feb. 27, 1901.
  3. ↑ Punxsutawney News, Punxsutawney, PA, Wed., Jan. 6, 1909.
  4. ↑ Punxsutawney News, Punxsutawney, PA, Wed., July 7, 1909.
  5. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Wed., Jan. 13, 1915.
  6. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Wed., Jan. 11, 1922.
  7. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Wed., Jan. 10, 1923.
  8. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Sat., Feb. 6, 1926.
  9. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Thu., Dec. 6, 1928.
  10. ↑ Bradford Evening Star and The Bradford Daily Record, Bradford, PA, Sat., Jan. 30, 1937.
  11. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Sat., Feb. 27, 1937.
  12. ↑ The Indiana Gazette, Indiana, PA, Sat., Oct. 6, 1973.
  13. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Sat., Mar. 20, 1937.
  14. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Wed., Jan. 15, 1941.
  15. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Mon., Jan. 5, 1953.
  16. ↑ The Saltsburg Press, Saltsburg, PA, Thu., Jan. 15, 1953.
  17. ↑ Sykesville Post-Dispatch, Sykesville, PA, Fri., Feb. 27, 1953.
  18. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Mon., June 1, 1953.
  19. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Wed., Jan. 13, 1954.
  20. ↑ The Progress, Clearfield, PA, Wed., Mar. 1, 1972.
  21. ↑ The Brockway record, Brockway, PA, Thu., Apr. 27, 1972.
  22. ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Tue., Apr. 15, 1986.
  23. ↑ Indiana Gazette, Indiana, PA, Wed., Dec. 31, 1986.
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